What Is It Really Meant By The Term Entrepreneur Entrepreneurship Business Essay - Free Essay Example

Sample details Pages: 6 Words: 1835 Downloads: 1 Date added: 2017/06/26 Category Business Essay Type Argumentative essay Did you like this example? In this essay I will be analysing the validity of the following statement The Entrepreneur is dead, long live the Infopreneur. What is it REALLY meant by the term entrepreneur/Entrepreneurship? According to Oxford English Dictionary the term entrepreneur is outlined as person who sets up a business or businesses. An entrepreneur is a person who has new idea, venture, enterprise and assumes significant accountability for the outcome and inherent risks. Entrepreneurship is the art of innovation and the attitude and quality of taking risk in order to make profit in business. Don’t waste time! Our writers will create an original "What Is It Really Meant By The Term Entrepreneur Entrepreneurship Business Essay" essay for you Create order Infopreneur is the person whose primary business is gathering and selling electronic information. Infopreneur is a entrepreneur who make money through the process of selling information on the internet. In the current future market infopreneur seems to be more in trend compared to entrepreneur. The main reason for this is the development of the technology. From the beginning of the history , several economists from different backgrounds argued to theorize the defenition of this concept, until the 18th century a frech economist named Richard Cantillon used it as an economic term describing a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise. which is probably closer to the term as applied today. The following definition was later extended by others by including the concept of having the factors of production. Some definitions of an entrepreneur are listed below: In 1976 British economist Adam Smith described in a few words the concept of entrepreneurship, as entrepreneurs were the economic agents who transformed demand into supply for profits. In 1803, french economist Jean Baptist Say, has extended the term entrepreneur. He defined an entrepreneur as any person who. Say described an entrepreneur as one who has several skills of creating new economic enterprises, but also had the vision into societys demands and was able to fulfill them. He also extended the term to have the idea that entrepreneurs were Say broadened the definition to include the idea that entrepreneurs were bosses bringing people together and managing them in the company. In 1848, the famous english economist John Stuart Mill stated entrepreneurship as the founding of a private company. This incorporated the risk takers, the decision makers, and every individuals who needs capital by maintaining limited resources to establish new business enterprises. And he unde rlines on how valuable the entrepreneurship is for economic development. After Mill , the aspect of the entrepreneur in economics has advanced to evolve. In 1934, the best definition was coined by the Austrian economist Joseph Schumpeter, and also added the idea of innovation to entrepreneurship. He described that the entrepreneur is one who provides innovation within the context of the business to meet unfulfilled market requirement. In elaboration, he identified an entrepreneur as an innovator who performs change within markets through the carrying out of new combinations. He describes entrepreneurship as an action that gives introduction a new product, a new product method, new business or a new form of organization, and he also states that these actions will assist bring wealth by creating a need in the market from a newly introduced innovation. Sadly, even though many economists agree that entrepreneurs plays an important role for economic growth, they continue to argue over the definite role that entrepreneurs play in developing economic growth. Some thoughts on entrepreneurship indicate that the role of the entrepreneur is that of a risk-taker in the face of ambiguity and inadequate information. Although many current theories on entrepreneurship agree that there is an essential factor of risk, the risk-bearer theory alone cannot explain why some individuals become entrepreneurs while others do not. For example, Knight, Mises claims anyone who has an ability to sustain the risk of losses could be called an entrepreneur under this narrow-definition of the entrepreneur as the risk taker (Swoboda, 1983). Therefore, it is essential to look at some of the other characteristics that help explain why some people are entrepreneurs; risk may be a factor, but it is not the only one. Conclusion: Entrapreneurship is a dynamic process that helps creating incremental wealth to the scociaty as well as the entrepreneur itself. The created wealth by individuals who believe the main risks in terms of capital, time and career commitment of giving value for some product and service. Created product and service i tself may be entirely new and unique or may not be, however the entrepreneur somehow has to introduce value by acquiring and allocating the essential skills and resources.It is a fact that by archiving so an entrepreneur meets his creative wish, each and every succesfull project carried out leads to self satisfaction. Since the very early of 21st century technologies are growing very quicky and playing a greater role in many different fields. Either people become aware of it or not, the way manage business and live our lives would be much different if it werent for the continually changing technology.In todays world we are totally living in a computerized world Technology in business industry has big impact where the opportunity of creating business evolving worldwide. As the