Analysis of the different entrepreneurial theories - Free Essay Example

Sample details Pages: 7 Words: 2140 Downloads: 5 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? Before I completed this module my idea of an entrepreneur was some one who had almost what you would call a super power for business. I saw them as these individuals that thought and approached issues in a radically different way from your average person, and saw things that no one did, or even could see when it came to making astute business and financial choices. They were those people that had the eureka type, light bulb moments on an almost daily business and came up with such fiendishly clever ideas for making successful business choices that mere mortals like myself may as well give up now. Don’t waste time! Our writers will create an original "Analysis of the different entrepreneurial theories" essay for you Create order After completing this module my idea of an entrepreneur has changed greatly. Although it is true that successful entrepreneurs certainly have a different way of approaching and identifying problems and opportunities they are still just normal people like everyone else. After watching the various different talking heads videos on web CT it helped me identify an entrepreneur as a normal person, they were just your average individuals that you meet everyday. For me this was very important in making the concept of entrepreneurship so much more accessible, it made it seem more like something I could actually relate to and maybe even achieve myself. This was very important in sparking my initial interest in the subject and from there I found that I enjoyed the module content and working together in a group to formulate a new business venture. This was a particularly rewarding aspect of the module, being able to sit down with a group of piers and be able to be creative an not be hemmed i n by a strict marking criteria were every box must be ticked, although there was a criteria that we did strive to meet, but it was much looser and allowed us some creative licence which was very enjoyable. If I was to undertake the task again I think I would be inclined to be even more daring with our proposal. Even though I am happy with our venture, not many risks were taken, we quickly assessed the assets we as a group possessed and based our venture plan around what was already available. I feel this caused us to play it safe some what with our venture selection. My misconceptions of what an entrepreneur actually is was further compounded when looking for a quote to begin this assignment with, because everybody loves a good quote to begin with, plus it eats up a few words! When looking through the list of web definitions most of them were more concerned with defining an entrepreneur as some one who assumes the risk for a new business, this is not what I believed an entreprene ur to be. I expected something more along the lines of, those with the creative vision to spot opportunities and gaps in a given market, and the drive and ability to exploit these opportunities (Leech, just there now!) My own quote is fairly accurate but the reality of being an entrepreneur is not nearly as glamorous as I believed it to be. It requires a massive investment of time, energy and capital from those undertaking any potential business ventures. The common consensus among the material I have researched and from what I have witnessed myself is that an entrepreneur is in fact some one who after identifying a niche or a market area that can be exploited has the resolve and work ethic to see their idea through to its fruition. Before I believed that identifying the area that could be exploited to expand a business into was that defining quality that separates entrepreneurs from the rest of us, but following my studies it appears that this is the easy part, and any one with a little knowledge and common sense can identify an opportunity to make money. What I believe sets an entrepreneur apart from the rest of us is that they actually have the drive and courage necessary to take these ideas and turn them into a business. Many people talk about doing something, but and entrepreneur actually does it. Entrepreneurship Application With regard to entrepreneurship and its application to current business practices, or even if it is indeed still applicable at all. The answer to this query would have to be a resounding yes. The current business climate has become one of caution and a reluctance to take risks. This is understandable considering the state of the economy over the last number of years, but now that the economy is in the early stages of recovery this is the ideal time for those who have fresh new ideas to exploit a market that is essentially rebuilding its self from the ground up. Like anything else it is much easier and safer to jump on the band wagon once it is safely rolling, but due to the situation we find our selves in currently there exists the potential, more so than any other time to be involved with a business from the ground floor, from its very conception. Now that our economy is beginning to pick up and money is once again beginning to flow potential investors will be once again looking f or new ventures with the potential to offer a considerable return on their investment. Due to the previous economic down turn investors will be less likely to put their capital into the same old markets as before, this is were the entrepreneur has the potential to entice investors with exciting new business ventures. There are situations were the entrepreneurial attitude is necessary, even essential. But there are also situations were the entrepreneurial instincts of an individual can be counter productive or in some cases destructive. Take for example a small business that is just starting out. In these early years it is vital that the business have a string leader with a clear vision if it is to succeed. This however tends to make those that are in charge, the initial entrepreneur, very involved with every aspect of the business. This is fine if the business remains small, but if it begins to grow this micro management culture is no longer practical. This can create problems wi thin a businesses management structure as entrepreneurs are generally very reluctant to delegate responsibility to others and so conflicts begin to arise. Take for example Apple Computers, co founders Steve