Discuss About The Entrepreneurship Of Economic Perspectives

Entrepreneurship and its Impact on Economic Perspectives

Discuss About The Entrepreneurship Of Economic Perspectives.

Entrepreneurs have shaken the whole world with their innovations, new processes and with new products. Over the last 50 years, they have totally reshaped the world economic system and cultural communications which have resulted change in go-politics. Their innovative creation has actually transformed the life of the common person [1]. The problems which seemed to be impossible to solve were converted into the use of the common person. It is these entrepreneurs which have brought advancement in the technology, eliminated the barriers in the trade and enforced free movement of people from country to country to help them in developing them self with diversity culture which supports in cross-culture learning [2]. The slogan “Nothing is impossible” was given in old time and it had been reused by generations but real life was given to this slogan during the evaluation of entrepreneurs As new world is full of youth generation and entrepreneurs act as a role model for them and inspires them to take this as their profession which will help in generating large scale for opportunities for this youth population [3].

A new business progress and development do not occur naturally. It is actually the combination of factors like right environment, innovation and Entrepreneurship. Entrepreneurship is basically the process of being enthused, audacious and ready. Entrepreneurs have brought substantial change to the business market of the world. Entrepreneurs are associated with technology and in most of the cases; technologies are associated with technical background [4]. Hence, engineers have decided that instead of spending their energy and time on the development of others it is better to spend this time and energy in the development of our self. As per the study conducted by William Kerr on “traits that make entrepreneurs successful” focus that it is the personality traits of a person which decides growth of the person. William Kerr found that almost all of the entrepreneurs have those traits that are commonly found in the majority of the entrepreneurs. Not everyone is born with these traits but these traits can be built with experience. Every entrepreneur is founded to be passionate about his work. For them passion is more important than money [5]. Another common trait is resilience; most of the entrepreneurs believe that failure is the key to the success because every time we fail we reach one step near towards success. This is the basic difference between the thought process of a common man and the thought process of the entrepreneur. In this case, a common person thinks that it is impossible and gives up. An entrepreneur is always confident about his idea and never says that his idea is good.

Traits of Successful Entrepreneurs

An entrepreneur knows that his idea is best. As time is changing quickly, nothing is fixed in this business world. Hence an entrepreneur adopts a flexible nature by which he changes the structure according to the needs of the situation. An entrepreneur has proven to be the most assets in the development of the economy of any country and combinable they have impacted the world. In old-time entrepreneur were seen as the selfish person that exploits the need of the common man but today the entrepreneur is seen with respect in the society and many believe that it is the entrepreneur who is responsible for the development of any society. Even the government has announced a support hand in the form of favorable trade policies for the entrepreneur because they believe that only entrepreneurs can solve the problem of unemployment in the world [6]. More entrepreneurs’ means more jobs because an entrepreneur always sees change as a source of opportunity and knows how to convert this opportunity into his passion which benefits the common man. As per study the youth of most of the developing countries are actually diverting towards the criminal activities because of lack of opportunity for jobs. While in developed countries the life of the youth is very comfortable they know that their life is being reshaped by these entrepreneurs and in many cases, they are creating motivation environment where they are motivating other directly or indirectly to accept this profession [7].

James chin Moody who is the founder and CEO of Sendle belongs to the long generation family of engineers. His father was also an engineer. Having a family background of engineers, he was well aware that he is going to take electrical engineering as his profession. At age of 17, an opportunity was given to him regarding cosmonaut training. In 2012 his experience with CSIRO had grown to seven years where he decided to do something different. This was the start of his entrepreneurial journey from satellites to Sendle. In 2014, Australia was having one of the huge markets for logistic where people were ready to give their things for free but only has to pay for delivery [8]. James used space of trucks which used to come empty from its destination at low cost. James created a delivery company Sendle which was based on the green delivery. Green delivery means a process in which very less emission of carbon occurs. Some of the traits of James Moddy are he is very passionate about his work with a very clear vision in his mind that he has to provide something different to the society. It is not that success comes directly into his hands; it took him almost many years to fulfill his dreams after facing failure in many attempts which shows sign of his confidence and self-motivation traits [9].

