Steve Jobs the founder of Apple entrepreneurial venture - Research Paper Example

In the concluding section, the key aspects that have helped Steve Jobs to achieve success will be reflected. Traditional Entrepreneurial Path An entrepreneur can be described as a person, who undertakes the probable risks that can arise in order to organize, manage and develop a business. In the present day context, an entrepreneur is recognized as a developer or an innovator who generally recognizes as well as seizes opportunities and translates those opportunities to marketable as well as workable ideas (Kuratko, D. F. & Hodgetts, R. M., “Entrepreneurship: Theory, Process, and Practice”).

A traditional entrepreneur intends to make the undertaken business venture successful. The path that generally is followed by an entrepreneur in traditional process of entrepreneurship are converging on an idea of business, preparing a business plan, business formation, growth and exit strategies identification and going public with the business venture (Silver, “Stages of Entrepreneurship”). In traditional entrepreneurial path, the virtues possessed by an entrepreneur include ingenuity, diligence, ambition, tenacity, perseverance and self-discipline.

These virtues guide in the endeavor of building a financially stable as well as successful business venture (Belmont University, “The Good Entrepreneur”) In the inception stage, the idea of business is conceived which is then analyzed in the traditional path in terms of feasibility of the business idea from financial viewpoint as well as other crucial aspects such as availability of the sources for funding. The sources of funding can be from two aspects i.e. financial bootstrapping method where acceptance of financial resources are avoided from any external source of investor and in the other aspect, traditional sources of finance are sought e.g. venture capital investors, hedge funds, crowd funding to start-up the entrepreneurial venture.

The financial aspects such as analysis of ratio, capital budgeting which includes payback method, net-present value, internal rate of return analysis and break-even analysis are part of the traditional method of entrepreneurship (Kuratko, D. F. & Hodgetts, R. M., “Entrepreneurship: Theory, Process, and Practice”). Path Followed By Entrepreneur Steve Jobs The endeavor of Steve Jobs, the entrepreneur, can be comprehended from his saying that “We started out to get a computer in the hands of everyday people, and we succeeded beyond our wildest dreams” (Entrepreneur Media, Inc, “Steve Jobs The Comeback Kid”).

Steve Jobs’ vision had been to develop a “computer for the rest of us”. This endeavor sparked a PC revolution and turned Apple into an American business icon. The business plan of entrepreneur Steve Jobs was conceived from the endeavor of Steve Wozniak, who was an engineer and as part of his hobby, was trying his best to construct a small computer. Visionary Steve Jobs with his entrepreneurial traits convinced Steve Wozniak to be a partner in his venture. Steve Jobs had grasped the potential of the business with a computer in the initial phase.

In the business formation stage, they started on their business named as Apple, in Steve Jobs’ parental garage and started working towards developing a prototype called Apple I. They generated funding for their business by selling Apple I, which