entrepreneurship
I.
Introduction
1. Background of entrepreurship
Entrepreneurship is the capacity to organize and manage a business
without risk to increase profit . In other hand, entrepreneurship characterized
by innovation and is an essential part of a nation's ability to succeed in order to
increase competitive global marketplace. It can also help to create an
innovative product and presenting a new solution . Moreover, the
entrepreneurship involves an entrepreneur to make a change in the reel world .
it can also bring people to build something revolutionary that advances society
and that can help to achieve the common goal . Entrepreneurship is so
important because it can change the way you work and it can provides entrylevel jobs for training or gaining experience for unskilled workers.
Entrepreneurship has a lot of characteristics. First of all, the
Capacity of taking risk is essential for an entrepreneur. Starting any kind of
business take in account amount of risk of failure. Also, Entrepneurship is the
breading place of the innovation. Innovation can help to generate new ideas
inside organization to start new business and achieve good amount of the
profits, it can also do the work more efficient and economical way. The
entrepreneurship take care of innovation that provides new product , good
quality of service that help the company to grow .
In other hands, any entrepreneurs need to have vision for his work.
Vision of the entrepreneur provide him with energy to succeed inside the
Organization. The entrepreneurial vision and what it involves in the mindwill
create motivation for your team working . With powerful vision, the team
Will be inspired. Also , the leadership is important in any organization
Without leadership, everyone inside company would be working
independently without achieving good results . Also , the entrepreneurs needs
to be also to be confident and to have charisma that can manage his
employee The role of each entrepreneur inside the company is to reduce the
risk of an enterprise failure by bringing in people that can help the company
growing .In other hands , An entrepreneur must be able to manage his
employee with respect to the allocation of resources and decision making .
2. Global entrepreneurship
Global entrepneurship is the professional entrepreneurs who use
their global understanding to identify the cross cultural opportunities and
transform them to a new value . The primary purpose of global
entrepreneurship include a lot of things such as promoting exporting and
importing the product means that the global entrepreneurs try to commit this
exportation and importation to make profit . Also , Global entrepreneurs try to
sell their products to the residents of another country primarily due to the
exchange rate. In other words , global entrepreneur seeks out and conducts
innovative business activities across national borders.
Global entrepreneurship is so important for any small businesses .
There are several advantages for global entrepneurship that had big impact
In the business around the world . global entrepneurship is very important
because it can produce a good effect by stimulating related businesses
that supporting economic development. Global entrepreneur recognizes
businesses that create new value and also many global entrepreneurs operate
non-profit world establishing international social enterprises.
3. Issues of entrepneurship
Entrepneurship face lot of issues. First of all , Improving this
entrepreneurial mindset in human capital that is one of the most important challenges to
increase innovation inside any entrpneurship . the concept of Entrepreneurial human capital
combine management and finance subjects into economics field. Entrepreneurial human
capital is related to the components of entrepreneur’s education, experience that help the
organization to grow . The importance of entrepreneurial human capital is increasing
as seen the markets are becoming more competitive. Another issues is related to ecosystem
that had big impact in innovation . The real issues is reveal that how the ecosystem
stakeholders influence the production of ecosystem outcomes and also less designed
policy interventions can create harm in the ecosystem so we need to avoid it . In other hands ,
regulatory framework in other issue entrepreneurship . The Entrepreneurship regulation
Framework help policymakers to identifying the key elements of an entrepreneurship policy
and formulating actions and solution . In order to help growing entrepreneurial economy it is
necessary for government to ensure that they maintain efficient, effective, and easy to use
policy .
However , corporate intrepneurship in another issue of entrepreneurship .
Corporations are trying to figure out how to innovate and grow in an increasingly
competitive business environment. Intrapreneurship, the concept of cultivating an
entrepreneurial and skill set from within an existing organization, is enabling many
large organization to extract value through employee-powered corporate innovation. In other
hands , in our project we will focus on emerging markets that has big impact inside any
entrepneurship.
Emerging markets have become one of the most risks facing entrepneurship that
affect global part of the word .The entry of the emerging markets into the
global economy has brought issues of inequality and opportunity around the world.
However, emerging economies are beginning to produce their own
powerful inside any organization ,.As an entrepreneur in an emerging economy, He may be
faced with many challenges that need to be solved. Entrepreneurship s have
increasingly Little bit on institutional theory to understand the processes of
entrepreneurship in emerging markets. Emerging markets are characterized by a large number
of emerging number . As noted, our argument is that entrepreneurs can take advantage of
the uncertainty that establish new businesses, and play a key role in the
development of organizational fields by in fluencing the processes of institutionalization. As
in all emerging markets , a key aspect of institutional entrepreneurship in emerging markets is
the capacity of actors to build networks and alliances sets of practices amongst other key
actors of any entrepneurship .
