Entrepreneurship Types and Themes - Essay Example

Entrepreneurship Table of Contents Introduction 3 Characteristics/ Traits of Entrepreneurship 3 Themes of Entrepreneurship 9 Types of Entrepreneurship 14 Comparison of Characteristics/Traits and Themes of Entrepreneurship 18 Conclusion 23 References 24 Introduction Entrepreneurship is the process of exploring opportunities in market place and arranging resources required to achieve prospects for long-term gain. Contextually, entrepreneurship is a dynamic process of creating incremental wealth. An entrepreneur is an owner or manager of a business enterprise who makes money through initiative and risk taking behavior. In general, “entrepreneur” is a term applied to a person who is willing to launch a new enterprise and take full responsibility for all outcomes. In other words, an entrepreneur is able to express and execute motivation, innovative ability and skill to establish an enterprise or business of its own, either alone or in collaborative way. The main motive of an entrepreneur is to earn profit through production or distribution of product and/or services. On the other hand, entrepreneurship has been explained as a process of performing a work in a new and better way. As per the views of Peter F. Drucker, an entrepreneur is one who always searches for change, responds to it and exploits it as an opportunity (Drucker, 2007). In a broader way, it can be said that entrepreneur shifts economic sources out of lower into higher productivity and greater yield. Every management theorist has represented entrepreneurship in its own way. The entire management study has been based on entrepreneurship. Like any other management studies, entrepreneurship has diverse characteristics, themes and types (Magretta, 2014). With this concern, the essay intends to conduct a debate between characteristics and themes of entrepreneurship. Moreover, the entire essay provides a brief view about entrepreneurship types, characteristics and themes. Characteristics/ Traits of Entrepreneurship Every profession has different characteristics or traits, which make that occupation more diverse and exclusive from others. Likewise, an entrepreneur has many unique traits, which make this occupation different from other (Magretta, 2014). An entrepreneur has various characteristics that are described hereunder. Confident To make a mark in any field, every individual is needed to be confident. In an entrepreneur, confidence is recognized as a hallmark characteristic. It has been seen that individuals are able to be success in their profession by developing the level of confidence. In this regard, an entrepreneur is required to possess confidence, so that he or she is creative as well as risk taking in approach for better business performance (Otote, 2009). Strong Leadership Qualities To be a successful entrepreneur, every individual should have strong leadership qualities for sustainability in the business arena. An entrepreneur should possess leadership qualities with the aim of ascertaining that business operations are conducted in a desired and systematic manner (Otote, 2009). Highly Self-motivated To gain success and sustain in industrial sector, every entrepreneur has to be highly self-motivated. With the help of self-motivation, an individual can cross every kind of hurdle in professional life. In addition, a self-motivated individual can motivate peers and subordinates to conduct operations in an improved manner. In this context, an entrepreneur is needed to possess self-motivated trait, so that business operations are managed in an effective manner and employees are motivated continuously (Otote, 2009). Able to Communicate Communication is one of the important traits of an entrepreneur to achieve desired business goals. With good communication skill, an entrepreneur can connect to its subordinates, peers and distributors for ensuring that business operations are performed on the basis of business along with market needs (Otote, 2009). Passionate About Learning To grow in the business field, an entrepreneur is required to be passionate about learning new management skills and theories, so that business operations are conducted in accordance with the changing needs of customers. In every field, learning is the key source to update skill and knowledge of an individual. In this regard, every entrepreneur has to possess passion about leaning for betterment in business (Otote, 2009). Optimistic An optimistic person always thinks about the best possible way to make its venture successful. To achieve ultimate goal and vision in future, every entrepreneur has to be optimistic about every kind of situation. Optimistic thinking always generates a positive view among an individual. Moreover, optimism is the ability to perceive positive side of things rather than the negative believes (Otote, 2009). Dedicated For every kind of work, a strong dedication is always needed from an individual. With the support of pure dedication, an entrepreneur can achieve its ultimate goal or vision in an effective manner. Entrepreneurship is purely based on hard work and dedication from an entrepreneur side. Proper dedication generates a futuristic focus among individual. A dedicated entrepreneur is able to