Entrepreneurial Processes and the Social Construction of Opportunity - Essay Example

?Introduction The ability to create a successful enterprise is one which is dependent on the ownership and those who have begun the business. Lookingat different options with entrepreneurial examples establishes a stronger sense and understanding of what is required to succeed within business. An example of an innovative business is Impact Arts. This UK company is an arts organization that began in 1994. The main approach with the company is to create a social enterprise for expression of the arts. This is done by combining all art forms together with technology to work with the community. The work is able to help with sending messages about social trends, such as the environment, or helps individuals to improve quality of life. Combining creative programs with sending specific message from commission then provides a different platform to send messages and to create responses within the community (Impact Arts, 2011). Understanding the successes and potential of this particular group and evaluating the ideologies of becoming a successful entrepreneur within this platform works as a main objective in establishing continuous growth within the community. Characteristics of an Entrepreneur The characteristics of being an entrepreneur are based on individual attributes that reflect in the corporation that is created. The qualities of an entrepreneur are inclusive of innovation, leadership, vision and the ability to focus with the necessary results for the idea which is being created. This is combined with the need to tap into the needs of the day while focusing on trends and the ability to find different objectives which are able to reach the external environment. The different values which are required for entrepreneurs are then combined with creating role models that are able to motivate individuals within the community as well as provide assistance with others who are working with the business and require assistance with the different functions required (Bosma et al, 2011). When looking at Impact Arts, it can be noted that the main attributes of the company are helping to drive forward the ideologies of what is needed. This begins with the individuals who began the company. The vision and the ability to piece this together for specific needs are easily noted, specifically because of the innovation which is a part of the company. This is combined with the foundation of the company, specifically with the values and principles that drive forward the company. This establishment is followed by the ability for the main board members and the team members to work together to create the main focuses for growth within the corporation. Combining this with innovation that is required through the artists becomes the most important aspect of the company while creating a different approach to the projects. The ability for Impact Arts to continue to move forward is reliant on the entrepreneurial basis that includes the vision, leadership and continuous implementation of projects for the community. The concepts of being an entrepreneur and the processes which are associated with this are furthered with the understanding of total innovation management. The characteristics of entrepreneurs are divided by those who have leadership and specific skills to others that have a sense of innovation that follows with specific trends. Total innovation management in entrepreneurs; however, helps to set apart individuals to different needs within the corporation. This is combined with the ideology of internal entrepreneurship, which continues to drive forward the vision and management within the corporation. The idea of having entrepreneurial components then becomes based on combining the start to a company to continuing to offer innovation and growth within the corporation for different projects and maintenance of the company (Qingrui, 2005). For Impact Art, this is noted through the longer time which it has existed. The ability to have artists use their complete creativity also reflects the innovation management that is accepted and embraced by the corporation. The concept of collaboration and leadership is the main strength which is a part of the entrepreneurial management and which adds to the quality of innovation which is continuously reflected within the environment. Entrepreneurial Processes The main characteristics that are associated with entrepreneurship are combined with the ability to combine the leadership and innovative skills with processes that are a part of the work area. The first component is based on finding legitimacy with the corporation. This includes looking at trends, the external environment and other concepts that are a part of the leadership of the corporation. This is combined with the need to build an identity with the company and to create a strong foundation. The identity is inclusive of creating a brand identity that is unique to the entrepreneur and is also based on understanding the identity of the organization, product and other relationships that are building within the business. The processes continue with creating a dynamic area that is able to respond to specific needs and continue to grow after the business begins. By doing this, there is the ability to establish a stronger presence while creating strategies that help with the continuous growth of the corporation (Navis, 2010). The process of Impact Art is one which shows some strengths and weaknesses in the building of identity. This begins with the ability to respond to specific trends in terms of innovation and art work that are based on the current needs of the UK and the regions which they are located. This is combined with the sense of identity which is built by the corporation. The advantage of this comes from the innovation, specifically because there are not other corporations that have the same concept as Impact Art. However, there isn’t a strong sense of recognition of what Impact Art is. One has to read into the company or know some of the projects that are associated with the company. Without this, there is the inability to understand how the idea works. This creates a lack of structure with the company and doesn’t provide other alternatives to the establishment of the company. However, this follows with the strength of having strategic and dynamic growth. This is defined by the understanding that creativity is used with each project. This allows the company to continue to define new strategies while grabbing the attention of the market with the projects that are incorporated into different communities. The concept of entrepreneurial processes continues with ideas of multi – dimensional approaches to creating the right business and strategies for a specific product or service. This is based on the creation, innovation and management that occur within a business. The beginning of this comes with the processes required for the initial