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Entrepreneurs now come in increasingly diverse forms. For example, lists of modern successful entrepreneurs can include individuals such as Elon Musk, who has created a unique physical product, as well as Mark Zuckerberg, who has created a new form of social media. Both are examples of how entrepreneurs in the present day in particular must harness modern technology to realize their aims. According to Gitman (et al., 2018), entrepreneurs develop new models and ways of doing business. Unlike a small business owner, Jeff Bezos generated a new way to sell goods and services via his creation of Amazon, in a way that previous bookstores and retailers did not, and thus Amazon fits the classical definition of entrepreneurship, using new technology and ideas.
Today’s economy, particularly the fluidity of technology, the relatively low cost of starting an online business, and the ability to crowdfund, all makes it easier than ever to start an entrepreneurial venture. It has also made it easier for socially conscious businesses to advertise their output using the positive impact their green technology will have on the world (Nemeth, 2019). On the other hand, it has also made the marketplace far more competitive, given the ease of Googling lower prices. The dominance of large retailers like Amazon and Walmart online has also forced many businesses to conform to their needs, given the very real necessity of selling on these portals (Berthiaume, 2020).
Present day entrepreneurship is thus in a state of flux. Customers demand hyper-responsiveness to the market environment. Things are in a constant state of change. Even the social media people use to communicate on, and businesses use for the purpose of promotion is ever-shifting, as Snapchat and TikTok have replaced many older forms of social media for a new generation of consumers. Businesses must be hyper-aware of the media use of their core demographic of consumers and ready to exploit every opportunity they see.
References
Berthiaume, D. (2020). Competition breeds familiarity in Amazon, Walmart offerings. Chain Store Age. Retrieved from: https://chainstoreage.com/competition-breeds-familiarity-amazon-walmart-offerings
Gitman, L., McDaniel, C., Shah, A., Reece, M., Koffel, L., Talsma, B. & Hyatt, J. (2018). Chapter 35: Entrepreneurship today. In Introduction to business. Retrieved from: https://opentextbc.ca/businessopenstax/
Nemeth, C. (2019). What’s the difference between entrepreneurship and intrapreneurship? Moving Words Blog. Retrieved from: https://blog.movingworlds.org/whats-the-difference-between-entrepreneurship-and-intrapreneurship/
Entrepreneurship and Innovation Subject Q1) Do you think kickstarter is a viable alternative to raising equity funding or debt financing? If so under what circumstances? The growing popularity of the Internet has spawned crowdsourcing as new model of fund raising, pioneering by www.kickstarter.com. This innovative model is a distributed problem-solving and production model helping entrepreneurs and investors to launch a new product to the market place. From the novelty point-of-view, it is
Entrepreneurship How does a "low price provider, a low cost operator," that is committed to keeping quality and safety at the forefront of operations, "…achieve financial sustainability?" (Anant, et al., 2012, p. 1). This paper critically evaluates the article and offers an analysis of the business model employed with Lifespring Hospitals. The Lifespring Hospital Case The hospital got off the ground thanks to American money in the form of a venture capital fund
Finding ways to delegate authority is an important thing for entrepreneurs when they grow. When a company is in the beginning or high growth stage of the business cycle, there comes a point when the founder must let go some control so that the business can be more professionally run. The current business model is somewhat aimless, but oriented towards high end positioning. An alternate direction is that the business
Entrepreneur Description of the Business The business that I am starting is a food truck specializing in pulled pork sandwiches. The primary product is the pulled pork sandwich -- the pork is produced off site -- and it is sold along with a handful of complementary items (drinks, chips) in a food truck, essentially a mobile restaurant. The business will have two trucks to start, in order to cover a wider geographic
Burns (2007) indicates that the text is about that which motivates the actions and decisions of the entrepreneur, including the influence of personal social networks, family and personal background. Moreover, the text reports itself to be about the tasks of management which are associated with the entrepreneurial approach as well as how decisions are make, how risk is balanced and most essentially how there is a clear distinction between
Furthermore, during the same period there was an increase in the number of women-owned businesses in the 1-9 and 10-49 employment size categories. The idea that women do not make good entrepreneurs is countered by various facts, such as: "Research by Barclays Bank has revealed there are today nearly a third more women entrepreneurs than there were in 2000,...there are now 150,000 women-run enterprises across the UK, with the south