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Assignment Title - ENTREPRENEURIAL VENTURES (Mini Research Project)

Unit Title - ENTREPRENEURSHIP; BUSINESS ENVIRONMENT

(Submitted by group (2) members- Yan Naing Soe

Thiri Sint

Thiri Tint

EXECUTIVE SUMMARY

Assignment for Entrepreneurship & Business Environment subject consists of four learning outcomes to
cover the concept of Entrepreneurship and Business Environment.

The first Learning Outcome (LO.1) gives comprehensive explanation about the components of Business
Environment. It includes different types of organizations andtheir sizes and scopes including different functions
within an organization and their impact on the organizational structure. In this chapter, it states the different types
of stakeholders and how the wider external environments influence and shape business decision-making.

Learning Outcome 2 (LO.2) analyzes about contemporary issues to demonstrate thepositive and negative impacts
on business operations. It explains about the micro and macro business environments and ways to analyze the
micro environment with SWOT analysis. This determines the inner strengths and weaknesses of specific
businesses and how the external macro factors impact on the specific business operation.

Learning Outcome 3 (LO.3) analyzes the ventures types that might be considered entreprenuerial. It states the
different types of Entrepreneurs and Entrepreneurships and the characteristics and behaviors of Entrepreneurs.
The difference between the entrepreneurs, intrapreneurs and owner-managers are also explained here.

The final Learning Outcome 4 (LO.4) stresses on the key aspects of Entrepreneurial Mindset. It states about their
creativity and innovation and their ways of implementing the ideas. It describes the skills that leads them to
success and explain the risks and rewards of business start-up.

Our chosen organization Google, is an American multinational technology company that specializes in Internet-
related services and products, which include online advertising technologies, a search engine, cloud computing,
software, and hardware. In full Google LLC formerly Google Inc. (1998–2017), is an American search engine
company, founded in 1998 by Sergey Brin and Larry Page, which is a subsidiary of the holding
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company Alphabet Inc. More than 70 percent of worldwide online search requests are handled by Google, placing
it at the heart of most Internet users’ experience. Its headquarters are in Mountain View, California.

Google began as an online search firm, but it now offers more than 50 Internet services and products, from e-mail
and online document creation to software for mobile phones and tablet computers. Internet search, advertising,
apps, and maps, as well as the mobile operating system Android and the video-sharing site YouTube, remained
under Google.

Google’s broad product portfolio and size make it one of the top four influential companies in the high-tech
marketplace, along with Apple, IBM, and Microsoft. Despite this myriad of products, its original search tool
remains the core of its success. In 2016 Alphabet earned nearly all of its revenue from Google advertising based
on users’ search requests. Alphabet again reorganized in 2017 to create an intermediate holding company,

XXVI Holdings, and to convert Google into a limited liability company (LLC)

Table of contents

Executive summary ………………………………………………………………………1

Introduction ………………………………………………………………………………3

Company profile …………………………………………………………………………4

Vision/ mission/ objective ……………………………………………………………….4

L.O 1

L.O 1.1 Different types of organizations, including their

size and scope …………………………………………………………………4

L.O 1.2 different function within an organization and

how they impact on organizational structure ……………………………….6

L.O 1.3 different types of stake holders and how wider external

environments influence and shape business decision-making…………………7

L.O 2

L.O 2.1 Micro and macro business environment …………………………………….8

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L.O 2.2 The micro environmental analysis-SWOT…………………………………9

L.O 2.3 Internal and external factors impact on specific business

Operations…………………………………………………………………12

L.O 3

L.O 3.1 different types of entrepreneurs and entrepreneurships…………………….14

L.O 3.2 characteristics and behaviors of entrepreneurs …………………………….15

L.O 3.3 different between entrepreneurs, intrapreneurs, and owner-managers…….16

L.O 4

L.O 4.1 creative and innovative idea of entrepreneur and how they

Implement this idea ………………………………………………………17

L.O 4.2 skills that are leading them to be successful entrepreneurs………………18

L.O 4.3 risks and reward of business start-up ……………………………………19

Conclusion …………………………………………………………………………20

References …………………………………………………………………………20

INTRODUCTION

Entrepreneurial venture can be defined as an organization that places innovation and opportunism at its heart in
order to produce economic or social value (https://askinglot.com).