2. Fourth Industrial Revolution
It is the era where manufacturing has been automated and advanced technologies have
been involved. Good examples are the Internet of Things, nanotechnology, artificial
intelligence, cloud computing, and others. Products have been manufactured in a way that
they communicate and exchange data. As such, one can remotely control home appliances
such as microwaves, fridges, and doors. In addition, Hoagland (2017) asserts that the
automotive industry is making autonomous cars that require no driver in the steering wheel.
How the revolution affect entrepreneurship
It has affected entrepreneurship as well as leadership in a great way. Due to
automation, much of the manufacturing is done by computerized machines. As such, labor has
changed because people are no longer required in many such areas. They only do some
peripheral tasks such as marketing and sales, and customer support, although there are
chatbots that serve customers. The area that employees fit is the creative and innovative side
of the organizations. For instance, in the automotive sector, employees are required to design
innovative cars that will lure the customers. They have been left with the sole task of utilizing
human intelligence in promoting innovations in this era. To cultivate innovation within
organizations, leaders have been supposed to be transformational, the ones who influence the
team to bring positive changes (DuBrin, 2016, p.77). They transform their workplace in a bid
to harness the creativity and talent of their employees.
The effects and the prospects of the revolution
Based on the fourth industrial revolution and how the workplace has changed, the
effect of is obvious; success to some and failure to others. Today, organizations are competing
on the innovation basis because the consumers have become sophisticated and demanding.
Those organizations whose leadership will transform the workplace into positive change and
greater heights will reap bountifully. They will create and maintain brand recognition and
high reputation. For those that will fail to innovate, they will be kicked out of the business. A
good example is Yahoo that failed to innovate. It was ultimately sold to Verizon at an
extremely low value (Goel, 2017). Other organizations such as Google and Amazon continue
to innovate and come up with new products and services that suit the market. As a result, they
continue to perform awesomely increasing in value and market capitalization year after year.
The future prospect is not different from now. Any company that fails to convince its
customer about its value to them, it will soon go extinct. As technology becomes
sophisticated, so are the customers.
The 4th industrial revolution as important to our topic
The fourth industrial revolution becomes important to our topic because it defines and
elaborates the current market scenario. The revolution is crucial to entrepreneurship because
it shapes everything. Entrepreneurs who fail to automate many of their service delivery
channels such as selling online risk being out of business. Secondly, since many manual tasks
have been automated, leadership is essentially steered towards tapping the creative and
innovative side of employees in coming up with new and improved products.
Transformational leadership, as opposed to transactional, becomes the best approach to use.
When it comes to private investment, leaders must convince the private investors that they
will win the market. They must demonstrate that they will deliver huge expectations so as to
secure funds.
In this era, automation has made financial and monetary systems to be digitized
(World Economic Forum, 2018, p.8). Various technologies such as artificial intelligence, big
data, and other complex algorithms have been developed to ease the process. The popularity
of the internet has also revolutionized the financial sector. However, when it comes to credit,
institutions have developed regulations that restrict it after the 2007 global crisis. They
leverage data and history to assess the creditworthiness of people whenever they need credit.
But since the financial and monetary system is essential to the progress of the economy, the
future of economic progress stands bright. The financial systems have stabilized again and the
weather of the economy is clear. In addition, there has been a good indicator such as the
unemployment level being low in about 5 decades (Casselman, 2018). In addition, businesses
and consumers are confident that the economy is growing in the coming years.
The challenges with the fourth industrial revolution
There are challenges associated with the fourth industrial revolution. First, the speed at
which firms adapt to the new technologies determines their survival in the market. Those that
change fast have an advantage compared to the ones that are slow to change. Secondly, the
rate and depth of technology at which the same firms adopt will determine their success or
failure. Kinetic Consulting Services (2018) confirms that the fourth industrial revolution is
characterized by new practices and competition. For instance, a company that does printing
needs to adopt 3D printing to make the work easier and quicker. The challenge arises when
some firms are unable to purchase the required technologies and as a result, their production
level or customer service gets lower compared to the others.
Emerging Market Entrepreneurship
Emerging market has various definitions, Khanna T., et al (2015) defines them as
nations that are moving or advancing to industrialization. Members of these countries are
mainly poor with low or medium income earnings, members are also not industrialized and
live under low market capitalization in respect to GDP.Countries that are characterized as
emerging markets have potential of growth through economic liberalization because they are
open to foreign investment. Although these markets are unstable, they are portrayed to have
quick economic development due to the fact that, its movement towards industrial revolution
is characterized by rapid economic growth and its market is volatile but with promising
economic growth. Examples of emerging markets are China, India, Latin America and some
of the Middle East countries.
