Assessment Solutions Of Characteristics Of Entrepreneurs:BMO6622

Preview text

1 INDIVIDUAL ASSESSMENT
ANALYSING AN ENTREPRENEURIAL MINDSET
Name of the University
Name of the Student
Author Note
2 INDIVIDUAL ASSESSMENT
Executive Summary
The main purpose of this study is to look at the challenges that can be influenced by human
creativity in terms of innovation. In addition, the report will concentrate on the literature related
to entrepreneurship, as well as applying the knowledge and interpretation of the phases to the
entrepreneurial venture trajectory. The purpose of the report is to ascertain the characteristics of
an entrepreneur. Taking the entrepreneur mentality into consideration, the research will examine
the possibilities for acquiring insight into attitude, motivation, and behaviour.
3 INDIVIDUAL ASSESSMENT
Table of Contents
Introduction …………………………………………………………………………………………………………………….. 5
Purpose ………………………………………………………………………………………………………………………. 5
Overview of the entrepreneur ………………………………………………………………………………………… 5
Background of Key Literature ……………………………………………………………………………………….. 5
Scope ………………………………………………………………………………………………………………………….. 5
Background on entrepreneur ……………………………………………………………………………………………… 6
The origin story of venture ……………………………………………………………………………………………. 6
Its founder …………………………………………………………………………………………………………………… 6
Products/Industry …………………………………………………………………………………………………………. 6
Growth ……………………………………………………………………………………………………………………….. 6
Literature Review ……………………………………………………………………………………………………………. 7
Understanding Entrepreneurship ……………………………………………………………………………………. 7
Characteristics of entrepreneur ………………………………………………………………………………………. 7
Traits of entrepreneur …………………………………………………………………………………………………… 7
Analysis and Findings ………………………………………………………………………………………………………. 8
Overview of the data collection process ………………………………………………………………………….. 8
Insights from the literature …………………………………………………………………………………………….. 8
Lesson insight learned from the literature. ………………………………………………………………………. 8
Identified challenges …………………………………………………………………………………………………….. 9
Conclusion ……………………………………………………………………………………………………………………… 9
References …………………………………………………………………………………………………………………….. 10
Appendix ………………………………………………………………………………………………………………………. 12
Interview Questions ……………………………………………………………………………………………………. 12
4 INDIVIDUAL ASSESSMENT
Interview Transcript ……………………………………………………………………………………………………. 12
5 INDIVIDUAL ASSESSMENT
Introduction
Purpose
The purpose of this study is to review the issues that can be influenced by human creativity in
regard to innovation. Also, the report will focus on the literature associated with
entrepreneurship along with applying the understanding of the interpretation of the steps to the
entrepreneurial venture trajectory.
Overview of the entrepreneur
Rupert Murdoch is an Australian based American entrepreneur and an investor. His company
News Corp currently own more than hundreds of national domestic, and international outlets
across the globe (Kenes 2021). Murdoch took over The News, which is a class Adelaide
newspaper his father owned. Since the year 1999, the concerned person expanded his business in
the Australian music holdings by acquiring the controlling share of the independent label in
Australia.
Background of Key Literature
In terms of the literature, it can be stated that the key literature has been considered from the
Google Scholar that reflects the concept of entrepreneurship, entrepreneurship ventures and the
motivation, behaviour and attitudes of entrepreneurs. From the past few years, the literature has
been considered.
Scope
The scope of the report is to determine the characteristics of entrepreneurs. Taking into account
the entrepreneur mindset, the study will analyse the opportunity to gain insight into attitude,
motivation and behaviours.
6 INDIVIDUAL ASSESSMENT
Background on entrepreneur
The origin story of venture
Rupert Murdoch inherited his family business chain of the Australian newspapers after his
father’s demise in the year 1952 (Mahler and Rutenberg 2019 ). Almost taking over the business
for the 15 years, he followed aseries of acquisitions and massed the newspapers’ portfolio, which
is worth more than $55 million.
Its founder
In terms of the founder, it can be stated that the concerned personnel founded the venture named
News Corp in the year 1979 (Horrie 2019 ). However, in the year 2019, Rupert sold most of the
assets of Fox entertainment since the 21st century to Walt Disney Company for $72 billion.
Products/Industry
The industry or the products of the chosen entrepreneur is the publisher of the newspaper and the
media entrepreneur. Here Rupert Murdoch established the global media holding company named
News Corporation Limited, frequently called as News-Corp.
