An entrepreneur is someone who are the owners of a new venture, enterprise or idea which is accountable for the inherent hazards and the results. To place it in simple words a business owner is a person who seeks the opportunity, organizes resources necessary for training on that opportunity and exploits it. Personal computers, Television, Cell phones, washers, ATMs, BANK CARDS, Courier Service, and Prepared to eat Foods are types of entrepreneurial ideas that got changed into products or services.
Joseph. A. Scum peter identifies an entrepreneur as someone who innovates, increases money, assembles inputs, selects managers and pieces the organization choosing his ability to recognize opportunities which others cannot identify and can make use of them.
Peter Drucker identifies an entrepreneur as one who always looks for a big change responds to it and exploits it as an opportunity. An entrepreneur innovates. Advancement is a particular tool of success open to entrepreneur
Mental Capability - Entrepreneur will need to have creative thinking and can examine problems and situations. He should be able to foresee changes.
Business Secrecy - He should hide and protect his business secrets from his challengers.
Clear Goals - The aims has to be clear in his mind's eye regarding the character of business and goods to be produced.
Human Relationships - The relationship between the businessman, customers and employees e. t. c. needs to be good. It's important to keep personal relationships, tactfulness, stableness in emotions and factor with customers, employees, etc.
Communication Capability - Good communication skill is the asset for any entrepreneur as it eases the understanding between anyone working or interacting within or outside the company.
Source: Desai, V (2001). Dynamics of entrepreneurial development & Management. Himalaya Publishing House.
So we can say an ENTREPRENEUR:
Is a person who develops and is the owner of his own venture.
Is often a moderate risk taker and works under doubt for achieving the target.
Reflects strong need to be self-employed.
Persistently will try to take action better.
Dissatisfied with usual activities.
Ready to hold up against the hard life.
Determined but patient
Displays sense of leadership
Also displays sense of competitiveness
Takes personals responsibility
Is Oriented towards the future.
Will persist in the facial skin to adversity
Converts a predicament into opportunity.
The phrase entrepreneurship comes from the French verb "Enterprendre". The French men who organised and led armed service expeditions in the early 16th century referred to as Entrepreneurs.
Entrepreneurship is the action of being a business person, which may be defined as "one who undertakes innovations, money and business understanding in an effort to change innovations into economical goods". This may lead to new organizations or may participate revitalizing adult organizations in response to a identified opportunity. By far the most understandable form of entrepreneurship is that of starting a fresh business (referred as Startup Company); however, in recent years, the term has been extended to incorporate interpersonal and political forms of entrepreneurial activity.
According to A. H. Cole - "Entrepreneurship is the purposeful activity of a person or band of associated individuals, carried out to initiate, maintain or aggrandize gain production or syndication of financial goods or services".
According to Peter. P. Drucker - "Entrepreneurship is neither a technology nor a skill. It really is a practice. It is knowledge base. Knowledge in entrepreneurship is a way to an end, that is, by the practice".
Source: Cole A. H. (1959), Business enterprise in its sociable environment. Cambridge: Harvard School press.
Types of Entrepreneur and their features:
Business Business owners - It is identifies the those who conceive a concept for the merchandise or service and makes the business enterprise around it. For example - Pen development and marketing. The establishment of the business can be of big and small in size.
Trading Internet marketers - It identifies the person who is not considered with developing but only undertakes trading activities. He is the one who recognizes market, stimulates demand for product line among potential buyers.
Industrial Internet marketers - Essentially a producer, someone who identifies the necessity of a customer and tailors a product. They are the one who turns economical resources and technological resources directly into profitable ventures. for example electric industry and textile devices.
Corporate Entrepreneurs - Somebody who demonstrates his impressive skill in organising and handling corporate starting.
Agriculture Businessperson - It identifies the individual who undertakes agricultural activities as nurturing and marketing of plants, fertilizers etc. Example - agricultural tourism and production and marketing of fertilizers.
Technical Enterprisers - Its can be viewed as as a craftsman. They concentrate more on production and less or negligible on sales.