create dedication among peers and subordinates on the basis of organizational plans, vision and goals to enhance overall performance of an enterprise (Otote, 2009). Not Afraid of Risk or Success Risk is an integral and inseparable element of entrepreneurship. Therefore, entrepreneurship always creates an uncertainty among an individual. whenever, an individual decide to form independent enterprise, then in the process, an entrepreneur guarantees rent to landlord, interest to investors and wages to employees in the hope of earning more. Most of the time, it has identified that due to market failure and changing market conditions, entrepreneurs have faced risk situation. In this regard, an entrepreneur is needed to possess risk taking trait with the aim of ascertaining that business operations are conducted with better growth prospects (Otote, 2009). Human Relation Ability An entrepreneur must have the ability to maintain a good liaison with customers and employees. To form a strong organization, entrepreneurs have to develop good relation with customers for better sustainability in market place and to generate more profit. On the other side, to achieve organizational goal and objectives, entrepreneurs are required to develop a positive and strong relationship with employees, so that business operations are conducted in a coordinated manner (Otote, 2009). Business Secrecy An entrepreneur must be able to ensure business secrets. Leakage of business secrets among competitors creates a difficult situation for an entrepreneur. In this regard, an entrepreneur should be able to make a proper selection of subordinates and peer groups for maintain business secrecy for executing business operations competitively (Otote, 2009). Technical Knowledge New age technology is the ultimate need for every entrepreneur. Nowadays, without technical assistance it is difficult for organizations to achieve organizational goals. Every entrepreneur is dealing with situations where sophisticated technology is involved. In this regard, an entrepreneur is required to possess knowledge about technological aspects for solving difficult situation (Otote, 2009). Decision-Making Every entrepreneur should have the capacity to analyses various aspects of business operations for correct decision making and strengthen organizational growth. For an entrepreneur, decision-making is an important characteristics, as with correct decision-making procedure, an entrepreneur can produce a positive work culture in its business (Otote, 2009). Entrepreneurial characteristics or traits can be explained with the help of below diagram: Source: (Otote, 2009) Themes of Entrepreneurship There is different kind of themes in the field of entrepreneurship, which are discussed hereunder. Culture/Ethnicity In management, most of the entrepreneurs are chosen culture or ethnicity theme to stand in business sector. Moreover, globalization has opened a huge dimension for entrepreneurship. In modern scenario, entrepreneurs from diverse cultural background spread their business throughout the globe. With the help of new age technology, entrepreneurs from the USA can provide their service and/or products to Chinese customers. In this context, through culture/ethnicity based entrepreneurship, people can enjoy varied products and/or services from all over the world (Stephenmson, 2014; Radovic-Markovic, 2009). Ethics Ethical aspects are one of most important aspects in entrepreneurship. To improve organizational ethical standards, a new kind of professional entrepreneur has been established in the field of entrepreneurship, which suggests and implement ethical standards within an particular organization to improves organizational standards and work culture. Nowadays, organizational culture has played an important part to improve employee productivity and moral standards. To enhance productivity and standards of the internal employees, entrepreneurs are required to be specialized in the field of ethics. Ethical entrepreneurs suggest ideas and plans to organizational heads to improve ethical standards (Richtermeyer, 2003). Family-Owned Businesses Family-owned businesses are other famous themes of entrepreneurship. From the past decades, family-owned businesses are identified as an important theme of business in terms of entrepreneurship. Family-owned businesses are one of the important sources of economic growth. Entrepreneurs from varied sectors are recruiting themselves into family-owned businesses to extent their business (Richtermeyer, 2003). Finance Finance is another medium through which several organizations have made their mark in entrepreneurship market. Nowadays, most of the organizations provide loan through exchange of gold and other important financial documents. Finance based small firms and new businesses have become an increasingly important part of economic development. New age finance based businesses have dramatically strengthened the growth of global economic conditions (Kuratko, 2013). Firm Performance/Planning To sustain in the global industrial sectors, every organization has made strategic planning to reinforce economic growth. For that purpose, a new level of professionals has set an enterprise, which develop plan according to organization’s requirement. This