HRM4002 Entrepreneurship

Introduction

Entrepreneurship refers to the specific activity which frame and establish the business for bearing financial risk in anticipation of earnings and profit. On the other hand, it can be defined that it is the process which help in designing, operating and setting business and person who are develop ventures which are known as “Entrepreneur”. This can be described as capability and ability for organising, creating and managing the company with certain corporations risk for generating high amount of profitability. An entrepreneur consider as coordinating agent in an economy of country (George and Bock, 2011). Along with this, coordination take different forms of resources which traced the future advantages and up coming opportunities. An entrepreneur also move towards other resources such as tangible and intangible, also forward towards making capital.

This project is totally based on two major entrepreneurs Mark Zuckerberg of Facebook and Sergey Brin and Larry Page of Google. There are famous two personalities which help in remarking the working so due to their contribution, country have effective growth in the economy. On the other hand, entrepreneurship is play an essential role for creating and developing innovation and design their business operations and functions. Entrepreneurial activities provide their share in making new things which perform effective role that make strong impact on society. This report showcase the involvement, effects and work of an entrepreneur and also evaluate critically along with argument on their contribution an its impact on nation.

Entrepreneurs form societal alterations. They usually break the tradition for doing innovation and reduces dependency on the current system and different methods (Herrington, 2010). Along with this, they create investment in community task or work and provide help in the form of charity to the other non profit organisation.

Task 1

Examine the characteristics and role of entrepreneurs

Entrepreneur has a significant role in economy of a country, because they have a sufficient share in net income of country as they generate new idea, which becomes an inspiration for millions of people and the biggest recruiters (Neck and Greene, 2011). They offers a huge opportunities to the seekers, and talented young generation force. Entrepreneurs identifies the possibilities of businesses extension across the risk factors,develops plan of action, that will lead their venture and at last they achieve success after getting in to all obstacles. Their effort reflects in the growth of societal benefits, country financial state. They have essential characteristics and roles that are required for a prosperous achievement, that are describe below:

Characteristic of entrepreneurship

  • Adaptable and limber : The first and foremost characteristics of entrepreneur is that they should be adaptable and limber, because as they are frequent to accept the changes they will grow more, at the same time flexibility is also essential, that leads to accept the others behaviour (Nicholls, 2010). As a venture deals in varied environment so there is a wide area to explore, they should be able to admire modifications in legal policies and rules what if they are stiff at one place then business can be in peril space. Though, there should be timely modifications are accessible.
  • Optimistic – An enterprise must have an optimistic vision, as to motivate their employees in opposite circumstances. A positive view is a strength to stand, as there are so many risks while doing a business, even Mark Zuckerberg also faced so many problems but only because of an optimistic approach to deal with confidence and passion gives a power to attain a target.
  • Visionary – Starting a venture is not enough to get name, fame and money, there should be a vision of business, that gives a path that establishes objective, to step ahead towards complete a desired goal, that determines what things has been done in predetermine time. It is helpful to measure growth against set aims and actual position, that gives a power to put the effort to gain the expected growth.
  • Innovator – Innovator are the lifeline for any entrepreneurship, as they always brainstorming to generate new concepts that are beneficial for the businesses, these are evaluated on the time to scale the hike of business with modified systems (Oosterbeek, Van Praag and Ijsselstein, 2010).
  • Capable and Problem Solver – Problem solving is the main part of any business, so an entrepreneur must be resourceful to its employees, when they are in trouble at that time entrepreneur should work as leader to show them a way to guidance and remove hurdles and should have the ability to find out the solutions for occurring problems.
  • Risk of entrepreneurship – An entrepreneur is the one who always ready to deal with jeopardies by spending time, money and efforts in planning of uncertainties, with careful evaluation of valuable task in the venture that is need to take in under considerations. They has some reserved plans to cure from unfortunate time being.