Organizations are set up with the purpose of achieving certain goals or objectives.

Organizations operate businesses in a business environment that consists of micro- and macro-

environments. Entrepreneurship is the ability and readiness to develop, organize and run a

business enterprise, along with any of its uncertainties in order to make a profit. The

entrepreneurial vision is an indispensable part of a nation’s capacity to succeed in an ever-

changing and more competitive global marketplace.

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Company Profile

Name – Google LLC

Founder – Larry Page, Sergey Brin

Established year – September 4, 1998

Initial public offering – August 19, 2004

Set up Capital – around $1,000,000

Headquarters – California, Unites States

Revenue – $256.74 billion (2021) (Statista, 2022)

Vision

To provide access to the word’s information in one click. (Panmore Institute, 2019)

Mission

To organize the world’s information and make it universally accessible and useful. (Google,

n.d.)

Objective

Building a more helpful Google in 2022

L.O 1

L.O 1.1 Different types of organizations, including their size and scope

Types of Organizations

Profit Organisations
Any business, corporation or organisation that has been set up with the primary purpose of generating profits is a
profit organization.

Private sector organizations are set up for personal gain and funded by shares issued, loans from banks,
overdrafts etc. Owned by individuals or group entities and not by the but are subject to the legal and financial
framework set out by relevant state authorities.
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Public sector organizations are set up in the interests of the community and funded wholly or partly by the
government from public funds.

Not for Profit Organisations

Voluntary (or Third) sector- those organizations including charities, voluntary bodies and community
businesses, that are not – for – profit and non- governmental,usually to promote or support a social cause. Non
profit organizations are Non- Governmental, set up for charitable purposes, and any charity surplus must only
be used to further its purposes.

Sole Trader type is owned and run by one individual and no legal distinction between the owner and the
business (SSM, 2012).

A Partnership is where parties agree to cooperate to advance their mutual interests (Advameg Inc, 2018).

Corporations have limited liability and creditors have claims against corporate assets only.

Public Limited Companies (PLCs) - Shares are sold to the public on a stock exchange.

Private Limited Companies (Ltd) - Shares are owned by families, small groups of shareholders, and not
sold to the public.

Limited Liability Company is a legal form of company that provides limited liability to its shareholders.

International companies are importers and exporters, with no investment outside of their home country.

Multinational companies have investment in other countries, but do not have co-ordinated product offerings
in each country.

Global companies : invest and present in many countries marketing their products through the use of the
same co-ordinated brand in all markets .

Transnational companies : invest in foreign operations, have a central corporate facility but give decision-
making, R&D and marketing powers to each individual foreign market.

Joint ventures are two or more companies joining together to undertake a project or business venture.

Outsourcing is where a company passes on non core services to a third party.

Franchising means different owners sharing a single brand name. A parent company allows entrepreneurs to
use the company’s strategies and trademarks.
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Licensing - non-equity agreement where firm in one country authorises a firm in another country to use its
'Intellectual Property'.

Size of businesses do not necessarily need to be large multinational corporations with a huge workforce. They
can be micro, small, medium, large or multinational. The distinguishing factors are the number of employees, the
number of owners and/or shareholders, their market share and their legal status.

The scope of a business usually covers several departments and covers a lot of different areas, depending on the
company. Many corporations own several businesses and companies, meaning the corporation's business scope
is quite large and potentially covers multiple products and markets.

Smaller businesses, such as family-owned stores, have a smaller business scope as they are focused primarily on
acquiring goods wholesale and selling those goods on to consumers at retail prices.

Our chosen organization, Google LLC is an American multinational technology company that specializes in
Internet-related services and products, which include online advertising technologies, a search engine, cloud
computing, software, and hardware. It is a large business with a very wide scope and a Scalable start-up
Entrepreneurship.