Growth
Being anative of Australia as well as naturalised in the United States, the chosen entrepreneur
started to build since the year 1952. Here it is worth mentioning that the holding company of
Rupert Murdoch acquired Asian networks as well as the South American context. By the end of
2000, it owned over 800 firms across 55 countries and got a net worth of over $5 billion
(Williams 2017 ).
7 INDIVIDUAL ASSESSMENT
Literature Review
Understanding Entrepreneurship
According to Frederick, O’Connor and Kuratko (2018), entrepreneurship refers to creating anew
business by breaking the threats. As mentioned in the study, the process through which a
business is set up could be considered the concept of entrepreneurship. Herein entrepreneurship
is basically seen as the innovative source of the goods, new ideas and the service of the
respective business. It is worth to mention that the main aim of entrepreneurship is creating new
services and products by stimulating new employment. As aresult, it leads to the acceleration of
economic development (Olanrewaju et al. 2020 ). Following some appropriate public policy,
entrepreneurship gets supported and considered as highly significant for the growth of the
economy.
Characteristics of entrepreneur
In terms of characteristics, it can be stated that the main characteristic of an entrepreneur is to be
passionate about what is to be done in the forthcoming days. The research by Filion (2021) stated
that being passionate helps entrepreneurs to enhance the new invention in order to improve the
new or the existed product. As aresult, the entrepreneurs believe in the game-changing situation
for conveying their passion for the others. Another characteristic is being business savvy.
Another research by Shabbir and Kassim (2019) argued that being an entrepreneur, the
concerned person needs to be business savvy in order to understand the area of purchasing,
marketing and accounting at the same time.
Traits of entrepreneur
As opined by Wach and GÅ‚odowska (2021), the key trait of an entrepreneur refers to bing robust
work ethic. In support of this statement, the study proposed that in regard to work ethics, an
entrepreneur needs to be having work in their mind. Else it could lead to unfinished business.
Based on the discussion, it can be stated that a robust work ethic basically denotes the deep
passion, as it helps the concerned person to make the business as strong. On the other hand, as
8 INDIVIDUAL ASSESSMENT
argued by Bandera and Passerini (2020), another trait is creativity, as creativity helps the
entrepreneur to thrive with the aggressive completion in the contemporary context. Here the
entrepreneurs get forced to embrace the authentic ideas in order to differentiate their companies
from the other rivalries.
Analysis and Findings
Overview of the data collection process
In order to collect the data, both interviews and the secondary data collection process have been
followed. A zoom session interview was done with Rupert Murdoch for 15 minutes and asked
some questions related to entrepreneurship. However, no confidential information was asked
throughout the interview. On the other hand, the appropriate pieces of literature have been
chosen from Google Scholar, and data has been collected from the already published journals.
Therefore some authentic information was gained in this study.
Insights from the literature
From the literature, it has been understood that the primary goal of entrepreneurship is to create
new services and products by driving new employment. As a result, economic development
accelerates (Bernardino, Santos and Ribeiro 2018 ). Following a proper public policy,
entrepreneurship is supported and seen as extremely important for the growth of the economy.
Lesson insight learned from the literature.
In terms of lessons learned, it is to be stated that an entrepreneur must have work on their mind.
Otherwise, it may result in unfinished business. Based on the discussion, it can be claimed that
working with work ethics essentially implies aprofound enthusiasm, as it assists the concerned
individual in making the organisation as powerful as possible (Shabbir and Kassim 2019 ). As an
entrepreneur, the individual in question must be business smart in order to grasp purchasing,
marketing, and bookkeeping all at the same time.
9 INDIVIDUAL ASSESSMENT
Identified challenges
Due to the lack of secondary resources, a piece of limited information has been collected.
However, based on the previous information, the data has been collected. No new data except the
interview session has not been generated for the study.
Conclusion
It can be concluded that Rupert Murdoch is an Australian based American entrepreneur and an
investor whose company, News Corp, now owns hundreds of national, domestic, and
international outlets around the world. Murdoch took up The News, alittle Adelaide daily owned
by his father. Since 1999, the concerned individual has grown his business in the Australian
music market by purchasing a controlling interest in an independent label in Australia.
According to the literature, the fundamental purpose of entrepreneurship is to provide new
services and products while also creating new jobs. As aresult, economic growth accelerates.