Roles of entrepreneur

  • Sharing and generating finance - An entrepreneur begins a business with funding, that need to convince investors to finance their idea, and when it provides funds and business raises its standard gain success, then it serves as reward to entrepreneur and stakeholders both that they take an initiative risk (Santos, 2012).
  • Creating occupation – When a business concept came in mind, it seems too simple to imagine to manage a business with single hand, but in reality a venture needs several hands to accomplish its target by processing some operations and activity. For that it need a team that help to retain the target by carrying its business forward with earning of profits, and to fulfil the requirements of worker it need to appoint them by open a door for opportunities to the multiple requirements with various skilled and talented human resources. Government also encourages such proposals which have better possibilities to generate recruitment by providing loans and policies.
  • Maintaining balance in regional areas – Some entrepreneurs are setting up their organizations in rural areas, because these ideas help to developing regional locations with better living status by providing them work, roads, malls, hospitals, airports, etc. This allows to live with better amenities to the rural population.
  • Raising gross national product and per capita income – Entrepreneur is a main source of increasing national income and per capita income, by offering potential jobs, to the aspirants in prime developing market and rising profitable growth. By preceding on this way, enterprise contributes in gross national product and per capita income of the country.
  • Improvement in the standard of living – As enterprises are offering a better status of living for people, an entrepreneur aims at to provide products and services. This is done by providing a range of options in market at different cost which increases the purchasing power of customers (Welter, 2011).
  • Create option in market – customers are now now more cautious and before taking the buying decision comparison between the similar commodities is done. As more and more entrepreneurs are coming up with their options in market it increases the scope of products for customers which further raise higher present satisfaction level.

Critically evaluate how entrepreneurs have contributed in designing and innovating

The actual meaning of critical evaluation is about analysing the particular thing such as books, thoughts and statement and some more. Evaluation word is used for assessing something.

Another is Schaper (2014) have said that innovation is eminent and particular methods or techniques of entrepreneurship by which entrepreneurs adopt or use proper changing condition for gaining opportunities with the help of various business and services. There are certain gap which occurs between innovation and entrepreneurship. Along with this, Parker (2018) have to demonstrate their involvement in the context of creation so they need to stated that innovation is became major and wide usage through the business operations. This can be capable for attracting large number of customers, thus, new products and innovation along with different types of ventures are in demand. For taking favour of above discussion, sir Bridge and O'Neill (2012) said that they need to stated the innovation help entrepreneurs for gaining and sustaining the competitive advantages. As per the view of George and Bock (2011) they are said that entrepreneurship is the major activity, grounds, economic, characteristics and social affect of their different methods and tools of making presence for providing expression of the businessperson activities and functions. According to Kirzner (2015) entrepreneurship is play a crucial role for creating and developing an approach for generating the employment in the ruler society, provide services related to self employment for those people who are start business of their possess and also enhancing the position of economy of the ruler industry. On the other hand, author Dees (2017) analyse that procedure of entrepreneurship is acquiring changed number of entrepreneurs in the successful individual venture and also generate or regulate financial gain for ruler people. Also entrepreneurs who exist in the sub urban locations they have to alter or change their region into innovative centre which made them to became an urbanised areas.

Accordant to Pott (2012) the concept of innovation or creativity and development play an inherent and prominent part within the entrepreneurship process. The author also stated that innovation is that act which are introduce and launch something new and unique for satisfy the demand of their customers. This will provide assistance for making awareness in the society while developing new product, venture and business. On the other hand, Welter (2011) said that innovation is that thing which never been made by anyone because with the help of innovation, entrepreneur help in increasing GDP growth and gain maximum employment opportunities in the specific country. It can be depicted by author that entrepreneurship increases recognition that is practices which can be intended for developing economic system. On the other side, Santos (2012) and Karlan and Valdivia (2011) said that the concept of entrepreneurship is describe about capturing the ideas and thoughts which are converted them into the new and creative goods and services in proper manner. They need to frame the venture which help in captured the products in appropriately. According to Bruton, Ahlstrom and Li (2010) they are said that entrepreneurship is the best outcome which provide action of human which determine the value which assist in expanding and creating the economic activities.

