Schooled by Success - Article Example

Entrepreneurship Name: Tutor: Subject: Date: Table of Contents Entrepreneurship 1 Executive Summary 3 Methodology 3 Key Findings 3 Introduction 4 Discussion of Issues 4 Role of entrepreneurship in the economy 5 What Motivates Entrepreneurship 6 Conclusion 7 Encouraging Entrepreneurship 7 References 8 Executive Summary The current employment market is becoming highly competitive. This has made young people to be more creative in the creation of self employment and of course creating wealth. It has undertaken this study to explore factors that have facilitated the growth and the advancement of entrepreneurship in Australia. For the purpose of this report and keeping in mind the usefulness of analyzing this article, the entrepreneurship is defined as follows Entrepreneurship is defined as the professional applications of skills, knowledge with the key aim developing business ventures for the sole purpose making profit. It is also defined as the modernization of new idea a person or a group of people with the aim of starting a business or creating employment. Methodology The methodology that was utilized in designing in this report was through evaluation and analysis of an article “Schooled by Success” that was posted on the internet. The article gives success strategies for entrepreneurs as well as challenges that are facing new business starters. Key Findings Successful entrepreneurs need to be very innovative and efficient so that they can be relevant. They need to embrace technology so that they can access the large market segment. In the case of Luke Smorgon and Josh Guest, they manage to develop a Google Glass because they we determine, innovative and they were technologically advanced. Furthermore, they receive a full support from their family members. The key motivational trigger, according to this article, was that the high school friends were lucky to have a perfect market opportunity, full support from the family, and availability of finance They sourced their capital from their own means. They did not get bank loans or other credit facilities. It is always a challenge to access bank loans for new starters because of lack of loan security. Introduction People can define entrepreneurship differently. In economic point of view; entrepreneurship involves risk taking, innovation and venturing into a new line of business with the aim of making profit. However, entrepreneurship can be defined as the application of new technological ideas in business so as to attract customers. Discussion of Issues The two friends are planning to develop Glass application software for warehousing and stocking. The two entrepreneurs are adopting strategies that will boost their business. Their main target customers comprise of young traders, supermarkets and even wholesalers. The business is unique and technological. The entrepreneurs expect to win influence their target customers in the market. The product developed by Guest and his friend is a Google Glass app that is used to direct a person in a warehouse, or can be used to locate a certain good in a shelf. Besides, supervisors in a supermarket can use the app to monitor the stocks, they can use to obtain useful information such as how fast the product is selling, and can also get information on the stocks that need to be replenished. B2cloud is also developing apps that can be used to analyze customers’ buying habits. Retailers can access essential information using their Smartphones. Google Glass facilitates the traders to know potential customers in their stores. This devise is essential in targeting the right customers in the market, and can improve the relationship between the traders and the customers. According to Guest, the Google Glass app is likely to make the trade experience differences in the market. This is because the traders are likely to have an essential connection with the customers they could not access without the device (Crane, 2013). Role of entrepreneurship in the economy Entrepreneurs, are innovative and uses new technologies in the society, act as agents of change. They improve the lifestyle of people. It is very vital to have creative entrepreneurs because they will create job opportunities in the society. Creative entrepreneurs who developed new technologies in the society help in improving living standards and at the same time helps in improving overall economic growth. Australia is one of the countries with the best entrepreneurs in the world. These entrepreneurs are very important economically. They create wealth and at the same time sustaining constant innovation in the country. Effective entrepreneurship requires a high level of motivation, personal experience and social-cultural (including family). The government should ensure that the entrepreneurs are able to access credit facilities at a lower rate as a way of motivating them. What Motivates Entrepreneurship There are various theories that suggest reasons why people venture into entrepreneurship. Personally, I think that people venture into entrepreneurship because they want to be self-employed. However, the following reasons are theoretical explanations that motivate entrepreneurs Achievement orientation. There are people who feel satisfied when they achieve something. Entrepreneurs struggle to achieve what most people missed in life. They want to do things in their own way. They feel satisfied when they create new concepts using new ideas. The ability to create strategies that will facilitate a person to acquire a large market share using minimal resource, time and money. According to Pride (2013), there is no single factor that triggers the decision to become an entrepreneur. According to his opinion, some factors that are likely to influence the decision of becoming an entrepreneur include motivation, independence, availability of finance, educational background and the family background. Other economists believe that factors such as desire to own a business, ideas and challenges can influence entrepreneurs. Personally, I accept these proposals because entrepreneurs are very creative, there are always ready for challenges, any kind of challenges, when pursuing their dream ideas. All these factors influencing entrepreneurs are reflected in the journal “School by Success”. Luke Smorgon and Josh Guest were very innovative. They were ready for anything provided they achieve their dream desire. The evidence for this is that the two friends did not lose hope in their dream despite the fact that institutional investors had ignored the sector. Conclusion Encouraging Entrepreneurship It is essential to encourage young people to start their own business rather than relying on formal employment. Young people who plan to start their own business should look for people who are already doing the same business so that they can get advises that are worthwhile. The network is the key essential element in acquiring useful information concerning entrepreneurship. Entrepreneurs need to carry out extensive market research so that they can have better knowledge on the type of business they plan to involve themselves in. This will help in matching the skills and focusing on the quality and not cost. Satisfying customers is the key strategy in excelling in a certain business. References Crane, A. (2013). Social Partnerships and Responsible Business. Routledge Pride, W. (2013). Marketing 2014. Cengage Learning Read More