Entrepreneurship is encouraged and seen as critical to the economy’s growth as aresult of sound
policymaking.
10 INDIVIDUAL ASSESSMENT
References
Bandera, C. and Passerini, K., 2020. Personality traits and the digital entrepreneur: Much of the
same thing or anew breed?. Journal of the International Council for Small Business ,1(2), pp.81-
105.
Bernardino, S., Santos, J.F. and Ribeiro, J.C., 2018. Social entrepreneur and gender: what â€s
personality got to do with it?. International journal of gender and entrepreneurship .
Filion, L.J., 2021. Defining the entrepreneur. In World encyclopedia of entrepreneurship .
Edward Elgar Publishing.
Frederick, H., O’Connor, A. and Kuratko, D.F., 2018. Entrepreneurship .Cengage AU.
Horrie, C., 2019. The development of the mass-circulation media in the UK with reference to the
business strategies of Rupert Murdoch and his companies (Doctoral dissertation, Staffordshire
University).
Kenes, B., 2021. Rupert Murdoch: A Populist Emperor of the Fourth Estate.
Mahler, J. and Rutenberg, J., 2019. How Rupert Murdoch â€sempire of influence remade the
world. New York Times ,3.
Olanrewaju, A.S.T., Hossain, M.A., Whiteside, N. and Mercieca, P., 2020. Social media and
entrepreneurship research: A literature review. International Journal of Information
Management ,50 ,pp.90-110.
Shabbir, M.S. and Kassim, N.M., 2019. Entrepreneur as an Individual Review of Recent
Literature on Entrepreneurial Skills. Opci ón: Revista de Ciencias Humanas y Sociales ,(89),
p.220.
Shabbir, M.S. and Kassim, N.M., 2019. Entrepreneur as an Individual Review of Recent
Literature on Entrepreneurial Skills. Opci ón: Revista de Ciencias Humanas y Sociales ,(89),
p.220.
11 INDIVIDUAL ASSESSMENT
Wach, K. and GÅ‚odowska, A., 2021. How do demographics and basic traits of an entrepreneur
impact the internationalisation of firms?. Oeconomia Copernicana ,12 (2), pp.399-424.
Williams, G., 2017. Rupert Murdoch: integrating media and political power. The Business &
Management Collection .
12 INDIVIDUAL ASSESSMENT
Appendix
Interview Questions
Q1. In your opinion, what is entrepreneurship?
Q2. What could be the ideal characteristics of the entrepreneurs?
Q3. Do you consider any traits in relation to entrepreneurship?
Interview Transcript
Q1. “Yes, Ifeel that Entrepreneurship refers to the process of starting anew firm by overcoming
obstacles. According to my personal experience, the process of establishing a firm might be
regarded as the notion of entrepreneurship. In this context, entrepreneurship is primarily viewed
as an inventive source of commodities, new ideas, and services for the relevant firm. Iwould like
to state here that the primary goal of entrepreneurship is to create new services and products
through driving new employment. As aresult, economic development accelerates. Following the
implementation of some proper governmental policies, Ifeel that entrepreneurship is supported
and seen as extremely important for the growth of the economy.”
Q2. “I am answering from my personal experience that the key characteristics of an
entrepreneur are to be passionate about what is to be done in the next days. According to the
research, being enthusiastic helps entrepreneurs develop new or existing products by enhancing
the new idea. As aconsequence, Ifeel to believe in agame-changing position for communicating
their love for others. Another characteristic is commercial acumen. Another study suggested that
in order to grasp the areas of purchasing, marketing, and accounting while being an
entrepreneur, the concerned individual must be business knowledgeable.”
Q3. “In response to the asked question, Iwould like to state that traits of an entrepreneur have
strong work ethics. In support of this assertion, I would like to focus on work ethics; an
entrepreneur must have work on their mind. Otherwise, Ifeel that it may result in unfinished
business. Based on the discussion, it can be claimed that working with work ethics essentially
implies aprofound enthusiasm, as it assists the concerned individual in making the organisation
as powerful as possible. On the other hand, another attribute as experienced by me is innovation,
which helps the entrepreneur succeed in the face of tough competition in the modern setting.
13 INDIVIDUAL ASSESSMENT
Entrepreneurs are compelled to accept original ideas in order to differentiate their businesses
from their competitors.”