This essay is being presented in order to evaluate the role of Entrepreneurs and how their contributions to innovation and design have impacted the society. Along with this some real-world examples of well-known entrepreneurs will be provided such as Mark Zuckerberg, Larry Page, Elon Musk, John Mackey, and Bill Drayton.
The procedure of planning, introduction, and operating a new business which is mostly in the starting stage is a small business is known as Entrepreneurship. The people who make these businesses are known as entrepreneurs (Frederick, Kuratko and O’Connor, 2015). Entrepreneurship has been defined as the capability and willingness to grow, establish and accomplish a business project along with risks to make a profit. It is said to be an act of becoming an entrepreneur, or a manager or owner of an enterprise who earns money by taking initiatives and risk. Entrepreneurs perform as a manager and manage the introduction and development of a business (Burchardt, Hommel, Kamuriwo and Billitteri, 2016). Entrepreneurship is the procedure through which either an individual or a group recognizes an opportunity of business and obtains and organizes the essential resources needed for its exploitation (Kuratko, 2016).
Passion – Entrepreneurs who are successful in their career simple love whatever they do. They do not bother about the financial returns at the initial stage of the business. They trade in those items in which they believe and items that attract the customers. This is not always same in every situation, but in order to increase the probability of creating a business, this trait is very important. If passion is there then brain automatically starts working at a faster pace to create new and innovative opportunities and ideas (Johnson, 2015).
For Example: At the age of 12, Zuckerberg established a program of messaging by using Atari Basic and called it ZuckNet. In his school, he established Synapse Media Player which is was music software such as Pandora or Amazon music (Heath, 2017). He received the offer of job form AOL and Microsoft before graduating but remained in school. The passion of Zuckerberg for creating games at an early age directed him to make the largest social networking site i.e. Facebook. Deprived of his dedication, in 2008 Facebook would not have overtaken Myspace.
Motivation – The business owners which are hard-working are extremely motivated to get succeed in their desired roles. It is an essential characteristic which is required to commence a new business with the innovative idea (Bortz, 2018). Secondly, the successful entrepreneurs surround themselves with highly motivated and successful people. According to Mark Zuckerberg, who is a famous entrepreneur invented Facebook, says that people who are motivated and have good experience help in making good decisions for the new venture (Elkins, 2016). He has implemented this in his real life while creating Facebook with his classmates i.e. Dustin Moskovitz, Chris Hughes, Andrew McCollum, and Eduardo Saverin.
Taking Risk – Entrepreneurs are the one who takes the risk. They are always prepared to dive deep into the situation of uncertainty (Chand, 2018). However, all risk takers are not successful entrepreneurs. Successful entrepreneurs are always ready to take a risk in terms of money and time on unknown circumstances; on the other hand, they also maintain capital, strategies, and bandwidth for dealing with the unknown risk in standby (Innovation Venture, 2018). While assessing risk effective entrepreneurs will question themselves,” Is the risk will be managed with the available money and time? And, what will be the actions plan to avoid risk?
In order to find a company titled as Zip2, Musk left Stanford University from where he was pursuing his program. The company was later on sold to Compaq at $20 million. But in place of keeping the money in his pocket, he once again took a big risk and spent millions of dollars to develop a company named X.com, which was then later merged with a company to make PayPal (Patel, 2017).
Hard Work, Self-belief and Disciplined Focused – Entrepreneurs trust themselves and are self-assured and focused towards their work or project. Their extreme emphasis on and trust in their knowledge may be misinterpreted as stubbornness, however, it is their will to work hard and challenge the probabilities that can help them in making successful (Odia and Odia, 2013).
Confidence – Confidence is a very important characteristic which is required in every leader. Every leader has to initiate from somewhere and Zuckerberg entered in this world with great genes. His birthplace is New York. His father is a psychiatrist and mother is a dentist. Zuckerberg joined Ardsley High School and outshined in classes before moving to Phillips Exeter Academy. On his application to the college, Mark specified that he can write and read Latin, French, Greek, and Hebrew (Sullivan, 2018).
