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Entrepreneurship Essay Word count: 2000 words In today’s society with prompt and intensified competition. There has been a tremendous amount of interest in entrepreneurship all around the world. Entrepreneurs are regarded as motivated individual to the highest level of degree. It means that by succeeding can create and enhance living standards by recognising the opportunity and resource formation for the future (Hoskisson & Covin, 2011). Through this paper, will focus on the critical reflection on entrepreneurship, ideas and characteristics. Following, will be through an entrepreneurial process of an entrepreneur conducted the interview on their experiences of a start-up business venture. Entrepreneurship is predominantly known as an innovative business venture as to bringing something new to the market. It is through the process by which individuals pursue opportunities without regard to resources they currently control to pursuit (Barringer & Island, 2016, pp.28). This includes requiring an amount of time to plan and understand the idea of a potential market. Thus, through the use of resources and being innovative is the way of hope to achieve a desirable result. Similarly, entrepreneurship is known to boost and drive a force behind the economic growth of the economy. Through, the creation of “feel-good” business ideas of a simple product such as the use of reusable coffee cups (McCauley, 2017) leading to a success. Also through business owners starting with little or no money, by needing to organise and plan to reach one’s use as it strengthens the economy. Additionally, entrepreneurship reinforces small to medium businesses through investing. These activities offer strength as a result of giving a major boost to investment as a principle for the economy. Whilst through entrepreneurship is essential for being capable of being manageable enhancing knowledge, skills, and capability (Gribble, 2017) Hence, the importance as it assists to sharpen skills and cost by choosing the best alternatives. Moreover, entrepreneurs can create products from their skills leading to better performance. Consequently, entrepreneurship can not be undervalued as people should switch categorizing as a mentality from small to medium size businesses. It is great for the economy as a whole as a foundation source. The origin of entrepreneurship ideas is self-explanatory since there is no clear answer how some are successful and some fail. Problem orientated versus solution focused entrepreneurship in the concept of innovation, invention. Problem orientated is through a point based on the formation, insight and empathy of an individual’s knowledge. Hence, through the extent brings changes economically e.g. in case of companies such as Microsoft use a market understanding (Hougaard, 2010) are used to being kept in content to understand problems. Firstly, it starts with a discovery of a problem of being aware of the value in an unconventional way. Secondly, through the process of a solution based on results as seen through purchasing habits. Additionally, having knowledge will depend on the higher demand particularly for new sustainable ideas are rarely for luck.

The concepts of invention, innovation and entrepreneurship are through a focused view. Invention is defined as new discoveries without value until someone develops in the market. These ideas can be specifically difficult to realise its potential through the changing customer needs. Hence, it refers to the achievements on the new products linking to the objective itself. Innovation refers to the production of introducing new products for the organisation. Therefore, innovation is seen as a process of restoration. From radical as to allowing to shift in smaller innovation. Similarly, incremental innovation is based on the customers and needs of the product. Example Henry Ford assembly line saw the opportunity to sell cars. Thus, entrepreneurship is seen as knowledge basis on opportunity to less costly. In the mindset of an entrepreneur, it is important to know and address the alternatives in order to evaluate the business venture. Entrepreneur mindset defined by Network of Teaching Entrepreneurship is known as a set of skills, behaviours and direction of an individual need to succeed both professionally and personally. These mindsets include on being self-initiative, risk-taking being flexible, adaptive, innovative and problem solving. On to learning an entrepreneurial mindset it critically needed in today’s society to be more resourceful and adaptable to changes (Kane, 2016) Self-initiative, is the meaning of taking action by starting on your own by analysing situations and taking way to lead. Risk- taking hence is in the sense as entrepreneurs often have little or no money by taking different ideas to the extent to a degree of being successful. Having an idea by challenging in order to be confronted with many possibilities as learning through the process. Adaptive as in changes in the future due to the technology in today’s society in order to keep up. Being flexible is known to a degree in the long term goal. Consequently, these factors are needed for an entrepreneur to have in mind to being managed to meet potential needs in future possibilities. Accordingly, in the mindset for a business to change requires reacting globally to inception through new technologies (Poole, 2012). This idea of approach, is the change of mind way which is being implemented. Firstly, by developing opportunities as in start-up venturing in order to serve foreign customers and markets. Secondly, seeking individuals with experience are required to have a significant advantage for partners and relationships. Example this is impacted on global development as companies measure the way to contribute to the economy. Thirdly by ensuring the problem is small enough, hence to be solved and must be realistically on the size of the business. Fourth is to sell a minimum viable product to the customer early on is needed to be guaranteed in order to provide feedback. Fifth, is to leverage the assets of companies, in order to be more open as being capable to both communities and users. Sixth, develop a business model which is global by capturing on different geographic to search and collaborate in order to fit for global aspirations. These following steps of this purpose are to ensured to be more prepared to help and drive entrepreneurs worldwide.