kind of entrepreneurs is also recognized as innovative entrepreneur (Richtermeyer, 2003). Gender To minimize gender discrimination from society and develop a strong place for women and team of individual, different enterprises are formed for supporting women of urban as well as rural area. Women entrepreneurs are recognized as important source of economic growth. To enhance women growth in the society, a gender-based entrepreneurship has been set up. Human Resources Human resources are an important part of organizational improvement. Nowadays, entrepreneurs are identified to be forming consulting services with the aim of supplying human resources for businesses on a global context. The consulting services have helped to improved economic growth as well as organizational health with the recruitment and retention of competent employees (Richtermeyer, 2003). International Entrepreneurship/Cross-National International entrepreneurship or cross-national enterprise is an important addition to economic growth after globalization. With the help of technology, a new cross-national or international entrepreneurship has been developed, which has enhanced global economic conditions. Through cross-national or international entrepreneurships, the connectivity level has been higher between varied nations and helped to improve relationship among nations. For instance, MENA countries are the accurate example of international entrepreneurship or cross-national. The entrepreneurs of MENA countries generate revenue for their countries as well as other countries (Richtermeyer, 2003). Comparisons/Individual Country Studies Comparisons or individual country studies are important themes of entrepreneurship. In order to improve financial growth in varied countries, most of the entrepreneurs recruit themselves for individual studies. To know the actual probability of population in varied countries, government organizes surveys. Through this comparison or individual studies, entrepreneurs are able to produce accurate results to government officials. In this process, entrepreneurs from different nations obtain data, tally it, and then produce to government officials. Entrepreneurs provide their services in terms of contract, which are held between government officials and that particular enterprise (Richtermeyer, 2003). Internationalization, Exporting and Small Business Globalization has opened many new doors for entrepreneurs to enhance business growth. Most of the entrepreneurs exported goods and/or services to other countries. With the help of internet, many entrepreneurs have been able to set up small businesses to export products and/or services to other countries (Richtermeyer, 2003). Quality Systems With the advent of technology, a new kind of theme has been added in entrepreneurship. Nowadays, most of the enterprises have been manufacturing quality systems to improve production and service standard of varied sectors. In the production sector, new kind of systems has been used to improve quality standards (Richtermeyer, 2003). Social Network/Business Groups/Alliances Social network/ business groups/ alliances are well known theme of entrepreneurship. With the help of internet, individuals from varied sectors are able to form a virtual business group or social networks or alliances. The entrepreneurs developing a virtual business group are able to perform their operations effectively on a global context with better sustainability and profitability. For instance, the founder of social networking sites like Facebook and Twitter are an appropriate example of the same (Richtermeyer, 2003). Strategic Planning and Product Development Due to economic pitfall, every organization used strategic planning to provide customers quality service with affordable prices. To make the strategic planning and product development process easy and less time consuming, a team of entrepreneurs are worked as professional planner for organizations by charging a high amount of fee (Richtermeyer, 2003). Supply Chain Management/Distribution Nowadays, multiple entrepreneurs have come forward for supply chain management/ distribution operations. With the help of globalization and technological advancement, most of entrepreneurs create a new dimension on production sector. Supply chain management or distribution services have improved the production standard, make entrepreneurship more flexible and fast (Magretta 2014). Technology-Based Firms With the technological interventions, entrepreneurs have chosen new kind of businesses. Technology and technology- based firms create a new form of business style in entrepreneurship. Most of the new entrepreneurs invest capital in these businesses in order to earn huge profit with the provision of quality as well as unique products and/or services at affordable prices (Magretta 2014). Venture Capital Venture capital business is another new form of business, which include risk for every individual. In this business, investors invest their capital for long-term profits. New generation entrepreneurs are investing in venture capital to obtain higher profits. In the field of entrepreneurship, venture capital is a most popular business than other enterprises (Magretta 2014). Types of Entrepreneurship There are