Entreprenuership Essay - 3575 Words

Entreprenuership Essay (Essay Sample) Content: EntrepreneurshipNameInstitutionDue dateIntroductionConsiderable advances and breakthroughs in business environment have been made in the recent past due to understanding the relationship of growth, knowledge and entrepreneurship. Focusing on contemporary entrepreneurship, understanding the interrelation of innovation, knowledge and growth remain critical in their influence towards successful entrepreneurs. There exist forces that influence variables of innovation, knowledge, entrepreneurship and growth variables simultaneously. Moreover, the link between micro and macro-economic facilitates the intersection of these forces leading to growth and expansion entrepreneurs CITATION Don04 \l 1033 (Kuratko, 2004.). For instance, growth and expansion of entrepreneurship experience fundamental forces such as increase in factors of production, knowledge and the rate of innovation and efficient allocation of resources in economic activities. In this case, the entrepreneur adopt s mechanism that facilitates adaptation to the business in the dynamic business environment subjected to continuous gradual change. The existence of competition in the market enhances continuous growth and innovation as the entrepreneurs focus on remaining relevant in the market. In contemporary entrepreneurship, the intent of an entrepreneur revolves around an opportunity that is meaningful, discovered, identified or created CITATION Bes071 \l 1033 (Bessant Tidd, 2007). In this case, the intention and desire of an individual reflect significance in setting up a business. In this consideration, the entrepreneur intent proves fundamental in understanding and developing a substantial research and theory regarding contemporary entrepreneurship. This paper applies alternate theories concepts and tools in understanding the element of contemporary entrepreneurship and innovation. Moreover, it examines how contemporary entrepreneurship influences the development of an individual charact eristic associated with effective entrepreneurs such as Zuckerberg, Ford, and Dell.Considering the alternate theories of entrepreneurship concepts and tools explanation of entrepreneurship have adopted various theoretical assumptions. The most prevalent assumptions revolve around central features of entrepreneur portents, the nature of opportunities and the nature of an individual as an entrepreneur. Moreover, the nature of decision making in the context in which an entrepreneur operate influences the success and growth in the market CITATION SMD89 \l 1033 (Dahiwale, 1989). Entrepreneurial traits school of thought concept in contemporary entrepreneurship involves the character traits that reflects viability for imitation from successful entrepreneurs. Upholding these traits through imitation ensures it increases success opportunities to emulators. In this case, Zuckerberg, Dell and Ford expansion as entreprenuer have emulated the process of other successful entrepreneurs in the wor ld. The adoption of this mechanism subjects various companies to expansion with companies involving technology-based issues expanding highly. For instance, Microsoft, Twitter and HP among other thus learning from the well established companies in contemporary business leads to the development of entrepreneur skills and through knowledge. Creativity, determination, technical knowledge, and persistence are some of the character traits exhibited by entrepreneurs and can be learned CITATION Dav03 \l 1033 (Harper, 2003) . Though there exist criticism that entrepreneur education hinders creativity, but it aids the development of entrepreneur as it reflects on some of the character traits upheld earlier towards success eventually.ZuckerbergConsidering discovery theory, Zuckerberg reflect the characteristics an entrepreneur need to possess. The discovery theorist differed with a neoclassical argument on issues of imperfect knowledge in the market. In this case, they laid their argument on opportunity concept that stems from the imperfect knowledge from considering the specific knowledge of time and place possessed by an entrepreneur. There exist opportunities in the market but only realized and utilized by people with competent qualities to discover and exploit the opportunities in the market CITATION Maa15 \l 1033 (Maas Jones, 2015).The central assumption of this theory revolves around unobservable opportunities that exist objectively and independently to the individual perception. This implies the opportunities can only be realized and developed by people who remain alert in a special way. In this case, Zuckerberg substantiates the argument of the theory in the sense that the discovery of Facebook revolved around the utilization of the opportunity and implementation of the ideas. The existence of idea space facilitated connection of various ideas leading to innovation. Resources such as developing technology enhance