With the view of Dacin and Tracey (2011) they are describe that individual as entrepreneurs are developing investment of their personal material and resources and also capture the main stage of capital for determining the equity and debts that includes investors, lenders and society. This will help in generating more income or revenue and allow them for gaining success for those personalities such as growing ventures and entrepreneurs in better manner. Entrepreneurs assist in making and creating more employability for increasing the level of society. On the other side, Dacin and Matear (2010) said that country economy is framed with the arrangement of organisation and business. Therefore, the economy is endured cause and entrepreneur venture are able for adopting changes and times is the need of community. They have to discover that the process of entrepreneurship help in generating and creating profitability and financial resources and assist in maintaining the economy in proper flow. They have to provide facilities which increasing the importance of innovation in the procedure of entrepreneurship. In current time period, most of the entrepreneurs are consider as creators and innovators in the economy. According to Defourny and Nyssens (2010) said that innovation is entrepreneur which showing with the help of new ways for producing venture and make proper resolution. Along with this, service business can be flourish with various types of facilities to filling the constant changing requirements of their buyers. Therefore, entrepreneurs can help in increasing different venture for raw material and developing innovating things.

According to Delgado and Stern(2010) can review that entrepreneurship in creation is totally different and their major key value of their seniority to the business. Ventures and entrepreneurs are begin the requirements. Also they are look forward for satisfy the need of community and with the help of this, they are increasing the solution process. On the other hand, they are taken opportunities to create innovate new products and services which company offer to their desired customers. All such solution is mainly involved for creating it better, effective and appropriate. On the other side, Djankov (2010) they have to said that for smoothly run the business they need to make innovative things for attracting their buyers towards their goods and services. Innovation provide contribution towards organisation success and growth. Entrepreneur are termed as innovator or creator who are looking to the various solution required. Innovation activities are indicate that company can sees their employees creativity and innovation in term of solution. These methods are increasing by providing them effective training and development programs which help in enhancing the financial achievements of an organisation. On the other hand, Drucker (2014) have to stated that significance of innovation is the process of entrepreneurship for know the competition. It can directly impact on entrepreneur for rising something in better manner then it will gain power and competition in cheap cost and still its price are qualitative and effective in each manner.

Critically evaluate how entrepreneurial contributions to design and innovation which impact on society

Entrepreneurship have specific mind set with huge ideas, strive for doing something creative and new for achieving better approach. Innovation will developing new patterns for do particular things along with different methods and techniques. An entrepreneur has specific ability for taking risk to start the new work on their own responsibility. Entrepreneurship abilities and capabilities can not determine in easy manner. Designing lead towards changes in present company or structure. Technology, logistics and marketing design which can alter whole firm activities or functions in the economy and market (Karlan and Valdivia, 2011). Designing entrepreneur means for developing something in more specific manner, so it can reach towards people and make interest for using this. This will also allow them for creating space on their own terms so entrepreneur ability and skills such as experiment, creativity and persistence. For example, Steve jobs innovate iPod which provide high scope for design the MP3 players. There are some limitless path which provide freedom for make their own system that serve or offer than before. It has new version.

The business are smoothly running which has main focus on making new goods and services which reduces the environmental, social, concerns in which it increasing in technology, economy and opportunities. Business success believe on concentrate practices for designing and innovating entrepreneurship activity. The current environment is facing important challenges such as climate disruption which is happen because of human made green house emissions and social warnings. It can reach beyond boundaries cause, they are unconventional thinkers without making any restraints. Innovators are design and develop new techniques for extending towards previous one.