L.O 1.2 different function within an organization and how they impact on organizational structure

Every organization has a type of business structure that organizes a company into different departments based on
areas of expertise. Each department has its responsibility and they tend to associate together for the organization
structure. Google has team-based organizational structure also known as a matrix structure (Quora answers,2014).
It contains different departments for different functions such as research and development, technology, finance
and marketing. The R&D department has to keep Google competitive by providing insights into the markets and
developing new services and improve existing ones. Google is famous of its search engine which main purpose
is to search for text in publicly accessible documents offered by web servers, as opposed to other data, such as
images or data contained in databases. In order to do so, collecting massive data and news is part of the function
of technology department. They have to keep everything up-to-date and it never fail to adapt changes of the world.
They also manage to change the theme of google on special days and occasions. Google has a net world of 1210
billion in 2020. It is certainly important to operate finances of Google since it is the lifeblood of business. The
finance function involves the acquiring and utilization of funds necessary for efficient operations. It also needs to
make big business decision which impact on the overall organizational structures. Last but not least, the marketing
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function of google is very powerful. All these webs and companies has to pay Google to advertise or promote
their products or services. Google’s major revenues comes from marketing or advertising payments. All these
functions have impact on the organizational structure since they all build up and raise up Google to a place where
it is right now. Even if small changes or mistakes of the functions would have concluded the whole organizational
structure.

L.O 1.3 different types of stake holders and how wider external environments influence and shape
business decision-making

As for a business to be stable in a specific industry, stakeholders play an important role. Stakeholders not only
interest in the organization’s success they are also checking the growth and tasks carried out by the organization
in order to get the most benefit from the organization. Stakeholders may be internal or external or connected and
the interest they have may probably depend on what type of stakeholders they are. The internal stakeholders are
directly working with the business such as managers and employees etc. The external stakeholders are not directly
working with the business but their existence affects the decision-making process of the organization such as
government and community etc. Connected stakeholders are not directly working with the business but will be
interest in future process such as bankers and suppliers etc. (Hlaing May Pwint Thu, 2022). Because of the wide
range of products produced by the company, the stakeholders are diverse. The stakeholders of Google LLC come
from different groups of products and services Google has offered. The wide range of external stakeholders hugely
impact the decision-making process of the company and as a leading technology firm, it’s important to maintain
the position in the market. The wider the external environment, the longer it takes the firm the finally make a
decision. Governments are major stakeholders for Google because as a global firm, it has to deal with many
governments and wider external environments. This type of stakeholder and the environment is crucial because
their approval or prohibition may affect and shape the company’s business operations. Another important external
stakeholder for Google LLC is the communities. The communities are important because the way users feel about
a product or service may deviate according to how the community reacts to a specific product or service. When
the communities are abundant, it may affect the firm’s business and revenue and sometimes causing difficulties
in the decision-making process of the company (Panmore Institute, 2017).
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L.O 2

L.O 2.1 Micro and macro business environment

A business is an organization where people work together.

In a business, people work to make and sell products or services and earn a profit but the purpose of business goes
beyond earning profit. It is an important institution in society creating job opportunities and offering a better
quality of life for the whole environment thus contributing to the economic growth of the country.

An environment is where all living things and non-living things live and thrive.

Business environment is the combination of internal and external factors that influence a company's or
organization’s operating situation. The Internal environment is concerned with value system with its vision,
mission, objectives, management structure and nature, human resource,internal power relationship and
company's image and Brand Equity. The External environment consists of macro and micro environments.

Micro environmental factors are more intimately linked with the company than the macro factors.

Micro environment- The micro environment consists of the actors in the company's immediate environment that
affects the performance of the company.

They are:

Suppliers - important force for the smooth functioning of the business. They provide resources like raw material,
and other components to the company.

Marketing intermediaries - firms that aid the company in promoting, selling and distributing its goods to final
buyers.

Customers- the major task of a business is to create and sustain customers.

Competitors include not only the other firms which market the same or similar products but also all those who
compete for the discretionary income of the consumers.
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Publics have potential interest in or impact on an organization’s (Media publics, Citizen’s action publics, Local
publics).

