Entrepreneurship and its Five Factors

Entrepreneurship is the term that refers to the aspect of production which carries out the functions of Company. There are major five factors such as capital, land, enterprise, labour, and land which are involved in the process of an entrepreneur. In the broader sense, an entrepreneur can be referred to as the process of action which is undertaken by the person to establish his enterprise. It represents an innovative and creative response to the environment (Audretsch & Keilbach, 2010). This kind of rejoinders can take place in any countryside of social try might be agriculture, education and social work. It is vital to have efficient knowledge regarding political and economic environment, more specifically regarding the economic policies of the financial and economic along with commercial institutions (Shah and Mulla, 2013). There are various kinds of risks have to face by entrepreneur. Initially, in introducing a small business, the entrepreneur has to face a number of business risk in the level of the failure rate of small companies is quite high. On the other hand, entrepreneurs have to handle upper level of financial risk merely due to they invest most in their personal finance.

This assignment highlights three entrepreneurs with their background, education, progress, struggle and success. An evaluation will be made regarding the same by taking consideration of different theories, concepts and framework. The discussion will be made on Walt Disney, Steve Jobs and Oprah Winfrey. These are well-known personalities in the world that contribute to the development of the economy of the specific country.

Walter Elias Disney was a famous entrepreneur in America. He was born in Chicago in 1901, the first interest of Disney was in drawing for which he took art classes and got a job for the profile of commercial illustrator at the age of 18. With the help of his brother Joy, He had started Disney Brother Studio and then Walt made the character of Mickey Mouse in 1928, which was his high popular success. Moreover, Walt Disney put a lot of efforts in bringing change within the business and the results seen in characteristics such as Pinocchio, Fantasia, Bambi, Snow White and seven dwarfs and Dumbo (Mannheim, 2016).

In the context of his history and family background, it has been found that Walt Disney started off as a farm boy who had significance in depiction cartoon pictures of his neighbor’s horses for fun (Sutcliffe, 2009). It has been analyzed that the first original character of Disney was Oswald the Lucky Rabbit, but Universal Pictures owned this character because Disney was working under contract at the time. At the time of walking out on Universal Pictures by Walt Disney, he required to develop a substitute, which is how Mickey Mouse came into being. At that time, Disney was hugely successful with his animation company, but with this approach, he was not satisfied. The main aim of his is to make the biggest and huge theme park (Krasniewicz, 2010).  

Walt Disney: Life and Success

The current management style of Walt Disney is effective as he adopted transformational leadership style and involved all employees in decision-making approach; he connected with each employee personally so that they could not make effort to reach high authority. He drew people in with his charismatic charm and provides family-like environment (Watts, 2013). Same kind of attitude is being adopted by the latest leader of Walt Disney.

Theory of entrepreneurship

In the context of Walt Disney, it has been found that the work of Walt Disney is based on entrepreneurship innovation theory because he was known for its creative foresight. According to this theory, innovation happens when entrepreneur put efforts in developing a new product, develops a new manufacture method, search out the new source of raw material supply and develop the new organization in the industry. The main aim of this theory is to highlight the innovation, avoiding risk and taking abilities of an entrepreneur.

Bill gates are an American business investor, author, humanitarian and philanthropist. He is well known as the principle founder of Microsoft Corporation. At the time of his career at Microsoft, he held the positions of Chairman and Chief software; on the other hand, he was being the well known individual shareholder in 2014 (Boje & Smith, 2010). William H. Gates and Mary Maxwell Gates are parents of Bill Gates. The profession of Bill Gate’s father was a lawyer as he belonged from settled family. Early on in his life, he had been observed by Gates that his parents wanted him to become a lawyer but the interest of Gates was on another way. The main motive of Bill Gates is to continue to devote his time and energy to the work. The organization handles national and international domestic issues, like health and education and helps those needy students for their study in the US. Bill and Melinda Gates made the William H. Gates Foundation, which was devoted to handling education and investment in low-income communities. It had been realized by him that he had a responsibility to provide more of his prosperity to charity. In 2000, the couple united several family foundations and developed a $28 billion contribution in the foundation of Bill & Melinda Gates Foundation (Østergaard, Timmermans & Kristinsson, 2011).

The current management style of Bill Gates is a participative leadership style. Gates believes in the worth of contribution from his employees for entire success of the company. The major reason behind the success of the company is the hardworking and motivating attitude. The business attitude of the bill gates was to adapt changes in order to succeed. With this business attitude, Gates has developed a company that has been able to endure the tempest and still appear on top as a shining star. Bill Gates was able to expand a company that uses the skills of his team members to accomplishment.

Bill Gates: Life and Success

Theory of entrepreneurship

With respect to Bill Gates, psychological theory can be applied because it is the theory that depicts when society has enough supply of individuals with required psychological features, this motivates entrepreneur to work hard. Along with the psychological characteristics involve need for high attainment, an ability to face opposition.

Oprah Winfrey is the biggest personality of the modern rags-to-riches stories of all time. Oprah is the richest entrepreneur of African American of the 21^st century, that have net worth of over $3 billion, she is remarkable personality and inspirable women all over the world. Her implausible growth is more imposing referring to her rough upbringing (Drucker, 2014). She was born in Mississippi, on 29 January 1954. The family background of Oprah is in extreme poverty as Oprah was taunted at school due to her school dress which was made up of potato sacks. Along with that she was victim of sexual abuse from family members, which was described by her in one of her show in front of viewers (Carrillo-Hermosilla, Del Río & Könnölä, 2010). According to her statement, it has been found that she was molested at the time of her childhood and became pregnant at the age of 14. She faced a lot of challenges in her life. She got her first break at gig at the local black radio station from which stations managers got impressed with her passion and she got the opportunity to work her way up the levels to bigger radio stations.

