Discuss About The Cultural Economic Factors Entrepreneurship.
In the recent time, one of the major trends in the business scenario is emergence of the concepts of entrepreneurship. This refers to the initiation of innovative business ideas and opportunities by some visionary people that can change the existing business trend and scenario. In the recent time, there are number of successful instances of entrepreneurship being emerged with some of them went to topple the established players and corporate in the market. However, there are number of factors that should be considered in evaluating the effectiveness of the entrepreneurship (Toma, Grigore and Marinescu 2014). This is due to the reason that in major cases there are number of difficulties and challenges being faced by the entrepreneurs in developing and implementing their business ideas and vision.
Thus it is important for the successful entrepreneurs to effectively determine and balance between the difficulties of the entrepreneurs and the level of success they gain. The more effective will be the balance, the more will be the probability of getting success in entrepreneurship (Murmann and Sardana 2013). There are various instances where it is being seen that entrepreneurs went through number of difficulties in the earlier stage and became successful further. This essay will discuss about the acceptable tradeoffs between the downside of the concept of entrepreneurship and the success they gain. In addition, the concepts of entrepreneurship will also be critically evaluated with the help real life examples of entrepreneurship.
There are number of concepts being discussed and stated by different authors and the concepts of entrepreneurship are becoming more diverse and different in nature with time. This is due to the reason that with time, the diversity in the business scenario and opportunity is rapidly increasing. According to Miller (2015), there are numbers of downsides that can be identified from the initiation of concept of entrepreneurship. One of the major downsides of entrepreneurship is contradiction with traditional or conventional approach. This is due to the reason that majority of the ideas promoted through the concept of entrepreneurship are unique and distinctive in nature and they challenges the conventional business models. Thus according to the author, it becomes difficult and complex for the entrepreneurs to measure the viability of their ideas. On the other hand, it is also being stated by the author that having unconventional ideas for the entrepreneurship also cause difficulties for other involved stakeholders. This is due to the fact that the approach initiated by the entrepreneurs cannot get matched with that of other stakeholders involved.
Thus, from the above opinion of the author, it can be concluded that it is important for the entrepreneurs to break the egg first before making omelet. This is due to the reason that challenging the mainstream and conventional ideas will lead to the difficult behavior for the entrepreneurs. However, on the other hand it can also be concluded that in different cases the difficult behavior for the entrepreneurs also lead to the success in future. For instance, in the case of Steve Jobs, the approach followed by him was much different from the existing business approaches and trends. It is reported that the major objective of Steve Jobs is not earn and maximize profit or being the market leader in the electronic gadget market, which is expected from a leading tech company (Clapp and Swenson 2014). He was having the objective of providing the latest and most innovative products possible to the customers. In accordance to this vision of him, Steve Jobs always pushed his employees to focus more product innovation over other aspects. In addition, it is also being reported that Steve Jobs was known for his leadership skills and leading by example. He was known to stay in office from 7 AM till 9 PM. This can be referred as one of the most difficult behavior for the employees. However this factor of pushing the employees and leading by example helped him to create the brand of Apple as a top lifestyle brand rather than just a tech company. Therefore, it can also be concluded that difficult behavior of the entrepreneurs is an acceptable trade off for the success of the concept of entrepreneurship.
In case of initiating the concept of entrepreneurship, there are number of limitations being faced by the entrepreneurs. One of the major limitations being faced by them is the bearing more risks compared to other established business organizations. This is due to the reason that entrepreneurship starts with having small business and thus the sourcing for capital resources is less. As per Burns (2016), concept of entrepreneurship starts with the small business due to the fact that entrepreneurs are having less access to the financial resources. On the other hand, it is also being stated by the author the radical and innovative idea of the entrepreneurs are another reason behind the less support and access to the financial issues. Thus, the less will be the access to the financial resources, the more will be the challenges for the entrepreneurs to set up their infrastructure. The author has also stated that shady business deals also comes in play with the business transactions of the entrepreneurs. This is due to the reason that there are mainly two reasons behind the initiation and emergence of the shady business deals by the entrepreneurs. One of the major reasons being identified is the lack of established and conventional support facilities for the entrepreneurs. As stated by the author, entrepreneurs are having less opportunity to depend on the conventional process for the financial and other resource based support. This lead to the initiation of the shady business deals.
For instance, Softbank of Japan is known for their extensive investments in different startups around the world. However, in the recent time, they have invested in some of the major loss making startups especially in India. In addition, it is also being reported that the chance of generating profit from these startups is also low. Thus, these dealings can be considered as shady business deals due to the reason that no business organizations will be interested in investing in any loss making company that is having no future probability of gaining profit. However, there are numbers of instances being noticed where the investments done by Softbank actually helped the entrepreneurs in regenerating their profitability. On the other hand, as per the author, the other reason of emergence of shady business deals is not adhering to the conventional business pattern and approaches by the entrepreneurs. In number of instances, it is being seen that entrepreneurs have taken a more radical route for their business operation. This is also led to the emergence of the shady business deals that may be looked and perceived by the stakeholders as shady and unconventional but the radical business ideas and approaches will help the business in further time.
