Entrepreneurship in International Emerging Economies †Free Samples

Question: Discuss about the Entrepreneurship in International Emerging Economies. Answer: Introduction An entrepreneur is an individual who is responsible for starting a business endeavor. At the inception of any business the risk is evaluated to be very high, though it depends upon the industry as well but initial capital acquisition, risk, liabilities are all on the shoulders of an entrepreneur. Efficient and successful entrepreneurs are the growth basis of any economy as it ensures new business. Entrepreneurship is broad and much more complex concept than just about a new business venture, it is an distinguishing attitude of an individual to lead, manage, organize, plan and bear risk without panicking (Kearney Hisrich, 2014). A person who is willing to work passionately for the business he or she has built is an entrepreneur. Jeff Bezos began his business from his garage by selling books online. He founded Amazon in the year 1994, this was the early days of internet and Jeff had seen an opportunity which he grabbed. Today Jeff Bezos has taken the crown off Bill Gates of being the wealthiest man in the world (Jeff Bezos: the 'obsessive' Amazon founder and world's next richest man, 2017). Analyzing the interview of Jeff Bezos Jeff Bezos has repeatedly mentioned in his interviews that there are three topics or point of focus for his growth and development in the business. Firstly, he says that he always look at the larger picture, thinks on a long run basis. Secondly, the focus is not on sales, not on the profit margins of the company but on the customer satisfaction. Thirdly, he believes in innovations and development of new and improved ways and means to grow in the market and in the industry. As an entrepreneur of a benchmark company and pioneering in the e-commerce field of business, Jeff is a rather humble person. To help develop a new business idea, one must be far sighted, and should adapt to change. Change is constant and will continue to happen within the organization or externally. The company should be ready to face the challenge at any point of time and it is dependent on the attitude and riskmanagement capabilities of an entrepreneur. When Jeff was asked about the risks and challenges or unforeseen situations suddenly hit the market how does he keep his clam and deal with situation. He replied saying that it goes back to being farsighted and thinking about the long term. A farsighted entrepreneur should be able to deal with and be ready to tackle any circumstance (Ucbasaran et al. 2013) Jeff also believes in advertising the truth about his service to his customers. As Amazon is known for its customer centric behavior and service, the founder of the company also believes that the center of success is the consumers and hence they should be able to see clearly what they are being offered. He doesnt believe in promoting something and providing something else to his customers. Amazon has two types of business one form the seller end and the other is the buyer end. The seller end of the business is the people who can use the platform to sell their products. It is seen that Amazon does not only have big selling giants in the portal. They also have a good place for any new business or startup as well. It is important for Amazon to encourage and motivate new business because Jeff as an entrepreneur understand the value of starting small and what capabilities small industries have. As worlds richest man he has a responsibility to help develop and grow new business ideas (Aldrich Yang, 2014). In his interview Jeff says that he does not believe in shortcuts and there are step after step which are to be taken in order to reach a milestone. These milestones or goals in the long run help achieve the object of the company. There should be passion and love for the work and that is the only way to success. He talks about understanding of an opportunity, initially there was a just books that was available in Amazon which he sold form his garage in Seattle. And now Amazon is a multinational company with thousands of employees worldwide. Bezos says that, his passion for Information technology and his love for reading is what drove him to begin in the first place and rest fell in place because his knowledge about the internet and his understanding of its reach has made him who he is today. He says that passion is what has driven him from the beginning and it is what is still driving him to innovate and invent use new ideas to face new challenges of the changing world (Jeff Bezos - Thinking for the Long Term, 2017). Available at: https://www.youtube.com/watch?v=_lAizH_Ycxc Personality Attributes of an Entrepreneur From the above interview we can infer some of the following personality attributes of an entrepreneur and what drives an individual in creating and developing new business ideas: Passion: Any successful business is an outcome of the passion of its entrepreneur. It is passion that motivates and continuously inspires an individual to develop and innovate. A successful