The Role Of An Entrepreneur In Enterprise Business Essay

The Role Of An Entrepreneur In Enterprise backing EssayAn entrepreneur is a person who is the witnesser of a youthful enterprise, venture or idea and is account fitting for the inherent risks and the placecome.To put it in simple words an entrepreneur is someone who seeks the opportunity, organizes resources needed for working out on that opportunity and exploits it. Computers, Television, Mobile phones, washing machines, ATMs, Credit Cards, Courier Service, and Ready to eat Foods atomic number 18 all examples of entrepreneurial ideas that got agitated into products or services.Some of the definitions of entrepreneur relieve oneself been given belowJoseph. A .Scum peter defines an entrepreneur as a person who innovates, raises money, assembles inputs, chooses managers and sets the organization going with his ability to identify opportunities which other(a)s are not able to identify and is able to contri exclusivelye social function of them.Peter Drucker defines an entrepren eur as one who always searches for a falsify responds to it and exploits it as an opportunity. An entrepreneur innovates. Innovation is a specific instrument of supremacy available to entrepreneurSource Drucker, P. F. (1985). Innovation and Entrepreneurship.Characteristics of an EntrepreneurMental Ability Entrepreneur must have creative cerebration and is able to analyze problems and steads. He should be able to foresee converts.Business Secrecy He should hide and protect his backing secrets from his competitors.Clear Objectives The objectives has to be clear up in his mind regarding the nature of vexation and goods to be produced.Human Relations The relationship between the entrepreneur, customers and employees e.t.c. has to be good. It is important to maintain personal relations, tactfulness, stability in emotions and consideration with customers, employees, etc.Communication Ability Good communication learning is the asset for whatsoever entrepreneur as it eases t he understanding between anyone working or dealing within or outside the partnership.Source Desai, V (2001). Dynamics of entrepreneurial development Management. Himalaya Publishing Ho engagement.So we substructure say that an ENTREPRENEUR Is a person who develops and owns his own enterprise. Is a moderate risk taker and works under uncertainty for achieving the goal. Is innovative Reflects strong urge to be independent. Persistently tries to do something better. displease with routine activities. Prepared to withstand the delicate life. Determined barely patient Exhibits sense of leading Also exhibits sense of competitiveness Takes personals responsibility Is Oriented towards the future. Tends to flow in the face to adversity Converts a situation into opportunity.Entrepreneurship-The word entrepreneurship is derived from the French verb Enterprendre. The French men who organised and led military expeditions in the early sixteenth century referred to as Entrepreneurs.Entrepre neurship is the act of being an entrepreneur, which can be defined as one who undertakes innovations, finance and business insight in an effort to change innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a sensed opportunity. The nigh understandable form of entrepreneurship is that of starting a new business (referred as Startup Company) however, in recent years, the term has been extended to incorporate tender and political forms of entrepreneurial activity.According to A.H. Cole Entrepreneurship is the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain or aggrandize profit by toil or distribution of economic goods or services.According to Peter. P. Drucker Entrepreneurship is neither a science nor an art. It is a practice. It is knowledge base. Knowledge in entrepreneurship is a means to an end, that is, by the practice.Source Cole A.H . (1959), Business enterprise in its social setting. Cambridge Harvard University press.Types of Entrepreneur and their featuresBusiness Entrepreneurs It is refers to the individuals who conceive an idea for the product or service and makes the business round it. For example Pen production and grocerying. The establishment of the business can be of big and small in size.Trading Entrepreneurs It refers to the person who is not considered with manufacturing but however undertakes trading activities. He is the one who identifies market, stimulates occupy for product line among buyers.Industrial Entrepreneurs Essentially a manufacturer, a person who identifies the need of a customer and tailors a product. They are the one who converts economic resources and technological resources in to profitable ventures. for example electronic industry and textile units.Corporate Entrepreneurs A person who demonstrates his innovative skill in organising and managing corporate undertaking.Agr iculture Entrepreneur It refers to the person who undertakes agricultural activities as raising and marketing of crops, fertilizers etc. Example agricultural tourism