Organizations can achieve objectives through skilled Employees who are also experts in their areas and
Shareholders who invest their money in a company and also own shares of it.

Macro environment - The macro-environment of an organization is related to its general and external
environment that impacts the working style, decision-making process, strategy, and performance of the business.
It is a dynamic environment that has a changing tendency. It has external factors that an organization cannot
control.

The macro-environment study is PESTLE analysis that includes different external environment factors or forces
like: Political, Economic, Socio-cultural and demographic, Technology, Legal and Environment.

Political: Determine how the current direction of the political parties may influence business development and
growth.
Economic: Examine the effects of interest rates, taxes, the stock market, consumer confidence and other economic
metrics.

Social: Acknowledge the changes in lifestyles, advertising targets, ethics, demographics and culture.

Technology: Evaluate your company's current technology. Is it up-to-date?

Legal: Anticipate any new laws and regulations that can impact your operations.

Environment: Identify the environmental factors that should be considered.

The study for Google company consists of two subdivisions. The first focuses on the impact the micro and macro
environment hason Google Company, which is the largest hunt engine in the universe. It analyses on the factors
that can be a negative or positive influence to the company. The six macro environmental factors are economical,
planetary, political, socio-cultural, technological and demographical. The micro environmental factors are
companies, rivals, clients, public, mediators and providers. The 2nd subdivision focuses on the appraisal of the
organizational civilization.

L.O 2.2 The micro environmental analysis-SWOT

In order to build up a steady business with a strong revenues and profits, ago company should be analytically
checked on a quarterly basis for ideal results. It is always better to be ahead of your competitors with sufficient
time to react, maximize your strengths and rectify your weaknesses (proactive worldwide,2019). SWOT analysis
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helps you to identify your organization’s strengths, weaknesses, opportunities and threats for deciding on any
new strategy. To increase efficiency of our company Google, we have to apply SWOT analysis which cover both
internal and externals factors within an organization.

SWOT analysis of Google

Strengths

-Google is the most popular search engine in online search engine department. It normally has multiple answers
for each search because of its massive data collection. Search queries are 40,000 per second on average and has
a clear advantage over its competitors. (Thomas J Law,2021, Oberlo blog)

-The adaptability of Google is higher than ever than its competitors. It can work well on both IOS and Android
gadgets which are leading the market.

-Google owns YouTube, the most popular video-sharing network globally. It uses these tools to show its ads to
individual users based on the information they collect.

Weaknesses

-Many experts have slammed Google for its excessive reliance on privacy, especially when it comes to hiding
information. The company has faced lots of allegations. (BBC news,2020)

-Since Google gets most of its revenues from advertising, the overdependence of advertisements become a
problem to its users. Most advertisers have boycotted Google for advertising them with hate-filled content and
that affected Google’s reputation and image.

-YouTube, owned by Google, has been raised its subscription price from $49.99 to $64.99 per month. Most
streaming services normally cost way lower than YouTube. The decision of poor pricing strategy can make them
lose a majority of 2 million YouTube subscribers due to the price hike.

Opportunities

-Robotic projects and AI have been getting interest these days. If Google invest in these projects and programs,
it can be again changing the lives and the world.

-Google tend to have an expansion in emerging markets. Zoom meeting is really useful during the pandemic and
Google is working on creating a platform for remote working like Zoom.

-Google can exploit an adventure and take an evolutionary leap in nano-computing and operations. It can help
lives easier and better.
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Threats

-The social media revolution turns out to be the biggest threat for Google. Social media platforms such as
Facebook and Twitter are slowly catching it up and stealing the spotlight.

-Google has planned to provide its services in China but was forced to scrap the plan due to rising geopolitical
tensions. It this tension spreads to other regions across the world, Google can lose its future operations and
revenues.

-The world is facing a lot of struggles during the pandemic and economic slowdown was one of the struggles.
The uncertainty of economic due to the pandemic affects everyone else and Google.

