Important Notice:- Please be advised that there will be scheduled downtime across our website from (03/02/2023/12:30 PM GMT) to (06/02/2023/12:30 PM GMT). This is because we are updating our website. We apologize for any inconvenience. For more information, or if you have any questions, please contact the customer support Team at (support@assignmenthippo.com)
The entrepreneurship is considered as a key for the purpose of improving the society, especially the developed countries (Drucker, 2014). The process of conceptualizing, planning, launching and functioning of a new business is known as entrepreneurship. It is a combined terminology that requires management skills as well as creative skills (Drucker, 2014). The entrepreneurs should experience a driving force which would motivate them to excel in their new business project. They should aim for the creation of value for the newly formed company. This report is based on the analysis of the profiles of entrepreneurs in 2016. It describes the driving force behind venturing into entrepreneurship, especially in the international markets. The personality traits of an entrepreneur are discussed along with reference to the emerging markets and BRICS.
A person who is responsible for the organization, management and success of an enterprise is known as an entrepreneur (Drucker, 2014). The phenomenon of planning, designing and implementing a business idea is known as entrepreneurship. The entrepreneur should have the capability of developing, organizing and managing a business venture with an intention of profit making (Barringer, 2012). He should also have decision making capabilities, including risk solving abilities. There can be several problems in entrepreneurship such as the paucity of funds, economic crisis, inappropriate business decisions and others. It is the inherent responsibility of an entrepreneur to manage such kinds of contingencies (Drucker, 2014). The entrepreneur should be able to identify the market opportunities and decide the means of exploiting them.
The concept if high impact entrepreneurs are quite common now a day. The high impact entrepreneurs are the persons who initiate and expand the business based on parameters such as innovation (Sarasvathy, Menon & Kuechle, 2013). They proliferate their business in a way which is based on creative concepts. They handle large opportunities and strive to grow rapidly. In this process, a large number of job opportunities are created that offer crucial economic impact. There are four important criteria that are considered in high impact entrepreneurship - innovation, job creation, societal impact and wealth creation (Sarasvathy, Menon & Kuechle, 2013).
The startup companies must possess some basic skills in order to be successful in their business skills. The skills may range from sales, marketing, product development, capital raising, leadership, law, product development and others (Putta, 2014). Some of the identified skills of a high impact entrepreneur are listed below-
The fact that people are born with necessary entrepreneurial traits is a fallacy. There are both external as well as internal factors that influence entrepreneurs (DeMartino & Barbato, 2015). The factors decide whether an individual is inclined towards entrepreneurship-
Fig: Factors leading to entrepreneurship
Source: Created by the author
The country is said to be an emerging market when it displays few characteristics of a developed economy, yet unable to meet the preset standards of a developed market. The markets of India and China are considered to be the biggest emerging markets. The BRICS countries are the largest emerging countries with nominal GDP (Babu, Hariharan & Srinivasan, 2016). They are- Brazil, Russia, India, China and South Africa. The second largest emerging countries are Mexica, South Korea, Turkey, Iran, Saudi Arabia and Indonesia. The creation of new firms without the intervention of formal institutions is concerned with a high degree of complexity and risk (Hakim, Hamid, & Meera, 2015). The formal institutions may involve regulatory bodies and formal legislations. The entrepreneurs should be able to develop appropriate institutional arrangements within the concerned field. They may consider strategies such as institutional brokering, spanning organizational voids, bridging organizational distance and others.
The entrepreneurship is a vital component of both the emerging countries as well as the developed countries. The different countries present different opportunities for the entrepreneurs. China presents a huge market while Brazil has large natural resources (Quinones, Nicholson, & Heeks, 2015). The new addition in the BRICS, South Africa, is the new face of global trade and a profitable place for investments. The emerging countries enable the entrepreneurs to open up new avenues of investment. The different cultures in different countries give ample opportunities to the entrepreneurs. They can offer unique products that suit the needs of the local customers. The most appropriate entry to an emerging economy is by the means of strategic alliance (Woodside, Bernal & Coduras, 2016). There should be a mutually beneficial and enriching relationships between the strategic partners so that the new business firm can experience greater success.
There are significant advantages of entrepreneurship over traditional employment. The entrepreneurs are able to set the company’s mission as well as determine the key strategies of the company (Autio et al., 2014). There is flexible schedule and one can work on his personalized job timings. The control over the work timings also increases the productivity and willingness to work. The entrepreneurs enjoy the power of making decisions regarding business matters. They can reap the outputs of their own work. The advantages of entrepreneurship are listed below-
FACTORS |
ENTREPRENEURSHIP |
EMPLOYMENT |
Flexibility |
Design personalized work schedule |
Fixed duty timings |
Excitement |
Start up to development- Exciting job |
Monotonous and boring |
Decision Making |
Authority to take decisions |
Done by senior management |
Compensation |
Enjoys the whole share of profit |
Salary- Small chunk of profit |
Delegation |
Own boss with no superiors |
Supervising bosses |
Fig: Advantages of entrepreneurship over employment
Source: Created by Author
The interviewed entrepreneur has demonstrated the following personality traits (Muñoz-Bullón, Sánchez-Bueno & Vos-Saz, 2015)-
The entrepreneurship is a wide subject which has fascinated the whole world. It is the new trend in the emerging markets. An increasing number of people are opting to entrepreneurship. This is because of the advantages associated with it. This report broadens the knowledge regarding entrepreneurship. It discusses the qualities of a successful entrepreneur which are required to excel in the business venture. The different factors that lead to a person to start his own business firm are discussed. The international emerging markets and BRICS are discussed in brief. The significant advantages of entrepreneurship over employment are discussed. The interviewed entrepreneur displayed certain personality attributes that are discussed in detail.