and manufacturing and marketing of fertilizers.technical foul Entrepreneurs Its can be considered as a craftsman. They concentrate more on production and less or negligible on sales.Source Scott, S. (2003). A widely distributed Theory of Entrepreneurship the Individual-Opportunity Nexus, Edward ElgarSTEVE JOBSSteve Jobs is an American inventor and the CEO and co-founder of Apple Inc., a primary manufacturer of electronic devices including the Macintosh Computer (MAC), iPod, iPhone, and the music and video package iTunes. He was CEO of Pixar Animation Studios until it was acquired by Disney in2006. Although he is know as a business and sales tycoon, Steve Jobs is credited with many of the electronic inventions now patented by Apple.Steven Paul Jobs was born in San Francisco on 24th February 1955 to Joanne Ca consump tion Schieble and Syrian Abdulfattah John Jandali and adopted by Paul and Clara Jobs. He attended the Cupertino Middle School followed by high school at Homestead H.S. in the same town of Cupertino. He exhausted his childhood in the South Bay area, a portion that would later become known as Silicon Valley. During high school Jobs held a summer job at the Hewlett-Packard Company in Palo Alto anterior to attending college. His original association with Steven Wozniakbegan was a result of attending lectures and working at HP.Although he attended Reed College in Portland, Oregon, Steve Jobs never graduated, having only spent about six months at college. He returned to California in 1974 and began attending meetings of the Homebrew Computer Club with his friend Wozniak. At the same time he took a job at Atari to save money for a spiritual retreat to India. While working thither he discovered that a touristy whistle recreated the tones needed to make long distance phone calls with ATT . Jobs convinced Wozniak to go into business with him to create blue boxes and sell them to spate wishing to make free long distance phone calls.Jobs ended up backpacking through India but returned to work with Atari. He continued to work with Wozniak on other projects and finally convinced him to market a computer Wozniak had built for himself. On April 1, 1976, Apple Inc. was born. Although the business started with printed circuit boards, Steve Wozniak and Steve Jobs eventually created their first personal computer, the Apple I, and interchange it for $666.66. They later followed it with the Apple II, a large success for their business. Apple Inc. began selling shares in December of 1980.As the company grew, so did its merc digise and the hugely no-hit Macintosh was introduced to the public in 1984 and became the first personal computer with a graphical user interface (GUI) through which individuals could interact with the items on the screen.Steve Jobs was the founder and am bition for the Apple Company, but he was slowly pushed out for aggressive and underhanded tactics Employees said he had a temper, and was usually stubborn After an indispensable power struggle, he was eventually kicked off the board of directors Jobs protested and resigned, even though he stayed the chairmen for some time. He was so upset, he sold all but one of his Apple shares During this time, Jobs bought what became Pixar from Lucas film for $5 million He besides started the computer company NeXT Computer Though it never went genuinely mainstream, ascribable to high costs, it was responsible for many important innovations, including NeXTMail, Jobs email program that supported embedded graphics and sounds and the original World Wide Web system (www).As Apple grew even more, Jobs experienced tension with the board and the struggles led to Jobs leaving Apple in May of 1985.Steve Jobs went on to create the company called NeXT in 1986. Although it began as a company designed arou nd aesthetic interpersonal computing, it later focused more on software development. NeXT ended up playing a major role in the development of email and the worldwide web.In 1986, Jobs bought The Graphics Group (later renamed Pixar) from Lucas films computer graphics division for the outlay of $10 million, $5 million of which was given to the company as capital.In 1996, Apple announced that it would buy NeXT for $429 million. The deal was finalized in late 1996 bringing Jobs back to the company he co-founded. He soon became Apples interim CEO after the directors lost confidence in and ousted then-CEOApple bought NeXT in 1996 and rein conveyd Jobs as the Chief Executive Officer. His current annual salary is $1, but he receives executive gifts from the board that give better tax advantages than does his salary. He is well known for his work ethic as well as his bad temper, but has consistently helped to grow Apple from a company bordering on bankruptcy in the 1990s to a very successf ul company today. Steve Jobs has helped establish the new electronic divisions and personally helped to create the iPod, iphone, and other personal devices.Source Steve Jobs, (2011). Long Bio Online useable at