business is the hard work of a passionate entrepreneur. Nothing should be left on chance it is knowledge and understanding that helps create opportunities. Be it a small scale or a large scale business it is important for the entrepreneur to be passionate about what he or she is offering and should strive for betterment (Cassar, 2014). Understanding opportunities: It is important for an entrepreneur to understand and develop on existing opportunities and should also have policies which will may way for more opportunities in the future (Baum, Frese Baron, 2014). Farsightedness: thinking long term is the basis of any successful endeavor. A company has to lay down policies and develop in accordance with the external and internal business environment and this requires the entrepreneur to be farsighted (Almeida, Ahmetoglu Chamorro-Premuzic, 2014). Leadership: A leader is a person who can motivate and inspire others to follow a definite path or ideology. A successful entrepreneur should be a good leader so as to make others work and share his passion for the development of the company. Customer centric: An entrepreneur should focus and form his policies keeping in mind first the quality of the product or service that is being offered to the customer. It is important for a new business build a customer base people who are loyal to the brand that the new business is trying to create. This will only happen if the company focuses on the development of customer service and cultivate the product or service they have to offer keeping in mind the end consumer (Caliendo, Fossen Kritikos, 2014). Innovation and hindrances For any new business to develop and expand in the market it is important to keep innovating and upgrading according to the changes in the environment. One of the major difficulties that new businesses face is the capital generation for innovation. It is a hard fact to accept that a new business will get any profit in the first few years. Hence the availability of rotational funds is comparatively less. But this is where the passion of the entrepreneur is at test (Leutner et al. 2014). Sometimes strict rules for the resources also can behave as a barrier towards innovation. Open thinking and opportunity to test is one of the key elements of innovating new and improved business (Kuratko, 2016). It is imperative for new business to have an open mind and liberal through process so that the resource at disposal has the opportunity to innovate on their own. There is also a lack of control and improper disposal of power in a new business, which can work as a barrier in innovation. People also confuse creativity to innovation. They are different and have a different approach and requirement. On need to be creative in order to invent and think with an open mind (Drucker, 2014). Conclusion The above interview of Jeff Bezos is very insightful for any aspiring entrepreneur as it gives us idea about the do and dont. The point that Bezos is talking about in the interview has practical relevance and is a proof why he is now the richest man on earth. His view on being obsessive consumer centric is something all industries should follow and incorporate in their policies. He is also spot-on about being passionate if one wants to start a business he or she should love what he is doing. A new business is not like a 9-5 job the entrepreneur has to live in the dream that he or she is about to build. There are no holidays for an entrepreneur as there are no short cuts to success. References Aldrich, H. E., Yang, T. (2014). How do entrepreneurs know what to do? Learning and organizing in new ventures.Journal of Evolutionary Economics,24(1), 59-82. Almeida, P. I., Ahmetoglu, G., Chamorro-Premuzic, T. (2014). Who wants to be an entrepreneur? The relationship between vocational interests and individual differences in entrepreneurship.Journal of Career Assessment,22(1), 102-112. Baum, J. R., Frese, M., Baron, R. A. (Eds.). (2014).The psychology of entrepreneurship. Psychology Press. Caliendo, M., Fossen, F., Kritikos, A. S. (2014). Personality characteristics and the decisions to become and stay self-employed.Small Business Economics,42(4), 787-814. Cassar, G. (2014). Industry and startup experience on entrepreneur forecast performance in new firms.Journal of Business Venturing,29(1), 137-151. Drucker, P. (2014).Innovation and entrepreneurship. Routledge. Jeff Bezos - Thinking For The Long Term. (2017).youtube.com. Retrieved 12 August 2017, from https://www.youtube.com/watch?v=_lAizH_Ycxc Jeff Bezos: the 'obsessive' Amazon founder and world's next richest man. (2017).theguardian.com. Retrieved 12 August 2017, from https://www.theguardian.com/technology/2017/jun/02/jeff-bezos-amazon-founder-worlds-richest-man-bill-gates Kearney, C., Hisrich, R. D. (2014). 6. Entrepreneurship in developing economies: transformation, barriers and infrastructure.Necessity Entrepreneurs: Microenterprise Education and Economic Development, 103. Kuratko, D. F. (2016).Entrepreneurship: Theory, process, and practice. Cengage Learning. 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