result of evolving technology, conventional face-to-face business industry loosing its intrest where as importance of online business is advancing rapidily. According to nielsen statistics, is the primary source of audience measurement information in the television industry around the world. Its has published overall online shopping trends over 875 Million Consumers Have Shopped Online.More than 85 percent of the worlds online population has used the Internet to make a purchase-increasing the market for online shopping by 40 percent in the past two years-according to the latest Nielsen Global Online Survey on Internet shopping habits. Globally, more than half of Internet users have made at least one purchase online in the past month, according to Nielsen. When The Nielsen Company conducted its first global survey into Internet shopping trends two years ago, approximately 10 percent of the worlds population (627 million) had shopped online, said Bruce Paul, VP, Customized Research, Nielsen U.S. Within two years, this number has increased by approximately 40 percent (to 875 million). The most popular and purchased items include: Books (41% purchased in the past three months), Vi deos / DVDs / Games (24%), Airline Tickets (24%) amongst other things such as clothes and accessories (36%). Internet is a way to reach out to anyone, anywhere in the world it allows people to fulfill businesses without any limitations such as time or distance. Individuals can log on to the internet at any time and buy or sell anything at a single click of the mouse within few second. Most important of all is that , computers is capable of converting any transmitted analogue information such as videos, pictures, books, sounds, etc. into digital medium, where is transmitted to any individuals anywhere in the world over the internet. This has established a radical change within existing businesses to maintain competitiveness within a market and the occasional radical change to create new businesses and markets to survive over the long term Although is right to say that Internet factor is huguly affecting every business in every industry, its major effect its on informat ion industry such as entertainment (films, music), news, books, magazines, education etc. Below I will try to compare traditional book with an e-book within information industry: paper book In order to manufacture a physical book trees are required to make papers, in the next stage the information is transferred through printing process, later many hands and energy such as shippings are required to shift the book from manufacture to retail stores and , finally to the consumer. percentage of revenue an author gets from each book sold is 20% that means the author gets  £10 on every  £50 book sale. The remaining  £40 goes to publisher to cover the manufacturing, shipping and other expenses. Lets say if a publisher manges to sell 15000 books in one year , the author will only get 20% of that sales, thats means  £15000 for his imaginative works. E-BOOK if the author decides to produce the same book in a digital way known as e-book, then the process can be shorte ned considerably , where the author can produced and package then delivers anywhere in the world in just few seconds ,from a environmental view i would expect e-book to cause a lot less damage with almost no impact on environment.So long as Lets assume the author of a book decides to be an infopreneur, by setting up a website where he can sells the books through on line to the world marketplace, more likely he will going to sell more books as a result of reaching more and more people. Lets say he sells identical number of books at the same price. The followings are the cost for setting up a online book store in a year: for the creation of the website he will going to spend around  £3000,  £80 a month for a good web host (dedicated server), about  £2500 a month for a webmaster, an extra  £3000 on advertisements on google in order to gets traffic. The initial cost the author going to spend in total is  £77,600, by selling 15,000 books at the price of  £50 each he would generate net sales of  £750,000, after deducting the initial cost he will be getting  £672,400. this means he will be getting an enrmous 90% of profit. As e-book content continues to grow i see significant growth in the market. Author would enjoy this kind of success in offline business.  £3000 construction,  £30,000 for webmaster  £8,600 for host 36,000 on advertising Even-though it would be unacceptable to state that the entrepreneurship is dead but we are aware that infopreneurship is most most certainly the trend and the focus of the future economy and future generation. There are strong evidence for the success of the online trading promoting the business through internet. The most successful businesses such as Ebay, Google and Yahoo proofs the success of making profit through internet business. There are many other large companies such as Microsoft, Airline and banks who has successfully promoted their business through internet. Biggest question that raised in my mind about infopreneurship is that, how is it possible for the businesses that trade in a traditional form service their local community to benefit from infopreneurship?. Researches successful stories enabled me to understand the fact that it is possible for traditional trading businesses to also benefit through internet. These businesses can identify their target audiences ob tain a marketplace. Internet can be used to add value to their products enable all the local community to be aware of the service products available. Through the internet products services can be given to more than one community easily quickly. https://www.technopreneurial.com/articles/history.asp https://www.scribd.com/doc/22784825/Entrepreneurial-Small-Business https://www.gdrc.org/icm/micro/define-micro.html https://www.zeromillion.com/entrepreneurship/entrepreneurship-meaning.html https://www.usq.edu.au/learningcentre/alsonline/assessment/assign/assigntypes/essay.htm https://en-us.nielsen.com/content/nielsen/en_us/news/news_releases/2008/jan/over_875_million_consumers.html