http//www.allaboutstevejobs.com/bio/long/01.html ( Accessed 23 March 2011)Achievements-He was awarded the National Medal of Technology from President Ronald Reagan in1984 with Steve Wozniak (among the first people to ever receive the honour) and a Jefferson confront for Public Service in the category Greatest Public Service by an Individual 35 Years or Under (aka the Samuel S. Beard Award) in 1987.On November 27, 2007, Jobs was named the most powerful person in business by Fortune Magazine.On December 5, 2007, California Governor Arnold Schwarzenegger and First Lady maria Shriver inducted Jobs into the California Hall of Fame, located at The California Museum for History, Women and the Arts.In August 2009, Jobs was selected the most admired entrepreneur among teenagers on a s urvey by lowly Achievement.On November 5, 2009, Jobs was named the CEO of the decade by Fortune Magazine.In November 2009 Jobs was ranked 57 on Forbes The Worlds Most Powerful People.In December 2010, the Financial time named Jobs its person of the year for 2010.Steve is in the Guinness Book of World Records as the Lowest Paid Chief Executive Officer, with a salary of just $1.Source Pena, M. (2005). Steve Jobs to 2005 graduates proceed Hungry, stay foolish online. Available at http//news.stanford.edu/news/2005/june15/grad-061505.html (Accessed 24th March 2011)Steve Jobs as an entrepreneur-It is evident that most of the entrepreneurs come from the various age levels, income levels, genders and racecourse and from different ethical backgrounds. They have their own set of personal attributes which includes Creativity, dedication, determination, flexibility, leadership style, passion, self- confidence and smart these all attributes makes them stand out of the crowd.Creativity- In to days steadfast paced world competitive business environment requires companies to implement the process of innovation- It is a process of generating a new idea leading to start or make, a new or existing business firm or idea to r severally a new successful level.Dedication Success in any business can be achieved by the conscious effort and dedication. Any entrepreneur always does the things on right time with right planning and ideas adjoined with the hard work, this leads business to a successful venture. Dedication towards work encourages them to work hard. For them money is not the priority, its the rewards which plays the vital role.Flexibility- It is very important for business because sometimes situation demands changes in plans and strategy, entrepreneur should use flexibility in order to correct mistakes, errors and in efficiencies. It is a way of handling a business with authority to change when the system demands. A Successful entrepreneur always has to be ready to make any changes harmonise to the customers demand. Example- Apple first comes up with the IPod in the market but when they realize that there is a market demand for Phone incorporated with the media player, they introduced their new invention Iphone . leadership According to Steve Jobs, Focus is vital for effective leadership, with so many options choosing the right one can be exceedingly difficult. Small changes can have big results, if you focus on the nominate issues and execute relentlessly on those key issues. To focus on the most important issues means you have to say not to a whole aim of alternative opportunities. As a leader you have to be ready for setbacks. Setbacks are the part of life and whether you become successful or not a lot depend on your ability not to give up. It is a attribute to show that Never-say-die team.Source HGIC (2011). Steve Jobs, Entrepreneur(Reed College) Online. Available at http//geekornot.com/corporate/steve-jobs-entrepreneur-reed-college/ (A ccessed 26th swear out 2011)Leadership Style-Autocratic style Steve jobs admit that he used to handle incredible amount of workforce, at a time up to one C individuals reports directly to him. The fact that there are so many individuals reports to him directly represents his will and eagerness to hold the command in his hands. Total control is the sure as shooting the basis of leadership.Transformational style Steve jobs has transformed many companies in to a success stories. He brings major positive changes in the company. For example he has transformed Pixar in to a success story. In transformation he enabled others to look out for each other, to be encouraging and harmonious, and to look out company as a whole.Passion Steve jobs is very much passionate about whatever he is working on. This is very evident with his cocky attitude and lack of humane victorianty of a transformational leader. He enhances the motivation, morale and performance of his follower group. Some peopl e characterize him as a charismatic leader because of his passion for work.Source David Kramer. DK (2010). Leadership behaviour and attitude of Steve jobs. WordPress 15th February Online. Available at http//davidkramer.wordpress.com/2010/02/15/leadership-behaviours-and-attitudes-of-steve-jobs/ (Accessed 