setup of the business and the expectations that are a part of the opportunities that are presented. The concept is one which forms the theory of structurally – determinist viewpoints. This is inclusive of taking the innovation and turning it into the structure which is required for the innovation. After this, the process turns into one based on marketing and growth that is a part of the company. Within this framework are other dimensions which exist, including social construction of the internal and external environment as well as creating a sense of innovation and opportunity based on the social construction recognized by the entrepreneur (Fletcher, 2006). The multi – dimensional process that has been created with Impact Art comes first with taking the idea and presenting it with the organizational structure. This is inclusive of using freelance artists to create presentations and to work with the projects that are given. This is able to help with continuous expansion with the projects and the company while helping to continue with the innovation that is required. This is combined with the social construction of the internal and external environment. Impact Art is responding to both the trends and needs of businesses and different social organizations. This is combined with the ability for the creative artists to have a space within society that works more effectively and which provides different alternatives to the audiences and the internal environment. The success of the company is based specifically on the ability to respond to the environment and to create different alternatives for the social recognition within the environment. Innovation Activities The innovation activities that are required within any entrepreneurship program are one which is known to determine the success or failure of a business. From a recent study (McFadzean, O’LOughlin, Shaw, 2005), it was noted that the problem with entrepreneurship and innovation is that both become fragmented. One side is based on the maintenance of a corporation while the other is based on creating innovation that only turns into ideas without the ability to implement it within the work environment. The ability to create new dynamics with entrepreneurs and innovation is one that then turns based on the attitudes, visions and actions that are created on a continuous basis within a work environment. Each of these are inclusive of both innovation and maintenance while providing a stronger understanding of what is required for a business to continue to function with more opportunities (McFadzean, O’Loughlin, Shaw, 2005). For Impact Art, there is the ability to easily combine the innovation and entrepreneurship activities with the maintenance of the business. The strategy which was developed with the beginning of the business was based on creating services and products that functioned with creativity and innovation. This allows the entrepreneurs to continue to function with those that are in need of creativity while giving room for leadership and teamwork that is based on the innovation of the company. While the products and service of the company offer these, the entrepreneurial activities of the structure and strategy of the business don’t show as much innovation. The marketing, ability to create the right outlets for entrepreneurs and the concepts of working with new events and projects is one that doesn’t have as much focus as working with specific projects or groups. By focusing more on the marketing component of the business and strategically looking at new activities for the foundation of the business, Impact Art would be able to expand the functions that are within the business. The concept of working with the strategic management in more innovative ways is one which is followed by the different activities that need to be available with entrepreneurs. The activities of entrepreneurs are functioned on leadership, vision, innovation and creating communication to the needs of individuals. It is through the communication that innovation and maintenance are able to connect and create a better approach and function to what is needed within the different organizations. Improvements are known to work better when there is a sense of education and innovation that connects together. The education and training as well as the communication which is provided for specific activities and the functioning of a business help to create a stronger approach to the needs within the community. The result is the ability to establish a stronger presence within the community while having more effective innovations and breakthroughs that continue with the entrepreneurial activities (Baumol, 2004). For Impact Art, there is the need to have different functions with communication and training that would help with the maintenance of the company and the communication with the external environment. The activities based on continuous innovation of the products and services are seen with the results and projects that are conducted. However, improvement with communicating the message to others in the environment and educating artists and the public about the idea would help to expand on the project and create better results for specific needs. This can be established with the use of a stronger brand identity and activities that take place within the internal organization. Combining the innovation of the arts with the overall structure of the company would establish a stronger presence while helping to build the needed perspective from the audience members and potential clients that would be interested in the creativity that is a part of the Impact Art and the innovations which are occurring. Opportunities to Business The concept of building opportunities to business is one that is developed from cognitive frameworks that help businesses to recognize the innovation and approaches that are a part of the business. For a business to grow into new opportunities while creating more innovations is also the need for specific levels of communication to take place while creating an understanding that the opportunity of the business is one that helps to change the way that products and services are offered. The idea of perceiving connections to other businesses and building a framework that recognizes and identifies the innovation as one which can be expanded on is the main approach which needs to be taken. The idea is not that the opportunity doesn’t exist, but rather that businesses need to recognize this as a part of the entrepreneurship that is created and the trends and events that are associated with the company (Baron, 2006). For Impact Art, the need to present new opportunities to business is first dependent on understanding the exposure to the internal structure of the business as a method of communication. There is the ability to expand the business with new innovations and ideas. However, this is dependent on creating a stronger perception to other businesses to show that