Problems to be considered
1. Risk in Culture and Government Regulations
Emerging markets are referred to countries with rapidly economic changes including
undergo industrialization. Since these countries are moving towards industrialization, they
are experiencing various changes and transformations. In most cases, government of these
counties have tendency of interfering private companies business affairs under the
umbrella of protecting localsor government interests such as taxes and citizens. Based on
these reasons, there is a tendency of changing government policies frequently to
accomplish government objectives, such policies may be restricted marketing strategies,
or employing locals who might not have experiences. Leaders may face difficulties
working in these conditions or environments, therefore they will have to consider
limitations by doing initial investigation to understand basic policies and develop
strategies to address these difficulties.
2.
Administrative Capital and Leadership Skills
Firm develops when include managerial or administrative capital, leadership skills and
strong policies. Where organizations have powerful and knowledgeable leaders they have
assurance that, these leaders will not only make and implement visions, but also regulate,
make changes to moving organization from one point to the next, they have capacity to
solve problems and calm situation at clashes and can assist companies to accomplish goals
set. Investing in emerging markets, requires effective leaders. Companies should not only
consider financial aspects or physical capital such as hardware or land in production, but
should consider administrative and leadership capital to accomplish the goals.
3.
Barriers of entry
Entrance to emerging market may be difficult due to fact that people in these countries are
poor with low income. Majority of the population lives on low or average income. There
are also other factors to be considered such as corruption and bribery, companies should
make sure they have strong leadership to cope with this situation as historically, it is
difficult to change these types of behavior as its practicability is not open.
4. Startup and Online Market
Generally, nationals on emerging markets are poor with low income. Leaders should have
ability to develop various strategies while introducing products. They should also consider
developing ways to sales including online if similar goods are sold online. Leaders should
have skills to perform checkup on availability of opportunities as well as creating
approaches to accommodate technological changes including selling products to both
locals, who does not have access to advance technology as compared to those who can
buy online. .
4.
BOP Identification
The concept of bottom of the economic pyramid (BOP) markets is to help
businesses serving poor markets. However, there a lot of issues that impact
entrepreneurship and BOP subject areas and also considers the influence of the BOP
in entrepreneurial benefits as well as the motivations of entrepreneurship in
the BOP market on entrepreneurial benefits. The nature has been influencing
political, economic and cultural backgrounds. However, there are a few entrepreneurs
managing to survive through their innovation and creative capabilities. The
characteristics
of a successful entrepreneur are the ability to take risks knowledge of
how the market functions and figure out the problem of emerging markets . The BOP
concept is understand market at lower economic base that can be the basis profitable
economic activity by entrepreneurs . The nature of entrepreneurship in bottom of the
summary of entrepreneurship refer to those things that precede entrepreneurship
in the BOP market. There are lot issues that impact entrepreneurship mainly such as
entrepreneurial drives, entrepreneurial tasks and BOP market constraints. Those issues
had bad impact in outcome that engage in entrepreneurship in the BOP market gain .
Solutions
Introduction
Marked as the most massive industrial revolution since the industrial revolution of the
18th century, the 4th industrial revolution is marked by technologies that shine the lines
between biological, physical and digital scopes. Technologies mark the revolution since there
is the incorporation of artificial intelligence, significant computing, robotics, internet, wireless
technologies, biotechnology, and advanced printing.
Risks in culture and government regulations
Governments, under the revolution, continue to find themselves less potent in the
hands of the rising powerful corporations (Bloem, 2014). This is because the act of regulating
the activities of these increasing global corporates is getting more and more complex due to
the expansion beyond boundaries. The act of managing tax collection has grown more
complicated due to the tax evasion by companies operating beyond government borders.
Incorporating online filling systems to monitor corporate actions and progresses help to define
the tolerance to government regulations (Perez, 2003). Digitizing currencies can help solve
problems associated with fraud and corporate irresponsibility while also giving accurate
accounts of corporate situations.
Cultures comprising of individual citizens and communities in the industrial
revolution continue to seek autonomy using the technology of the revolution. This act of
seeking independence continues to threaten human relations and human relations with
governments. In blockchain technologies, for example, individuals may seek to trade in
unofficial currencies rather than the government`s recognized currency. Cultures continue to
be threatened by the problems of climate change that are as a result of unsustainable energy.
Communities` autonomy has been threatened by the dependence on governments due to the
nationalization of various aspects such as power grid. If populations of the revolution fail to
adopt the latest technological trends, they are at risk of being sidelined by other societies that
have embraced the technologies. Creating internet associations and use of artificial
intelligence is the best solution to tracking and finding lines of best fits to these social
problems. Creating an online response to certain culture violations and community responses
serves to give attention to cultural issues facing society such as child trafficking.