PESTLE analysis of Google

Political Economical Social

-Google can participate in the -Rapid market growth of -Google can innovate its
free trade agreements of USA developing countries in the operations because of growth
and other countries. upcoming years benefit in social media.
-Tension between China and google and its revenues. -Data privacy has been a big
USA has affected many -The pandemic shrunk the concern of many users.
companies including Google. economy in many countries
where Google operates its
services.
Technological Legal Environmental
-Google constantly develop -Increasing regulations of -Google grows support in
their product and keep them online privacy helps google ecology and green projects.
up-to-date. increase customer -Google also spread
-Growing advance technology satisfaction. awareness in
result in more competitors. -However, google has been environmentalism.
bombarded with accuses on
the use customers’ personal
information apart from
growing restrictions.
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L.O 2.3 Internal and external factors impact on specific business

Operations

SWOT analysis of Google

STRENGTHS

1. -Most popular search engine

2. -Adaptability

3. -owns YouTube

WEAKNESSES

1. -Privacy policies

2. -Overdependence of advertisements

3. -Pricing strategy

OPPORTUNITIES

1. -Robotic projects and AI

2. -Expansion in emerging markets

3. -Nano-computing and operations

THREATS

1. -Social media revolution

2. -Tension with China

3. -Economic uncertainty due to pandemic

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TOWS Matrix

Strength Weakness
Opportunity S O Strategy W O Strategy
S1, O1 W3, O2
Invest in developing a device which can Draw up a plan to reduce the
be used to ask questions without the pricing policy of youtube to
need to type the question prevent users from switching to
other companies

Threat S T Strategy W T Strategy

S2, T1 W1, T3
Consider further into collaborate with Develop a commitment about
most popular social media users’ privacy and attracts more
users to prevent the company from
uncertain economic.

Porter five forces

Michael E. Porter’s five forces analysis model is used to understand the different strategic directions which
respond to the external forces of the corresponding environment of the industry. As a leading technology
enterprise, Google LLC carried out different strategic operations around the world. The porter five forces analysis
of Google LLC states the external environment and situations where the company offers its technological products
and services.

Degree of rivalry (Strong)

The competition between the large number of IT firms such as Yahoo, Facebook, Microsoft, Apple, Amazon etc.
and Google is significantly strong due to the innovative modification of the technology throughout the centuries.
Customers find it low cost to switch from Google to other companies, hance that condition contributes to the
strong competition among the technology firms.

Bargaining Power of Suppliers (weak)

Suppliers’ power is weak in the porter’s five forces of Google LLC. Compared to the size of Google’s business,
suppliers’ role is weak due to the large population of suppliers and the readily available supply chain.
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Bargaining Power of Buyers (Weak)

The individual buyers exert only a weak force on Google LLC because they only contribute a small effect on the
company revenue. Moreover, due to the advancement of technology the company offers, there is a constant and
high demands of users which in term the customers’ bargaining power is really low.

Threat of new entrants (Moderate)

The mixture of strong and weak forces to enter the technology and IT industry has led to the moderate threat of
new entrants. The high cost to develop a brand image (strong force) and the capability to fulfill the millions of
customers (weak force) combined lead to the moderate level of new entrants’ threat.

Threat of substitute (high)

There is moderate to high availability of substitutes because the switching cost from to Google to other companies
is not high. Moreover, the performances and services of large It firms are easy to understand and hence leaves the
users which almost no difficulty to switch from one service to another (Panmore Institute, 2019).

L.O 3

L.O 3.1 different types of entrepreneurs and entrepreneurships

An entrepreneur is an individual who sees business opportunities, analyzes its feasibility systematically, takes
risk to pursue opportunities and persistence until success, and finally creates value to the society (Daw Hlaing
May Pwint Thu). Entrepreneurs are often known as a source of new ideas or innovators bringing new ideas in the
market by replacing old with a new invention. In a nutshell, anyone who has the will and determination to start a
new company and deals with all the risks that go with it can become an Entrepreneur
(https://sg.oberlo.com/blog/what-is-entrepreneurship). Entrepreneurs are world’s most powerful transformers,
seeing possibilities and solutions where the average person only sees annoyances and problems (Oberlo,2021).