1st April 2011)Management Strategy of Steve Jobs-In an interview with Fortune, Steve jobs opened up his management style, The things which he said is illustrated below-SWOT analysis you should know about your strengths and weaknesses as soon as u start a company.Spotting opportunities We need to spy the opportunities for purifyment. You have to spot them and then create an environment to leverage that opportunity and to make it happen.Improve Productivity as an entrepreneur we should know what customers want and how to improve our own productivity. Look for the ideas which can improve your team and customers.Competitive advantage taking help with the IT or making their platform i.e. hardware or software systems closed can create a competitive advantage.Succession planning planning includes working together for a common goal. It is important to have ecological succession planning so that business can run even at the time of unfortunate event.Focus focus on the most important issues which are relevant to the business and avoid issues and projects which not add value to the business.Talent acquisition Steve jobs always look for the talent who are strategically fit for the business and can be a good fit in the culture of the company. Always welcome open hands for the new talent so that the new hiring will not feel difficult to adjust.Handling barriers and roadblocks In many cases that could mean stopping projects altogether to take stock of current situations or to change the direction. There is no shame in that as the project has to deliver the projects core objective.Customer conversion It refers to utilisation of companys resources and potential in s uch a way which can create opportunities in attracting additional customers.Source- CNN (2008). Americas most admired companies Steve Jobs speaks out online Available at http//money.cnn.com/galleries/2008/fortune/0803/gallery.jobsqna.fortune/ (Accessed 3rd April 2011)Comparison with buck GatesIt is obvious that Bill Gates and Steve Jobs have very different personalities. There are however, interesting parallels. For example, they both started with one business partner each who shared a common vision. To me though, the most important thing they both share is that they positioned themselves at the right time to take advantage of a considerable growth surge in personal computing.Steve jobs and bill gates have both worked very hard to fulfil their vision to develop personal computers, but the way they choose things and makes decisions are somewhat different.Steve Jobs invented the Apple computer, which was one of the earliest personal computers, he also invented the Mac Book and of co urse the ever fashionable iPhone. While Bill Gates invented the Microsoft Windows operating system as well as the first mass produced personal computers.Both of these business tycoons are extremely rich, however, Bill Gates wealth is by far the biggest. Hes estimated to have assets over $50 billion dollars. However, a Steve Jobs only has $5 billion dollars worth of assets.Steve Jobs leadership is autocratic style, because he centralizes the authority, he never given a chance to subordinate to involving decision making. He thinks that whatever he do is right. Sometimes he acts as anti Gates, and sometimes request Microsoft to develop software for his computer. His cocky attitude and lack of management skills became a threat of APPLES success. On the other hand Bill Gates leadership is participative style because he involves his subordinate in decision making. He is a flexible person and he recognized his role was to be visionary of the company. Gates is a strong and energizing perso n his enthusiasm, hard working nature, judgment skills reflect his personality. His motivating power and involving his friends to working with him became the success of Microsoft.Source Recomparison. (No date) Steve Jobs vs. Bill gates Online Available at http//recomparison.com/comparisons/100295/steve-jobs-vs-bill-gates/ (Accessed 8th April 2011)Task 2The criterias used by Steve Jobs for selecting and implementing new business ventures-No business comes in to existence without any purpose. The main primary common purpose for any business is making profits. To satisfy that need and the needs of customers companies put more accentuate on providing high quality products, goods and services.It would be not correct to say that the main priority for a business is to make money. Definitely a company needs profits to continue, but profits are not what business is for. No business sticks to the same strategy that what it adapted initially. Most of the business changes their policies and st rategies according to the change in a business environment.Do what you love to do Do things which you really like to do. Put your heart and soul in it.Be different Stand out from the crowd by making different things and working differently.Do your best Always give your best whenever you indulge in a work. Hard work gives success and success generates more success. Be