Answer To: In your individual assignment, you provide a critical reflection on entrepreneurship as implemented...
Tanmoy answered on Jun 24 2022
CRITICAL REFLECTION ON ENTREPRENEURSHIP
Table of Contents
Degree to which Entrepreneurship is practiced by the founder-director 4
Compare and contrast the theory and practice 5
Key recommendation for the founder-director 7
Degree of changes in founder-directors for improving the commercial success 8
Own critical perspective 8
Should you start your own company 10
Key lessons learned from the module 10
Traditionally the notion of an entrepreneur is that he
ings in various input factors which helps to organize the productive activity. The traditional model is focused on the managerial functions. There are various models and theories of entrepreneurship which are Innovation Theory, Personality Theory, Social Change, Leadership, Social Behaviour, Systematic Innovation, Sociological Theory, Economic Theory, Psychological Theory and Status Withdrawal Theory.
The word entrepreneurship is developed from the French word entre which means between and prendre which means to take. Thus, this word was generally used for the buyers and sellers who incorporates various risks while commencing a new venture. The major responsibility of an entrepreneur is to accumulate and then integrate all the resources such as financial, human, strategies, business models and risk-bearing skills for transformation of the discovery into a successful business. Hence, entrepreneurship is a process which helps the individuals to pursue various opportunities without regards to the resources which are under their control. Further, it can be described as an art for transforming the idea into a business. Hence, entrepreneurship is a process where it tries to find several business opportunities and converting the idea into practice.
The cofounder of GiftZip.com was Sam Hogg who saw an opportunity in the people in the electronic gift cards. Hence, he created a single place for selling of electronic gift cards by risking his career and working in the gift card shop on a full-time basis. Through this idea, Sam Hogg was able to create a new business idea and was able to deliver a creative and useful service for the customers.
An entrepreneur is the bearer of various risks which is associated with the business. Hence, there are numerous uncertainties involved with such risks. As per the modern growth theory, the influence of entrepreneurship is confined in the enduring factors. These enduring factors are also known as residual factors are mainly the technical changes or coefficient of ignorance. There are different forms of theories developed by different thinkers with respect to the entrepreneurship theory. When the entrepreneur is introduced to the market economy and deals with various uncertainties, then they are considered as the risk-takers. Hence, at this stage the entrepreneur plays the role of an innovator. Thus, it is through innovation which helps in reduction of the risks where the entrepreneur is gifted with the power of monopoly on a temporary basis. Thus, it is due to this process of innovation the entrepreneur is able to make transformation in the market. In a survey conducted in the year 2010 on approximately 110 million people who were between 18 to 64 years of age commencing their business as well as on another 140 million people who started their business less than three and a half years ago. Hence, it was approximately 250 million people who started their business in 59 countries globally were a part of this study. The results showed that the highest rate of entrepreneurial start-up is in the low-income countries where there is huge unemployment. In US which is a developed country it was observed that every 1 out of 13 American adults are engaged in managing their own business which are less than one three and a half years old. Further, another analysis was made to evaluate if the people in US became entrepreneurs for earning an income or to take benefits of the attractive opportunities. To this it was observed that majority of founder-directors in the high-income countries such as the US were attracted to start their own business for taking the advantage of the attractive business opportunities in the country. In the low-income or developing countries it is due to earning a livelihood and poor career prospects due to which the people are engaged in entrepreneurship.
Degree to which Entrepreneurship is practiced by the founder-directo
Most of the entrepreneurs starts their business in order to be their own boss. Similar, is the case of the founder of VeryWendy, Wendy DeFeudis. The company was famous for making customized social invitations. Commenting on her experiences with VeryWendy, DeFeudis stated that she always wanted to be her own boss and disliked the corporate culture. Yet, the concept of social invitation was very frustrating and a wastage of time while selling ideas to various people, attending meeting with various people prior to advancing with the concept (Croonen, 2010). It is actually, the desires of the people which makes them their own boss by realizing on the fact that the only way they can achieve the personal goals in by initiating a new venture. There were three educational psychologists who worked in a public school which was established in Santa Clarita Valley in Los Angeles. All of them left their jobs for providing more education on psychology by organizing counselling centers. The reason they left their own jobs was due to the fact that they were unable to practice the service which they wanted to do. As a result, they became frustrated and it was with the help of Dynamic Intervention that the educational psychology counselling services benefitted the society as a whole (Clark, 2006).
Secondly, various people commence new firms is due to the fact that they pursue their own ideas. The corporate entrepreneurs who try to make innovations within the existing firm typically have a desire for their own ideas. Some people are highly attentive and when they are able to identify those ideas, they have wishes to see those realize. But it’s the already established firms which resists the innovation and hence the good ideas of the employees are left uncultivated (Williams and Lee, 2011). These types of ideas can be initiated in a non-corporate setting also. Few people as a ho
y, leisure activity or a part of everyday life identifies the necessity for a product which is not available in the marketplace. At this juncture, these handful of people are committed with respect to time and energy to transform their ideas into actions. The founder of Graphic.ly, Kevin Mann left his job as he was unable to find a comic book of his desire. He even travelled a hundred miles for searching a comic book of his desire in the neighbouring city. Presently, Graphic.ly is a massive platform which sells digital comics as well as a social network for the people who are comic enthusiasts.
Finally, people become entrepreneurs for starting their own companies for hunting financial rewards. Further, this idea is seldom successful and cannot be achieved easily. On average the all the entrepreneur generates same amount of earning but it is upside potential which lures the entrepreneurs. There are numerous founder-directors such as Mark Zucke
erg of Facebook, Jeff Bezos of Amazon.com as well as La
y Page and Sergey Brin of Google who were able to generate millions of dollars from their own firms. It is due to heightened profits and enhanced value of the company is a compact goal which most people are rallied around. But it is not the money which is the main source of motivation due to which the entrepreneurs construct a firm. The financial rewards for the entrepreneurs can be touching if is losing the...