Different types of entrepreneurs:

1. The World Changer makes a better place for the world and support human life and society.

2. The Survivor had bad work experiences in the past but never gave up and make their dreams come true
(byju’s,n.d).

3. The Visionary has creative and innovative ideas and always think outside the box.

4. The Strategist has analytical mind and strategic thinking skills and know how to develop their businesses.
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The Entrepreneurship involves an entrepreneur who takes action to make a change in the world. Entrepreneurs
all have one thing in common: Action. It’s not some idea that’s stuck in your head. Entrepreneurs take the idea
and execute it. Entrepreneurship is about execution of ideas. The Culture Diversity of Entrepreneurship includes
-Young Entrepreneurs, Woman Entrepreneurs, Minority-owned enterprises, Immigrant Entrepreneurs and Part-
time Entrepreneurs.

Different types of entrepreneurship:

1. Small Business Entrepreneurship- grocery stores, travel agents, dressmaker, hairdressers, dress designer,
electricians, consultants and freelance lecture.

2. Large Business Entrepreneurship has different ways of developing innovation.

3. Social Entrepreneurship -consists of innovators who focus on social innovation, creating products and services.

4. Scalable Startup Entrepreneurship -a business model where an organization starts on the basis of a unique idea.
It ranges from creating a plan to all the way up launching the business. It involves a great sort of work, education,
and experience.

Google is one best example of Large and Scalable start-up entrepreneurship knowing that their vision can change
the world, attracting investors and encouraging people who thinkout of the box. Google began as an online search
firm, but now offers more than 50 Internet services and products, from e-mail and online document creation to
software for mobile phones and tablet computers. Google’s broad product portfolio and size make it one of the
top four influential companies in the high-tech marketplace, along with Apple, IBM, and Microsoft. Its original
search tool remains the core of its success. Its revenue comes from Google advertising based on users’ search
requests. Internet search, advertising, apps, and maps, as well as the mobile operating system Android and the
video-sharing site YouTube, remained under Google. By 2011 Google was handling some three billion searches
per day. The company’s name became so ubiquitous that it entered the lexicon as a verb: to google became a
common expression for searching the Internet.

L.O 3.2 characteristics and behaviors of entrepreneurs

Every entrepreneur has mostly the same path of road. They had faced difficulties and failure but their resistance
to failure and eager to success drove them to the places where they are now. Like the people of same zodiac signs
have similar behaviors, entrepreneurs have characteristics and behaviors which are almost identical. There are
different types of entrepreneurs but they have similar and mostly same characteristics and behaviors. They have
desire for responsibility. They are also good leaders because they never do the blame game for the outcomes of
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choices they made (Hlaing May Pwint Thu,2022). It is crucial for an entrepreneur to have confidence in
themselves which gives them strength to get over the struggles when things don’t go as planned. And things never
go as planned which make them get used to failure. Failure is not the opposite of success, it is part of the success.
A person who never made a mistake never tried anything new (Albert Einstein). Failures encourage entrepreneurs
to try again and again. They always have the motivation to try something better. They dare to take risks on their
projects and ideas. Even if it failed, they will come up with a bunch of better ideas and still work on the project
until they can figure it out. Risk-taking is like something that is in the DNA of the entrepreneurs. They also
warmly accept honest feedbacks which help them fix mistakes in future operations. They are also thinking ahead
of the future with a helicopter view. They will always think of a way to help the society and create a better future
for the world. They are definitely not money oriented. They want to have the moment of themselves for how they
help the society in their own ways. As we all know, Google is an everyday tool in our daily lives. Google was
founded in 1997 by two brilliant young men. They work hard together because it was their passion to always
work hard on something uncomfortably exciting. A small project of two young men in early years caused the
massive technology company nowadays. It is all due to the triumph and hard work of these entrepreneurs and this
will remain remarkable among all the entrepreneurs that we had, we are having and those who we will have.