Case Study 1: James Moody and Sendle

Another person is Sundar Pichai who was engineer in Applied Materials and currently the CEO of Google. Sundar Pichai has completed his bachelor’s degree in metallurgical engineering and then masters in material science [10]. In his study career, he always has a passion for something related to design aspect. During his education career, while studying MBA and then worked as consultant for Mckinsey, he started developing love towards innovation products. After joining small team to work on Google search toolbar. He first started his growth with re-engineering this Google search style and later developed the love for creating Google mapping application. Inspiration behind his dream was the road mapping for car. Almost same kind of model Sundar Pichai used for his passion. Re-engineering approach of Sundar Pichai triggers towards his innovative traits. As he was well aware that nobody has yet thought about to providing a re change in the road mapping which is very inclined towards innovation, this shows the Sundar Pichai trait of converting opportunity in to his mission which other persons were not able to see and were in the belief that it is impossible to such an incredible search tool with everyday doodling features. Actually, he had recognized the innovation sensitivity market of the world population. He first analyzed the market with the help of his work experience and then decided on entering into this re-engineering approach in applications [11]. Sundar Pichai has a unique trait that he is having a very energetic personality and always targets that project which is having high difficulty level.

Sundar Pichai has seen market in the innovation-engineering which was connected to his passion. During his working time, he was very eager to know the technique by which he can bring innovation along with creativity which can be the most beautiful gift for any person on this planet. By taking inspiration from this changing world Sundar Pichai implemented this approach into his mission which proved to be very successful in his journey. He first applied this technique on search tool bar which proved to be a very successful project in his life and has given him the necessary confidence in his idea. On the basis of this streamline he became one of the successful entrepreneurs in this business [12]. More ever he has started working on policy in which they use techniques as a main tool which can make life of an ordinary person easy and comfortable.

Case Study 2: Sundar Pichai and Google

While James Moody which has chosen very different passion from his background has implemented a very different approach as compared to Sundar Pichai. James Moody has used a strategy management approach to make use of empty containers while returning from their destination. This approach proved to be very successful approach for James. As logistic was one of the largest business in Australia and he has taken advantage of this huge market. Initially, he did not get success direct from his first project as compared to Sundar Pichai but his starting failure has strengthened his passion and he rearranged his strategy and finally obtains success. James is working on Green mission [13]. As James is in a business of logistics which use trucks and other transport vehicles that produces emission which actually harms the environment and now the government is very strict on environmental control. Hence, this decision will help the organization in attracting the customers towards the company along with full support from Australian government.

One of the drawbacks which I found in both these Entrepreneurs is that they both lack Quick approach because they have spent more than enough time in following their passion. In case of time they seem to be a little bit lucky because if someone has got this idea at that time where market was already in existence for these things, the story would be different. There would have a strong competition and there may be chances that the companies which already existed in this market would have restricted their entry with their power. Also, there may be chances that they may be present in the market but their profit sharing would have very low which may have forced them out of the market. Hence they both to improve their quick selection approach. Instead of going for the market survey they can make use of data science because today everything is based on numbers [14]. Today is the time of numbers, we cannot say words like we have achieved this or we have improved a lot. Immediately the next question after giving this statement will arise “how much”. As per the study of neuroscience and behavioral economics, the statistical technique has actually given a new large platform of knowledge.

Both these Entrepreneurs are very inspiring because they inspired me that it is not that one should go for the passion which will relate to their background. They life journey has motivated me that if they can any middle-class person can because both of these entrepreneurs are not from business family and it has also removed my myth about the business world [16]. Earlier I was thinking that it is impossible to convert oneself into the business world until we do not have business background or may have education related to business. As both are from engineering background but having only one difference in them that is their passion. They taught me that education only builds our foundation, it the experience which reshapes our career and gives us an idea about out direction which will lead towards our passion. They also taught me that it is good if we have knowledge, intelligence but both will not help us in achieving our dreams until we do not have passion [17]. One of the most important teachings from them is that a person should never give up his dreams no matter what may be the situation because as per their life story failure is actually one step forward for the success of our passion. Dedication also plays very important role in the growth and development of a person because if we will not give enough time to our passion, vice versa time will not also give chance to have a look on the opportunity which after recognizing can be converted into reality. Increased number of entrepreneurs has reshaped the structure of whole society which consists of values, believes which otherwise was not possible to transform [18].

