Introduction of International entrepreneurship
Coursework 1 & Coursework 2
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Course work 1- Case Study on an International Entrepreneur
Steve Jobs has been Apple's driving force, leading the business to previously unimaginable heights of prosperity. Steve Jobs' legacy will endure because he was a great businessman, an excellent employee, and a self-starter. Steve Jobs was given up for adoption on February 24, 1955, in San Francisco, since his parents were both university students. Clara Jobs and Paul Reinhold took in the brilliant boy they found. Paul's expertise in automobile mechanics and electronics aroused Steve's passion for technology as well as mechanisms. One of Steve's many signs of natural intelligence is that his mother trained him to peruse at a young age prior to actually sending him off to school.
Steve was an outsider in the classroom for even the most part, which is expected of intelligent kids who found education tiresome and boring. His proclivity for getting himself into sticky circumstances earned him the moniker troublemaker (Yanzhen., 2020). At school, he became a frequent participant in different school-based electronics groups. However, the family had to migrate and attend a different school due to Steve's horrible behaviour, which was eventually for the best. After moving to Los Altos, California, he formed a friendship with Bill Fernandez, a fellow Los Altos resident. A fellow electronics enthusiast, Steve Wozniak, was introduced to Bill by him. A mutual interest in electronics brought Jobs and Wozniak together. Next, Steve managed to convince Hewlett-Hewlett-Packard Packard's to supply computer machinery to Steve. Astonished by Steve's talent, Hewlett-Packard recruited him at the age of thirteen to work on the assembly line. With his savings, Steve purchased his first automobile when he was only fifteen years old. Adopted father's background in automobile sales and his knowledge of technology benefitted him significantly throughout his life. Because he was still struggling in college, Steve decided to go to India in search of the "meaning of life." Whenever he returned to America in 1974, he decided to pursue his passion for electronics and pursue a career in the field, which he accomplished in the following year (Raible and Williams-Middleton., 2021).
When he re-joined Wozniak in 1975, he saw his equipment for the first time. The idea excited Jobs, who proposed that they start their own business together. During the 1976 Apple incorporation process, Steve Jobs, Steve Wozniak, and Ron Wayne signed the legal forms that founded the company. Apple's initial product, the Apple I, was conceived and constructed by Wozniak. First-year in business, they sold 150 Apple I computers. The Apple II was a huge hit when it was released in 1977. Because of his unique approach to problem-solving and meticulous attention to detail, Steve Jobs was seen as an outlier among the rest of Apple's employees. In 1985, Wozniak resigned as Apple's CEO, and Jobs took over.
In 1986, when Steve Jobs chose to start a new company, he named it NeXT. To save money, he closed the manufacturing in 1993 so that he could focus only on developing software for the computer. Jobs returned in 1996 when Apple recognized he was the missing link. While at work, Steve is obsessively trying to come up with a revolutionary concept that has the power to transform human history (Avny., 2021). He spends countless hours working on new technologies and keeping an eye on the growth of many divisions. In 1998, Apple launched the iMac, a computer with built-in internet connectivity, and two years later, the iPod was made available to the general public for purchase.
Steve will not relent until he achieves his goal, no matter how long it takes. As of this writing, Jobs is still working on the project that revolutionized the world, despite being confronted with pancreas cancer in 2003. In 2007, Steve Jobs unveiled the iPhone. iPod, cell phone, and internet all blended together in one device. The distinctiveness and cleverness with which Steve Jobs tackled design tasks have made him a household name. His employees were quick to irritate him, despite the fact that he was a perfectionist as well as careful. Changing one's mind quickly is one of his most impressive talents (Manbachi, et al., 2018). His financial acumen, which he honed from an early age and has carried with him into adulthood, made him famous.
One of the most common definitions for entrepreneurs is someone who has the ability to start his or her own business or industry and is continually looking for success, as stated by Kanchana et al. Looking back at Steve Jobs' career, it is clear that he had the vision to invent personal computers, the perseverance to keep pushing forward, and the aspiration to reach new heights. Steve Jobs drew inspiration from everyone around him. The least he could do was associate with others who had similar academic interests to his own. Steve Jobs enlisted the help of others to carry out his vision. Although if they did not, they would have to leave Apple's circle of influence. Furthermore, our study reveals that Steve Jobs used to have a significant focus on production as well as goal attainment.