3.3 The differences between entrepreneurs, intrapreneurs and owner-managers

Entrepreneur

An entrepreneur is someone who is starting a business by taking high financial risks believing that they will make
profit in the future. Entrepreneurs basically works for themselves and customers. They are high to moderate risk
takers and their motivation comes from mainly the success of their business. They are mainly responsible for
decision-making and involve in the management processes. Mistakes makes them even stronger and they are
eager to learn to learn from the failures to find solutions so that they can improve their product or service.

Intrapreneur

An intrapreneur doesn’t start business like entrepreneur and they are hired to lead the projects within the
organization. One thing the intrapreneurs and entrepreneurs have in common is the creativity and innovation they
have for their work. Intrapreneurs work for sponsors, customers and themselves. They are moderate risk takers
but they are fully aware and check the level of risk at all time when doing project. Although they take part in
making decisions, they are more concerned to convince others about the decisions. Intrapreneurs tend to hide
mistakes until they find a solution to correct them.
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Owners, Managers

Owners are basically people who own a business when managers are the employees hired by an organization.
One common thing about owners and managers is that they take little or no risk at all. Owners work for themselves
when managers work for the organization. Owners make decisions but managers are not involved in the decision-
making process. Neither of them don’t like mistakes and make sure they avoid them (Focal Differences, 2021).

L.O 4

L.O 4.1 creative and innovative idea of entrepreneur and how they

Implement this idea

An Entrepreneurial mindset is a way of thinking that enables you to overcome challenges, be decisive, and
accept responsibility for your outcomes. It is a constant need to improve your skills, learn from your mistakes,
and take continuous action on your ideas. If your entrepreneurial mindset is focused on creating a profitable
business, you fit the entrepreneur definition.

Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities;
thinking new things. Creativity is related to ‘imagination’ and is essential to survival and important source of
building a competitive advantage by overcoming paradigms and to consider new and different alternatives.
Creative thinkers challenge custom, routine, and tradition; are reflective, prolific thinkers and realize that there
may be more than one “right” answer. They know that mistakes are pit stops on the way to success, and understand
that failure is a natural part of the creative process.

Innovation is the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s
lives; doing new things. Better and smarter way of doing anything is innovation. It could be the introduction of
new technology, product line or segment, a new method of production and an improvement in the existing product.

Creativity is the imaginative process which can never be measured with no risk involved whereas innovation is
the productive process; an act of executing the creative ideas into practice with measurable risk involvement.
Innovation is related to introduce something better into the market.

To improve creative thinking and enhance individual creativity, one should think outside your comfort zone, do
the "Brainstorming" exercise and "Mind-mapping", a graphical technique that encourages thinking on both sides
of the brain, visually displays relationships among ideas, and improves the ability to see a problem from many
sides.
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To implement the creative and innovative ideas, one should include creativity as a core company value, embrace
diversity, encourage curiosity, expect and tolerate failure, create a change of scenery periodically, view problems
as opportunities, provide creativity and training support.

Google began as an online search firm, but it now offers more than 50 Internet services and products, from e-mail
and online document creation to software for mobile phones and tablet computers due to its creative thinking and
implementing these ideas into practice. Internet search, advertising, apps, and maps, as well as the mobile
operating system Android and the video-sharing site YouTube, remained under Google. Google’s organizational
structure supports the company’s organizational culture to maximize innovation. Innovation contributes to the
brand image, which is an essential strength identified in the SWOT analysis of Google LLC.

The alignment between the corporate culture and corporate structure helps develop the company’s competitive
advantages to address strategic challenges linked to multinational firms like Apple, Amazon.com, IBM, Intel,
Microsoft, Facebook, Snap Inc. (Snapchat), and Twitter. The case of Google is an example of aligning and
effectively using creative and innovative ideas to achieve strategic objectives in developing competencies for
business growth.