hungry for success and hire people with passion for excellence.Make SWOT abbreviation Perform SWOT analysis of the work. Make list of strengths and weaknesses of your company. Dont hesitate to fire people who are not good for the company.Start small, think big Dont go for everything in one go, start by small and gradually stride towards the main big goal. Dont think about the today only Aim at the future.Strive to become market leader Make efforts to grab things which can give your business a competitive advantage over competitors. For example use the better technology available in the market.Focus on the outcome people judge you by performance. So focus on giving a good outcome. If the users dont know about your product or its feature then advertise it. Show them how it works.Ask for feedback Ask customers first. They can give you a proper feedback that what they like about your product and what they dislikes. Use feedbacks for future developments.Innovate Concentrate on the things which are better and are really useful to the business. Avoid things which can put you on the wrong track. Try to hire and make things which nobody have thought of.Learn from failures Innovations sometimes leads to mistakes. So admit it quickly and use measures to avoid it resulting in improved innovations.Source Young, Jeffery S. (1988). Steve Jobs, the Journey Is the Reward. Lynx BooksImportant aspects to look before venturing a new market-Need for the product or service Whether youre starting a new product, service or organization, there needs to be a strong market for it. One should always square off and verify needs in the market for the particular product or service. Youll have to have enough evidence to convince an investor or funder or to yourself that yes there is really a need in the market. The nature of the product, who are the competitors and what makes your product different or more needed by the customer. For example increasing demand for palmtops leads Steve jobs to introduce I Pad in the market.The basic purpose of the business if you are starting a new business then you have to state the purpose of your business, mission statement has to be there. All the goals and objectives have to be pre-defined.Risk involvement What are the risks to the business if the product didnt work in market as expected. Risk from existing competitors in the market. Insurance cover has to be there to curb up the losses incurred. Steve jobs did took the risk of competing with Microsoft.Financial status for business planning Analyse the balance sheets, cash flow statements and income sta tements. It will help in knowing that where the business stands in financial terms. Are there capable finances available for making new moves. This will give the clear picture of the performance of business.Human resource- Look for the individuals who are best in that very field. Avoid those who can do what everybody is doing. Try those individuals who do things better, can work effectively and efficiently, generate innovative ideas. Steve Jobs has also performed talent scout to reach those people who are highly skilled and can work better than others.Market Trend Entrepreneur should know the trends going on in the market. This can leads a business in to profit maximization. For example when Steve Jobs found that there is a need and trend for a phone with built-in media player, he then comes up with the innovative idea of Iphone.Source Chavez, J. (No Date). Apple CEO Steve Jobs demonstrates the Millionaire Mindset Online. Available at http//ezinearticles.com/?Apple-CEO-Steve-Jobs -Demonstrates-the-Millionaire-MindsetHYPERLINK http//ezinearticles.com/?Apple-CEO-Steve-Jobs-Demonstrates-the-Millionaire-Mindsetid=1682475HYPERLINK http//ezinearticles.com/?Apple-CEO-Steve-Jobs-Demonstrates-the-Millionaire-Mindsetid=1682475id=1682475 (Accessed 4th April 2011).Conclusion-Steve Jobs is unquestionably an extraordinary man by any standard. He has left his mark on no less than five industries personal computers with Apple II and Macintosh, music with iPod and iTunes, phone with iPhone, and animation with Pixar. The middle-class hippy kid who left his education in between and built a computer empire and became a multi-millionaire in a few years, was fired from his own company before coming back a decade later to save it and turn it into one of the worlds most influential corporations, with millions of fans around the world. He has also contributed to the creation of the new leader in animated movies for decades to come. He has been called a fluke for years, but is now wi dely acknowledged as one the worlds most eminent business executives and an unrivalled visionary. He has changed millions of lives by making technology easy-to-use, exciting and beautiful. And you know what the best part is? Hes not done yet.Source The Business Library (No Date). Great Entrepreneurs Steve Jobs Apple Founder Online Available at http//www.thebusinesslibrary.co.uk/great-entrepreneurs/steve-jobs (Accessed 5th April 2011)