the contemporary entrepreneurship expansion an d influences the development of effective entrepreneurship in the market CITATION Bak15 \l 1033 (Baker Welter, 2015). The opportunity utilized by Zuckerberg revolves around the existence of an environment that needed connection. In this case, the idea aimed at solving the problem and the purpose acted as a drive to ensure the accomplishment of the objectives. The innovation of Facebook led to bridging the gap that existed in communication arena. In this case, technology facilitated in establishing a solution to the existing gap. The competent qualities as reflected by the development theory of Zuckerberg enabled creating a demand for a new service in the market through adopting mechanism that effectively sensitized the public CITATION Sup131 \l 1033 (Nasir, 2013). The utilization of the business opportunities leads to continuous growth in the market and thus creativity remains critical in maneuvering and remaining relevant. For an entrepreneur such as Zuckerberg development of F acebook continues to attract due to the continuous adaptation of the entrepreneur in the dynamic market. For instance, Facebook serves as an advertising site making it more important to businesses leading to competence in the market for the entrepreneur. Moreover, his aspiration to expand in social networks remains vivid with the acquisition of the current chat application Watsapp. This was bought as a strategy to reduce the competition in the market and offer more and efficient services to in the market CITATION Wil052 \l 1033 (McEachern, 2005).The existence of resources enhances the continuous growth of Zuckerberg in the market. The special quality of Zuckerberg enables him to identify the problem continuously in the imperfections in the market. The opportunities arise from the competitive imperfections in the market as development theorist argues and, in this case, social media such as Facebook has embraced this opportunities to propel in the market. The changes in technology an d the dynamic behaviors in the market have continuously led to developing strategies for an entrepreneur to succeed in the market CITATION Lui15 \l 1033 (Farinha, 2015). Zuckerberg developed revolves around the existence of high competition in the market such as Twitter. The task remains to be alert for various opportunities arising in any environment as the theorist argues; this has been reflected by Zuckerberg leading to the growth of the company globally. The continuous stability of the company revolves around competent strategies and systems adopted by the entrepreneur to ensure potential opportunities presented by contemporary entrepreneurship are effectively utilized.The discovery and exploitation existing in the various environment requires knowledge that is Ex-ante. An entrepreneur with the consistent knowledge that is reliable, informative and useful manages to discover the laws of nature that are invariables. For the existing entrepreneur in the market need information on propelling to the changing market and mechanism of implementing new strategies that can utilize new opportunities in the market CITATION McC09 \l 1033 (McCreadie, Shipside, Phillips, 2009). Learning of entrepreneurship skills is upheld by this theory, and this mainly facilitates to continuous growth of companies domestic and global market. In this case, the antecedent and situation influences facilitate the learning of entrepreneur. Contemporary entrepreneurship is characterized by dynamic and spontaneous changes in the market. In this case, emerging form of entrepreneurship that revolves around social enterprises, corporate venturing, and sustainable entrepreneurship are relevant in the market. This situation is demanding competency in of the existing entrepreneur for survival and efficient services CITATION Dav15 \l 1033 (Audretsch, 2015).Zuckerberg seems to avoid competition through absorbing upcoming companies such as Watsapp. The realist theorist of developing theory uphold ing competition for continuous innovation accomplishment. In this case, Zuckerberg halts competition leading to lowering the agility need in the market for efficient services to be provided to consumers. Moreover, absorbing of these companies leads to halting of other potential entrepreneurs in the market. This arises since the entrepreneurs are driven out of the market instead of being subjected to contextual learning CITATION Noa12 \l 1033 (Wasserman, 2012). The learning enables entrepreneurs to experience the intuitive capability, skills, and expertise while expanding the contacts. Moreover, the driven out entrepreneurs do not experience opportunity recognition through participation reducing the future potential in the market through reducing the combination of social knowledge and creative imagination. The realist characterizes entrepreneurs as patient leaders with the capability of instilling and nurturing visible Visions that can change the overhaul...