entrepreneurship. written by sada sadiq 2013-libre

Today the definition of entrepreneurship includes more than the mere creation of a business;

it also includes the generation and implementation of an idea – Kaplan Warren 2013

Sada Sadiq, CMU. London School of Commerce - MBA 2013 1

Management Skills and Entrepreneurship Assignment

Contents

1. A list of figures and tables..............................................................................1

2. Introduction...................................................................................................2

3. Literature Review...........................................................................................3

4. Conclusions...................................................................................................10

5. References....................................................................................................12

Al list of figures and tables

Figure 1: Early stage of entrepreneur activity by region: Male & Female.......................5

Figure 2: Action-Reaction Entrepreneurship continuum.........................................7

Figure 3.Entrepreneurial activity in the commercial and wider environment.................11

Table 1: GEM Economies by Geographic Region and Economic Development Level.......6




Introduction

The traditional way of looking at people running businesses has in the recent years given

way to a new breed of businessmen; the entrepreneurs. These are innovative opportunists

who take more risks than the average businessman and seem to have a certain vision and

confidence about the venture they are setting out to create (Schempeter J., 1934; Hisrich et

al, 2005; Lumsdaine E. & Binks M., 2007; Mueller S. et al, 2012). Their ideas tend to fit the

relevant trends of the day and lead to occasional exciting and successful outcomes

(Venkataraman S. et al, 2012; Kirby D., 2003). The likes of Amazon, Google, Apple and

Facebook are not the only examples of such entrepreneurs and their hitherto untested

business models. Entrepreneurs have developed businesses in fields as diverse as healthcare

to air travel and politics to technology. This discussion will consider the factors and evidence

that define the characteristics of these entrepreneurs and highlight the literature and

information about how such entrepreneurs have been known to generate ideas and

implement effective solutions to achieve their outcomes.

Not all entrepreneurs set out with a vision to make lots of money; some simply see an

opportunity that others may be sitting on, gather the courage to develop a business

model(Venkataraman S. et al, 2012; Birley S. &Muzyka D., 2000), pull together a team that

believes in them or the business and the rest is history. Profitability and success may not be

reached early but this cluster of businessmen and women, learn fast and adapt again and

again, constantly reaching out for alternative ways to prove that their vision is still

significant and achievable. A few such entrepreneurs may be ruthless in their approach to

suIIess H┞ startiﾐg a けsIalaHle ideaげ that attracts venture capital, so that they can sell at the

right time with the ever clever timing called the exit strategy. However, fortunately for

society and may be sometimes unfortunately for themselves and their teams, the vast

majority are considered to be social businessmen (Hisrich et al, 2005; Osberg S., 2009;

Terjesen S. et al, 2011). Their focus is on quality and not quantity, on long term benefits

rather than immediate cash flow. They stay away from get rich quick schemes and deals

that seem too good to be true. The really successful entrepreneur probably lies somewhere

in between these two extremes of grandiose viability to total non-viability.




Literature review and critical analysis

Good business ideas are not easy to come by, yet, entrepreneurs seem to generate them

fairly often, modifying them occasionally, as their knowledge of the market varies. These

ideas remain as ideas for the vast majority of people. Entrepreneurs throw them about in

discussions and arguments till they are satisfied that there is a gap that can be met by them.

The gap may be a traditional gap where the demand and supply is already being met. The

idea the entrepreneur may bring on board could be a serious value added service that will

change the nature of the business completely. An example of this is the traditional

restaurant and take-away industry where people would visit to pay for specific orders from

the menu. Entrepreneurs like Jesper Buch at Just-Eat.co.uk (Tripathi S., 2012; McKeigue J.,

2010) have brought the menus to your door step and created a popular low cost, reliable

food delivery model. Such is the nature of entrepreneurs. Ideas may have been floating

around for a while for many, but it is the ability to put the thoughts in to action, that makes

all the difference. The sense of achievement and pride that such people experience is truly

fulfilling, especially in the service and technology industries where feedback is almost

instantaneous.

High achievers like Sir Richard Branson (Virgin), Pierre Omidyar(Ebay) have not had an easy

ride along the way as they have been pioneers and early players in their respective

industries. The areas of business they entered in to already existed, but in a traditional or

formal format. Their personal charisma and leadership qualities along with the ability to

generate solutions at every stage created a totally new customer experience. This was their

winning formula and the reason why their organisation have managed to stand the test of

time. Although newcomers such as Tony Hsieh (Zappos) have learnt from these earlier

entrepreneurs, the key challenges tend to remain similar across all domains of business

(Hseih, T., 2011). Entrepreneurs have to be survivors and can appear to have more than nine

lives. To them problems are obstacles, restrictions merely delays, lack of capital an

opportunity to hunt for funding and so on. Faced with genuine battles and criticism along

the way, they gain the confidence of their team members and staff and continue to forge

ahead with implementing their business idea.