Source: Scott, S. (2003). A General Theory of Entrepreneurship: the Individual-Opportunity Nexus, Edward Elgar
Steve Jobs is an American inventor and the CEO and co-founder of Apple Inc. , , the burkha manufacturer of electronic devices like the Macintosh Computer (Apple pc), iPod, iPhone, and the music and video software iTunes. He was CEO of Pixar Computer animation Studios until it was acquired by Disney in2006. Although he is known as a business and sales tycoon, Steve Jobs is credited with many of the electronic inventions now trademarked by Apple.
Steven Paul Jobs was born in San Francisco on 24th Feb 1955 to Joanne Carole Schieble and Syrian Abdulfattah John Jandali and adopted by Paul and Clara Careers. He attended the Cupertino Midsection School followed by senior high school at Homestead H. S. in the same town of Cupertino. He spent his years as a child in the South Bay area, an area that could later become known as Silicon Valley. During senior high school Jobs placed a warmer summer months job at the Hewlett-Packard Company in Palo Alto prior to participating in college. His original connection with Steven Wozniakbegan was a result of going to lectures and working at HP.
Although he attended Reed University in Portland, Oregon, Steve Careers never graduated, having only spent about half a year at school. He delivered to California in 1974 and began attending meetings of the Homebrew Computer Golf club with his good friend Wozniak. At exactly the same time he took a job at Atari to save lots of money for a spiritual retreat to India. While working there he learned a popular whistle recreated the shades had a need to make long distance phone calls with AT&T. Jobs persuaded Wozniak to get into business with him to build "blue boxes" and sell these to people wishing to make free long distance calls.
Jobs ended up backpacking through India but delivered to work with Atari. He sustained to utilize Wozniak on other projects and finally persuaded him to advertise your computer Wozniak got built for himself. On April 1, 1976, Apple Inc. was created. Although the business started with branded circuit planks, Steve Wozniak and Steve Careers eventually created their first pc, the Apple I, and sold it for $666. 66. They later implemented it with the Apple II, a big success because of their business. Apple Inc. started out selling shares in December of 1980.
As the company grew, so performed its goods and the greatly successful Macintosh was released to the general public in 1984 and became the first pc with a graphical interface (GUI) through which individuals could connect to the things on the display screen.
Steve Jobs was the founder and creativity for the Apple Company, but he was slowly but surely pushed out for "aggressive and underhanded tactics" Employees said he had a temper, and was usually persistent After an interior power have difficulties, he was eventually kicked off of the plank of directors Careers protested and resigned, even though he remained the chairmen for some time. He was so annoyed, he sold all but one of his Apple stocks During this time period, Careers bought what became "Pixar" from Lucas film for $5 million He also started the computer company "NeXT Computer" Though it never travelled very mainstream, due to high costs, it was responsible for many important innovations, including "NeXTMail", Jobs email program that reinforced embedded design and tones and the original World Wide Web system (www).
As Apple grew even more, Careers experienced tension with the table and the battles led to Careers leaving Apple in-may of 1985. Steve Jobs went on to set-up the business called NeXT in 1986. Although it began as a firm designed around aesthetic interpersonal processing, it later concentrated more on software development. NeXT ended up playing a significant role in the introduction of email and the worldwide web.
In 1986, Careers bought The Graphics Group (later renamed Pixar) from Lucas film's computer design division for the price tag on $10 million, $5 million of which was given to the business as capital.
In 1996, Apple declared that it would buy NeXT for $429 million. The deal was finalized in late 1996 bringing Careers back to the business he co-founded. He soon became Apple's interim CEO following the directors lost self-confidence in and ousted then-CEO
Apple bought NeXT in 1996 and reinstated Careers as the Chief Executive Official. His current total annual salary is $1, but he receives executive gift items from the plank that provide better tax advantages than does indeed his salary. He's well known for his work ethic as well as his bad temper, but has consistently helped to grow Apple from a business bordering on individual bankruptcy in the 1990s to a very successful company today. Steve Careers has helped establish the new electronic divisions and privately helped to make the iPod, iphone, and other personal devices.