His transformational leadership skills were clearly exhibited in this way. Steve Jobs was a dynamic leader who preferred face-to-face communication. The best workers could establish small groups under Jobs' leadership, and he could then explain his plans and strategies so that they could be realized. Transformational leaders, like Steve Jobs, may inspire and motivate their employees by giving intellectual stimulation.
Steve Jobs is a captivating and transformational leader due to his unique personality. He not only had an excellent idea, but he also had the ability to put it into practice. He knew exactly what he intended to do before starting Apple. Steve Jobs' success may be attributed to his ability to both understand the broad picture and put his thoughts into action, as seen by this remark.
By introducing the iPod, Steve Jobs made music consumption more convenient and helped Apple become the planet 's most valuable business (Ndoro and Van Niekerk., 2019). Creating new market prospects was at the heart of every step forward. To begin with, there was no genuine commercial demand for the iPod because of its uniqueness. To its credit, Apple has been the first to satisfy previously unmet market demand with its original product line, despite Steve Jobs' erroneous initial vision. A bold commercial decision, the iPod was Apple's first step toward dominating the market as a leading innovator.
Part B: Technology entrepreneurship
Under Steve Jobs' direction, Apple Computers became the world's most valuable brand in the technology business. The company's products have moulded modern technology. Two University of Wisconsin graduate students decided to put Steve up for adoption when he was only a few months old. Throughout his life, Steve has been a genius, yet he is lacking in direction. Apple was founded in 1976 by Steve Wozniak and him after he dropped out of college in 1974. The next year, Jobs announced his resignation from the company and went on to start Pixar Animation Studios in his place. However, Jobs also had an innate urge to develop goods that were both useful and artistically pleasing. Insights on life and leadership, as well as being a natural entrepreneur, have had a profound impact on many people throughout the world (Μιχαηλ?δoυ, 2022).
Websites, blogs, messaging, and social media profiles allow companies to effectively connect with their partners, customers, and other stakeholders. As a consequence, the firm has a positive public image. It is now possible to reach the whole world's population because of technological advancements that have made internationalisation and global networking much simpler. It's simpler to do business when entrepreneurs can avoid the expense and inconvenience of travelling by using the technology.
A virtual global environment, such as a conference call or video chat, is available in today's world because of improvements in technology like the internet. Due to time constraints, travel is minimised. Bridges between organisations are being built with the aid of modern technologies.
The company's capacity to predict its present and future growth is established by undifferentiated technology. Therefore, huge organisations may gather and assess a broad variety of information, including the economic status of the nation and that of the company. Customer preferences and the number of market participants are affected by the adoption of new technology. Detailed market research helps the entrepreneur make better decisions when faced with a deadline. To stay ahead of the competition, many business owners keep tabs on what's hot in the industry. There are fewer firm failures when they use this strategy. This is in part because of new technology that makes communication easier while also preserving all previous data that may be reviewed to enhance results. Businesses may now employ two-way communication more easily thanks to technological advancements. Businesses are now able to learn more about their customers and gain feedback from them about their products and services thanks to the rise of social media. As a consequence, technical strategies necessary for every industry's survival have simplified the customization of goods. Entrepreneurship relies heavily on technological advancements, as shown by case studies and the literature review (Elia et al., 2020).
Course work 2-Literature Review International Entrepreneurship & economic development
Many dynamic causes are transforming civilizations today, including disruptions in technology, economic instability, and demographic changes. To cope with these shifting dynamics, governments, public and private organisations, and the general public are increasingly relying on the entrepreneurial spirit. Entrepreneurialism may also be seen as an approach to problem-solving or as a way of life. The Schumpeterian idea places a high value on entrepreneurship as a means of spurring economic development throughout a country or region. In the past, researchers have interpreted the relationship between economic advancement and entrepreneurship in a wide range of ways. A quick discussion on economic growth and entrepreneurship is in order, and literature review will emphasise the importance of entrepreneurial activity.
A look at the relationship between internships and economic development
According to, Doran et al., (2018), when it comes to the global economy today, there are several challenges, like the recession and the fast collapse of national economies, large reductions in spending or increasing unemployment due to the crisis. Since the most competitive economies recognised that their business environments required support to increase productivity and future prosperity, they concentrated on supporting entrepreneurship to generate employment and offering more financial and educational chances to accomplish these objectives. To maintain many economies and countries, entrepreneurs are critical to their growth and development. General and specific policies encouraging entrepreneurial activity were developed by governments as they started to recognise the importance of entrepreneurship policies. General policies cover anything from fundamental tax and labour regulations to policies focused on sustaining small firms, innovation, or specific industries (Audretsch, 2018).
