Discuss About The Comparative Perspectives Of Firms Markets.
Entrepreneur is considered to be an individual who runs a business organization instead of working under anyone else. The entrepreneur is thereby an innovator who is able to provide new ideas, services and gods to the customers. Entrepreneurs are able to play an important role in the ways by which risks are taken in new business ventures. The entrepreneurs who are willing to take risks are also provided by profits, continued opportunities of growth and fame (Baldacchino et al. 2015). Entrepreneurs have to face many obstacles while building their new business ventures in an effective manner. The most common challenges that are faced by entrepreneurs in the market include, hiring of talent, overcoming high rates of bureaucracy and further acquiring proper finances as well. Many huge business organizations which are currently operating in different industries have been set up by the entrepreneurs (Alvarez & Barney, 2017).
The report will be based on the analysis of the entrepreneurship based activities that have been performed by the CEO of Amazon, Jeff Bezos. Bezos has been immensely successful in his endeavours which were taken based on the successful operations of Amazon in the ecommerce industry. The CEO has been a major part of the success that has been gained by the company in the market within a short period of time. Bezos has been able to provide the organization a profitable position in the industry with the help of different policies that have been formulated by him. The report will thereby provide an analysis of the journey of Bezos as an entrepreneur of the organization and ways by which he has been able to create a different image in the technology industry (Amazon.com: Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more., 2018).
Jeff Bezos had started the operations of Amazon from a garage which later on proved to be a recognized portal for online shopping activities. Amazon is an absolute brainchild of Jeff Bezos and this company had been able to make him the king of internet. The company has a current net worth of more than 106 billion US Dollars. Bezos has acquired the topmost position as the world’s richest person based on the huge success of Amazon in the online retail market. Bezos has been recognised as a risk taker and ruthless boss who is highly concerned about the productivity of employees (Beaver et al., 2017). The traits of the entrepreneur which have helped him in creating the successful position of the organization in the technology industry are as follows,
The philosophy of business and leadership of Jeff Bezos was quite different from the other famous entrepreneurs in the technology industry. The prime focus of the CEO of Amazon has always been the customers. He has been able to acquire the position of the topmost businessman of the world. He has also become quite powerful with the help of his unique policies. The positive vision that has been created by Bezos has been a major reason behind the success of Bezos and his organization as well. Bezos had done his first job on an organization named Fitel. He was then hired by an organization which operated in the stock market (López?Fernández, Serrano?Bedia & Pérez?Pérez, 2016).
In spite of the great salary and huge opportunities Bezos decided to leave the job and chase his dream of creating a successful organization. The online store was first only based on the selling of books which further started selling all other kinds of retail based products. The sheer dedication of the CEO and attention that he paid to the customers had become the major reason behind his success in the online retail industry. Bezos has held many important traits that are required for becoming a successful leader. The leadership style that has been followed by Bezos in Amazon is quite different in nature (Marvel, Davis & Sproul, 2016). The management style that is followed by Bezos is different from the others in the industry. The success story of Bezos has been based on the ways by which he has provided Amazon with an effective position in the industry. Bezos is characterized as an ultra-driven and hyper-intelligent individual. He has a dual a personality which sometimes makes him compassionate and sometimes rough as well (López?Fernández, Serrano?Bedia & Pérez?Pérez, 2016).
Amazon had started its business by selling books online and the organization later on expanded its operations in the sales of different kinds of products and services. The ecommerce organization was further able to expand in many different countries of the world with the help of its innovative offerings and excellent customer service as well. The products and services that are provided by the organization to the customers have been able to create a loyal base all over the world. Bezos has given high importance to the customer relationships and the employees were given a training based on the ways by which they can deal with them. Amazon has been able to provide the customers with the products that they wish. The position that has been created by Amazon in the online retail industry has been possible due to the customer-centric nature of its operations (Müller, 2016).
Bezos has given huge importance to the services which are provided to the customers. The employees of Amazon have been made an important part of the vision that has been created by the CEO of the organization. The leadership based lessons that were provided by Bezos to the customers have been repetitive in nature and he has given importance to employees from the start of the operations of Amazon. The products that are offered by Amazon are the retail goods which includes the product lines based on several media like, books, music CDs, DVDs, software, consumer electronics, apparel, beauty products, groceries, gourmet food, health items and personal care items (Rawhouser, Cummings & Newbert, 2017).
A service based on web auctions is also provided by Amazon. Amazon Prime is a major service that has been launched by the organization in order to provide special services to the loyal customers. The customers who become a part of the of this membership plan are thereby provided some major benefits by the organization. The digital content based services that are provided by Amazon to the customers has also become a major part of the success that has been gained by the company. The products and services that have been offered by Amazon has thereby been able to create a profitable position of the organization in the online retail industry (Siqueira, Webb & Bruton, 2016).
Bezos had a settled life and job in an organization before he decided to start his own organization. The operations of the company were started by the CEO in a garage with a handful of people. Bezos had been able to identify a major opportunity in the online sales industry. He started the business with the help of selling books and later on the business operations were based on online retailing of the products. The process that was followed by Bezos in making the organization successful was based on the ways by which the leader is able to share the vision with the employees (Trehan, Higgins & Jones, 2018). The vision that was seen by Bezos for Amazon had been shared effectively with the employees. This helped the leader to provide appropriate services to the customers so that they are able to retain the loyal base. The employees have sometimes been pressurised as well to keep in track with the needs and desires of the customers. The customer first based vision of the organization has been the most effective process which has led to the identification of opportunities to the commercialisation of the activities (Welter et al., 2017).
The industry in which Amazon has its operations is highly competitive in nature and Bezos has faced some major challenges while leading the organization. The leader had to implement some major innovations in order to maintain the position of the organization as compared to the competitors. The business model of Amazon has also built huge pressure on the CEO of the organization. A recent decision based on business expansion that has been taken Bezos of purchasing the Washington Post can pose a huge challenge to the leadership and profits of the organization (Trehan, Higgins & Jones, 2018).
Conclusion
The report can be concluded by stating that the entrepreneur has been successful in the ventures that were made by him throughout his journey. Bezos has been able to create a profitable position of the company in the ecommerce industry with the help of his effective leadership. The products and services which have been offered by the company to the customers is also based on the efficiency with which Bezos was able to lead the employees. The challenges that have been faced by Bezos in the industry are mainly based on the competitiveness of the organization. The CEO of Amazon has however been able to take care of the challenges that the organization has been facing in the online retail industry. The challenges have helped the entrepreneur to provide high levels of competition to the other large organizations in the online retail industry,
References
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Amazon.com: Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more. (2018). Retrieved from https://www.amazon.com/
Baldacchino, L., Ucbasaran, D., Cabantous, L., & Lockett, A. (2015). Entrepreneurship research on intuition: A critical analysis and research agenda. International Journal of Management Reviews, 17(2), 212-231.
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López?Fernández, M. C., Serrano?Bedia, A. M., & Pérez?Pérez, M. (2016). Entrepreneurship and family firm research: A bibliometric analysis of an emerging field. Journal of Small Business Management, 54(2), 622-639.
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Müller, S. (2016). A progress review of entrepreneurship and regional development: What are the remaining gaps?. European Planning Studies, 24(6), 1133-1158.
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Siqueira, A. C. O., Webb, J. W., & Bruton, G. D. (2016). Informal entrepreneurship and industry conditions. Entrepreneurship Theory and Practice, 40(1), 177-200.
Trehan, K., Higgins, D., & Jones, O. (2018). Engaged scholarship: Questioning relevance and impact in contemporary entrepreneurship/small and medium-sized enterprise research. International Small Business Journal, 36(4), 363-367.
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