Autio, E., Kenney, M., Mustar, P., Siegel, D., & Wright, M. (2014). Entrepreneurial innovation: The importance of context. Research Policy,43(7), 1097-1108.
Babu, M., Hariharan, C., & Srinivasan, S. (2016). Efficiency of Emerging and Emerged Capital Markets: An Empirical Study on BRICS and G7 Nations. Research Bulletin, 42(1), 61-77.
Barringer, B. (2012). Entrepreneurship: Successfully Launching New Ventures, (2012).
DeMartino, R., & Barbato, R. (2015). An analysis of the motivational factors of intending entrepreneurs. Journal of Small Business Strategy,13(2), 26-36.
D'Hauwers, R., Rits, O., & Schuurman, D. (2015). A hypothesis driven tool to structurally embed user and business model research within Living Lab innovation tracks. In Open Living Lab Days 2015.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Hakim, S. A., Hamid, Z., & Meera, A. K. M. (2015). Combining local and global markets in asset pricing in emerging markets: Evidence from three BRICS nations. The Journal of Developing Areas, 49(3), 365-378.
Muñoz-Bullón, F., Sánchez-Bueno, M. J., & Vos-Saz, A. (2015). Nascent entrepreneurs’ personality attributes and the international dimension of new ventures. International Entrepreneurship and Management Journal,11(3), 473-492.
Putta, S. S. (2014). Improving Entrepreneur's Management Skills through Entrepreneurship Training. Journal of Commerce and Management Thought, 5(3), 459.
Quinones, G., Nicholson, B., & Heeks, R. (2015). A Literature Review of E-Entrepreneurship in Emerging Economies: Positioning Research on Latin American Digital Startups. In Entrepreneurship in BRICS (pp. 179-208). Springer International Publishing.
Sarasvathy, S. D., Menon, A. R., & Kuechle, G. (2013). Failing firms and successful entrepreneurs: Serial entrepreneurship as a temporal portfolio.Small business economics, 40(2), 417-434.
Woodside, A. G., Bernal, P. M., & Coduras, A. (2016). The general theory of culture, entrepreneurship, innovation, and quality-of-life: Comparing nurturing versus thwarting enterprise start-ups in BRIC, Denmark, Germany, and the United States. Industrial Marketing Management, 53, 136-159.
To export a reference to this article please select a referencing stye below.
Assignment Hippo (2023) . Retrive from https://assignmenthippo.com/sample-assignment/entrepreneurship-in-international-emerging-markets-assessment-answer
"." Assignment Hippo ,2023, https://assignmenthippo.com/sample-assignment/entrepreneurship-in-international-emerging-markets-assessment-answer
Assignment Hippo (2023) . Available from: https://assignmenthippo.com/sample-assignment/entrepreneurship-in-international-emerging-markets-assessment-answer
[Accessed 06/02/2023].
Assignment Hippo . ''(Assignment Hippo,2023) https://assignmenthippo.com/sample-assignment/entrepreneurship-in-international-emerging-markets-assessment-answer accessed 06/02/2023.
Talk to our expert to get the help with Entrepreneurship In International Emerging Markets Assessment Answers from Assignment Hippo Experts to complete your assessment on time and boost your grades now
The main aim/motive of the finance assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignment help Australia. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at www.assignmenthippo.com are so much skilled, capable, talented, and experienced in their field and use our best and free Citation Generator and cite your writing assignments, so, for this, they can effectively write the best economics assignment help services.
Want to order fresh copy of the Sample Entrepreneurship In International Emerging Markets Assessment Answers? online or do you need the old solutions for Sample Entrepreneurship In International Emerging Markets Assessment Answer, contact our customer support or talk to us to get the answers of it.
Assignment Help AustraliaWant to order fresh copy of the Entrepreneurship In International Emerging Markets Assessment Answers? online or do you need the old solutions for Sample Entrepreneurship In International Emerging Markets Assessment Answer, contact our customer support or talk to us to get the answers of it.
Our motto is deliver assignment on Time. Our Expert writers deliver quality assignments to the students.
Get reliable and unique assignments by using our 100% plagiarism-free.
Get connected 24*7 with our Live Chat support executives to receive instant solutions for your assignment.
Get Help with all the subjects like: Programming, Accounting, Finance, Engineering, Law and Marketing.
Get premium service at a pocket-friendly rate at AssignmentHippo
I was struggling so hard to complete my marketing assignment on brand development when I decided to finally reach to the experts of this portal. They certainly deliver perfect consistency and the desired format. The content prepared by the experts of this platform was simply amazing. I definitely owe my grades to them.
Get instant assignment help