L.O 4.2 skills that are leading them to be successful entrepreneurs

Every person has a skill that was gifted or gained throughout the life. These can be good or bad but they can lead
you to places where these skills belong to. Each successful entrepreneur has different special skills. These skills
lead them to the winning gate while they are flowing in the rough river called the changing and developing world.
It is essential for an entrepreneur to succeed and to remain successful years after years. And skills are needed to
guide them what to do and how to decide. Decision-making is very important in business corporations since a
little error can change the whole process. If you can’t decide the most suitable answer for the solution, it can
affect the company in many ways. People with lack of decision-making skills can’t be a successful entrepreneur
obviously. They have the skills to overcome whatever obstacle is in their way. In other words, they have skilled
in enduring all the difficulties. No matter how many times they have fallen, they will always find a way to make
get up and try again. They won’t give up easily. They also have skills in leading the coworkers or employees and
make sure to always give them a safe working environment to work in. Most entrepreneurs are loved by their
coworkers or employees. They are not short-tempered or rude. They also have the communication skill which is
very essential for every work. They are patient and polite enough to persuade others and take the conversation to
where they wanted and get them to do what they want to be. Organizing the crowd is very hard and managing
them is even harder. But successful entrepreneurs are never lack of these skills. Nevertheless, our Google founders
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are qualified with all these skills which make them successful entrepreneurs who changed the world. Larry (the
founder of Google) once claimed that it is very hard to fail completely if you aimed high enough. This shows that
they have the tendency to expect higher and work harder. And Sergey (also the founder of google) said the only
way it is going to success is to have a lot of failure first. They have the skill of enduring the failure. They have
the purest mindset for the people and the society. They said they were excited to wake up in the morning knowing
they are working on changing the world. They also said once in a talk that they would have sold the company
long time ago if they were motivated by money. Money is not the motivational driver for them. They are just so
proud of their achievement and enjoying the world they had changed from a role. For them, the tangible extrinsic
money was not as important as the intrinsic intangible achievement and pride. By seeing these specific reasons,
we can clearly see the skills that lead them to be successful entrepreneurs.

L.O 4.3 risks and reward of business start-up

The one thing that entrepreneur cannot avoid in starting a business is the risks and if the entrepreneurs don’t
handle strategically, the business will probably fail. Even a large company can fail, so the risks that threaten the
small business start-up seem to be the most frightened situation but a star-up cannot succeed without the risks
taken. The rewards are the factors that motivates the entrepreneurs to continue what they are doing.

Risks

One of the risks of business start-up is the job security which is relatively little compared to the secured businesses.
The income from the start-up is not consistent until the business becomes stable. The risks in the market sector
also plays an important role in starting a business because the market environment may always change. Soon after
starting the business and running it, the risks that can occur is the lack of management experience which may lead
to the business failure (Lifehack, n.d.). Before Google was first develop, the two founders had disagreed too many
things and faced so many financial and management difficulties but their hard work paid off at the end (Google
LLC, n.d.)

Rewards

The rewards are countess when an entrepreneurship becomes to succeed but one of the most valuable rewards is
the motivation to continue, to innovate what the entrepreneur is doing and is capable of. The excitement of having
something succeed cannot be replace with other things. Moreover, those motivation and excitement will
encourage the entrepreneur with the creative freedom and independence. Financial stability cannot be lack out in
a business because only the great foundation of finance will lead to further market enlargement and product
improvements (Lifehack, n.d.). Needless to say, google founders have also gone through up and downs during
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their early years of founding and developing google. The rewards they have achieved are countless so that their
hard work, enthusiasm and creativity will always be standard-bearer for all the young entrepreneurs.

Conclusion

The modern business world features different types of organizations, each set up to serve a unique purpose and
to meet the various needs of the societies within which they operate. Some organizations operate for generating
profit, whilst others may operate to promote a social cause or to further the wellbeing of society. Many of the
conditions that help entrepreneurs also help the economy as a whole, providing even broader gains from
supporting entrepreneurship. While the definition of entrepreneurship has stayed constant for decades, the
possibilities for aspiring entrepreneurs have come a long way. Today, there are 582 million entrepreneurs in the
world. The opportunities have exploded! That’s a big reason why, according to Google, the graph shows a very
steep uprise from 1900 to 2010. (Article by Nicole Martins Ferreira 2 Sep, 2021).

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