Wozniak and Steve Jobs left and were fired respectively, after they had created one of the market leaders in the computer industry. This illustrates were the entrepreneurial attitude proved to be inappropriate. However in contradiction to this, Steve Jobs later returned to Apple sparking a massive surge in the companys profitability. However it appears that as a rule the entrepreneurial attitude is best suited to start up businesses that are getting of the ground. They require the drive and work ethic that a person with the entrepreneurial spirit brings. Some people ask the question, why dont more company employees act in an entrepreneurial fashion? There can be many reasons for this. The truth of the matter is that some people simply to not posses the inclination to question what is around them and consider different approaches to performing in the market their in. Many employees are happy to simply do what is required of them and leave it at that, these people will never produce entrepreneurial ideas and concepts. On the other hand many employees do have entrepreneurial ideas that in many cases could be of benefit to a business. However various different circumstances generally lead them to refrain from speaking out and voicing their ideas. This could be down to personal self consciousness, a fear of speaking out in case their ideas are not well received or people shoot them down and say they are absurd. Or in other cases employees are reluctant to express their ideas as they fear that perhaps those above them will think that they are questioning their management and that this may lead to some form of retribution or ill favour amongst the upper management. To combat this, an environment of supportive free thinking should be established within a busines s. This is not easily done, but if people see that the ideas of others are taken on board and encouraged, it will lead to them to be more open with their ideas which will in turn allow them to think in a more entrepreneurial manner. Many businesses, either consciously, or unconsciously seem to go out of their way to create an atmosphere or attitude within a company that almost seem to prevent entrepreneurial thinking among its employees. This is often not intended but a negative or overly cautious approach from management will undoubtedly filter through to a companys employees. There are other reasons for a business to not encourage their employees to be entrepreneurial, it may simply come down to a fear of losing valuable employees if they were to go of and develop their own business ventures, and even worse losing an employee that then goes on to create competition for the initial business, because the likely hood is that any employee leaving to pursue their own venture will li kely be in the same field, or similar. So there is certainly an underlying justification for those businesses that do not seem to encourage free thinking among their employees, but those with the true entrepreneurial drive will almost always pursue their goals at some stage. Case Study The entrepreneurial approach to business can have a powerful effect on how a company performs in both the profitability and productivity. This is clearly evident at the Apple Company and its relationship with co-founder Steve Jobs. Apple was founded in 1976 by Steve Jobs, Stephen Wozniak and Ronald Wayne. From its initial inception the company became hugely successful, becoming the first truly successful small computer provider. The company grew steadily until they began to hit trouble in the early 1980s; during this time Jobs position came into question. Following further poor sales Jobs was relieved of his position in the company in 1985. After the departure of Jobs Apple continued to be profitable for the next number of years, but during the 90s a series of failed products left Apple in the doldrums. Following the replacement of the CEO that had initially ousted Jobs in the 80s, Jobs found himself back at the company following Apples buy over of his new project company NeXT. Shortly after returning to Apple Jobs became CEO. Shortly after his appointment Apple released the iMac which is widely considered as the product that turned around the fortunes of the ailing company. A string of widely commercially successful products then followed, including the iPod and iPhone. The dramatic turn around in Apples fortunes can be attributed in no small part to the influence and leadership style of Steve Jobs. His entrepreneurial instincts appear to be second to none and he has help Apple to successfully navigate their way through all the changes in trends, and in many ways set trends in popular must have gadgets and technology over the past 12 years. Jobs entrepreneurial style was clearly illustrated during a keynote speech he delivered in 2007, he is quoted as saying, Theres an old Wayne Gretzky quote that I love. I skate to where the puck is going to be, not where it has been. And weve always tried to do that at apple. Since the very beginning and we always wi ll The above quote clearly illustrates jobs entrepreneurial approach toward business. This case study clearly demonstrates how having individuals with strong entrepreneurial instincts can be of benefit, it also shows how a company can suffer when this important element is removed. Apple is also a testament to the continuing success of this entrepreneurial attitude as they continue to be an industry leader with the hotly anticipated launch of their next must have gadget the iPad. Conclusion During the course of this module my understanding of what an entrepreneur actually is has changed greatly, from my initial naive view that an entrepreneur was some one that possessed almost extraordinary business abilities to the more realistic view that a entrepreneur is simply some one that is prepared to take a risk and more importantly, work hard to achieve it. It is more about being single minded and focusing on your goals rather than some kind of God given gift or luck. During the group work and formulation of a new venture I learnt much about the intricacies and demands of establishing a business, working with others on such an unstructured and free flowing project was also interesting as it was more representative of a real life situation were people are not so reigned in by meeting strict university criteria. All in all the entrepreneurship module has been an interesting learning experience.