The Health Care Industry Is Essential For Living A Good Life

Maintaining your health is essential to living a good life. Doctor visits, surgeries, and prescriptions play a major part in many lives. According to CFNC.org, the health care industry is the â€Å"largest and fastest growing industry in the United States.† This industry provides over 10 million jobs in more than 200 careers to people all over the country (CFNC.org). Out of the 200 career options, dentistry is one of the top flourishing fields. This field houses dentists, dental hygienists, and dental assistants. Out of the three, dentists are the ringleaders in their practices. â€Å"Dentists diagnose and treat diseases, injuries, and malformations of teeth and gums and other related oral structures, in order to increase the vitality of†¦show more content†¦In addition to a bachelor’s degree one must successfully complete four years of schooling from an accredited dental school. The application process for dental school is extensive. One must not only complete the application but also the proper prerequisites, letters of recommendation, and a certain amount of volunteering/shadowing. Dental school requires one to take the Dental Admissions Test (DAT). This standardized test is used to create an equal playing field for all applicants around the country. The test encompasses various questions on reading comprehension, chemistry, mathematics, biology and mathematics. The University of Michigan School of Dentistry founded in 1875 is located in Ann Harbor, Michigan, and is ranked the number one dental school to attend. This past year, University of Michigan accepted a limited amount of 108 applicants out of 1,964 applications received; out of the 108 admitted 45 are out-of-state (dent.umich.edu). Although limited, Michigan accepts about 21 percent more the other dental schools. For non-residents, University of Michigan can cost up to $55,811 a year (finaid.umich.edu). 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Dimensions and starbucks Free Essays

In order to clarify and understand how five dimensions of situational influences affect buyer behavior, this essay is going to answer three questions. First of all, physical surrounding and social factors will be demonstrated by providing some definitions and relevant instances. Secondly, case study will be analyzed based on three factors such as social surrounding, task definition and temporal perspective. We will write a custom essay sample on Dimensions and starbucks or any similar topic only for you Order Now Finally, Struck cafe would be chosen as an example to analyze how they has developed their promotion, place and product related to physical factor. Question 1 Firstly, as can be known, situational influences are basically five factors that affect customers when they want to make buying decision. One of the most visible features that may have a direct impact on their decisions is physical surrounding like store location, interior decoration, music, smell, temperature and amount of choice provided. This factor would be used as a tactic to attract customers or keep them stay longer in stores. For example, these days, Coles and Woolworth have had almost same price and promotion for their customers so most people have chosen to shop in en of these because that is simply the nearest supermarket from their house. In addition, how companies decorate their shops, what kind of music they play and which fragrance they choose to use in their stores or products play a prominent role to approach their potential clients. According to Bell (1975)g’s study, there is a relationship between store’s atmosphere and purchasing outcome that means the more enjoyable atmosphere the store have, the more money their customers are apparently willing to spend (as cited in Manic and Radars, 2006). Moreover, when they spend more time to stay inside, it may lead to a chance that they would buy enplaned goods. Furthermore, in 2000, the American Wine Council demonstrated that their most wine consumers were female who prefer having sweeter taste and smell and that is one of the reasons why many companies such as Chardonnay and Cabernet Sauvignon produce sweet wine more than dry one (as cited in Brewer, Salina Miller, 2011). In general, as can be understood that physical surrounding includes the mostly tangible elements that could be used to influence people’s buying behavior in a straight line. Secondly, there is one of the most unavoidable impacts that many buyers are usually affected when they make up their mind on archiving a product especially a valuable things such as phone, car, house, etc. Is social surroundings. Culture, family, reference group and social class are the elements, which would be insisted in this situation. In this case, the majority of customers possibly give their decision to buy a product based on the suggestion from their relationship around them. In 2006, Chuan et. Al stated that â€Å"Shopping in company increases purchasing outcomes† in their research. It can be considered that clients who come with friends or group tend to spend more money and buy more items than who go alone (as cited in Manic Radars, 2006). According to Genevieve (2006), since there are plenty of benefits that social influence are brought, many companies choose to launch their advertisements at the time that they