Source: Steve Careers, (2011). Long Bio [Online] Available at: http://www. allaboutstevejobs. com/bio/long/01. html ( Utilized: 23 March 2011)
He was honored the Country wide Medal of Technology from President Ronald Reagan in1984 with Steve Wozniak (among the first people to ever receive the honour) and a Jefferson Honor for General public Service in the category "Greatest Open public Service by an Individual 35 Years or Under" (aka the Samuel S. Beard Prize) in 1987.
On November 27, 2007, Jobs was known as the most effective person in business by Fortune Publication.
On Dec 5, 2007, California Governor Arnold Schwarzenegger and First Woman Maria Shriver inducted Jobs in to the California Hall of Popularity, located on the California Museum for Record, Women and the Arts.
In August 2009, Careers was preferred the most respected entrepreneur among teenagers on a review by Junior Achievements.
On November 5, 2009, Careers was called the CEO of the 10 years by Fortune Journal.
In November 2009 Careers was ranked #57 on Forbes: The World's MOST EFFECTIVE People.
In Dec 2010, the Financial Times known as Careers its person of the year for 2010.
Steve is in the Guinness E book of World Details as the "Lowest Paid Chief Executive Officer", with a salary of just $1.
Source: Pena, M. (2005). Steve Careers to 2005 graduates: 'Stay Hungry, stay foolish' [online]. Offered by: http://news. stanford. edu/news/2005/june15/grad-061505. html (Accessed: 24th March 2011)
Steve Jobs as a business owner:-
It is visible that most of the entrepreneurs come from the various get older levels, income levels, genders and contest and from different moral backgrounds. They have their own group of personal attributes which include: Creativity, determination, determination, flexibility, management style, passion, personal- self-confidence and smart all of these capabilities makes them stand out of the group.
Creativity:- In today's fast paced world competitive business environment requires companies to execute the process of technology- It is a process of generating a new idea leading to start or make, a new or existing business firm or idea to reach a fresh successful level.
Dedication: - Success in any business may be accomplished by the mindful effort and determination. Any business owner always does the things on right time with right planning and ideas adjoined with the effort, this leads business to a successful venture. Commitment towards work motivates those to work hard. To them money is not the concern, it's the rewards which plays the vital role.
Flexibility:- It is vital for business because sometimes situation demands changes in strategies and strategy, entrepreneur should use flexibility in order to correct mistakes, problems and in efficiencies. It is a way of controlling a business with specialist to improve when the system demands. AN EFFECTIVE entrepreneur always has to be prepared to make any changes according to the customers demand. Example:- Apple first arises with the Ipod device in the market however when they recognize that there's a market demand for Telephone offered with the mass media player, they presented their new invention Iphone.
Leadership: - Relating to Steve Jobs, Focus is crucial for effective control, with so many choices choosing the right you can be extremely difficult. Small changes can have big results, if you concentrate on the key issues and execute relentlessly on those key issues. To give attention to the most important issues means you have to say not to a complete range of alternate opportunities. Being a leader you have to be ready for setbacks. Setbacks will be the part of life and whether you feel successful or seldom be based upon your ability not to give up. It really is a attribute to show that Never-say-die team.
Source: HGIC (2011). Steve Jobs, Entrepreneur(Reed College) [Online]. Offered by: http://geekornot. com/corporate/steve-jobs-entrepreneur-reed-college/ (Accessed 26th march 2011)
Autocratic style: - Steve careers say that he used to handle outstanding amount of labor force, at a time up to 100 individuals accounts right to him. The fact that there are so many individuals' information to him straight symbolizes his will and eagerness to hold the command in his hands. Total control is the certainly the basis of management.
Transformational style: - Steve jobs has changed many companies directly into a success tales. He brings major positive changes in the business. For example he has transformed Pixar directly into a success history. In transformation he allowed others to look out for every single other, to be stimulating and harmonious, also to look out company all together.
Passion: - Steve careers is very much interested in whatever he's working on. That is very evident with his cocky attitude and lack of humane quality of a transformational head. He enhances the determination, morale and performance of his follower group. Some individuals characterize him as a charismatic leader because of his love for work.