The public awareness about this form of true entrepreneurship where ideas are developed

and implemented has grown with TV programmes such as Dragoﾐげs Deﾐ aﾐd “hark Taﾐk. Iﾐ addition to this an insight in to some of the minor challenges an entrepreneur faces are

apparent on watching “ir Alaﾐ “ugarげs AppreﾐtiIe. Ciﾐeﾏa too has sho┘ﾐ these

entrepreneurial traits in Something Ventures and Wedding Crashers. On the whole, there

are many website, magazines and books conveying the latest concepts of entrepreneurship,




the list of which would be too long to mention in this essay and for which a smart Google

search would do more justice.

A number of artiIles aHout oﾐe of the ┘orldげs ﾏost suIIessful Ioﾏpaﾐies, Apple IﾐI, ha┗e desIriHed itげs pre┗ious CEO, “te┗e JoHs to He ┘hat ﾏaﾐ┞ ┘ould desIriHe as a true entrepreneur (Isaacson, 2012). Steve was an individual with a vision who developed some of

the most popular and highly sold icons of technology at the turn of the 20th century,

creating employment and dreams for many along the way, making Appleげs stor┞ aﾐ eﾐ┗┞ to many of itげs well known competitors such as Microsoft, Sony and Samsung (Isaacson, 2012).

Despite Ireatiﾐg ﾏaﾐ┞ thousaﾐds of けjoHsげ iﾐ the histor┞ of Appleげs gro┘th, the iroﾐ┞ is that Mr Jobs could not create or find one another visionary like himself who could carry Apple

forward at the same momentum. Such was the uniqueness of his entrepreneurship and

dynamism.

So who is an entrepreneur? An entrepreneur is defined as a person who has that smart

insight to create and capture new opportunities and takes the related risks in order to

generate profitable work within an organised and planned environment monitored by him

or her. This does summarise what has been described earlier but there is a special emphasis

on the entrepreneur being smart, profit conscious and actively involved in their business

processes (Mueller S. et al, 2012; Xavier S. et al, 2013; Schumpeter J.A., 1934; Shri Achintya

Kr. Baruah, M.Com., n.d. & American institute of Taiwan, n.d.). These are possibly the

constants that exist commonly between entrepreneurs and businessmen in general. The

differences lie in their ability to capture new opportunities and build an organised

environment with some fresh team members. This is where taking risks seems to feature

more often in the entrepreneurs list of characteristics (ActionCoach, 2013; Mueller S. et al,

2012; American institute of Taiwan, n.d). What do we know about the entrepreneurs of this

era Hased oﾐ Kaplaﾐ Warreﾐげs stateﾏeﾐt aHout their ability to generate ideas and

implement them?

In terms of numbers we could be dealing with around 2.8% of the general population as

having the necessary traits for this group (Xavier S. et al, 2013). This finding from The Global

Entrepreneurship Monitor is quite revealing in that it also compares the numbers of

entrepreneurs in the populations in each country and the changes noticed over the years.

This is a difficult estimate to make due to the wide variation in understanding the true

nature of an entrepreneur. In spite of this it is accepted internationally that these characters

are quite unique and the great products or businesses that entrepreneurs develop in to

viable business ventures even rarer. This variation across different regions of the world also

permeates in to the natures of entrepreneurships that exist in each of these regions. For

example there larger numbers social entrepreneurs in Africa and Americas where a strong

dictatorial and capitalistic models of businesses exist (Terjesen S. et al, 2011).

http://www.gemconsortium.org/






On the other hand in regions of the world where the governments or societies are providing

the necessary infrastructure for a social lifestyle such as in Europe and South East Asia, the

need for entrepreneurs to be described as social entrepreneurs is much less. Thus, social

entrepreneurship activities vary according to the age, population regions and national

differences (Eroglu O. &Picak M. 2011; Terjesen S. et al, 2011). Figure 1: Terjesen S. et al,

2011 in The Global Entrepreneurship Monitor Report.

Another aspect to consider alongside the variations in entrepreneurship across the different

regions of the world, is the national and cultural differences that can positively or negatively

affect endeavour and entrepreneurship awareness (Xavier S. et al, 2013; Stolte C., 2012).

Table 1 summarizes links between entrepreneurial attitude and economic development

worldwide (Xavier S. et al, 2013).




Table 1: GEM Economies by Geographic Region and Economic Development Level

In any case, the overall pattern is that a greater number of true entrepreneurs are

appearing in the developing countries where traditional businesses have grown slowly due

to low paying capacity and cash flow issues.