In addition, the second part of this essay will explore the notions start up-development venture. This will be discussed through an entrepreneur where an interview was being conducted to reflect on the following knowledge, experiences and types of entrepreneurship person practices. The interviewee discussed is a successful business man called Tony Hill. He runs a business called “Mortgage Brokers “involving an intermediary working with a borrower and lender. His clients are people who need to fund, the process is followed by assessing the needs depending on the scenario, recommendation, negotiation, support and organisation of paperwork to suit your goals on your behalf. There are many different types of entrepreneurs, mostly are defined as an individual who sets up their own business. Another definition is that someone takes risks on financial profit. In addition, it is defined as to seize an opportunity in a market by initiating a business idea (Brixy, Stenberg and Stuber, 2011). Moreover, the main types of entrepreneurs categorised are business, social and small business owners. There are many principles to why an individual would take on a challenging path for stability and freedom on their own beliefs. Whilst both definitions of entrepreneurship are seeming to be correct. For instance, Joseph Schumpeter (1934) does not consider entrepreneurs in taking risks but view them as innovating. This means by creating a new market or industry by obtaining new sources. (Croitoru, 2012). In particular, social entrepreneurs are focused on filling gaps in a certain economy. Business entrepreneurs are influenced by their situation of their financial position as one claims to be underprivileged. Small business entrepreneurs aspire ideas into reality involving innovative concepts. Thus entrepreneurs, are considered not to be the same as it is looking for new concepts and markets. Mr. Hill is known to adopt the business entrepreneurial side because he claims to be taken advantage of, and the lower pay leading to take an opportunity to start up a venture. Also as a small business owner by uses a simple and a stable approach can be achieved with personal characteristics. Determination and perseverance is a source of a strong desire to reduce shortcomings standards of living (Kuratko, 2016). A drive to achieve, is an internally driven force attained to achieve goals in the form of low to high risks. Being a start-up entrepreneurs are often faced with uncertainty which consists changes of uncertainty which have to deal with short backs certainly. In addition, Tony Hill with a business partner needs to understand themselves in order to have a locus of control and influences in order to achieve their actions and responsibilities. Correspondingly, seeking feedback is a form in the case of Tony Hill. He has a strong desire to know how to do well with strong communication of individuals actively seeking to improve their performance. Prior experience is a factor as an entrepreneur helps to gain in an industry and recognise business opportunities. For a particular case, in the case of the interviewee, it helped to understand while working in the industry of insight and build a network in the industry (Barringer & Island, 2016, pp.78-79). Additionally, building a strong social network affects

recognition in opportunity leading to gaining insight of the future changing needs of the market. Consequently, the characteristics mentioned above of entrepreneurs are known to be opportunity-driven. This definition of individuals who possess the qualities of having a strong desire to be their own boss, having to achieve high goals and wanting to do not repeatedly do the same job. It is known as “the process of creating or seizing an opportunity and pursuing it”. Opportunities are not discovered but it is created to embody human aspirations on a certain circumstance to fulfil the needs and achievements. As mentioned from Howard Stevenson (1990) provides a wide range of framework is by determining differences between the management and administrative as it has been concluding to pursuit without resources are currently controlled. Opportunities are formed just waiting to be discovered but also in creativity. The creation theory suggests the actions of the entrepreneurs are not assumed to be the source (Oyson and Whittaker, 2005). The creation of these opportunities brings innovative and marketing diversity in the emotion of economic value. However, in addition not all entrepreneurs contribute a positive environment to the society. There are some instances by focusing on their own for financial stability and gain. Others operate in a non environmentally way, not following regulations. In conclusion, entrepreneurship is being critically discussed on being innovative and starting up a business. Entrepreneurship ideas of boosting the economy through innovation and creativity of an individual. Having a mindset, is known to react globally to different changes of circumstances in the future. Also, the entrepreneur discussed follows an opportunity driven through personal characteristics of experiences to achieve this possibility.