different types of entrepreneurship that are discussed below. Social Entrepreneurship In rapid growing and vibrant sector, social entrepreneurs play an important role in providing products and/or services with overall intention of creating social goods. Social entrepreneurs have been operating from a triple bottom-line perspective of people, profit and plan. Moreover, profit is often reinvested in enterprise rather than being distributed to shareholders. There are different models of operation and legal structures that are be to be adhered for developing social entrepreneurship business. It is different from charities, as it is self-sustaining through income. Notably, social enterprise has been a long-standing feature of many developed countries. The social enterprises have contributed extensively to generate revenues for developed and developing countries (Stephenmson, 2014). Many people seeking to find meaning in their work are turning to social enterprise as a mean of combining their desire to help others and make a difference with their ambitions to succeed as a worthwhile business. In this regard, it can be recognized that social entrepreneurs strengthen the growth of economy to a large extent. For instance, SEKEM, Egyptian company has continuously encouraging social, personal and environmental development (Stephenmson, 2014). Serial Entrepreneurship As per the management studies, serial entrepreneurs set up businesses and bring it to stage of development where entrepreneurs can move on by selling according to a pre-determined exit strategy. Therefore, entrepreneurs can place enterprise in the hands of successor or group of successors whilst retaining some degree of investment and strategic input or start its next venture with an updated view to repeat the process again. For instance, Steve Jobs and Jack Dorsey are pioneers who have repeatedly made high-profit impacts with innovative technical companies (Stephenmson, 2014). Lifestyle Entrepreneurship Lifestyle entrepreneurs choose businesses, which reflect their passion. The lifestyle entrepreneurs are focused on doing something, which they love to do rather than on pure profit motive for starting a business. However, lifestyle entrepreneurs include making deliberate choices to fit a business around a way of living. For instance, Chris Guillebeau is the founder of “Art of Non-Conformity” blog and Pat Flynn openly share monthly income reports on his smart passive income website (Stephenmson, 2014). Internet Entrepreneurship In modern scenario, internet entrepreneurship is very popular in the entrepreneurs’ field. In internet entrepreneurship, an entrepreneur forms a business with the help of internet. Internet entrepreneurship has been possible and prevalent with the advent internet, email, social networking sites and others. The consequent ability to perform multiple tasks, coupled with ease of outsourcing to other freelancers through websites. The CEO of software companies are recognized as internet entrepreneur. For instance, Sergey Brin, CEO of Google and Jeff Bezos, CEO of Amazon.com are appropriate examples of internet entrepreneur (Stephenmson, 2014). Women Entrepreneurship In modern scenario, women entrepreneurship is known as an important source of economic growth. Nowadays, women entrepreneur generate jobs for themselves and provide different solution to organizations, management and business problems. At varied times, women faced discriminations during starting and growing of business owing to gender barriers and lack of financial help. Women entrepreneurship has made a strong contribution to family and communities, poverty reduction and women empowerment. Nowadays, government of every country has taken various steps to empower women entrepreneurs through various schemes, promotional measures and incentives. Oprah Winfrey and Melinda Gates are some examples of women entrepreneurship (Stephenmson, 2014). Innovative Entrepreneurship Innovative entrepreneurs are full of creative ideas and offer innovate products to a society. With the help of innovative entrepreneur, important changes can be identified in a society. An entrepreneur is a person who adds value to a particular market sector by providing innovative products and/or services that are in demand. Innovative entrepreneurship is an effective combination of capital, labor and property utilized to produce innovative products in according with changing demand of market. For example, Jeff Bezons, building an online book selling business through Amazon.com and moving the world of electronic readers by a digital bookstore (Kuratko, 2003). Family Entrepreneurship Family entrepreneurship refers to a business actively owned and/or managed by more than one member of a same family. Family entrepreneurship is the most common form of entrepreneurs. In family entrepreneurship, decision-making has been influenced by multiple generations of family. Graphically, family entrepreneurship includes husband and wife, parents and extended families and multiple generations performed as stockholders, broad members, advisors and employees (Faber & McKinney, 2007). The Rooney Family, owners of the Pittsburgh Steelers Football franchise and Zambelli Fireworks are important examples of family entrepreneurship. In