Social impact- As per the George and Bock (2011) they are said that it directly affect on social environment like devices which measure the climate that assist for estimating weather in advance which assist people for overcoming with major issues or problems. According to this concern with social warning, social injustice is the major issue. If something unexpected thing that demand for justice but some time it is not the right way, then huge platform social media will be used which help in reaching with more of the people. It assist in fulfil demand justice in appropriate manner. For example, in a year ago two sister met through the biggest platform Facebook, who get clear. Mark Zuckerberg founded Facebook, which connected whole world with each other. Mark Zuckerberg innovate Facebook, which connect whole world, it is one of the most social impact which occurs within the society. There are various social media websites which are available but these are not reach with the peak. This hole put this innovation on front page so it will became possible due to design the functions.

Sergy Brin and Larry Page is very famous names which show the new path all around the world. They have creative and innovative mind which pull them for making ideas and thoughts in effective manner (Kirzner, 2015). They are started from small space and now google does not require any type of introduction. It can be said that necessity is the mother of invention, which states as true. The founder of google invent this, it create and make the whole universe. All the important data and information are accessible on one touch.

In current time period, there are various devices and methods which are evolved, so they have significant impressive opinion for offering opportunities for business, changing education composition.

Economic impact- As per the Herrington (2010) said that it make finance for country in the form of taxation. It effectively and efficiently make capital for the nation. In United kingdom, entrepreneurial economy is sustaining at the rank of fifth at international level. UK is Europe's one of the leading entrepreneurial economy that has been possess strong profile and render safety line of goods and services.

Population is growing up with the geographically, it will increasing monitoring and evaluating. An organisation provides the economic growth and success to the local people. It has offer and serve huge work which help them in earning more money. This have inclination the performance in stock market which totally depend on different issues and problems of the business. Such capitalist can be angel investors in the whole market. It can provide funds to other person and help in providing funds to others which directly reflect to the company goodwill and they are giving growth in the finance (Neck and Greene, 2011).

Opportunities-It is generally depend on situation where they sell products and services on their real price. Hence, profit making calculation are based on uncertain things. Innovating such as leaving the chances of large field for rethink about recreation of present goods. Brainstorming will apply new ideas and thoughts for keeping generations.

As per the Karlan and Valdivia (2011) they are said that it is creating job opportunities for the civilians and several in other references. Due to this, they need skills and many hands who are doing labour work, therefore it is required to appoint personnel. Entrepreneur is a person who are investing capital in multiple business in effective manner. They also try to broaden job even in international markets. The large organisation can lead across the limits through new attempts. It change crowd support in most of the significant which motivate business towards smoothly running the business. It looking towards for the major ways where it can establish new ideas and thoughts for the business motive which can be beneficial for others.

Increasing productivity- An organisation require to do working on original process which can amend far better in operations, low costing, customers resources efficiency. They need to produce new products and services which offer to their desired customers. It involves innovative, creative and finding niche markets.

Opening new markets- Facebook has no market areas in some countries, but still it is not accessible in some nations which has possibilities for open doors in the new market. They adopt new concepts and approaches which attract large number of customers in positive manner. According to the Kirzner (2015) they have said that a product has some capability and ability for penetrate the market to draw millions. It will help in uplifting the company share in the he market.

Partnership- Entrepreneurship consist with partnership to pool the money, resources, skills of the business. In this, there are more than two person who bearing all loss and profit in equal manner. It has various ways of partnership at will, in which who are willing to come to it, specific partnership- when partnership is created for certain time period for given time period, as per the duration (Nicholls, 2010). Liabilities have common for unlimited and general liabilities and limited bounding consist with better responsibilities among person and others have limited obligation. It contains memberships along with at-least two individuals, collective liability defines to share the power in average, mutual agency means constricting all the shares as well as firm, contractual relationship present between partners due to the contract.

