Significance of entrepreneurship in society

Discuss about the Strategic Entrepreneurship for Creativity and Desire.

The significance of entrepreneurship within the society that has traditional notions and economies has been increasing at a rapid rate which is defying the obsolete concepts.  The creation of new ideas through new ventures in business or the manufacturing of new products, ideas or services into the market so as to generate more value and wealth is the most crucial feature of entrepreneurship.  It can include the launching of the new business ventures along with developing the existing products. This can be made to happen at any kind of companies both small and large scaled (Alvarez, Audretsch & Link, 2016). The prime motivations of the individuals who are on the path of being entrepreneurs relate to gain on growth and profit. On the other hand, the key characteristics of behavior have been related to the strategic thinking and innovation (Bjørnskov & Foss, 2013). 

When it comes to evaluating me in terms of characteristics of entrepreneurship, it is very important to assess the existing and required traits in the measures of five dimensions such as achievement drive, creativity,  desire for autonomy and internal locus of control.  The drive for achievement is the prime and most important trait that an individual needs to posses from gaining the interest of becoming an entrepreneur.  It is a very important entrepreneurial attribute which would denote my need to work hard for achieving success.  It is very relevant in my case of aiming to become an entrepreneur as I have high achievement drive and have the attitude of setting targets that are demanding for myself and encourage me to become bold and proactive regarding the accomplishing of objectives (Burgelman, 2015). 

I can evaluate myself to have a strong drive for achieving and an orienting for taking immediate accountability for the task and displaying of initiatives that are further in resonance with the controlling and planning of events in my organization. I also happen to have the drive of getting regular concrete feedback regarding the level of performance of individuals working under me along with my performance. I very well realize the significance of creativity as vital to the entrepreneurial concept. 

I happen to have a very good understanding of the fact that the sector of entrepreneurship is primarily dominated by the innovation and creativity. In order to have an effective launch in the market along with maintaining a high position in the market, it is very important to constantly innovate the services or products with renovating business strategies. I realize and have the potential to centralize creativity in my entrepreneurship.  The desire for autonomy is very closely associated with the success in entrepreneurship as I definitely want to have proper control over my business, however, at the same time, I also have the understanding that entrepreneurship thrives under the work environment that has a sense of liberty and freedom (Demil, et al., 2015).

Five dimensions of Entrepreneurship

I have a good potential of maintaining a balance between having proper and effective control on the business along with providing freedom and liberty of working styles for the employees.  Regarding internal locus of control which is a very important dimension of entrepreneurship, I could evaluate myself to be a balanced individual with effective control of my business.  I could gain high internal score regarding taking control of the environment in which I am or the environment of my business.  I can very well assess myself to be seeking out innovative opportunities of business and acquiring required resources (Gallouj & Gallouj, 2017).

According to the findings of the survey, I could identify the areas where I need to develop in order to be successful as an entrepreneur.  Belonging to a family where no family members have been involved in any kind of business and have always been an employee in many companies, I have a family programming of not being involved in taking risks.   I need to develop the attitude and mental set up regarding taking risks and seeking out productive opportunities in uncertain environments. 

I have an environment of friends who have an innate ability and attitudes about taking risks. They have been a very encouraging and helpful for building up my confidence and attitudes towards taking risks in unknown territories (Hughes, et al., 2015). However, in my past endeavors regarding having my business,  I had suffered fraudulent behaviors and faced many conflicting instances with many parties due to lack of experience as in-depth knowledge regarding the sector. However, at present, I have gained experience and conduct an in-depth analysis of the sector in which into which I desire of establishing my business.

According to the assessment, I could comprehend that I have a very extraversion personality in context to the personality score. I need to have a great deal of social interaction in order to establish the business as provides me with a great deal of knowledge my business sector.  I love to interact with people who have a diverse array of ideas and experience which also includes the potential customers, competitors, colleagues, customers, lawyers, coaches, suppliers, and accountants.  I find myself to be very comfortable in being in most social situations.  Having excellent communication style facilitates me in being a social person which further facilitates achieving effectiveness in business (Ketchen, Ireland & Webb, 2014).