Administrative capital and leadership skills
Administrative capitals of the revolution are scared of embracing the aspects of the
revolution due to the challenges of unemployment that it poses on its abilities. Corporations
continue to shift to areas of low taxes leaving those capitals that they were with dangers of
low investments, unemployment, and low public revenues. Administrative capitals, then have
a challenge of understanding the patterns of these corporates to ensure that they don’t shift
their operations somewhere cheap (Perez, 2003). The acts of relocations threaten the
administrative capitals by destabilizing the components of economy and leadership that
contribute to it being a capital. Creating data centers to configure and disseminate big data
help in solving the issues that negate corporate existence and role efficiency.
Identifying and recruiting leaders in the revolution continue to be a primary concern
due to its challenges (Bloem, 2014). The leadership of the revolution continues to expose a
lack of experience on traditional leadership, diversity, ethics, and agility. Due to the lack of
these skills, the leadership of the revolution faces problems in management, experience and
firsthand information on the essential leadership roles. Incorporating education into leadership
would help include traditional leadership skills into new leadership. Use of virtual reality to
create problems and sought solutions help to create problem-solving skills in leadership.
Barriers to entry
Getting to start a business in a particular business environment has become more
difficult during the 4th industrial revolution. Corporations have mastered a comprehensive
way of getting a hold of their environment making it hard for newcomers to set up businesses.
Automation has been fostered by the digital capability model which has created a
transformation of technological processes influencing human roles. Existing businesses have
maximized on their customer satisfaction making new entrants to encounter difficulties in
establishing business bases. This can be partly due to the use of modern peculiars to substitute
humans in various businesses and the upgrade of innovative and experimental approaches in
industries. This innovations and upgrades cost much in its establishments that new businesses
can’t afford to acquire.
Startups and online market
Despite the development of human capital in the industrial revolution, there has been a
decreasing trend in the number of low skilled human power. This has made relevance in the
current revolution less inclined towards innovations due to a decline in levels of diversity.
Startups continue to face the problems of constant changes that drive the manner in which
business is conducted. Technological changes come with a different approach to specific
issues such as production which if not constantly adapted by startups may lead to collapse
(Moavenzadeh, 2015). Adaptation remains the best solution to these problems since it has the
benefit of growing adaptation skills of the business to problems.
Online markets continue to receive constant attention compared to the past due to
advancements in technology. However, engaging customers more in the wake of the industrial
revolution has grown to be less interactive compared to the past. Getting customer feedback
has taken more businesses at a loss since customer satisfaction is unfulfilled (Baker, 2013).
Online marketing poses the challenge of a constant need to be online to define customer needs
and satisfy them. This means that costs involved in sustaining this sites and access continue to
be high for startups and other market entrants. However, simplification of online platforms to
gather for every user`s needs is the best solution to reducing costs and difficulties in
marketing.
BOP Identification
Technology can serve to satisfy the requirements of any type of market within every
stage of business development. Using online platforms to involve the poorest socio-economic
groups would serve to improve conditions of businesses in this group. Online availability of
products can serve to orient client at the lowest economic groups. Management of technology
enhances the valuation of technologies ion the order of their life cycles (Sachs, 2008). This
solution offers the possible resolutions to biological elements while also ensuring the
completion of satisfaction within the economic class. Consideration of technological
characteristics in their contexts helps to improve technological application in the most suitable
fields of efficiency. Management of processes needs to incorporate the integration of
knowledge with technologies by advancing technological education in businesses and
education circles.
Product creation
Understanding business problems are the center for drawing possible solutions. Fixing
issues that are not of priority to customers is the best solution for determining customer
satisfaction (Moran, 2007). Defining of those desires that lead to intentions to purchase helps
to factor out problems and needs into the decision-making process. Solutions to these
priorities should not only depend on the existing standards but should also encompass broad
views and variables.
Having many solutions to one problem is the creation of a product is the best solution
to product development failures. Having patterns for similar products helps to give varieties to
customers while also selling the traditional products. Incorporating customer feedback into
the products helps in managing different needs. With the present day use of robotics in
product creation, businesses can choose to adopt the technique to avoid the errors that are
often associated with the human resource.
References
LOGAN.C ; (January 16, 2018) : Role of Entrepreneurs with Relation to
Enterprise; retrieve from https://www.toppr.com/guides/businessstudies/entrepreneurship-development/role-of-entrepreneurs-withrelation-to-enterprise .html
ERKO. A ; (November 16, 2015): Entrepreneurship Ecosystem Policy: Three
Key Challenges; retrieve from https://thegedi.org/entrepreneurshipecosystem-policy-three-key-challenges
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