Source: David Kramer. DK (2010). Command behaviour and attitude of Steve careers. Wordpress 15th Feb [Online]. Offered by: 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 Bundle of money, Steve jobs exposed his management style, The items which he said is illustrated below:-
SWOT analysis - you need to know about your talents and weaknesses when u take up a company.
Spotting opportunities - We have to position the opportunities for improvement. You must spot them and then create an environment to leverage that opportunity and make it happen.
Improve Production - as an entrepreneur we should really know what customers want and exactly how to improve our very own productivity. Search for the ideas which can transform your life team and customers.
Competitive gain - taking benefit the IT or making their program i. e. hardware or software systems finished can create a competitive advantages.
Succession planning - planning includes working along for a goal. It is important to have succession planning so that business can run even during unfortunate event.
Focus - give attention to the most crucial issues which can be relevant to the business enterprise and avoid issues and assignments which not add value to the business enterprise.
Talent acquisition - Steve careers always look for the skill who are strategically fit for the business enterprise and can be considered a good easily fit into the culture of the business. Always welcome available hands for the new talent so the new hiring won't feel difficult to adjust.
Handling barriers and roadblocks - Oftentimes that could signify stopping projects entirely to use stock of current situations or to change the path. There is no shame in that as the task must deliver the project's center objective.
Customer alteration - It identifies utilisation of company's resources and potential so which can create opportunities in getting additional customers.
Source:- CNN (2008). America's most admired companies: Steve Careers talks out [online] Offered by: http://money. cnn. com/galleries/2008/fortune/0803/gallery. jobsqna. fortune/ (Accessed: 3rd Apr 2011)
Comparison with Expenses Gates
It is obvious that Monthly bill Gates and Steve Jobs have very different personalities. There are however, interesting parallels. For example, they both started out with one business partner each who distributed a common perspective. To me though, the most crucial thing they both share is that they located themselves at the right time to adopt advantage of a massive expansion surge in personal computing.
Steve careers and invoice gates have both performed very hard to fulfil their eye-sight to develop personal computers, however the way they choose things and makes decisions are relatively different.
Steve Jobs developed the Apple computer, which was one of the earliest computers, he also developed the Mac Reserve and undoubtedly the ever popular iPhone. While Expenses Gates developed the Microsoft Windows operating system as well as the first mass produced computers.
Both of these business tycoons are really rich, however, Charge Gates wealth is by far the biggest. He's estimated to acquire belongings over $50 billion us dollars. However, a Steve Jobs only has $5 billion us dollars worth of belongings.
Steve Job's command is autocratic style, because he centralizes the authority, he never given a chance to subordinate to relating decision making. He feels that whatever he do is right. Sometimes he acts as anti Gates, and sometimes ask Microsoft to develop software for his computer. His cocky frame of mind and insufficient management skills became a threat of APPLE'S success. On the other hand Bill Gate's management is participative style because he involves his subordinate in decision making. He is a adaptable person and he recognized his role was to be visionary of the business. Gates is a solid and energizing person his enthusiasm, hard working characteristics, judgment skills represent his personality. His motivating electric power and affecting his friends to dealing with him became the success of Microsoft.
Source: Recomparison. (No day) Steve Jobs vs. Monthly bill gates [Online] Available at: http://recomparison. com/comparisons/100295/steve-jobs-vs-bill-gates/ (Accessed: 8th Apr 2011)
The criteria's used by Steve Careers for selecting and implementing new business ventures:-
No business will come in to existence without the purpose. The primary primary common goal for just about any business is making money. To satisfy that need and the needs of customers companies put more emphasize on providing high quality products, goods and services.
It would be not right to say that the key priority for a company is to earn money. Definitely a business needs profits to keep, but profits aren't what business is ideal for. No business sticks to the same strategy that what it adapted initially. Most of the business changes their regulations and strategies according to the change in a business environment.
Do what you love to do - Do things that you really prefer to do. Put your core in it.
Be different - Stick out from the public by making various things and working differently.