I have the skills regarding the creativity and innovation about bringing new ideas about products and services which helps my team in designing and implementing the business ideas at a faster and much effective rate (Klein, et al., 2013).  In that regards, I am definitely the “Hipster” which creates the idea regarding various services and products in the business venture.

Traits of a successful entrepreneur

To start a business, belief is the main thing that is required to address the problem and gives the significant solutions whatever the customer wants. Every large company has a humble story behind their success. All of the dignitaries start from nothing but just with the proper plan conviction, they have achieved everything. The history of the Lamborghini starts in the year 1963. The owner of the company Mr. Ferruccio Lamborghini, born in the year 1916, is the root cause of the entire foundation. The company has several phases of the extraordinary history that inspire the young minds of this generation. The time when he decided to build a factory full of luxurious sports cars at that time he was already in a wealthy state.

During the period of the Second World War, he has started eth business by launching the tractor factory with full energy and dedication (Niskanen, Piispanen & Montonen, 2017). This has created a major history and provides a reference to the industry. By the early sixties, he has already become a successful person and exactly knows what he really wants to do in his life. He always wanted to produce the best sports cars but never thought of this type of popularity in the recent scenario.

According to many people, he is mad, but the reality is he is playing with his own dreams to change the trend of the world. After the construction of the cars, the company has become the most popular for producing the extravagance and unexplainable sports car in the world. The moment he decided was the perfect moment to create a tremendous history in the world (Obeng, Robson & Haugh, 2014). The mission of the company is for those who love to possess the extraordinary and unusual objects, of high quality and cost. The objectives of the company are to describe the state of extreme, uncompromising, working with enthusiasm and Italian. The passion for transmitting the same brand with new styles and values that are characterized by unmistakable identity and combined with the best quality of materials is the target of the company.

The “Collezione” is the best creation of the company which does not refer only to the fashion line but holds the entire “world of Lamborghini”. Each collection of the company has the significant logo, attention to the details and high-quality materials. The vision of the company is to bring the spirit and passion of the Italy to the global market with new and distinct products that are inspired by the Italian arts and industrial design (Webb, Ireland & Ketchen, 2014). The collections are not limited to cars; they have the stocks of watches, mobile, eyewear, accessories, leather goods, and furniture.

The story of Lamborghini founder Ferruccio Lamborghini

The relationship between the employees and managers are quite healthy and acknowledged by every other company. The company has enthralled the enthusiasm of the mechanics as well as the engineers to increase the cutting-edge of the sports car that will always be able to stun the world at each new release. The production teams constantly grow in number and have played a strategic role within the company (Scaringella, 2017).

The company mainly tries to achieve the success by beating every record and changing the passionate sense of the customers. The thing that I would love to emulate from the company is the innovative ideas that they are putting in each release. The elegant appeal towards the mechanics and considering them as of their level is something one should learn from them. The culture they have created is the best example to show the efficient production though team performance.

The story of the Lamborghini Company is quite inspiring and extraordinary. The thing that inspired me more is the innovative idea and the willpower of the Ferruccio Lamborghini, who instead of wasting and misusing the money and resources, used in a specific manner which was initially started by the tractor company. At the right time, he had decided to the resource to produce the world’s best sports car which was considered as a mad idea of the people.

Without responding to the views of the people, he has started the company with a clear vision. This shows the dedication of a person to fulfill his desires that are quite innovative and has the little chance of profit. Without thinking about the future success, he has started the company and still today, it is the most desirable sports car company across the world (Shirokova, Vega & Sokolova, 2013).

Mr. Ferruccio Lamborghini has inspired several young minds of the world that explains the best about life. He has changed the passion as well as the trend of the world in several phases of release. I have learned the best thing from him and that is” don’t just live with your dreams, try to make it and then enjoy the dreams of success” (Simsek, Heavey & Fox, 2017).