probably know that time for family viewers such as Walt Disney or group of friends like football game. That would lead to a successful effect, which they would like to approach their potential customers. In short, social surrounding is a significant factor, which seems to help businesses achieving a greater consumption if they may implement it appropriately. Question 2 It is the intention of this question to identify and briefly analyze three key of educational influences related to specific case study when Kate has to make a final decision to buy a smartened for her boyfriend, John’s birthday. First of all, when she has a demand to purchase a gift in her boyfriend’s birthday occasion that is task definition. That is the reason why she not only spends a lot of time to find the information for this purchasing but also emphasizes on the feature and brand of smartened that her boyfriend would like to own particularly. In the other words, she prioritize his demands at the first. Additionally, it is easy to understand why she asked his friend and the sale consultant for enforcing her desirable decision. In this circumstance, it is quite clear to realize how social factor affects customer behavior. There are two social surroundings in this case: membership groups and aspirations groups. In this case study, Kate would be influenced by advise of John’s friend who is in membership group and knew John’s personality and character very well. His recommendation for Phone 5 would have the most vital impact on Skate’s decision because of his better knowledge over her boyfriend’s interests and preferences as mentioned in case study. However, Kate would be confused to give the final selection, for she also consider the option Samsung galaxy SO from professional sale consultant who is in aspiration groups and may have much better experiences in smartened. Therefore with the purpose of solving this issue, she has to consider the third situational influence – temporal perspectives which would probably enforce her so as to fugue out the most suitable present for her boyfriend due to his fast approaching birthday. In Genitive’s book (2006), he indicates, â€Å"Time pressures and technology have combined to produce a rapid growth in high quality’. Thus, it seems to be related to Skate’s problem when she has to determine as soon as possible. That would cause the issue that the less time she has, the faster decision she has to make. In brief, as following this case study, it is possible to recognize that social factor predominantly affects how customers behave in general and Skate’s in particular. Also, this is the main reason making her hesitated to reach the final selection. Question 3 As stated in the introduction, in this section, Struck would be chosen as an example to demonstrate how a business implies social surroundings and succeeds in China for making marketing strategy by following three of four stages in UP – place, product, promotion. Struck, which is known as one of the most famous and valuable brands in the world, have opened first outlet in China since 2007 and will have extended to 1,500 stores by 201 5 (China Observer, 2011). Hence, which reasons have made them survive and success in China, where is well known as an initial traditional maintained country, will be described sketchily relating to social features in this bellowed part. First of all, with the aim of approaching Chinese market Struck has settled store system in many virtual locations where there are crowded pedestrian places as usual as they did in America but with Chinese style’s decoration for making their customers feel convenient. Picture 1: Struck in China (n. D. ) As can be seen in the above picture, that is the general decoration of Struck in China. Furthermore, Struck has especially allocated one of their stores in the Forbidden City (in the picture bellow) where is the most respectful and traditional symbol for Chinese history. It is one of the noticeable tactics that Struck wants to access China’s market through Chinese cultural architectonic. In addition, with mainly target customers who are the growing middle class they have set their own image to become fashionable and trendy (McKee Lawmaking, 2009). In this case, their potential customers would like to come in, have a seat, talking with friends and have a Struck cup of coffee. That means they have adapted themselves by using reference groups in social surroundings. Picture 2: Struck in The Forbidden City (n. D. ) Secondly, According to Wang (2012), there is an important strategy in product placement that Struck introduced their beverages using Chinese popular local ingredients like green tea. This strategy has helped Struck to overcome the upcoming trouble which western cafe would threaten Chinese traditional drink – tea. That means they have tried being a Struck by Chinese and American cultural combination and avoiding totally implementing typical American concept into Chinese market. Finally, as mentioned previously, since Struck has been running a cafe system to make them become a trend, the most effective promotion for them is mouth to mouth. As long as the development of globalization included China, the monger generation tends to follow the new trend and experience the western culture. By recognizing what is happening in the world, Struck has given their customers â€Å"Struck – Experience† (Wang, 2012). That is how they has confronted with China’s market and made it possible and the most second largest market behind original market – America. In conclusion, the five dimensions of situational influences play a vital role in marketing strategy to attract and deal with how customers behave to make their buying decision. How to cite Dimensions and starbucks, Papers