The given essay "Entrepreneurship and Small Business Development" focuses on Bill Gates and on Microsoft, with emphasis to be placed on how their innovations allowed them to become the household names they are today, as well as on inspiring average or even underachieving students to hopefully follow this example…
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'Innovation' has always been a word synonymous with Bill Gates. Even as a child, he would fiddle with software, improving on existing ones and writing his own. Before exploring his history of innovation, however, it would be more prudent to discuss what innovation is first.
As already mentioned above, innovation is the one characteristic no entrepreneur would get very far without. Sticking to what works and what is known may allow one to get by and make some money, but the ones who truly make it big are those who are unafraid of challenging conventions and taking risks, and who manage to breathe new life into supposedly exhausted industries. In short, while a conservative approach to entrepreneurship may bring security, it is a more innovative approach that one would be more likely to experience success.
That being said, it would be well worth defining exactly what innovation is supposed to be. It is said to be a way of encouraging customer value, which can be done either through meeting new needs or through meeting old, existing needs in new and different ways. From an entrepreneur's perspective, this is most often attained through the introduction of unique products, services, technologies or ideas to the market. What sets innovation apart from mere improvement is that it is more concerned with taking a new, unique and different approach to something, rather than just building on the usual approach.
The current environment has evolved such that innovation has become a major, major catalyst for growth, as the greater ease of transportation and communication has made factor endowments and comparative advantage less important in the long run. Instead, argues Schumpeter (1943), companies such as Microsoft need to constantly revolutionize the economic structure, as can be seen from the constant innovation of their products and services. Heyne et al (2010) lend further credence to this statement, describing a pattern among entrepreneurs in which they constantly aim to satisfy customers by continually improving on the quality, durability, service and price of their products, using a combination of technology and organizational strategy
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However, apart from the leadership qualities, there are the certain set of traits, that are also essential for becoming a successful entrepreneur. For example self-discipline, integrity, self-motivator, passion for work, competitiveness, the ability of selling and various other personality characteristics are also necessary for becoming successful.
The following review will look into the successful business lives of various famous entrepreneurs who have applied several qualities in order to achieve several targets such as imposing turnovers and creating many job opportunities among other successful endeavors.
The paper takes a closer look at the ways employed by Steve Jobs in making Apple a top company in the US and the world in general. Apple combines art and technology to design innovative products. A great entrepreneur will always struggle and take huge risks so that the company can remain a leader in the market.
However, it should be considered that among the four resources, entrepreneurship (organization) is the pivotal factor determining the long term growth perspectives of an organization. An organizer or entrepreneur is the promoter of business, who helps to amalgamate all the other factors of production in business.
Three small businesses which can prove ideal international enterprises for small entrepreneurs are covered herein.
Online shopping provides an excellent opportunity for small entrepreneurs to spread their business acumen across the globe. The availability of branded goods the World over enables supply of these to customers across the globe.
Cunningham, J.B. and J.Lischeron (1991) classify that in America the term entrepreneur was considered as the one who starts his own, new and small business, some thirty years ago, which still goes with many people even today. It is a creation of the newness, a satisfaction or a change in consumer demand that brings the term entrepreneur into focus.
Small businesses also tend to be independently owned and are profit-oriented (Bartol and Martin 1998) and in doing so they make enormous social and economic contributions to their societies through a variety of factors. For instance, small businesses contribute to economic growth through the creation of new businesses (Bartol and Martin 1998) which increases the tax base for a country's economy through contributions.
Moreover, the Chinese government is attracting lot of foreign venture capital across all industrial and service sectors. The small scale entrepreneurs have gained to a great extent from these investments. The advantage has been for both the large and small scale
While others say that, the entrepreneurs who work with an initiative to solve any kind of social problems with their rendered services, are termed as ‘Social Entrepreneurs’. To be precise on the context, social entrepreneurship is still at a level not
over, a brief introduction of the business entrepreneur selected and an identification and explanation of the context, in which the selected characteristic/attribute is going to be tested and discussed.
2. Literature review (25%): The focus is on looking at attributes
10 Pages(2500 words)Essay
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