Introduction
The Entrepreneur is, “an individual who takes initiative to bundle resources in innovative ways and is willing to bear the risk and/or uncertainty to act” (Hisrich, 2013). The entrepreneurial process is unique onto itself; for it does not merely involve the taking of tremendous risks, but also evokes some of the most creative and innovative characteristics of the individual. This dynamic process pushes the aspiring entrepreneur to his/her limits in a quest to take full advantage of particularly identified available opportunities in the marketplace. Among the entrepreneur’s objective is to adopt and effectively implement processes and procedures which would grant him/her the ability to meet the needs of potential customers. Furthermore, as the entrepreneur toils away in an effort geared towards creating something new or adding value to a product or service; the ultimate goal is the success acquisition of significant wealth. For the aspiring entrepreneur there are various successful examples of “Corporate Entrepreneurship” which can serve as sources of motivation. Some of these Corporate Entrepreneurships include: Hewlett-Packard Company, Microsoft Corporation, Apple Inc, and Dell Computers Inc.
Hewlett-Packard
In 1934 Bill Hewlett and Dave Packard graduate from Stanford University; shortly thereafter Packard takes up duties working for General Electric Schenectady, New York while Hewlett completes graduate work at MIT and returns to Palo Alto, California (Hp Garage Timeline, 2014). During 1937/38 Bill Hewlett and Dave Packard join forces having their first official business meeting and embarking on developing HP’s first product, an audio oscillator. Between 1939-1940 Hewlett and Packard formalize their partnershi...
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Hewlett Packard (HP) is a company founded in 1939 by William Hewlett and David Packard. It manufactures a variety of products and operates in over 50 countries worldwide. The products manufactured are grouped partially by function. One such group is the peripherals group which includes products such as printers, plotters, magnetic discs, tape drives and network products.
For entrepreneurs whom are willing to accept the risk associated with starting a business, some have made themselves extremely wealthy. Although our economy is focused on capitalism as a means of promo...
Hewlett-Packard (HP) was founded in 1939 by Bill Hewlett and Dave Packard (Da Monitor, 2008). However, it was not until 1966 when the company first made its entry into the computer manufacturing industry. As provided by Data Monitor (2008), the company became officially incorporated in 1947, went public in 1957 with its shares priced at $16 each, and became listed on the New York S...
HP was founded in 1939 by Bill Hewlett and Dave Packard, who had both graduated from Stanford University in 1934, as a manufacturer of test and measurement instruments. Their first product was a precision audio oscillator, the Model 200A. Their innovation was the use of a light bulb as a temperature stabilized resistor in a critical portion of the circuit. This allowed them to sell the Model 200A for $54.40 when competitors were selling less stable oscillators for over US$ 200. One of their earliest customers was Walt Disney Productions, who bought eight Model 200B oscillators (at $71.50 each) for use in testing the Fantasound stereophonic sound system for the movie Fantasia.
HP’s history started in 1939 in a garage in Palo Alto with and initial investment of USD538 from William Redington Hewlett and Dave Packard (See Figure 1). HP incorporated in 1947 and 10 years later it went public. The first financially successful project was a precision audio oscillator, Model HP200A (See Figure 2). One of the biggest buyers of oscillator was Walt Disney Productions. From the 1940s HP concentrated on making electronic test equipment. The main characteristic of HP instruments was sensitivity and accuracy. In 1960s HP started a partnership with Sony and Yokogawa Electric in Japan. In order to market HP products in Japan 2 companies founded a joint venture in 1963 (Yokogawa-Hewlett-Packard). In 1999 HP bought the share of Yokogawa. In 1968 HP introduced the first “Personal Computer” Hewlett-Packard 9100A (See Figure 4). During 1972-1979 HP introduced several high quality products like scientific electronic calculators. In 1984 HP started production of first inkjet and laser printers, developing them into successful single unit printer-scanner-copier-fax machines. In 2004 HP launched the DV 1000 Series, including HP Pavilion DV 1658 and HP Pavilion DV 1040. In 2006 HP started the campaign “The computer is personal again” in order to remind the fact that computer is a personal product. In 2011 HP announced that it will not participate in smartphone and tablet business, but will focus on s...
An entrepreneur is a person who sets up a business or businesses, taking on financial risks in hopes of making a profit. Prior to presenting our entrepreneurship promotion project, many of our students had a limited, if any idea, of what an entrepreneur is. The purpose of our entrepreneurship promotion project was to educate our fellow classmates on the roles of an entrepreneur and what it takes to become one. Entrepreneurs have to work through extreme measures in order to gain success aside from the fact they shall not dwell on failure and stay motivated to achieve their set goals. This project provided the possibility for our students to meet face to face with real entrepreneurs and discuss the challenges they are faced with choosing to be
Joseph Schumpeter, an American economist, renowned for his term ‘creative destruction,’ defined ‘entrepreneurs as individuals who exploit market opportunity through technical and/ or organisational innovation.’ Entrepreneur is derived from the French verb ‘entreprendre,’ meaning to undertake and consequently entrepreneurship is the ability and will to develop and manage a business scheme; accompanied by any of its risks with the intention of making turnover. Conversely, innovation is the process of transforming a creation into a product or service that generates value; ‘the commercially successful exploitation of ideas.’ It is integral to any developing economy, particularly in those where prevailing business models have become outmoded. Entrepreneurship
This chapter discourses innovation and venture creation in entrepreneurship. The chapter describes skills and innovations in venture creation through which a typical entrepreneur can start and grow his business from the acquired skill and available resources. The allocation of resources by an entrepreneur marked with necessary capabilities is a matter of entrepreneurial vision, which mainly depends on the creativity of the entrepreneur. The first step to venturing into any enterprise is to have a vision. Vision is the ability to think about, or plan the future with great imagination and intelligence. Vision answers the question “What do I want to Create”? Vision is aspirational. Vision is essential to building something new and
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
In the era of hypercompetitive business economy and high increasing market environments, the role of and attention to corporate entrepreneurship have escalated highly throughout the world. Not only small business ventures are considerably into creating new opportunities, adaptable natures, helpful philosophies and undiscovered approaches along with entrepreneurship ethics, but also huge corporations feel the need for the aids of improved and advanced corporate entrepreneurship owing to either small or enormous circumstances in the competitions. There are different kinds of internal and external forces that create a need for corporate entrepreneurship, and they will be discussed thoroughly below. The recent business practices have implied that the need for newly innovative entrepreneurial management is on the increase. However there are some possible and unforeseeable obstacles to inhibit corporate entrepreneurship to flourish.
To cope with the dynamic and challenging business environment, entrepreneurs need to create and innovative products or services. In the production of the products and services they should be able to succeed otherwise, the competitor in the market will overpower them.
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
entrepreneurs have the ability to come up with new ideas in various situations of which one might have never imagined. Entrepreneurs have a curiosity that identifies overlooked niches and they are constantly trying to innovate (Robinson, 2014). They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.