For as long as small and medium-sized firms are the norm, they will be important drivers of economic development and the creation of new jobs. Entrepreneurship is supported as a result of government policy. Public investment in R&D and education; legislative issues regulating starting circumstances or facilitating SMEs' access to external resources; an innovative economic environment; human capital; etc. are all variables that contribute to economic development in recent years according to recent research. This study will focus on the extent to which global entrepreneurship proxies related to the national framework and entrepreneurial attitude and behaviour influence GDP growth and economic stability in a nation, as long as these aspects are strongly interrelated but also components of various sectors. "Entrepreneurship ecosystem" refers to an atmosphere that encourages entrepreneurialism, innovative ideas, and economic development in the workplace (Chakravarty, et al., 2021).
Entrepreneurship from the Government's Perspective
Venture capital and entrepreneurial activity are often supported by government policies. Governments must establish an atmosphere that encourages entrepreneurship in several ways. First and first, university education should be geared toward entrepreneurship. The fact is that most entrepreneurs do not come from academics, but rather from the business world, and tax policy has a significant impact on how appealing starting a firm is. Another key consideration is the breadth and depth of expertise of the investors in certain fields and places. A nation or area that develops into a hotbed of entrepreneurship tends to be more appealing to investors. As a result, governments are increasingly expected to foster an entrepreneurial climate in order to secure the long-term success of their areas. However, multinational investors might quickly overtake local organisations if they begin making key investments at the start of the process (Sergi et al., 2019).
According to Perényi, and Losoncz, (2018), the requirements of the private sector, as well as the general market trend, must be taken into account in any sensible government policy. Public venture capital ventures, for example, are often terminated within a short period of time owing to unsatisfactory performance. This might also be because this investment may take years to pay off, or because inadequate investment analysis is the primary cause of choice failure. Requirements imposed by the state may also hinder the growth of the private sector. A helpful approach for the entrepreneurial process would be to receive subsidies to keep local residents employed, rather than limiting the location of the enterprise or the number of securities rose. The government frequently ignores market trends when it encourages investment in areas where there is a lack of private interest, resulting in the misapplication of public funds on pointless initiatives.
A well-developed legal framework for entrepreneurial activity helps nations compete in the global market and increase productivity through employing and exchanging goods and services. Job growth and higher local taxes are two benefits of entrepreneurship that benefit the economy as a whole. The regulatory framework is strongly connected to the expansion of the business sector, thus researchers expect more investments. Based on the framework's components, a reduction in bureaucracy and a simplified regulatory environment would benefit businesses in terms of overall economic performance and access to external finance. Venture capitalists and angel investors are common equity investors for firms, although bank financing is the most important source of funds in the long run (Wilis et al., 2020).
Because of their strong influence on consumption and employment, cultural aspects should be a top priority for economic activity when it comes to fostering entrepreneurship-related attitudes and behaviours. They also help build social networks and influence how many new businesses are founded as a result of these attitudes and behaviours. Age, wealth, and self-perception may influence entrepreneurship in developing nations and those with a large gender difference (Meyer, and Jongh, 2018).
Financial Point of View
According to Bosma et al., (2018), the term "entrepreneurship" is best defined as a combination of "behavioural economics" and "occupational economics." Entrepreneurship is defined as "the resource, process, and state of being through and through which people use good possibilities in the market by founding and expanding new company enterprises," they write. Entrepreneurship is recognised as a resource in economics, as a process in management studies, and as a state-of-being, since it is more than just a means to another end. Acs et al., (2018) stress the importance of the process and explain entrepreneurial chances more expansively than is typical in the entrepreneurship literature. When items may be sold for a profit, for example, Audretsch, (2018), describe an "opportunity" as such. Because it indicates that the usefulness of entrepreneurship is based only on financial benefits, this is insufficient from an international development standpoint. Opportunities are instances in which people may start new businesses that will help them achieve the lifestyles they want.
According to Dean et al., (2019), an upward shift in a country's real per capita income over time is what economists understand by the term "economic development." Entrepreneurship is critical to the growth of the economy. During industrialization and economic progress, entrepreneurs play a key role as catalysts. Entrepreneurs must put new technology advancements to use in order for economic growth to occur. To put it another way, "growth doesn't happen spontaneously as a natural result when economic circumstances are perfect. For this catalyst, entrepreneurial activity is required to a large degree, and the wide variety in economic activities that defines affluent nations may in part be linked to the availability of entrepreneurs.
