Entrepreneurs & Business - Admission/Application Essay Example

Thesis It is not easy to have entrepreneurs starting a business until the carry out adequate research and comprehend the specific industry they plan to invest. They look at particular features that project the profitability levels of the organizational and opportunities for survival. For business institutions without proper establishments, entrepreneurs look at the overall picture of the industry. Introduction Organization-specific characteristics always take precedence because firms have differentiated products from their competitors in the industry. First, entrepreneurs evaluate the start-up capital. Generally, entrepreneurs do not have sufficient capital while financing firms are always reluctant to provide large sums of money to the starting companies. Therefore, the target industry should give opportunities for entrepreneurs with low start-up capital. Understanding corporate entrepreneurship remains of great interest to both entrepreneurs and scholars because of the beneficial effect derived from the same knowledge on the performance of organizations and their competitiveness. The concept to continues to gain relevance and is panacea of the future status of business organizations doing business in the prevailing contemporary environment that remains competitive. A winning entrepreneur does not become an excellent leader automatically because entrepreneurship and leadership are two different qualities although they sometimes intertwine. A major factor of any business organization aiming at successfully competing to cut its niche in the market remains the quality of its leadership. The leadership team determines the rate of growth of any business entrepreneurship. Similarly, excellent leadership is at the core of any person interested in becoming a triumphant entrepreneur. It is not easy to categorize leadership qualities as genetic. Discussion 1. Based on research, what characteristics in an organizational environment attract corporate entrepreneurs? The other factor constitutes the entry barriers. The business environment should permit comparative ease for new entrepreneurs aiming to start new ventures. Among other reasons, entry barriers could arise from necessary formalities before receiving the license for new entrants and regulations that guide operations of businesses in the industry. Growth prospects are also important organizational environment characteristics evaluated by entrepreneurs. Entrepreneurs prefer the industry with ripe markets and those that remain underserved. In this circumstance, the entrepreneur sees the opportunity to serve the remaining market while others take the initiative to invest in studying the unexploited market through research and development (Schumpeter, 2014). The last organizational environment factor is the level of competition. The desire for improved performance because of sustained competitive advantage depends on understanding the organizational environment factors that attract entrepreneurs and not just higher quality, lower costs, and better services. Knowledge of these factors helps in entrepreneurs becoming or adapting various characteristics among them flexibility, adaptability, aggressiveness, innovativeness, as well as speed. All the features remain elements of entrepreneurship. Entrepreneurs have different ever-changing values among them increasing desire for enhanced product development, uniform and high quality, more factors in smaller products, lower and stable prices, and needs for a flexible and entrepreneurial company moving in the right business environment and using appropriate systems with the capacity to motivate employees. A support business environment provides employees with the chance to work with minimal supervision (Holt, 2012). Employees get much latitude with the employers expecting them to create and implement new concepts to facilitate the performance of the business organization. Enhanced performance of the organization that originates from corporate entrepreneurship revolves around production of new commodities and services, enhancement of existing products, putting in place improved and new systems of production that improve the production capacities in terms of speed and efficiency. Therefore, understanding organizational environment characteristics that attract entrepreneurs makes the entrepreneurs choose companies with high corporate entrepreneurial capacity with prospects of better performance through profitability and growth. A case in point affects the companies engaged in networking business. Networking business organizations taking part in marketing carry the potential for further growth because of continuing advancements in Information and Communication Technology. 2. Why do you think it is unusual for a successful entrepreneur to be an excellent leader of an organization if it grows into a large company? An individual cannot inherit leadership no wonder the phrase, leaders are not born, but made. Features associated with the excellent leadership include behaviour, right desires, and appropriate skills. A flourishing entrepreneur is an individual with the capacity to identify deficiency, needs, ability to distinguish useful needs that constitute the potential to become successful business from non-useful ones, develop a solution, apply his ambition to execute the solution, as well as generate profit to the degree he desires (Drucker, 2012). The path represents a route followed by most entrepreneurs. Similarly, a flourishing leader is a person who can recognize the need, capacity to differentiate significant goals from those that can be put on hold, generate a possible solution through available resources, capacity to get unavailable resources required in attaining the set goals, apply his drive to execute the objective with people and resources availed to him, and demonstrate to the implementing team how the goal helped in squaring the problem and proceed to set to them the next target. Means of achieving success lies at the centre of the difference between a great leader and a thriving entrepreneur. The latter wills his concepts literally to generate life and success. However, a great leader carries out the same things but through the people availed to him in his immediate environment. The ambition and drive within entrepreneurs and leaders propels them to the limelight (Robb,2013).It is easier for a person to make himself great i.e. become a booming entrepreneur but it is harder to make people around an individual grate as well i.e. becoming a leader. Qualities of a winning entrepreneur are in-born; they remain in a person’s DNA, and define who the person is in life. Irrespective of whether a person was born a leader or tries to develop leadership abilities and skills, particular features remain present in every leader. Three important qualities cut across all entrepreneurs and several personal features are significant to sound leadership. Nonetheless, the qualities can be natural or acquired. Conclusion Organizational environment characteristics that attract entrepreneurs influence intraprenuership. The idea features new business start-ups, innovativeness, pro-activeness, and self-renewal. Entrepreneurs do not prefer starting new ventures in concentrated industries because of many established rivals. Most of them identify exhausted avenues of gaining competitive advantage. A triumphant entrepreneur should have the right mindset, an expert in marketing combining, excellent products and best marketing strategies, and clearly aware of his purpose. On the extreme end, an excellent leader must have an exemplary character, always enthusiastic, full of confidence, help team members develop confidence, offer direction, set targets and means of assessing target achievement, as well as remaining committed to excellence. References Drucker, P. F. (2012).The Practice of Management. New York: Harper and Row. Holt, D. H. (2012).Entrepreneurship: New venture creation. New Delhi: Prentice Hall of India Private Limited. Robb, D. (2013).Renewable Corporate Entrepreneurship: The Path to Sustainable Growth. Englewood Cliffs, New Jersey: Prentice Hall. Schumpeter, J. (2014).The theory of economic development. Cambridge, Massachusetts: Harvard University Press. Read More