Another good example of this increase in numbers of entrepreneurs in socially

disadvantages countries is in the BRICS (Brazil, Russia, India, China and South Africa) nations

where the challenges have been in overcoming numerous hurdles even to get a basic

business of to a start (Stolte C., 2012; Grant Thornton, 2012). The entrepreneurs in each of

these countries are characteristically different, based on the nature of the obstacles that

their respective governments or societies place along the way. A well known saying is about

the nature of success of entrepreneurs and the outcome of growth in GDP in China and

Iﾐdia. さChiﾐa gre┘ HeIause of its government; India grew in spite of its go┗erﾐﾏeﾐtざ( Woo

W.T., 1999; The Economist, 2011). Although this may be generalising the stereotype to an

extreme, the sentiment is still clear. New businesses in Brazil and South Africa tend to bring

about disruptive ideas and ideologies from around the world and then weave them in to the

established financial models in their countries. Hierarchy, therefore, is retained between the

entrepreneur implementing the idea and the political and banking industry in those

countries (Stolte C., 2012). The banking industry played a lesser role in China and India in




the past but seems to be catching up in recent years with successful and accessible micro-

finance schemes closely resembling the larger scale venture capital firms and angel

investors. In Russia, the extremes between those who have (oligarchs, politicians,

industrialists and well connected intermediaries)and those who do not can be difficult to

overcome even with many years of effort (Grant Thornton, 2012). This can be seen in the

number of けentrepreneursげ ┘ho lea┗e ‘ussia to safely build their vision or protect their

assets. These traits show that one definition for entrepreneurship does not fit all,

everywhere and every time, especially when it comes to implementation of the ideas

concerned.

Throughout the discussion so far it appears therefore that creating and implementing ideas

may seem to come easily to entrepreneurs who HeIoﾏe the けHusiﾐess proﾏotersげ. Ho┘e┗er, this is not always the case. Figure 2 provides an overall image of what has been stated so far

regarding the ability of the entrepreneur to continuously evolve in his or her idea

generation and implementation.

Figure 2.Action-Reaction Entrepreneurship continuum (created by SadaSadiq, 2013).

Positive growth and challenges encourage entrepreneurs to innovate and develop resources

to achieve success.

In essence, the continuous brainstorming appears to take place within the proﾏotersげ minds

as they go about their daily lives looking at the various opportunities that may exist.

Noticing that customers want quality time when they spend their money has thus lead to

interesting concepts such as Yo Sushi or Sky Television, that move away from the regular

experiences that some people limit themselves to. Taken to a larger scale where multiple

entrepreneurs are likely to be working together a national level, we notice the Amazon

Inspiration / Idea

Planning

ResourcesLive

Venture

Growth




shopping experiences in each country and the Weibo search engine in China. They replace

the existing world leaders and become more acceptable in very short spans of time. As

mentioned earlier, a fine example of true entrepreneurship in recent times is the innovative

idea of bringing together the internet and restaurant industry through Just-Eat (McKeigue J.

2010; Tripathi S., 2012). One can no longer miss seeing these stickers on most restaurants

and take-aways. The leading Danish co-founder Jesper Buch began building the organisation

after the Y2K bust and overcame numerous obstacles to bring his ideas to fruition

(McKeigue J. 2010). He had all the qualities in the definition of an entrepreneur and possibly

many more. The outcome is an award winning organisation that has changed the way

people can order a great meal from their home or office. It is unlikely that the competition

will get an easy foothold and replace Just-Eat in this online ordering industry due to the very

nature of the business. What a great example of entrepreneurship indeed.

The discussion began with how entrepreneurs are more than the average businessman and

how they are idea generators and eventual implementers. One key aspect to add to this is

the faIt eﾐtrepreﾐeurs iﾐ geﾐeral e┝perieﾐIe e┗er┞ le┗el of a Ioﾏpaﾐ┞げs gro┘th aﾐd challenges. They take up multiple roles, shifting between responsibilities with ease, learning

the ropes along the way (Mueller S., 2012). Maﾐ┞ doﾐげt kﾐo┘ the HasiIs of Husiﾐess administration and have never attended a course on the same. However, they are quick to

learn, accepting that this has to be done the hard way by just getting their hands dirty. This

may in fact prove to be an initial advantage as the generation of ideas and how they go

about implementing them may be very creative. An MBA for that matter may produce a

businessman like approach with a clear knowledge of all aspects of a potential business and

thus an apparent fear in carrying out what may need to be risky or bold step.

