Role of Entrepreneurship Name Institution Summary Entrepreneurship can be defined as an art; therefore, entrepreneurs can be labeled as artists. Although it may not be the conventional art, entrepreneurship is not an easy aspect of business, based on what the job description entails…
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Innovation is a key factor in entrepreneurship. Innovation involves introducing new ideas and products as a measure of improving or satisfying a market need. The chief instigator of innovation is the entrepreneur, who analyzes the pros and cons of innovation and the likely risks that relate to implementing innovation. The say if it is not broken, do not fix it; however, this concept cannot apply to entrepreneurs based on their pursuit of increased sales and maintaining their pioneer status. Innovation is a factor that is pivotal in the longevity of a company. (Howkins, 2001) Mercedes-Benz: A Leader in Innovation The best example of innovation relates to Mercedes-Benz in the 1980s. The company came out with a new concept of using block headlights instead of the popular circular headlights. They claimed that the concept would be copied by a majority of car companies in the 1990s. It was a bold statement by the car company, who were deemed to be blowing their own horn at the time (Reynolds, 2007). However, true to their prediction, in 1992, several car companies had begun using the block headlights introduced by Mercedes-Benz. This is an illustration of the impact of being a pioneer in innovation. The fact that Mercedes introduce the concept the concept first meant that they were the leading light in car innovation, and to some degree, they still are to this day. Though it was a risk making the bold prediction, there were spot-on proving they have a sharp eye for solid innovation concepts. The primary aim of any entrepreneur is to ensure that their company makes the most sales and net profit (gross profit – company costs = net profit). Wise entrepreneurs push this factor beyond the limits of the company in order to grow as a company. Growth involves factors such as becoming a multinational company, and becoming the global leader in sales of a given product. It is vital for an entrepreneur to push the company to its highest limits, and put it on a level that will make the world take notice. This may not be the best strategy for the consumers; however, the ultimate task for an entrepreneur is to become a monopoly in the company’s respective market. This ensures that the company is the pioneer in the market, and the latter will make purchases from the company anytime they require a product that the company produces. Coca Cola: an Entrepreneurship based on Establishing a Monopoly The best example is Coca-Cola; when it comes to soft drinks, the first word on everyone’s lips is coca-cola. Such is the dominance of the company, that it can be considered the global monopoly of soft drinks. It holds over 70% of the market share for soft drinks on a global scale. As a result, the company is able to generate large volumes of revenue, which can be used for aggressive advertisement (Howkins, 2001). Though it has established itself as a soft drink monopoly, Coca-cola does not rest on this accomplishment. It is constantly seeking new markets to enter, such as the water market. Coca-cola has entered the juice market and is looking into venturing into the tea and coffee markets. This is evident of the company’s ambitions, which are evidence of quality entrepreneurship. Entrepreneurship is important in the revival of companies. Employing the right CEO or chairman is the fine line between success and failure of a company. Experience is the best teacher that serves to educate entrepreneurs
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“Role of Entrepreneurship Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/management/1444559-discuss-the-role-of-entrepreneurs-in-contributing.
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