Analysis Of The Movie The Hobbit Essay - 1511 Words

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Learning Analytics Ethical Issues and Dilemmas

Question: Discuss about the Learning Analytics for Ethical Issues and Dilemmas. Answer: Introduction: An ethical dilemma is a situation in which two scenarios need an individual affected to make a decision. The decisions made often bring adverse effect in the society depending on societal norms and regulations (Slade Prinsloo, 2013). In business field, ethical dilemma often occurs when employees are expected to deal with pressure at work so as to deliver quality results that will lead to the prosperity of the company (Crane Matten, 2016). On the other hand, the same employees under work pressure are usually expected to deal with particular temptations that will enable them to solve the work pressure quickly. Most of the time, such like conditions often cause a challenge among employ due to the risk of facing various dilemmas in their careers (Huhtala et al., 2015). Ethical dilemma in business resulting from several factors depending on a company, organization or an entrepreneurs mission and goals of the conducted business. Some causes of ethical dilemmas include; management pressur e, discrimination and aspiration and negotiation tactics (Desjardins McCall, 2014). In this paper, I shall discuss on an ethical dilemma related to management pressure. Rose restaurant, is an upcoming fast food company with the intention of growing its profits so as to at beat other rival companies. The company's expectation on employees stresses more on benefits that will precipitate the company financial growth. Conversely, the management has turned a sightless observation related to ethical breaches if a member of staff delivers results; this is due to the company mentality that "the end is what justifies the company income." Employees have led in reducing the quantity of food served to clients and minimizing the cost of ingredients used to prepare the food while at the same time selling the food at the same price as company set standard price. The action of employees is likely to help them collect more income that will eventually increase the business profits. Nevertheless, there is fear of the company losing some of its customers due to poor service delivery (J ohnston Marshall, 2016).The restaurant partners are not yet aware of the employees profit earning actions as they feel so impressed with the profits the company has recorded over the last three months. The whistleblowers are too reluctant on reporting employees' measures to the company partners as they are afraid of being regarded by the employees as betrayers and by employers as ineffective team players. Why Rosewood Restaurant Employees Actions Is a Business Ethical Dilemma Employees actions to reduce the quantity of food and ingredients used to prepare the food is an ethical dilemma as the restaurant stand a chance of losing some of their customers to their competitors. This will decrease earned income for both employees and business partners stand a chance of facing legal actions if the government, human rights department, realizes that citizens are overcharged yet the services offered to them is not worth (Shaw Barry, 2015). Besides, both the employers and employees may undergo trauma if they happen to lose their income source. Employees may find it difficult to withdraw from their actions as it may cause them their work. For instance, decisions made by employees to stop overcharging customers may lead to slow profit earnings that may delay them from scoring their target capital thus leading to losing of employment. On the other hand, if the employees cook food using all the required ingredients and serve customers as per the required quantity there is a possibility of using more resources i.e. the food quantity and ingredients thus leading to use of more money for budgeting which will, in turn, result in small capital earning. This implies that either of the decisions made by employees to quit their actions will cause them their jobs. The society may also regard Rose restaurant partners pressure towards employees as unrealistic and may make the partners answerable to the labor commission. Employees in the scenario of Rose restaurant are engaging in immoral behaviors so as to impress the employer and to protect their job (Adewale, 2016). The workers are maybe working in solidarity as no one desires to report the action to the administration. For example, the whistleblowers that are in charge of overseeing the company performance are reluctant of detailing the employees' actions despite being aware of its consequences to the enterprise. The whistleblower's reluctance may also be due to the fear of standing being sucked due to employer's acquisition of nonperformance. An ethical dilemma in evident in the situation whereby the primary company concern is only reliant on profits and not on the way the profits are being earned (Paswan, 2015). For instance, the company argument is on the end gain justifying their income. From the employers' argument, there may be a possibility that they are aware of their employees' actions, but they seem not to care about it as they are concerned about earning more profits. In such a case where employers are aware of employees' activities, it may be difficult for them to decide whether to warn the employees against their actions or sucking them. Both measures taken by the employers will have negative consequences on the company. For instance, warning the employees against their dealings may lead to a decrease in profit received by the employer. Alternatively, the decision to sucking employees