けGutsげ,け“ﾏartﾐessげ,けPersisteﾐIeげ aﾐd けVisioﾐar┞げ are soﾏe of the Ioﾏﾏoﾐ terﾏs that portra┞ the budding entrepreneur who worked at every level in his business along the way before it

became a great venture. By that stage, other business administrators have already been

pulled in to the team and the systems are put in place and the roles and responsibilities are

ﾏore ┘ell defiﾐed. The eﾐtrepreﾐeur is ﾐo ﾏore けHuddiﾐgげ Hut now a role model, a future

け“te┗e JoHsげ oﾐ his ┘a┞ to suIIess (Mueller S., 2012). Many advantages appear later due this

all round development in the early years of an eﾐtrepreﾐeurげs growth from being the

secretary, the accountant, the director, the cleaner and the public relations officer all in

one.

Alike George Berﾐard “a┞ さJust do what must be done. This may not be happiness, but it is

greatness”, entrepreneurs do everything from A to Z for ultimate great achievements not for

short-term profit. These advantages can be seen in the recruitment and management styles

of various companies that give them their widely different characteristics. A particularly

good example of this is in considering how Microsoft and Apple differ in their recruitment

approaches and in their ultimate running of these massive organisations. In essence their

http://moneyweek.com/author/james-mckeigue/

http://moneyweek.com/author/james-mckeigue/




entrepreneurs give the companies their own characteristics based on their philosophies and

early experiences (Mueller S., 2012).

Playing in to these ideologies that entrepreneurs build their companies on, are aspects such

as recruiting like-minded team members who may think differently but not too divergently,

who share the right spirit, values and characteristics of the promoter. This leads to the

de┗elopﾏeﾐt of the けright d┞ﾐaﾏiI teaﾏげ iﾐ the iﾐitial stages to a ┘ell Ioordiﾐated aﾐd fi┝ed けﾏission orientated teaﾏげ iﾐ the later stages ふLumsdaine E. and Binks M., 2007). The

promoter entrepreneur may have begun as a passionate, dedicated, determined and self-

confident individual who over time understands the need to be flexible and practical taking

in the suggestions of various other team members and advisors. The organisation thrives

with his unique touch and establishes itself in the market as an entity that is here to stay

and that will make a difference. The market share is established and it is time to scale up

and follow processes and procedures to ensure maximum possible growth.

The tale of an entrepreneurs journey cannot end without success at multiple levels and it is

important to acknowledge that this may not always equate to gaining massive profits or

building multi-national companies. It is ultimately the ability to come up with a solution for

day to day problems, finding ways to overcome these problems, in a demand and supply

ﾏodel iﾐ liﾐe ┘ith Kaplaﾐ Warreﾐげs stateﾏeﾐt.




Conclusion

A discussion about entrepreneurship cannot simply be based on innovation and

implementation alone. Businessmen may brainstorm or use other methods such as blue sky

thinking to generate ideas and then recruit a team to execute these ideas. However, from

the points raised earlier these types of businessmen do not become entrepreneurs without

having the additional characteristics of taking on challenge after challenge along with a firm

belief in the venture they are creating. Our society has begun to call more and more

businessmen entrepreneurs and this could confuse the very foundation that has defined an

individual to be described as a genuine entrepreneur. A significant feature of this new breed

of successful entrepreneurs is therefore the ability to make their dreams a reality. On the

whole the discussion so far has highlighted the increasing number of entrepreneurs around

the world and the growing pride such individuals have in their vision. Governments

encourage the development of business schools with a hope to picking up the crem de la

crem from the budding businessmen in their countries (The day, 2012). At every stage the

incentive for these potential entrepreneurs is to be acknowledged and awarded by those

immediately around them, including the media, the marketing world and social networking

sites (Levinson J. C. et al, 2008). The rewards may be more than monetary and sometimes

bring about social fulfilment and an internal sense of achievement. This would explain why it

is now stated by Kaplan W. 2013 that the definition of entrepreneurship is beyond starting a

business.

The future may see narrower definitions of entrepreneurship leading to only a smaller

subset of the current description being labelled as true entrepreneurs. A change in social

understanding and expectations may encourage more creativity and courage in the younger

generation to become likely entrepreneurs. Politically and administratively it will be more

acceptable to express ones desire to become a great entrepreneur. Such enthusiasm would

be positively sought after by medium and large companies alike. It is without a doubt the

era of the entrepreneur, who will remain central to projects by bringing fresh thoughts,

flexible solutions and outcome orientated approaches to the world of business.

The final set of traits of entrepreneurs as noted by members of the business community are

summarised in figure 3 below where the entrepreneurs are like Janus, thetwo-faced

Romanian god, continuously looking different directions where resources, ideas and

markets are.




Figure 3.Entrepreneurial activity in the commercial and wider environment

(Ahmad N. and Seymour R.G., 2008).

In conclusion, it is an inevitable realisation that entrepreneurs are here to stay and will

continue to become an essential part of all the economies around the world. They have

already been noted to be great generators of ideas and solutions in addition to having the

enviable ability to carry out their plans into becoming blockbuster businesses.




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