Thus, it can be concluded that shady business deals are majorly being considered as unethical and dishonest act for the business organizations, but in the case of entrepreneurship, shady business deals may have positive impact as well. There are number of instances being identified with the major and popular entrepreneurs in relation to the shady business deals. Entrepreneurs such as Bill Gates are having different instances where he was accused for the shady business deals (Shah and Mulla 2013). This is mainly due to the reason that the vision being followed by these entrepreneurs will not get matched with that of the conventional people. Thus, the deals that that Bill Gates initiated in his earlier time were sometime being regarded as shady business deals. However, it should also be noted that shady business deals will not always be successful for the entrepreneurs and they can also get failed in the long term.
One of the major characteristics of the entrepreneurs is their distinctive ideology. This is due to the reason that ideology of the entrepreneurs determines their approach about how they initiate their innovative ideas and how that will be implemented in the real world situation. In addition, the ideology of the entrepreneurs is also important in order to get success in a particular region or business environment. This is due to the fact that different countries are having the different social and cultural factors and it is the ideology of the entrepreneurs that will determine the extent to which the idea of them can get matched with the social and cultural environment. According to Dey and Lehner (2017), ideology of the entrepreneurs is sometime more superior and visionary than that of the political leaders. In this article they have compared the ideology of the entrepreneurs with that of the political leaders due to the reason that political leaders always work on the basis of their vision. According to the authors, entrepreneurs are also having the long term vision like that of the political leaders. This characteristic of the entrepreneurs is making them ahead in the competition. The authors have also stated that ideology of the entrepreneurs helps them in get matched with that of their business environment. This is important due to the reason that ideology of the entrepreneurs will help them to have the same approach as that of their business environment.
For instance, the innovative business approach of Steve Jobs is very much adhered to that of his home country’s social and cultural pattern. It is being stated by Mumford and Fried (2014), the social approach of the United States was suitable for the innovative business approach of Steve Jobs. This is due to the reason that the infrastructure, resources and technology that were required by Steve Jobs in order to implement his innovative ideas. It is also being stated by the authors that no other countries may have provide these facilities to Steve Jobs better that the United States. Thus, according to the authors, it is important to determine the ideology of the entrepreneurs in order to evaluate their effectiveness.
On the other hand, there are some other authors who have given the opinion that there are number of factors that are also should be considered in determining the ideology of the entrepreneurs. According to Castano, Mendez and Galindo (2015), there are number of external factors that will have influence and impact on the ideology of the entrepreneurs. According to the authors, one of the major determining factors is the social factor. This is due to the reason that the social pattern and approach of the home country of the entrepreneurs influence the approach of them. Steve Jobs and Bill Gates are from the United States. They both possessed innovative business approach in the technology sector. However their success in the technology sector is mainly due to the social acceptance of the updated and latest technology by the American society. This helped them to get succeed in the market.
In addition another major factor being identified is the economical factor. This is important due to the reason that the national economy of the home country of the entrepreneurs should be favorable enough to support the innovation (Kacperczyk 2013). In the case of Steve Jobs and Bill Gates, the favorable economy of the United Stated enabled them to sell their technological products in extensive manner. On the other hand according to the authors, if they were from any under developed countries, then they might not have the opportunity for the innovative ideas that they got in the market of the United States.
Conclusion
Thus, it can be concluded that the concept of entrepreneurship is complex in nature with having different set of factors to be considered. In this essay, the tradeoff between the difficult behavior and shady business deals and the success of the entrepreneurs is being discussed. It is identified that that in order to make an omelet, it is important to break the egg. In addition, the importance of the ideology in determining the effectiveness of the entrepreneurs is also being discussed in this essay along with identifying the determining factors of the ideology of the entrepreneurs.
Reference
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Castaño, M.S., Méndez, M.T. and Galindo, M.Á., 2015. The effect of social, cultural, and economic factors on entrepreneurship. Journal of Business Research, 68(7), pp.1496-1500.
Clapp, B. and Swenson, J., 2014. THE ENTREPRENEUR’S GENE WHAT MAKES A GREAT ENTREPRENEUR GREAT?. Mustang Journal of Business and Ethics, 7, p.50.
Dey, P. and Lehner, O., 2017. Registering ideology in the creation of social entrepreneurs: Intermediary organizations,‘ideal subject’and the promise of enjoyment. Journal of Business Ethics, 142(4), pp.753-767.
Kacperczyk, A.J., 2013. Social influence and entrepreneurship: The effect of university peers on entrepreneurial entry. Organization Science, 24(3), pp.664-683.
Miller, D., 2015. A downside to the entrepreneurial personality?. Entrepreneurship Theory and Practice, 39(1), pp.1-8.
Mumford, M.D. and Fried, Y., 2014. Give them what they want or give them what they need? Ideology in the study of leadership. Journal of Organizational Behavior, 35(5), pp.622-634.
Murmann, J.P. and Sardana, D., 2013. Successful entrepreneurs minimize risk. Australian Journal of Management, 38(1), pp.191-215.
Shah, T. and Mulla, Z.R., 2013. Leader motives, impression management, and charisma: A comparison of Steve Jobs and Bill Gates. Management and Labour Studies, 38(3), pp.155-184.
Toma, S.G., Grigore, A.M. and Marinescu, P., 2014. Economic development and entrepreneurship. Procedia Economics and Finance, 8, pp.436-443.
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