Use at least two real world relevant examples from well-known entrepreneurs. These should be used to support your points and arguments

Sergey Brin and Larry Page of Google and Mark Zuckerberg of Facebook, these two entrepreneurs personalities are popular and provide their creditable contribution in the country. Along with this, Sergey Brin and Larry Page are the inventor for searching engine and Mark Zuckerberg is the attribute of originator which make some innovations in the social group network. Hence they are create mark in the country through their work. Both entrepreneur generate employment in their nation and gaining effective growth in the nation GDP level. There are some of their traits which are described as under:

Passion- It is true that entrepreneur is not doing working or investing for getting money. They have passion which create some new and unique things and innovation assist in providing more employment (Oosterbeek, Van Praag and Ijsselstein, 2010). For their passion, entrepreneurs are running for an possessed sum of hours. They are try to make solution for their specific issues or problems.

Full of determination-Some of the employment and situations is the main issues and factors for many individual to ending them from their enterprising exercises. Hence, all the entrepreneurs are have best level of determination for starting to be flourishing. If they are not wholly determine for creating effective opportunities then they have not any ability of entrepreneur.

Lack of risk fear- It is clearly stated that successful entrepreneur having main risk and they are deal with these factors in effective manner. They have certain attributes and skills which help in bearing risk which make them able to facing issues and difficulty in better way.

Increment in confidence- Entrepreneur have high level of confidence which make them able for doing effective work in different situations. An individual can understand their major challenges and it will assist in capturing the possibility in better manner. They have ability to motivate their staff member towards achieving desired goals and targets.

Craves learning-Entrepreneur is that person who always believe in continuous learning as sectors are have some changes nature and involves around it. They also want to gain new things as learning and knowledge which help them in developing more upgraded. With the assistance of learning, they are capable for surviving in the competitive place.

Extremely adaptable- Most of the entrepreneur have certain ability and capability for look forward and they are try to use or adopt some required things which assist in make it easier. If they are easily adopt some thing so they have ability to create effect in any condition (Santos, 2012). It allow them for taking decisions which assist in carry out from any type of problems.

Perseverance- To start the venture or business is the biggest challenging step for an individual. For this, entrepreneur have some capability and skill to bear uncertainty. They are developing and making proper strategies in their established business concerns.

Self belief and hard work- All the entrepreneur are doing hard work for making and developing business and also conduct some innovation as they are self believed individual in their working activity and getting best result or outcome.

Mark Zuckerberg, Facebook and Sergey Brin and Larry Page, Google these are powerful persons and they have various types of characteristics which make them different from others. These are as described as under:

Entrepreneurship characteristics

A person who takes initiatives in order to set a business which includes risks and keeps a hope of making profit by delivering products and services to consumers as per their requirements. It is also a process that includes designing, launching and running a new business. In other words, entrepreneur is said to be a person who creates business and most often they enters marketplace in small scale (Dacin, Dacin and Tracey, 2011). Usually these people mostly have ample number innovative ideas through which they give better experience to consumers in much effective ways. In this context, entrepreneurship consists of various characteristics which are being mentioned beneath:

Honesty and Integrity: Entrepreneur can be stated as a person who should be honest and have integrity and by this only his/her people will listen to him. Failure into this may reduce reputation of entrepreneur in front of its followers.

Confidence: One of main element which is needed in a person while becoming an entrepreneur. If this person do not carries this, it may be possible that decisions are being taken by him/her may get wrong.

Inspire Others: An Entrepreneur inspires subordinates and should act as a leader which support and inspire them so that they finish their work or hit targets in much more effective ways. Along with this, inspiring speeches may also aid in giving motivation to staff members.

Commitment and Passion: Targets are being achieved by both small and middle level if entrepreneurs have strong commitment and filled with passion. Person should also have enthusiasm so that desired goals and objectives can be attain in short period of time (Dacin, Dacin and Matear, 2010). Away from this, entrepreneur should be friendly in nature so that subordinates can pull problems in front of him.

Creativity: An entrepreneur should be filled with full of innovative ideas which may aid in enhancing satisfactory level of consumers. This can be done through both innovation and invention, it is must for entrepreneur to locate what exactly customers are asking for.

Strong work ethic: Entrepreneurs who have set up a new business should be much strong with his/her ethics in order to run business in successful manner. They leave the office in the last after examining that if staff members have achieved their goals or not.