Do your very best - Always give your best whenever you enjoy a work. Effort offers success and success creates more success. Be famished for success and retain the services of people with interest for brilliance.
Make SWOT Analysis - Perform SWOT research of the work. Make list of advantages and weaknesses of your company. Please fire folks who are not good for the company.
Start small, think big - Don't go for everything in one go, start by small and little by little stride towards the key big goal. Don't think about the today only Aim at the future.
Strive to become market head - Make work to seize things which can give your business a competitive advantage over competitors. For instance use the better technology available in the market.
Focus on the outcome - people evaluate you by performance. So focus on providing a good outcome. In the event the users have no idea about your product or its feature then advertise it. Suggest to them how it works.
Ask for opinions - Ask customers first. They are able to offer you a proper feedback that what they like about your product and what they dislikes. Use feedbacks for future trends.
Innovate - Focus on the things which are better and are actually useful to the business. Avoid things which can put you on the incorrect track. Try to hire and make things which nobody have considered.
Learn from failures - Enhancements sometimes brings about mistakes. So admit it quickly and use options to avoid it leading to improved inventions.
Source: - Young, Jeffery S. (1988). Steve Careers, the Journey Is the Pay back. Lynx Books
Important aspects to look before venturing a fresh market:-
Need for the merchandise or service - Whether you're starting a new product, service or firm, there has to be a strong market for this. One should check and check needs in the market for the particular product or service. You need to have enough research to convince an investor or funder or to yourself that yes there is absolutely a need in the market. The type of the product, who will be the competitors and what makes your product different or more needed by the client. For instance increasing demand for palmtops leads Steve careers to add I Pad on the market.
The basic purpose of the business enterprise - if you are starting a fresh business then you have to convey the purpose of your business, objective statement must be there. All the goals and goals have to be pre-defined.
Risk engagement - What exactly are the potential risks to the business enterprise if the merchandise didn't work in market needlessly to say. Risk from existing competition on the market. Insurance cover has to be there to curb up the losses incurred. Steve jobs did took the chance of contending with Microsoft.
Financial status for business planning - Analyse the balance sheets, cash flow claims and income claims. It will help in realizing that where in fact the business stands in financial conditions. Is there sufficient finances available for making new goes. This gives the clear picture of the performance of business.
Human source of information- Look for the people who are best for the reason that very field. Avoid those that can do what everybody is doing. Try those people who do things better, can work effectively and efficiently, generate progressive ideas. Steve Jobs in addition has performed talent scout to attain those people who are very skilled and can work much better than others.
Market Tendency - Entrepreneur should know the trends going on on the market. This may leads an enterprise in to turn a profit maximization. For example when Steve Jobs found that there's a need and tendency for a mobile phone with built-in advertising player, he then comes up with the ground breaking idea of Iphone.
Source: - Chavez, J. (No Time frame). Apple CEO Steve Careers shows the Millionaire State of mind [Online]. Available at: http://ezinearticles. com/?Apple-CEO-Steve-Jobs-Demonstrates-the-Millionaire-Mindset&id=1682475 (Accessed: 4th Apr 2011).
Steve Jobs is obviously an extraordinary man by any standard. He has left his make on no less than five business: computers with Apple II and Macintosh, music with iPod and iTunes, cellphone with iPhone, and computer animation with Pixar. The middle-class hippie kid who still left his education among and built your personal computer empire and became a multi-millionaire in a few years, was fired from his own company before coming back ten years later to save lots of it and transform it into one of the world's most influential companies, with millions of fans surrounding the world. He in addition has added to the creation of the new innovator in animated movies for decades to come. He has been called a fluke for a long time, but is now widely acknowledged as one the world's most eminent business professionals and an unrivalled visionary. He has evolved millions of lives by causing technology easy-to-use, interesting and beautiful. And you simply know what the best benefit is? He's not done yet.
Source: THE BUSINESS ENTERPRISE Library (No Time frame). Great Enterprisers: Steve Jobs - Apple Creator [Online] Offered by: http://www. thebusinesslibrary. co. uk/great-entrepreneurs/steve-jobs (Utilized 5th Apr 2011)
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