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Topic: Entrepreneurship

My part is : 1. Why did we choice this topic

- Compare entrepreneurship & leadership

2. Conclusion

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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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