Entrepreneurship can result to new businesses or reviving existing businesses in response to an opportunity that has presented itself. There are many entrepreneurs who have come up with new business ideas or revived existing businesses to a higher level of performance. Entrepreneurial activities are diverse depending on the kind of business as well as the creativity demanded. Different forms of entrepreneurship have emerged that does not necessarily involve business activities. Example of the new forms of entrepreneurship includes knowledge entrepreneurship, political entrepreneurship, social entrepreneurship, among others (Calvin, 2004). Many entrepreneurs share certain characteristic traits such as creativity, over generalizations, driven by achievement and independence, optimistic decision making etc. (Calvin, 2004). The purpose of this paper is to identify and compare three entrepreneurs from three different countries as well as identifying theories that will assist in understanding entrepreneurs well.
The three entrepreneurs are Steve Jobs, Lance Uggla, and Willie Deague. Steve Jobs was from the United States of America. He was a co-founder of Apple Company, which is one of the most successful technology companies. Lance Uggla is Canadian born though he has set his business in the UK. He is the co-founder of Markit Group. Finally, Willie Deague is from Australia. He is the CEO of the Asian Pacific Group.
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Although the three entrepreneurs come from different countries, they share some characteristics traits. The main key characteristics trait that they share is innovation. Steve produced a number of innovative products at Apple Company that ranked high in the technology industry. He believed that market research and focus groups are just ways of killing innovation (Cringely, 2004). Therefore, he would introduce new products in the market without carrying out any market research. For instance, he introduced iPad without carrying out market research and his innovation never failed him. According to Steve, most customers are not aware of what they want, and as an innovator, one should never wait for them to tell you what they want. He used to view the work of looking what customers want as a way of killing innovation. He released several popular products that potential customers were not aware they needed until they bought them (Cringely, 2004).
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Mr. Uggla is also innovative. He has used financial technology to translate innovation into a competitive advantage. Through financial technology innovation, his company is able to provide its customer with price updates in every minute (Thomas, 2012). Keeping in touch with customers through financial technology innovation has improved operation efficiency, reduced risk and increases transparency in his financial services (Thomas, 2012). Mr. Deague is also a young innovative entrepreneur. He has managed to adapt to market conditions throughout a time of rapid change. For instance, he succeeded to build the three art-inspired hotels during the global financial crisis (Ham, 2012). He also used an innovative idea by launching a marketing campaign that helped the hotels exceed the expected hotel night guests during summer (Ham, 2012). This campaign also improved the hotels international exposure as well as increasing their publicity. Other traits that the three entrepreneurs share include: inspiration, commitment, visionary, persistence, mercurial, brilliant, and discipline.
There are several theories of entrepreneurship that can assist someone to understand entrepreneurs better. Examples of entrepreneurship theories include the theory of religious belief, the theory of social change, entrepreneurship innovation theory, theory of achievement motivation, economic theories, cultural theories, and psychological theories (Calvin, 2004). Theory of religious belief and theory of social change are commonly referred to as sociological theories. Sociological theories were brought forth by Max Weber. Max Weber argues that religion and social change contributes to the development of entrepreneurs. The impact of religion and impact of religious beliefs determines the entrepreneurial culture. Social changes such as the continuing technical progress also influence the entrepreneurial culture. Continuing technical progress improves entrepreneur’s creativity as they try to utilize the available technology to create the competitive advantage over their competitors. Entrepreneur’s creativity is considered to be the fundamental element of economic growth and social transformation (Calvin, 2004). An entrepreneur performs according to the society role expectations.
Economic theories were brought forth by Joseph Schumpeter who argued that entrepreneurial functions contribute to economic development. According to him, entrepreneurs assist the process of economic development since they are creative, innovative, and have foresight. According to him, entrepreneur innovation occurs when a new product is introduced, a new production method is introduced, a new market is opened, a new source of raw material supply is found, and a new organization in any industry is introduced. He refers to this innovation as entrepreneurship innovation theory. Economic growth and entrepreneurship take place when economic conditions are favorable. Economic incentives such as infrastructure availability, technology, taxation policy, etc. are the key motivators of entrepreneurial activities (Calvin, 2004).
Psychological theories focus on the psychological characteristics. A society with individuals with necessary psychological characteristics boosts entrepreneurship. Psychological characteristics of entrepreneurs include foresight or vision, ability to face opposition, commitment, and need for high achievement (Calvin, 2004). Individuals develop these characteristics depending on how they were brought up. Generally, psychological characteristics will have a direct effect on the supply of entrepreneurs in a given society.
Theory of high achievement was brought forth by McClelland who was able to identify two critical characteristics of entrepreneurship. The two characteristics include making the decision under uncertainty and doing things in a new and better way (Calvin, 2004). He argued that individuals with high achievement orientation are likely to become entrepreneurs.
In conclusion, Entrepreneurship can result to new businesses or reviving existing businesses in response to an opportunity that has presented itself. Entrepreneurs share certain characteristics traits as indicated by this discussion. Innovation is the major characteristic that is shared by all entrepreneurs and the three entrepreneurs discussed here are not different. They share innovation as the main characteristic trait. There are several theories of entrepreneurship that can assist someone understand entrepreneurs better such as the theory of religious belief, the theory of social change, entrepreneurship innovation theory, the theory of achievement motivation, economic theories, cultural theories, and psychological theories. Their contribution to the development of entrepreneurs is analyzed above.