Adaptable and Flexible – Being dedicated and passionate is very important, but being stubborn about the needs of the customer or market will result in failure. It should be considered that an entrepreneurial venture is not just about doing what a person thinks is good, but also creating an effective business from it. Effective entrepreneurs welcome all recommendations for optimization that may improve their contribution and satisfy the needs of the market and customer (Burns, 2016).
Product and Market Knowledge – Entrepreneurs have complete knowledge about their product. They also have knowledge about the market. Many of the entrepreneurs become successful because they make an innovative product which is not provided by any of the company before in the market or they considerably enhance an existing product after facing hindrance with the method it operated. Remaining unaware of the competitors moves, changes in the needs of the market, and other external environmental factors can product failure.
Strong Money Management – Every entrepreneurial venture takes some time to become profitable. Till then, capital is limited; therefore, it should be used appropriately. The entrepreneurs which are successful do proper present and future financial planning and keep some amount as an emergency fund. Even after maintaining and keeping some funds aside a successful entrepreneur maintain a proper record of cash flow because it is a very important feature of every business.
Effective Planning Skills – Entrepreneurship is all about making a business from scratch but handling some resources (comprising a personal relationship, money, and time) which needs planning. But, trying to design the whole thing and taking a prepared solution in place for all conceivable issues may avert from ever taking the initial step (Kozubíková, Belás, Bilan and Bartos, 2015).
The Right Connections – People look for comfort in commiseration- neighbors, colleagues, and friends are pleased to criticize about unfair competition, poor demand, and “the global slowdown,” however that won’t recover the bottom line. Entrepreneurs who are successful reach out to guides with more knowledge and wide networks in strive for valuable advice.
Exit Preparedness – Every attempt or effort does not provide success to the person. The rate of failure of the new ventures is extremely high. At times, the finest answer is to be quitted and have to find out something new in place of regularly dumping money in a deteriorating business. Most of the well-known entrepreneurs were not successful at their first attempt, but they were capable enough to know when to avoid and cut losses.
Capability to Question Themselves – A person can ask himself a question i.e. Am I an Entrepreneur? A successful entrepreneur always asks himself this type of question in order to clear all the doubts and gain the courage to do something which they want to.
Creativity – No matter from which industry the entrepreneur belongs but it is very important for an entrepreneur to have a creative thinking. This skill is used by an entrepreneur while creating something new for the market and customer (Innerhofer, Pechlaner and Borin, 2017).
Make SMART Goals for themselves – No doubt that the successful entrepreneurs are passionate about what they think and do, however, deprived of goals no one can operate analytically. S.M.A.R.T goals are set by the successful entrepreneurs – Specific, Measurable, Attainable, Realistic, and timely which regularly create their status by following a complete business plan. These goals are not same as the resolutions of New Year. They are frequently followed, measured and recreated. The goals of entrepreneurs also become a track to evaluate their failure and success which inspires them to expand further (Bolander, 2017).
Taking Ownership of the Destiny – The entrepreneurs who are successful always take the possession or control of their destiny. These entrepreneurs never blame their team for any type of failure or uncertainties they face in the whole process of the business. Therefore, they display all the abilities of an effective leader. They have a clear understanding of when to track and when to step back. Successful Entrepreneurs always remain prepared for every situation and do not give up in spite of failures. Even they do not lose their focus on the goals and eventually appear as a champion. The understanding that accusing others will only provide provisional reasoning and not progress which is a key characteristic.
Extending Team by Networking – Entrepreneurs make their team of those people who are of same mind or understanding so that they can give equal support, motivation, and direction. Many times the goals are set, resources are prepared, but there is a fear of taking a first step that he/she might get fail (Under 30 CEO, 2018). This is the point which separates an effective or successful entrepreneur from a non-effective or non-successful one. An entrepreneur which is successful always has a mentor who has supported him to go through the struggles and achieve his set goals. Therefore it can be said that as much as the network will be strong it will increase the chances of the success.