The current management style of transformational as she has the charisma and confidence to motivate other people. It has been analyzed that she strategically chooses members of her team and she values excellent mentorship (Garson, 2011). She values her customers and put them on top priority. She identified this and provides her approval to her viewers by providing them outstanding gifts and the studio audience at the time of holidays or when there is no specific occasion. More than the gifs, the main motive of her is to show her presentable in front of them and listen to their queries and ideas appropriately so that her employees connect with her for a long time (Peck, 2015).

Theory of social change has been adopted by Oprah Winfrey as this theory reveals a common model of the society which focuses on the interrelationship among culture and physical environment. The main focus of this theory is to highlight historic shift as a factor of initiating change. She struggled a lot and become a role leader it the view of many people. The positive attitude has been adopted by her to bring change in the societies.

Oprah Winfrey: Life and Success

 

Source: https://www.1st10yards.com/introducing%20the%205%20dynamics%20model-2.html

The above-mentioned model depicts that there are four major factors such as Product/service, Garage Team, Management tools and Culture/ environment. The above model depicts that all above-mentioned entrepreneurs follow this model. The discussion of this model is described below:

Product/Service

It is the section which elaborates the product or service will be successful if it is reduced an existing pain or increases significant tangible advantages. Walt Disney and Bill Gates put a lot of effort in bringing attention of people towards its products or services.

Management tools

Even though the capability to sell it’s certainly the most vital tool for an entrepreneur, there is number of management schools that tend to limit this from their classes. There are most corporate executives that hate selling which motivates the idea those sales is a low priority. It is necessary to remember that the sales are the missing toolkit. All the major stakeholders such as customer, staff, suppliers and investors are a major part of any kind of business which is taken into consideration by all above-mentioned entrepreneur to get succeeded in their industry.

Garage Team

It is the aspect of the model that depicts during starting year of a start-up, it is required by entrepreneur to focus on multi-tasking garage team. Well managed team reduces the cost of working and doe work efficiently by focusing on delivering the major scheme. Startup has not potential to expense a lot on the employees to motivate them for which will need self-encouraged team members. Microsoft and Disney drew their attention to such thing and with the support of self-motivated employees, company was able to reach a peak level of the success in a short span of time.

Culture/Environment

It is necessary for the start-ups to stay fast and lean to survive in a vague and often hostile environment. All the above mentioned entrepreneurs believe in providing a healthy environment to the employees so that they can perform in a well-efficient manner without getting frustrated from the work.

Conclusion 

It can be concluded from above discussion that the entrepreneurs can modify the technique we live and work. If flourishing, their innovations may perhaps get better our benchmark of living, and in accumulation to produce prosperity with their consumerist ventures, they also generate jobs and the circumstances for a prosperous society. The discussion has been made on entrepreneurship such as Walt Disney, Oprah Winfrey and Bill gates that made their strategy in well appropriate manner so that their business can reach peak level. it has been found from above discussion that Walt Disney put lots of effort in making a different image in the view of people for which the design of Mickey Mouse has been developed by him in many years ago which is still in the existence. In the context of Bill Gates, it has been found that he took step towards in his interest and become the famous entrepreneur by giving right guidance to those people who are working under his shadow. With respect to Winfrey, it can be said that the role of her in becoming famous entrepreneur is significant as she struggled a lot but she applies latest and adaptable entrepreneurship theory through which all employees of her can work in well efficient manner without getting burdened.

References 

Audretsch, D. B., & Keilbach, M. (2010). Entrepreneurship and growth. In Knowledge Intensive Entrepreneurship and Innovation Systems (pp. 309-320). Routledge.

Boje, D., & Smith, R. (2010). Re?storying and visualizing the changing entrepreneurial identities of Bill Gates and Richard Branson. Culture and Organization, 16(4), 307-331.

Carrillo-Hermosilla, J., Del Río, P., & Könnölä, T. (2010). Diversity of eco-innovations: Reflections from selected case studies. Journal of Cleaner Production, 18(10-11), 1073-1083.

Drucker, P. (2014). Innovation and entrepreneurship. Routledge.

Garson, H. S. (2011). Oprah Winfrey: A Biography: A Biography. ABC-CLIO.

Krasniewicz, L. (2010). Walt Disney: a biography. ABC-CLIO.

Mannheim, S. (2016). Walt Disney and the quest for community. Routledge.

Østergaard, C. R., Timmermans, B., & Kristinsson, K. (2011). Does a different view create something new? The effect of employee diversity on innovation. Research Policy, 40(3), 500-509.

Peck, J. (2015). Age of Oprah: Cultural icon for the neoliberal era. Routledge.

Shah, T. and Mulla, Z.R., 2013. Leader motives, impression management, and charisma: A comparison of Steve Jobs and Bill Gates. Management and Labour Studies, 38(3), pp.155-184.

Sutcliffe, J., 2009. Walt Disney. Lerner Publications.

Watts, S. (2013). The magic kingdom: Walt Disney and the American way of life. University of Missouri Press.