Entrepreneurship assignment and Success Lessons: A Study of Bill Gates
Question
Task: What entrepreneurial lessons can be drawn from the Entrepreneurship assignment case study of Bill Gates, and how do motivational and effectuation theories apply to his success?
Answer
Introduction
The aftermath of globalization and technology which have been witnessed the transformation of a global village wherein the force of international business growth and competition has been felt in an explosive way. Organizations are going through innumerable challenges such as of surviving, treading right behind the pace of advancement in the ever-changing world; however, this also throw open a multitude of business opportunities which have been unexplored hitherto. Entrepreneurship assignment is considered as the most influential economic force that encourages every individual to hunt business opportunity (MOHANTY, 2005).
Entrepreneurship assignment is the dynamic catalyst for change to be felt within all the aspects of a society. Entrepreneurship assignment used their inherent intelligence coupled sheer hard work, grabbed the best available opportunities. National economies and their directions, markets and industries have said to have been altered by them historically. They pioneered new invention of disrupting technology products and developed nations. Noticeably, they saw to that resources have been relocated from then present users to more productive and new talented users, thus transforming the society, wherein they enjoyed living the results of their sheer endeavours.
Concept of Entrepreneurship assignment
The term entrepreneur literarily translated to “go-between” and is dated back to using around 12 century onwards.
Definition of Entrepreneur
The idea of Entrepreneurship assignmentthrows off a broad array of definitions. On the one hand, the entrepreneur is defined as a person keeping the high spirit of aptitude who initiates innovative changes and, on the other hand, the entrepreneur is a person who wants to endeavour to make things greater for her or himself is defined as an entrepreneur.
The entrepreneur is dated back to the French word “enterprise”, standing for “to undertake”. The term entrepreneur is supposed to be used in the early 16th century and was referred to the person being part of the military expedition (Stokes et al., 2010). Gradually the term was used to refer to civil and construction works in the early 17th century. It was only during the 18th century, the term was used for the reference to economic and business context. The first use of the word entrepreneur is traced back to a French banker Richard Cantillon, who has the credit of using the word for the very first time, which means an individual who bears risk and uncertainty in business (Murphy, 1986). Richard Cantillon opined that an entrepreneur is defined as one whom in a constant search of changing phenomena, responding to the change and seeing it an opportunity to exploit it. An entrepreneur is a person who decides to obtain resources with the assumption of risk inherent in the enterprise. There are different definitions coined by different scholars. Having a closer look at these definitions may help us to dig into the concept. Oxford Dictionary defines that an entrepreneur is a person who initiates a business risking financial uncertainty in search of profits. The term entrepreneur refers to an individual who acts an agent integrating all sources of production such as labour, capital and land of another and this way he is responsible for product production (Drucker, 2014). The agent sells the products in his or her niche market, paying off the land rent labour wage and remaining is his or her profit. Entrepreneur’s innovation is a major business tool and using which they utilize business opportunities boosting up of the performance of different services or businesses. Joseph Schumpeter attempted to define the concept of an entrepreneur in a relatively same manner as an entrepreneur is a man of innovator introducing some innovating concept in the economy-a method of production which has not been extended so far in the realms of manufacturing, wherein a consumer is yet familiar with a product, is it a new source introducing something in a new market, of raw material (Schumpeter, 2011).
Motivational theories and Effectuation theories
Each business must utilize Motivational and Effectuation theories to boost their performance and efficiency. With more businesses being set up daily across each industry, it has become essential for businesses owners and managers to adopt effective theories so as to maximize productivity and performance (Sarasvathy, 2009).
As customers grow more curious and willing to investigate and compare available brand products and services it has become essential for businesses to ensure they deliver the highest quality and working environments. Bill Gates is among one of the few corporate leaders who has shown a balance towards addressing company objective, customer expectations, and employee retention. Skilled professions play a very important role at Microsoft as the company depends on their performance and contributions towards building new products. This has made it imperative for Microsoft to keep their staff comfortable and secure to reduce employee turnover which would have a long-term negative effect on the company. To address all factors linked to employee retention, company growth and customer satisfaction Microsoft must utilize certain Motivational and Effectuation theories which shall be discussed below. Each will have a direct effect on Microsoft’s performance and its stakeholders thus are critical to ensuring each of the theories is mapped so as to pinpoint how and who the theories affect each of the stakeholders (Brown & Gravely, 2003).