Consistency in the Efforts – Every successful entrepreneur goes on with the flow no matter what the situation is. By working 365 days of the year, they receive a sweet fruit of their success. They immerse themselves in the hard efforts and constantly find out a track which takes them towards the success at the time when other people give up.
Entrepreneurs cover a vital position in a market. This is being said because entrepreneurs are the one who appears as a spark plug in the engine of the economy, stimulates and motivate all the activity of the market economy. The worldwide nation’s economic success is the outcome of inspiring and gratifying the entrepreneurial nature. Leading an industry or business is a multifaceted work. It is not about just going to the office, stirring out some ideas and seeing that this is all for the day. Not at all, the truth is that entrepreneur has to do little of everything in the initial phase of the development of business (DeMers, 2015).
The entrepreneur does not have funds to have the complete departments, nor even the experience of operating those departments independently. In its place, the entrepreneur has to step inside to fill those parts provisionally to create a basis and track for the company to develop and grow. Throughout the process of an entrepreneur, have to perform some roles on the regular basis:
Leader – It is not a surprise that an entrepreneur is frequently considered as a leader, however, the real role of leadership is to take the experience to master. Being the leader of the company person will be the in charge of forming the inner tone, setting a decent example for the team, solving the conflicts among the team members and increasing the morale of the employees at the time of sorrow (Lidow, 2014). It is not so easy to perform this role.
Figurehead – Performing as a role model for the company is same as being a leader, but it’s extrinsically attentive. A person becomes a figurehead for a company at the time when he/she make networks with other various professionals, join the speaking events and make their own personal brand online. People will visit to associate themselves with the company, behaviors, and personality, therefore it is important for an entrepreneur to be true to themselves and make a respectable impression.
For example – With the help of current survey it has been identified that among 7200 professionals from India, Singapore, Australia, Canada, United Kingdom, United States, Hong Kong, Brazil, Mexico, and Turkey, Go Daddy intended to define generational alteration in the opinions of entrepreneurship. Out of this figure, 2400 people between the age group of 18 to 30 were categorized as millennial. From these 50 % of the people want to be the an entrepreneurs and from these 2400, 40 % of the people consider Mark Zuckerberg the CEO of Facebook as their role model (Ray, 2018).
Visionary – The role which is majorly associated with the entrepreneurship is “visionary.” Entrepreneurs act as an idea for which people are always in the search in order to identify new opportunities for innovation and definition new methods to handle old challenges. This role is always performed by the entrepreneur even after launching the business. The entrepreneur has to identify new ways to enhance performance and grow the company (Berry, 2018).
Decider – Entrepreneur does not have much time or capability to practice everything which is occurring in the company directly. Being an entrepreneur, team members are responsible to inform about everything which is important like the data related to the next shipment or delays in the deadline of the shipment, etc. It is the entrepreneur’s job to give the final verdict on these types of situations or matters, which is frequently very harder than it looks. There are many responsibilities on the shoulder of the entrepreneur for which he/she is accountable for the outcomes of the taken decision.
Financial Analyst – The financial position of the company is the major factor for the definitive achievement or failure. Even if the company has a top management such as CFO in the company for taking the financial decisions, but still entrepreneur will be responsible for supervising the financial records and taking corrective actions whenever required in order to save the company from the disaster.
Marketer – As being the main visionary of the company, the entrepreneur has a job of forming a brand image in the market. A marketing professional can be hired to get support in identifying the nuts and bolts, but eventually, its entrepreneur’s job to finalize the marketing plan of the company.
Receptionist – When the company becomes large, it might hire a secretary or a receptionist to get the support but meantime entrepreneur will be the receptionist for the most of the company’s emails, inquiries, incoming calls, and visitors. Entrepreneurs most of the daytime is consumed by just calling people back, checking emails, and rearranging the appointments whether he/she like it or not.
Customer Service Representative – In the starting stage of the business entrepreneur has the responsibility to confirm that the customers are happy or not. There will be less number of customers in the starting of the business, and they will be very vital for the survival of the business. Therefore, it will be very important for the entrepreneur to personally ensure customer satisfaction and do the changes in the service or products if required.
