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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
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 2
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.
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 3
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,
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 4
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).
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 5
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).
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 6
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
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 7
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
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 8
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
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 9
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.
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 10
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.
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 11
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.
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 12
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