References:

[1] D. Deakins and M.S. Freel, Entrepreneurship and small firms. New Yoke: US: McGraw-Hill College, 2009.

[2] I.M. Kirzner, Competition and entrepreneurship. Chicago, US: University of Chicago press, 2015. 

[3] J.A. Schumpeter, Theory of economic development.  Abingdon, UK: Routledge. 2017.

[4] E. Stam, “Entrepreneurial ecosystems and regional policy: a sympathetic critique. European Planning Studies,” vol 23.ED-9, pp.1759-1769, Jan. 2015.

[5] W.R.Kerr., R. Nanda and M. Rhodes-Kropf, “Entrepreneurship as experimentation. Journal of Economic Perspectives,” vol 28. ED-3, pp.25-48.March. 2014.

[6] A.Chatterji., E.Glaeser and W.Ker, “Clusters of entrepreneurship and innovation. Innovation Policy and the Economy,” vol 14.DE-1, pp.129-166.Sep. 2014.

[7] E.L. Glaese., S.P. Kerr and W.R. Kerr, “Entrepreneurship and urban growth: An empirical assessment with historical mines. Review of Economics and Statistics”, vol 97.ED-2, pp.498-520. Marc.2015.

[8] T. Wadlow, “ Interview: Sendles CEO& Co-Founder, James Chin Moody,”Dec07,2017. [Online]. Available: https://www.supplychaindigital.com/distribution/interview-sendles-ceo-co-founder-james-chin-moody [Accessed 7July, 2018].

[9] Reat expectation, “Dr James chin Moody,” Sept. 01, 2018. [Online]. Available: https://www.greatexpectation.com.au/presenter/entrepreneur-speakers/James-Chin-Moody [Accessed 7July, 2018].

[10] Yosuccess, “Sundar Pichai life journey,” Oct 14, 2015. [online]. Available: https://www.yosuccess.com/success-stories/sundar-pichai-google/ [Accessed 7July, 2018].

[11] Startupstories, “Life lessons from Sundar Pichai,” Nov 4. 2017. [Online]. Available: https://www.startupstories.in/stories/inspirational-stories/life-lessons-from-sundar-pichai [Accessed 7July, 2018].

[12] E. Borger, “Approaches to modeling business law processes: a critical analysis of BPMN, workflow patterns and YAWL. Software & Systems Modeling,” vol11. DE-3, pp.305-318. Dec.2015.

[13] P. Andries and K. Debackere, “Business model innovation: Propositions on the appropriateness of different learning approaches. Creativity and Innovation Management,”vol 22.ED-4, pp.337-358. Aug.2013.

[14] S.Warnakulasuriya., J. Reibel., J. Bouquot and E. Dabelstee, “Oral epithelial dysplasia classification systems: predictive value, utility, weaknesses and scope for improvement. Journal of Oral Pathology & Medicine,” vol 37. ED-3, pp.127-133. Feb.2008.

[15] E. Howard., C.Newman and F.Tarp, “Measuring industry coagglomeration and identifying the driving forces. Journal of Economic Geography,” vol 16. ED-5, pp.1055-1078. April. 2015.

[16] J.Jackley, Clay water brick: Finding inspiration from entrepreneurs who do the most with the least. New Yoke,US:Spiegel & Grau, 2015. 

[17] A. Jolly, The Growing Business Handbook: Inspiration and Advice from Successful Entrepreneurs and Fast Growing UK Companies. London, UK: Kogan Page Publishers, 2015.

[18] S. Waddock, The difference makers: How social and institutional entrepreneurs created the corporate responsibility movement. Abingdon, UK:  Routledge, 2017.