addition, the trump organization and Jimmy Choo are another example of family entrepreneurs (Williams, 2013). Comparison of Characteristics/Traits and Themes of Entrepreneurship In the studies of entrepreneurship, there are varied kinds of characteristics and themes are identified to be associated with it. Every theme and characteristic is different from each other. In the field of entrepreneurship, all themes and characteristics play an important part in terms of improving global economic growth. Every theme of entrepreneurship is closely linked with characteristic and types of entrepreneurships. Every type of entrepreneurships demands varied characteristics and themes. From the above discussion, it has been clear that types and themes of entrepreneurships are almost similar. To achieve success in business sector, every characteristic is needed to be possessed by an individual for inserting that business operations are performed successfully and competitively. The characteristics of entrepreneurship include confident, high motivation, optimistic, able to communicate, dedication, technical knowledge and decision-making among others. All characteristics are applicable for each individual who are engaged with serial, social and family entrepreneurship. To sustain in the business arena, entrepreneurs from serial, social and family entrepreneurship have to be confident, dedicated and optimistic about their enterprises. Without the help of these characteristics, an entrepreneur would never be able to achieve success. In addition, lack of needed entrepreneurial traits, an entrepreneur will not be able to make effective choose of entrepreneurship themes that include supply chain management or venture capital or internationalization owing to which entrepreneurs may not be able to conduct operations successfully (Inc., 2014). In this regard, different theories that include Cantillons theory (1755), ‘Marshall’s approach to entrepreneurship’ (1949), ‘The Social Enterprise School’, Schultz Approach (1975), ‘Schumpeter: the discovery and opportunity theory of entrepreneurship’ (1999) and ‘Kirzners "alert" entrepreneur’ (1997) (Bula, 2012). In the field of entrepreneurship, social, serial and family are three types are most known entrepreneurship business. Moreover, social, serial and family entrepreneurs are identified to be under family owned, technology based firms and supply chain management entrepreneurship themes. Every theme is similar as well as dissimilar from each other. For instance, serial entrepreneurs like Steve Jobs and Jack Dorsey have used technology based firms and supply chain management to make their business knowledgeable for every human being. On the other side, Steve Jobs and Jack Dorsey are also identified to be under social network and product development entrepreneurship themes. To build a successful enterprise, every entrepreneur has to follow multiple characteristics to generate a successful and effective product and/or service. Thus, in the present day business scenario, entrepreneurs are identified to follow certain characteristics to attain business success in a short span. As recognized in the theory of ‘Kirzners "alert" entrepreneur’, entrepreneurs are required to conduct operations in an innovative manner. Most of the entrepreneurs have followed characteristics like self-motivation, risk taking aspect, dedication and confidence. In general, these characteristics are enough to achieve success in the business arena, but to grab professional achievement every entrepreneur have to be equipped with every characteristics. Every characteristic/traits like human relation ability, technical knowledge, passionate about learning and business secrecy have to be follow by all entrepreneurs for better business sustainability and profitability in the long run (Bula, 2012;Gitman & McDaniel, 2008). In Entrepreneurship themes that include technology based firms, supply chain management and social network/business group /alliance, every entrepreneur has to be equipped with traits such as passionate about learning and technical knowledge as based on the theory of ‘Marshall’s approach to entrepreneurship’. To setup a business based on above themes, entrepreneurs have to learn about current technological trends. In this competitive age, every individual has to be updated about current trends and technical knowledge for better survival in market place. On the other hand, in supply chain management and social network/business group/alliance, entrepreneurs must possess traits like human relations ability and able to communicate with others. These two characteristics are most important to form a strong business based on social network/business group/alliance and supply chain management on the basis of ‘The Social Enterprise School’ theory. In addition, these two themes based businesses can grow with proper connectivity with employees as well as customers. To form a strong alliance with stakeholders, entrepreneurs always maintain a liaison and update themselves with latest organizational policies (Bula, 2012; Fayolle, 2008). Whenever, an entrepreneur plans to commence a business based on technology based firms, supply chain management and social network/business group/alliance, entrepreneurs are required to be