Google's founders Sergey Brin and Larry Page and Facebook's founder Mark Zuckerberg can consider as two good examples who have opened small online business where people can communicate with each other or can search about anything they want. 1995 was the year when two common people while sitting in library of Stanford University. Larry page and Sergei Brin has build search engine in order to deliver information to clients who are in need. On the other hand, Facebook was introduced in the market in year of 2003 by Mark Zuckerberg and at initial level it was named as “Facemash” and at the same moment he was sitting in Harvard university. It attracted almost 450 people. In modern era, these two entrepreneurs that are dealing in billions at the moment and are idol of many business people (Welter, 2011).

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On the other hand, entrepreneur are developing innovating things in social networking which is known as Mark Zuckerberg ho invent Facebook and it is established on 5 February 2004. Mark is student at Harvard while developing Facebook and wrote the software for their software which is known as Facemash. Innovation assist in providing the major level of employment. It assist in flow the capital in whole nation and help in increasing economic growth or success. It is clearly stated that entrepreneur are capable for making and creating innovation and design major opportunities with the help hence by this process all the chances are regenerate in the important ideas and thoughts. It is mixture of vision and mission for building effective and appropriate ideas with the help of established conception. Innovation is essential and core function in the procedure of entrepreneurship for doing specific operations. In the nation, innovation assist in doing promotion in competitive market place that provide small businesses for technical methods for complete their work. Development and innovation improve both industries such as private and public which cause new things that are mainly used in all the business and also motivate towards high growth.

Innovation and development is important part of an organisation as regular invention and innovation company are capable for making various types of goods and services which help company for attracting large number of customers (Dees, 2017). This will cause buyers for prefer different types of products and services that are effective and satisfy all needs and wants of the desired customers. Along with this, innovation assist in providing unexpected things, so products and services introduced in the large market area. Both are providing opportunities for company employees who are working in better manner and it will help in increasing the working capabilities such skills and knowledge in similar industry. Innovation and development is the best method for each country which generate employment, growth in GDP, smoothly running the business and economy, enhancing competitive advantages in the he market, so this will encouraging the value of market and developing effective image of company brands in the marketing position.

In addition to this, innovation is the crucial for surviving and help the business in leading the competitive market area. This is not easy for form new product development in better manner. The main aim of innovation is to generate more profitability and income for selling their creative goods and services to their buyers (Kirzner, 2015). Along with this, the core purpose of innovation is broad things where company developing innovative things to build effective image or picture of specific products so they need to take use of innovative things fr resolving major issues and problems of customers. Company can make different type of commodities which are totally different other.

Conclusion

From the above mentioned report it can be concluded that innovation is to generate more profitability and income for selling their creative goods and services to their buyers. An entrepreneur consider as coordinating agent in an economy of country. Along with this, coordination take different forms of resources which traced the future advantages and up coming opportunities. Designing lead towards changes in present company or structure. Technology, logistics and marketing design which can alter whole firm activities or functions in the economy and market.

References

  • Kirzner, I.M., 2015.Competition and entrepreneurship. University of Chicago press.
  • Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. InCase Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
  • Pott, O. and Pott, A., 2012. Entrepreneurship.Unternehmensgründung, unternehmerisches Handeln und rechtliche Aspekte, Heidelberg.
  • Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.Entrepreneurship theory and practice.35(1). pp.165-184.
  • Schaper, M.T., and et. al., 2014.Entrepreneurship and small business.
  • Parker, S.C., 2018.The economics of entrepreneurship. Cambridge University Press.
  • Bridge, S. and O'Neill, K., 2012.Understanding enterprise: Entrepreneurship and small business. Palgrave Macmillan.
  • George, G. and Bock, A.J., 2011. The business model in practice and its implications for entrepreneurship research.Entrepreneurship theory and practice.35(1). pp.83-111.
  • Santos, F.M., 2012. A positive theory of social entrepreneurship.Journal of business ethics.111(3). pp.335-351.
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