Growth in the economy may be sparked by entrepreneurs
According to Sergi et al., (2019), entrepreneurs use the public's idle money to fund their businesses by issuing industrial securities. The efficient use of national resources is made possible by the investment of public funds in the industry. For fast economic development, the rate of capital accumulation must rise. This means that an entrepreneur creates money. Entrepreneurs find and utilise chances to increase per capita income. Land, labour, and capital may be used to generate revenue and wealth in the form of products and services, rather than being squandered or wasted. They contribute to the expansion of the country's GDP and per capita income, which are essential indicators of economic progress.
Creation of Work Opportunities
Direct and indirect job creations are both hallmarks of entrepreneurship. Entrepreneurship is the surest path to a life of freedom and integrity. They indirectly employ millions of people by building up big and small company divisions. As a result, entrepreneurship contributes to the reduction of the national unemployment rate. Regional economic imbalances may be eliminated by entrepreneurs in both the public and private sectors. They set up businesses in less developed regions in order to take advantage of government incentives and subsidies (Urbano et al., 2019).
According to Wilis et al., (2020), Entrepreneurs create enterprises that alleviate the shortage of vital goods and offer new items, increasing living standards. People's level of living improves when mass-produced commodities and small-scale handicrafts are made available. With reduced prices and a wider selection of products, these services encourage consumers to spend their money elsewhere. Entrepreneurship is critical to achieving national self-sufficiency in terms of the economy. To reduce the country's dependency on other nations, industrialists assist in the development of domestic equivalents for previously imported goods. Exporting products and services is a common way for entrepreneurs to bring in some of the country's limited foreign currency.
Consequences for the economy with Entrepreneurship
In the simplest terms, economic development refers to long-term growth in a country's per-capita income. The economic history of industrialised nations like the United States, Germany, and Japan supports the idea that entrepreneurship is the driving force behind the economy's growth. Many individuals in less developed nations now understand the critical role that entrepreneurs play in driving economic growth. Entrepreneurship must be encouraged in both quality and quantity, as more people are beginning to realise in order to achieve economic development. Entrepreneurs are the only ones who completely use the country's land, technology, money, and material resources. Entrepreneurship's contribution to economic growth differs from country to country, based on the available resources, the business environment, and the governmental system's receptivity to the entrepreneurial function itself. Entrepreneurs make a greater contribution when there are more opportunities for them to do so (Elo et al., 2018).
According to Chakravarty, et al., (2021), the environment for entrepreneurship businesses is less favourable in developing/underdeveloped countries owing to a lack of cash and competent labour. Entrepreneurs are forced to establish their businesses on a smaller scale due to the lack of capital and the flawed market. In these places, entrepreneur-initiators are also highly sought for. The quick economic growth in underdeveloped/developing areas is a result of the huge introduction of technologies in industrialised regions.
Direct Impact of Entrepreneurships on Labor Force
The state of the economy:
Entrepreneurship is influenced most directly and immediately by the economic conditions in which it operates. The primary determinants of economic activity are labour, capital, raw resources, and markets. In order to start a business, entrepreneurs need a significant amount of money to get the ball rolling. The availability of money enables the entrepreneur to put together land, machinery, and raw materials from many sources to make commodities. The capital-output ratio rises as a result of increased capital investment (Baier-Fuentes, et al., 2019).
Thus, capital creation is increased as a consequence of this rise in profit. As cash becomes more readily available, entrepreneurship grows as well, as shown by Russia's shortage of capital for industrial endeavours.
Entrepreneurship is also influenced by the quality of the workforce rather than its number. Economic progress, according to Adam Smith, would not be possible without the division of labour. Increasing labour dexterity, he claims, is one of the benefits of division of labour, which in turn relies on the market's size to some extent. In Germany, for example, the challenge of low-cost, immobile labour was avoided by moving forward with capital-intensive technology. It indicates that one labour difficulty does not hinder the emergence of entrepreneurialism.
The availability of raw materials for every industrial activity is unquestionable. Raw resources are necessary for every business to be developed. Japan, for example, is an example of a country where technical advancement may compensate for a lack of raw materials. It's a truth that the market's potential is a crucial factor in determining the likelihood of rewards for entrepreneurial work. Entrepreneurship is shaped by the market's size and composition, but each in its unique manner. Entrepreneurship is positively impacted more by monopoly than by competition in a given market (Perényi, and Losoncz, 2018).
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