HR Manager – The entrepreneur is the in charge of creating the team that carries the objectives and ideas towards the success. This reflects that the entrepreneur has the complete control over every person who visits the company and can highlight whatsoever mixture of education, personality, talents, skills, experience, and talents is needed to make things work.
Grunt – Entrepreneurship is not only about glory and personality. Unfortunately, an entrepreneur has to perform the role of grunt in the starting years of the business. Coffee runs, paperwork, data entry, and other understated jobs take most of the time but it will be worthy.
Mobilization of local Resources – Entrepreneurs are the one who provides various opportunities or innovations which result in mobilizing and utilizing the domestic resources such as talents of friends and relatives and small savings, which might then stay indolent and unutilized. Therefore, they support in proper utilization of the resources.
Source [(Park, 2005)]
In today’s scenario, entrepreneurship is said to be the important factor in the economic growth. Entrepreneurs try to generate more openings in the industry, offering more options of employment and eventually provide an effective impact on the lifestyle, revenue generation, and capital income, etc. (Anastasia, 2015). Entrepreneurs are also the reason behind innovation and designing of new business, products, and services. Innovation means a new invention which is done to improve the process already exist in the market or to provide a new arena of thinking (Braunerhjelm, 2013). Technological approach emphases majorly on the innovation of process and product or innovations in the technology frequently said to be the outcome of information-intensive entrepreneurship.
Innovation is done by the entrepreneurs for the development. Changes in the technology are personified in new generations of equipment and machinery and better-educated workers (Yeong, 2012). However, technology advances also result in an enhanced catch-up in emerging countries.
Source [(Value, 2013)]
For Example, Today Google is the most familiar name and brand, which is being reflected by the above graph which shows that approx. 65% of people use Google across the world. If anyone wants to know anything about anyone then he/she just need to Google it. Larry Page is the one who is behind this innovative and creative concept. Undoubtedly he is the best entrepreneur in the sector of the internet the world has ever seen. He is the first and leading computer scientist and at Standard University he studied computer engineering. Today, Google which is invented by him is the most used search engine in the whole world and the company even has become a multinational, having acquired YouTube (Anastasia, 2016).
Source [(Imran, 2010)]
Mark Zuckerberg is a well-known personality on the internet, and a have a success story that a film was directed about his success and innovation of biggest social networking website i.e. Facebook (Biography, 2018). All thanks to Facebook that Zuckerberg is counted in the list of the world’s youngest billionaires.
The successful entrepreneurs make so many good things at the local and national scale that cannot be measured in purely monetary terms. These entrepreneurs are a great resource and individual in their own path. The entrepreneur who has created a service or product has made a considerable customer base and earned a profit around the globe. They as expected have a wealth of vision, innovation and intelligence to provide (Zahra and Wright, 2015). The entrepreneurs contribute to the society in various forms. This contribution by the entrepreneurs can provide benefits as well as drawbacks to the society that are discussed below
Economic Growth – The bottommost line of lively entrepreneurialism is that it generates wealth or prosperity: for the people who are hired, for the local economy and for the entrepreneurs. On the national scale, it generates wealth for the government in the form of taxation, which are the reallocated consequently to the communities and services that require the most (Szirmai, Naudé and Goedhuys, 2011).
Source [(Metro Girl, 2014)]
An entrepreneur’s success is eventually in making a service or product that can add extra value to the user’s lives; whether it is an intrinsic want for the product or a simple wish to have that item or product. On this scale an innovation can support in pushing the market forward on the local level, and wherever it is needed drive exports to foreign markets. This is said to be a wealth-making practice, which is the main motivator of economic growth (Ortiz and Lindahl, 2015).
Mostly an entrepreneur needs to take some type of risk in order to achieve success and it is their motivation which provides them a wake-up call for managing the economy and ailing industry. Those governments that encourage entrepreneurialism by an appropriate legal and economic framework will help in acquiring the ultimate benefit.