APPENDIX INTERVIEW TRANSCRIPT Ice-break questions  Describe yourself in 3 words – Calculated, Caring Responsible  Briefly tell about yourself – I fell in love of my industry once I started working at St.George call centre. I started to understand what mortgage brokers do and how they help people make their dreams come true. The complexity of how loans are approved by the banks are a great interest to me. Standard Questions  How many employees are in the business? Just 2 – Me and my business partner and hoping to afford to hire someone soon.  Where did your business idea derive from? And how did it leap into making your own business? – Initially I joined a mortgage company to jump start the mortgage career as I heard commission was really great. I later found out that even the commission was great, my company was taking advantage of our brokers and we can earn more if we started our own. Personal Questions  What best motivates you and how have your entrepreneurial motivations evolve overtime? What motivates me is the fact that the company is mine! It is something that I am molding, it is my baby and I will do anything for the business.  What do you look in for an employee? And in what ways to achieve great results. What I look for in an employee is someone responsible, honest and open minded to new things so when we make changes, they would understand why it is needed.  What are the main principles you follow to build a successful customer relationship? – Customers are not always right. Always help the customer understand. Be simple and concise to them. Make the process as simple as possible Critical Questions  Considering the increasing competition in today’s society, how would you see the company stand out in relation to competitors? – These days, there are a lot of online competitors, and well know brokers. We specialist in getting difficult loans approve where everyone else is scared or lazy to do.  What are the most challenging moments faced in your business? And how did you overcome it? Most Challenging moments is dealing with your employee or business partner, Every person is different and have a lot of emotions to deal with. Plus running a business for the first year is always going to be hard as there will be a lot of downs. How we overcame this is using strong communications guidelines for us to talk things through and goals for individuals, business, short term and long term goals.  How would you identify business opportunities and what ways are you to work successfully? As a broker, business opportunities are sources of customers for us. Eg. Real Estate Agents, accountants. Usually, these referral partners already have a broker. What we do is we wait for one difficult customer situation that the other broker can’t and prove to the referral partner that we can do anything .  What did you wish to know when you first started a business? And what advice for

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others do you have for starting a business? I wish I understood my business partner a bit better. Understand how he thinks and what his goals are. The advice I would give to others starting a business is have a process in place, have some short term and long term goals and be prepared to work really hard for the first year. What are your plans for the future? Growth in my company, hire more people and to sit back and relax.

REFERENCES Cate Gribble 2017, The Australian: What lies beneath the entrepreneurial drive: http://www.theaustralian.com.au/higher-education/what-lies-beneath-the-entrepreneurialdrive/news-story/d37d200f55be70991de9dea39f73f997 Dana McCauley 2017, Keep Cups, Who Gives a Crap: Australian entrepreneurs make millions from ‘feel-good’ ideas: http://www.news.com.au/finance/small-business/entrepreneursmaking-millions-from-feelgood-business-ideas/newsstory/0a990d2a05c96749a942b455090c95cd Donald F. Kuratko 2016, Entrepreneurship: Theory, Process and Practice Hoskisson Robert E ; Covin Jeffrey; Volberda, Henk W; Johnson, Richard A: Revitalizing Entrepreneurship: The Search for New Research Opportunities Journal of Management Studies, September 2011, Vol.48(6), pp.1141-1168 [Peer Reviewed Journal] Kwabena Simpeh 2011, Entrepreneurship theories and Empirical research: A Summary Review of the Literature: European Journal of Business and Management Vol 3, No.6, 2011, pp 5-6 [Peer Reviewed Journal] Robert Poole 2012, Global Mindset: An Entrepreneur's Perspective on the Born-Global Approach Technology Innovation Management Review, Oct 2012, Vol.2(10), pp.27-31 [Peer Reviewed Journal] Neil Kane 2017, Entrepreneurship and Innovation 2017: The Entrepreneurial Mindset Entrepreneurship and Innovation: https://entrepreneurship.msu.edu/the-entrepreneurialmindset/ Soren Hougaard 2014, The Business Idea: The Early Stages of Entrepreneurship: Springer Science & Business Media, 25 Oct. 2004, pp. 24-25 Yan Jun; Yan Li 2016, Individual entrepreneurship, collective entrepreneurship and innovation in small business: an empirical study: International Entrepreneurship and Management Journal, 2016, Vol.12(4), pp.1053-1077 [Peer Reviewed Journal]...