According to his perspective “dreams like anything and people will call you crazy”. This spirit will only change the shape, feeling, and tradition of a person. The company assures to provide the entire feeling of the Italy as it can’t give the Italy exactly. The best part of the company that helps to increase the benefits is the team they have (Tavassoli, Bengtsson & Karlsson, 2017). The teams are highly skilled with respect to the technology and cultural sense, works according to the need of the customers and changes in the society.

They have the best coordination and team power to resolve the issues of the company. This makes fewer turnovers in the company which is the best part of it. An individual needs to be innovative rather than entrepreneurial. The creative ideas will lead to improving the entrepreneurial ideas of an individual (Wang, Thornhill & De Castro, 2017).

In the recent scenario, everyone is running for opening a new enterprise but hardly some of them get the success as they lack only in case of the creative ideas. The ideas will build a secure and efficient framework of the company that will lead to achieving the success within a few years. It is only about the ideas, but it is mainly about making it happen. Innovative ideas are the beginning of al fortunes.

References

Alvarez, S. A., Audretsch, D., & Link, A. N. (2016). Advancing our understanding of theory in entrepreneurship. Strategic Entrepreneurship Journal, 10(1), 3-4.

Bjørnskov, C., & Foss, N. (2013). How strategic entrepreneurship and the institutional context drive economic growth. Strategic Entrepreneurship Journal, 7(1), 50-69.

Burgelman, R. A. (2015). 24 Prigogine’s Theory of the Dynamics of Far-From-Equilibrium Systems: Application to Strategic Entrepreneurship and Innovation in Organizational Evolution. The Oxford Handbook of Creativity, Innovation, and Entrepreneurship, 433.

Demil, B., Lecocq, X., Ricart, J. E., & Zott, C. (2015). Introduction to the SEJ special issue on business models: business models within the domain of strategic entrepreneurship. Strategic Entrepreneurship Journal, 9(1), 1-11.

Gallouj, F., & Gallouj, F. (2017). Knowledge Spillover-based Strategic Entrepreneurship. International Journal of Entrepreneurial Behavior & Research, 23(4), 726-730.

Hughes, M., Hughes, P., Morgan, R. E., & Hodgkinson, I. R. (2015). Organizing strategic entrepreneurship to enable product innovation in new and young technology-based firms.

Ketchen, D. J., Ireland, R. D., & Webb, J. W. (2014). Toward a research agenda for the informal economy: a survey of the Strategic Entrepreneurship Journal’s editorial board. Strategic Entrepreneurship Journal, 8(1), 95-100.

Klein, P. G., Mahoney, J. T., McGahan, A. M., & Pitelis, C. N. (2013). Capabilities and strategic entrepreneurship in public organizations. Strategic Entrepreneurship Journal, 7(1), 70-91.

Niskanen, J., Piispanen, V. V., & Montonen, T. (2017). Business models for research-based spin-offs: the strategic entrepreneurship perspective. International Journal of Knowledge Management Studies, 8(1-2), 38-53.

Obeng, B. A., Robson, P., & Haugh, H. (2014). Strategic entrepreneurship and small firm growth in Ghana. International Small Business Journal, 32(5), 501-524.

Scaringella, L. (2017). Book review: Knowledge spillover-based strategic entrepreneurship João J Ferreira, Leo-Paul Dana and Vanessa Ratten (eds).

Shirokova, G., Vega, G., & Sokolova, L. (2013). Performance of Russian SMEs: Exploration, exploitation and strategic entrepreneurship. Critical perspectives on international business, 9(1/2), 173-203.

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Tavassoli, S., Bengtsson, L., & Karlsson, C. (2017). Strategic entrepreneurship and knowledge spillovers: spatial and aspatial perspectives. International Entrepreneurship and Management Journal, 13(1), 233-249.

Wang, T., Thornhill, S., & De Castro, J. O. (2017). Entrepreneurial orientation, legitimation, and new venture performance. Strategic Entrepreneurship Journal.

Webb, J. W., Ireland, R. D., & Ketchen, D. J. (2014). Toward a greater understanding of entrepreneurship and strategy in the informal economy. Strategic Entrepreneurship Journal, 8(1), 1-15.