Job Creation – The entrepreneurs which are successful also need labor and skills of many people that result in creating jobs. As a prosperous business develops the opportunities for other people also develops and the collective influence of new venture in a specific geographic region will go towards eliminating queues at the center of the job (Dolly, 2017).
John Mackey, the CEO of Whole Foods Market initiated a business of healthy-eating by commencing a store of vegetarian food with his girlfriend in Austin. Currently, the stores of Whole Foods are present at 300 locations for which it has hired many people and gave them the opportunity to earn (Driscoll, 2011).
Philanthropy – Frequently the statistics are very difficult to evaluate not every entrepreneur desire to increase their activities of charitable but it is reasonable to say that numerous owners with a successful business, many of them would have to arrive from financially uncertain childhoods, are keen to reallocate their newly created wealth to donations and ventures of local community.
As per the survey was done by Ernst and Harris Interactive 90% of the entrepreneurs contribute or charity their wealth. For example: In 2010 Mark Zuckerberg donated approx. $100 million to the Newark Public Schools. Along with this in 2013, he donated $1 billion to the Community Foundation Silicon Valley (Hendricks, 2014).
For example, Bill Drayton is the one who started the non-profit organization names as Ashoka. He invented this to support and celebrate social individual entrepreneurs who make innovative and new ways to resolve the social problems. He is called as the Father of Social Entrepreneurship. It is a program that has developed intensely since 25 years. Till date, Ashoka has helped approx. 1800 social entrepreneurs of 60 countries. Besides this Bill Drayton is involved in various other organizations who are working for social change, such as Get America Working, Youth Venture, and Community Greens. Many awards are presented to him in relations to his huge contribution in supporting, inspiring, and empowering social change by social entrepreneurship across the world (The Creativity Foundation, 2016).
Innovation – Necessity is the foundation of Invention. Most of the entrepreneurs arrive in a market effectively just because of their innovative products: it can be intrinsic in the service or product they provide, or it can their way of offering the products (Dallago, 2017).
By identifying an answer to the problem, it can be obvious or just can be an opportunity for the competitive advantage, a business owner or an entrepreneur can bring innovation in the market and generate competition; a proposition that consequences in improved and frequently more reasonable services and products for customers. Steve Jobs along with his colleagues of Apple created the iPod, and this makes a space of invention in MP3 players. Nowadays, this is an opportunistic industry with various participants; which has shaped technological excellence at the market’s highest end and flawlessly useful products at the end of the budget. Who gains? The public buying.
Increased Competition – Success raises success, and when an entrepreneur has succeeded in a market more frequently than other businesswoman or businessman appears to be enjoying their individual piece of the pie. As it is known that competition is a worthy thing for the customer, as it wants companies to supply an improved quality of the product to survive in the market. This can also start price wars and it is factual that mostly the toughest will flourish. But it provides benefits to the general public. Competition between PlayStation 4 and Xbox One are the good examples.
Trade and Regional Economic Collaboration – Technology has helped in making possible for entrepreneurs and small businesses to develop into global and regional markets. At the time when new business distributes services and goods to neighboring regions, these firms subsidize straight to the earnings and productivity of the region. This result in increasing the revenue reinforces an economy and endorses the complete population welfare. Countries with different economies trade with each other are continuously improving. Politics sideways, engaging in international and regional trade endorses investment in regional infrastructure and transportation, which also supports in strengthening the economies (Sappin, 2016).
Promotion of Exports – With the help of the innovative ideas of the entrepreneurs the pressure of the country reduces in relation to the balance of payments (Account Learning, 2018). This is being done by transferring the goods to the neighboring countries and in return earning foreign exchange.
Addressing Environmental Challenges – Innovation is vital when we talk about the huge environmental challenges that are faced today contend with preserving biodiversity, decreasing greenhouse gas emission and climate change in the environment. Deprived of power for long periods of time, business comes to a pause. Deprived of water, the living beings cannot live. Consistent access to the innovations like urban infrastructure, electricity, and irrigation technology grows efficiency and improves economic development.
It has been assumed that the operations of the entrepreneurs are always positive, but unluckily there are certain distresses involved with the activities of entrepreneurship which are discussed below.