due to their immoral behaviors may cause the company more lose as the company will be required to spend more funds while lookin g for other new hires. The company will have to spend resources on jobs adverts, during the interview on training. Rose restaurant is a corporation which is geared towards making more profits without being considerate on how the profits such action of sucking employees who bring them more profits may not apply to the employers. The employers are divided between doing what is right and wrong as both choices that they will make may cause an adverse impact on their business. The i.e. decrease in the company earned a profit, standing labor commission charges due to customers ill-treatment and competitors win over them. Proposed Ethical Dilemma Solutions There are various solutions that the company can apply to ensure that it remains competitive while at the same time it earns more profits as it wishes. Rose restaurant can implement the following methods so as to solve the business dilemma they are undergoing. First, the company should invest in employees' ethical dilemma training so as to ensure that employees are aware of the company guidelines and on the right business behavior practices (Sekerka, 2009). For instance, the employees should be taught on how to market the restaurant goods and on attractive customer service so as to attract more customers into their restaurant. This will lead to increased profits for the company as happy customers often come back. An increase customers rate would thus lead to increased profits and employers job security. Employees' ethical training would also help in erasing non-ethical behaviors that exist among employees that may cause the company more loses. Secondly, employers should consider giving employees ethical compliance tools (Krieger, Best Edelman, 2015). Such tools include setting up rules and policies that will regulate employees' mode of conduct. For instance, the employees should be served with a document containing the company standards and policy, be given time to go through the rules and policy then allowed to make a decision on whether they have accepted to adhere to the rules or not by either signing or declining to sign. Another way in which the company can ensure that employees are well acquainted with the rules at work is by making sure that business rules and policy reminders are posted on strategic company locations. For instance, paper or poster with rules and policy should be posted on the notice board and central business rooms. Thirdly, the employees should report the company unrealistic demands and I dont care attitude to the labor commission of their country (Eisenberger, Malone Presson, 2016). Such actions from employees would ensure that workers are not taken advantage of, and their employment rights are met as per the labor regulatory commission. Alternatively, employees can try to talk to the employers about the sort of treatment they are receiving and discuss on how they would want the employers to treat them; this would help create an interactive and friendly relationship between employers and employees. The fourth solution on the business ethical dilemma is geared towards the administrative treatment. The role of the management should be majorly focused towards leading by example. It is unethical for the executive to lead a company that they are not concerned about employees welfare (Frisch Huppenbauer, 2014). A good management team is one that is concerned with the development of their staff and practices good business moral standards. The administration should take ethical issues serious by doing the right thing and in turn transfer the same type of behaviors to employees. For instance, the organization should punish an employee who violates company rules. References Adewale, A. A. (2016). Investigating the link between corporate bureaucracies and employees' moral identities in explaining moral behavior (Doctoral dissertation, University of Reading) Crane, A., Matten, D. (2016). Business Ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press Desjardins, J. R., McCall, J. J. (2014). Contemporary issues in business ethics. Cengage Learning. Eisenberger, R., Malone, G. P., Presson, (2016). Balancing Perceived Organizational Support to Promote Employee Engagement. Society for Human Resource Management and Society for Industrial and Organizational Psychology. Frisch, C., Huppenbauer, M. (2014). New insights on ethical leadership: A qualitative investigation of the experiences of executive moral leaders. Journal of Business Ethics, 123(1), 23-43. Huhtala, M., Tolvanen, A., Mauno, S., Feldt, (2015). The relationship between ethical culture, burnout, and engagement in organizations: A multilevel study. Journal of Business and Psychology, 30(2), 399-414. Johnston, M. W., Marshall, G. W. (2016). Sales force management: Leadership, innovation, technology. Routledge Krieger, L. H., Best, R Edelman,(2015). When "best practices" win, staff members lose symbolic compliance and fair inference in federal equal employment opportunity cases. Law Social Inquiry, 40(4), 843-879. Paswan, R. K. (2015). Purposes of proper growth of business: significant key issues of the concern. https://www. Internationalseminar.Org/XIII_AIS/TS, 201, 20 Sekerka, L. E. (2009). Organizational ethical conduct in education and training: An insight of best practices and their application. International Journal of Training and Development, 13(2), 77-95. Shaw, W. H., Barry, V. (2015). Moral issues in business. Cengage Learning. Slade, S., Prinsloo, P. (2013). Learning analytics: Ethical issues and dilemmas. American Behavioral Scientist, 57(10), 1510-1529.