optimistic and risk taking. In this context, Cantillons theory (1755) explained that entrepreneurs are needed to be risk taking, so that entrepreneurs are able to have better future growth (Bula, 2012). A new entrepreneurship developed is identified to involve risk due to continuously changing business scenario and market conditions. In this regard, an entrepreneur has to be optimistic about business themes and have faith on it. To minimize the risk, entrepreneurs have to possess positive attitude towards entrepreneurship themes. Due to economic pitfall, most of the investors are recognized to have hesitation to invest money on any theme of entrepreneurships. To change this attitude of investors, an entrepreneur has to plan its entire business such a way that it ensures in minimum risk for investor. Nowadays, technological intervention has strengthened the growth of every entrepreneurship themes. Technology based firms, supply chain management and social network/business group/alliance entrepreneurship themes ensure a better growth prospective to every entrepreneur. To make a business successful, entrepreneurs have to follow every characteristics or traits of entrepreneurships. Therefore, each characteristics or traits generate a positive attitude among entrepreneur. With the help of all the characteristics, an individual is able to form and build a successful entrepreneurship (Bula, 2012; Drucker 2007). Maintain business secrecy is the most important characteristic or trait of an entrepreneur. At the time to form a business based on these themes such as technology based firms, supply chain management and social network/business group /alliance, entrepreneurs have to recruit genuine and competent employees. Most of the time, it has been identified that during employee selection, managerial head recruit an individual without having proper information. Managerial heads are easily impressed with communication skills of that individual and offer a designated post. These kind of improper decisions create a disaster for an enterprise. To minimize this kind of discrepancies, entrepreneurs have to be alert during recruiting employees. For every enterprise, employees are the main pillar to stand in business sector. In this context, proper checking of references should be made before recruiting an individual by an entrepreneur. To maintain business secrecy entrepreneur have to be very active and handle every official documents effectively as identified in the theory of Schultz Approach (1975). Based on the theory, resources should be allocated in an effective manner for better utilization of resources (Williams, 2013; Bula, 2012; Denis, 2004). An entrepreneur to develop a business based on Technology based firms, supply chain management and social network/business group/alliance are required to have decision-making skills. ‘Schumpeter: the discovery and opportunity theory of entrepreneurship (1999) signifies that entrepreneurs should conduct operations on the basis of opportunity (Bula, 2012). With the help of decision-making abilities, an entrepreneur can achieve business goals successfully by conducting operations in a systematic manner. Decision-making creates a positive as well as negative impact among enterprise. With the support of positive decision making process, an entrepreneur can gain profit for its enterprise. On the other side, negative form of decision-making produces risk for its employees as well as investors. Steve Jobs and Jack Dorsey are appropriate examples of entrepreneurs developing entrepreneurship based on technology based firms, supply chain management and social network/business group/alliance. With the strong decision-making process, Steve Jobs and Jack Dorsey have changed the perceptions of people about technical goods and/or services (Wetherly & Otter, 2014; Aulet, 2013; Bula, 2012). Conclusion From the above discussion, it has observed that to gain success in a business field, every individual has to follow entrepreneur characteristics or traits. The successes of entrepreneurships themes are dependent on entrepreneurs’ characteristics. The different types of entrepreneurship include dedication, confidence, risk taking and motivation of an individual. Entrepreneurship is based on abilities such as communication skill, relation with employee and stakeholders. In the present business scenario, entrepreneurs are required to possess adequate knowledge about current market trends and business objectives, so that business operations are conducted by developing an effective relationship with stakeholders. In modern era, technology based firms, supply chain management and social network/business group /alliance are the three entrepreneurship themes of emerging trend. Most of the entrepreneurs commence business with the aim of generating maximum profit and minimizing waste. To start a business based on these themes, entrepreneurs invest a minimum amount of capital to generate maximum benefits. For that reason, most of the entrepreneur chooses these entrepreneurship themes, but to attain more customers, entrepreneurs have to formulate appropriate planning and make smart decisions regarding the business operations. References Aulet, B., 2013. 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