Exploitation of Natural Resources – There is some group of business owners which can be classified as social entrepreneurs, but all the entrepreneurs are not blessed with an environmental morality. Pretty much all the companies that function nowadays make use of natural resources in few ways- paper, water, electricity, gas, etc. and this is just unavoidable. Many of the entrepreneurs will maintain the balance while using the resource by contributing to related organizations and charities. It company does this then it is said to be a practice of self-taxation, otherwise every organization does not follow this.
Government Control – Despite the fact that no applicable statistics is present to support this theory, it is supposed that governments that continuously seek for encouraging entrepreneurship can really disturb a market by making an environment that can be demoralized by business. This can be seen in corruptions, monopolies, fraud, and unfair pricing. Moreover, Wim Naude, a protuberant scholar and economist in the Maastricht School of Management, inscribes that “Though entrepreneurship may result in material welfare and increase in economic growth, it might not constantly result in enhancements in non-material prosperity or happiness.” (Trenchard, 2015)
Unemployment – This aspect is not always specific in every situation or business, however, it has also been said that the time one market competitor flourishes, so the other existing company who is incapable to compete in the market with the new innovative idea has to depart the scene. For example, this mostly happens in the retail sector of UK where a national store chain can start a new store in a town or village which emphasize an independent domestic retailer to cut prices or die.
Conclusion
In the conclusion, it can be said that the Entrepreneurs are the treasure for every country due to their innovations, inventions, and ideas which provide the new dimension of thoughts to the society. There are many famous entrepreneurs in the world who have proved themselves by their innovative inventions such as Bill Gates (Microsoft), Steve Jobs (Apple), Mark Zuckerberg (Facebook), Larry Page (Google), Walt Disney (Walt Disney), etc. All these entrepreneurs have provided something innovative which has been very fruitful for the world and being used on the daily basis by the people.
The above essay has provided some of the highlights of the successful entrepreneurs and this will definitely provide an idea of the hard work that every entrepreneur put at their initial stage of their business or struggling period. In the essay the characteristics of the entrepreneur have been explained such as passion, motivator, risk taker, hard worker, flexible, self- belief, confidence, adaptable, knowledge of service and product, money management, creative, etc. All these characterises represents that to become an entrepreneur it is important to have a strong belief and opinion on the own idea only then others will believe on it and will support in developing that idea.
Besides this, the essay has presented some of the roles which entrepreneur performs in his/her lifespan. Some of the roles which are highlighted above are a leader, figurehead, visionary, decider, financial analyst, marketer, receptionist, and customer service representative, HR Manager, etc. From all the above roles some of the roles look like inglorious jobs which are not expected to be performed by an entrepreneur. But in the reality, the entrepreneur has to perform all these roles in order to have supervision on every activity and get success. In the initial stage of the business the entrepreneur does not have much of the funds to hire experts and employees for every department there it bounds them to perform all the roles.
In the context of the contribution of the entrepreneur in the innovation and designing, he/she is the only one who provides a maximum number of the ideas and new products to the world. Today, every technology, product, service are the example of invention and innovation which are done by successful entrepreneurs. For example, Mark Zuckerberg established Facebook, is the social networking website which is used by almost everyone and has helped people to interact with friends, family, relatives living in any corner of the world. Another example of innovation is Google used as a search engine which was established by Larry Page and team.
Further, the contribution of entrepreneurs in the innovations and design has impacted majorly to the society. They have a lot of benefits as well as drawbacks to the society. Job creation, economic growth, philanthropy, innovation, increasing competition and export are some of the examples of the benefits due to which the society and country have developed with time. The drawbacks to the society are exploitation of natural resources, unemployment, etc. At the time new invention or innovative idea comes it provide a fear to the existing company which operates with the classic methods and techniques. The new invention deeply affects the existing company and many times results in winding up and failure of the business, it also results in increasing unemployment. The example of innovation is the Android mobile technology due to which Nokia has to face huge losses as it did not adopt the new technology.
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