there are opportunities and offerings through the products and services. The ability to expand the business is one that can be furthered by looking at the entrepreneurial opportunities and the abilities to change the trends and new opportunities with the business. While the foundation of Impact Art is available, there isn’t the ability to create a sense of understanding with the interests to other business members. This limits new innovations and ideas and keeps the main structure limited to the foundation of the business. For Impact Art to expand there is the need to create a stronger understanding of the opportunities within the company not only to artists and other projects, but also based on the brand identity and the concepts which can approach other businesses. The ability to work with the new business structures and to find the opportunities required is one that can be furthered by the ideologies of embedded ness. The ability for an entrepreneur to grow is also based on what the foundation of the company is, vision that is a part of the corporation and the structure that is associated with the foundation. This is furthered with the roles that the entrepreneur has taken and the way in which this is creating specific responses to the environment. To further this, there is an understanding of the recognition and realization that is a part of the opportunities that are created. This is based on understanding the social structure that is a part of a specific community and responding to this with a specific role that can become a main part of how one responds to the specific opportunities. The social context and the understanding of where and how to connect to opportunities then becomes the main part of the role for entrepreneurs (Jack, Anderson, 2002). For Impact Art, the recognition of opportunity is one that is defined by finding specific roles and business ideologies that fit with the business. The amount of innovation that is currently a part of the company is one that also requires the need to move forward with specific expectations of the company while creating and establishing different components with the social structure that is used. The weakness of Impact Art is that the social structure and the opportunities aren’t able to expand beyond the projects already created. Using the innovative features and the concept of using the creative arts is one that requires displays and an understanding of how this can be used in different settings. Waiting for the right opportunities or working into different social networks then becomes the main way in which Impact Art can grow while creating a different approach to the products and services that are offered through the company. This will help to expand the main ideals of the company while establishing a strong set of features that are a part of the company. Strategy of the Business The strategy of a business is one which is known to be coupled with the business foundation, including the mission, vision and goals of the business. The strategy furthers this with the mechanics and maintenance that takes place within a company. This is combined with the ability to combine the innovations with the strategy of the business while developing growth that attracts new business to the company. One is able to understand and define the business by looking at responses from customers and revenue growth. This is further established with the ability to use innovation management and connections to business strategy that has become a part of the business. The concept of building strategy is one which connects innovation management with the strategies and theories that help businesses to continue to grow and run within the main framework of the innovation which has been used (Teece, 2009). The strategies that are a part of Impact Art work effectively because of the ability to highlight the use of the arts and the combined associations that are with the management of the company. This is combined with the events that help to establish a strong reputation and which allow the company to highlight their innovations with a public spotlight. However, this often works in favor of the social structure, organization or business that is using the custom arts project for specific needs. This is unable to create a lasting effect with the Impact Art and the brand identity which is created. Changing the strategy to highlight what is a part of the internal organization and monitoring this with different parts of the company provide different opportunities to those that are within the company while helping to establish a stronger social enterprise, sense of innovation and management that is within the company. Conclusion The concepts that are a part of Impact Art are one which relates to a success story from the innovation which has been used. The main success comes from the innovation of using the arts for social enterprise and for establishing a different approach to communicating different ideologies. While the main innovation, vision and overall structure provide continuous opportunities, there are also limitations within the same framework. This comes from the entrepreneurship that isn’t functioning on the multidimensional needs of the company, specifically in terms of branding, marketing, management and growth within the corporation. Expanding the company so it reaches the others within the region then provides a different sense of understanding to the entrepreneurial opportunities that are associated with the company. References Baron, Robert. (2006). “Opportunity Recognition as Pattern Recognition: How Entrepreneurs ‘Connect the Dots’ to Identify New Business Opportunities.” The Academy of Management Perspectives 20 (1). Baumol, W. (2004). “Education for Innovation: Entrepreneurial Breakthroughs v. Corporate Incremental Improvements.” National Bureau of Economic Research 10 (57). Bosma, Niels, Jolanda Hessels, Veronique Schutjens, Mirjam Praag, Ingrid Verheul. (2011). “Entrepreneurship and Role Models.” Journal of Economic Psychology 3 (4). Fletcher, Denise. (2006). “Entrepreneurial Processes and the Social Construction of Opportunity.” Entrepreneurship and Regional Development 18 (5). Impact Arts. (2011). About Impact Arts. Retrieved November 27, 2011 from: http://www.impactarts.co.uk/about-impact-arts/. Jack, Sarah, Alistair Anderson. (2002). “The Effects of Embeddedness on the Entrepreneurial Process.” Journal of Business Venturing 17 (5). McFadzean, E, A O’Loughlin, Elizabeth Shaw. (2005). “Corporate Entrepreneurship and Innovation.” European Journal of Innovation Management 8 (3). Navis, C. (2010). “How New Market Categories Emerge: Temporal Dynamics of Legitimacy, Identity, and Entrepreneurship.” Administrative Science Quarterly 13 (2). Qingrui, X. (2005). “From Secondary and Portfolio Management to Total Innovation Management.” World Bank 15 (2). Teece, David. (2009). “Business Models, Business Strategy and Innovation.” Long Range Planning 43 (2). Read More