Psychological Theory
According to psychological theory, psychological characteristics of a person include the psychological characteristics include the need for high achievement, a vision or foresight, ability to face opposition (Freud, 2008). These characteristics are formed during the individual’s upbringing which stresses on standards of excellence, self-reliance and low father dominance.
Theory of High Achievement/Theory of Achievement Motivation
McClelland identified 2 characteristics of Entrepreneurship assignment–Doing things in a new and better way–Decision making under uncertainty. He stressed that people with high achievement orientation (need to succeed) were more likely to become entrepreneurs. Such people are not influenced by money or external incentives. They consider profit to be a measure of success and competency (Fyans, 2013).
Motivation theory by McClelland (Acquired Needs theory)
According to McClelland, a person has three types of needs at any given time, which are:–Need for achievement (get success with one’s own efforts)–Need for power (to dominate, influence others)–Need for affiliation (maintain friendly relations with others). The need for achievement is the highest for entrepreneurs
What are the Entrepreneurial lessons drawn from the case study?
Here are 7 lessons from Bill Gates about being a successful entrepreneur
Without innovation, there is no business model
Bill Gates. “The most important ‘speed’ issue is often not technical but cultural. It’s convincing everyone that the company’s survival depends on everyone moving as fast as possible”. Bill Gates is avid innovative in nature because he thinks times keep changing and similarly technology does.
it needs to be understood that today their amazing products such as tablets, smartphones and so on and it would have never become a reality, without a sense of constant innovative need for growing and further developing ideas. Bill Gates is who is committed to being consistently innovative when it comes to Microsoft. He is also a philanthropist; he set up the Bill and Melinda Gates Foundation, which is dedicated to the welfare of people in constant and consistent manner. Entrepreneurship assignmentcan be realized this way, too.
Value your time
Just as Gates appreciates the value of urgency in terms of change, he also values the idea of time as a matter of valuable currency. It is because loss time cannot be made up through bargaining and or with money. Bill is passionate about prioritizing things such as everyday life and official meeting, believing this style adequately meet his precious time.
He is of the opinion that priority should be accorded to prosperous commitments than to unimportant presentations and meetings. Thus it becomes resourceful when it comes to managing time wisely.
Bill does believe that success path is not always marked precisely. Usually, people tend to preferably opt for common roads as they think this will lead to success. The reality is however that venturing into the untapped territory, which means people should move to where nobody has ever dared to move before. Belief in this theory helped Bill to have achieved the success in the last century of the personal computing industry. Therefore, he left Harvard which is a bold attempt not everybody risks to do. This that it was an act of viewed It was, however, a right path to his very success as an entrepreneur.
Make those damn dreams a reality
Bill was growing up observed once that he nurtured exceptional dreams and expectations triggered off because of his ardent reading of literature. He said he wanted a great deal of sheer energy to make realized of the dream related to personal computing, investing himself into it consistently post Harvard time. The real-time example of Bill shows that being a genius alone will not guarantee a success, but a determined mind with a dedication towards working hard will definitely yield a very successful. That means the accomplishment of the dream will come true only through deeds of hard work.
Take away lessons from dissatisfied clients
This is true when it comes to dealing with clients. Personal mistakes could be your real teachers in how to handle your own life. Clients are not satisfied with what you offer to be it a service or product offerings, which means that it is high time your products should be under innovation and are be fixed if at all any technical mistakes are there.
The ideal remedial measure is to resolve the issues and not neglecting the unsatisfied customers. Try to understand positive feedback during the phases of developing stages while being a close observer of the critiques, as they help you lead you to create a legacy of success.
Initialize action constantly
As far as Bill is concerned, action must be always executed. History is what tells about where many great inventions could be traced back such as the light bulb printing press, the telephone. It needs, however, to be noted that there is just a minor portion of unrealized millions which might account for millions when compared. Although average people have a great concept, a very fraction of these people dares to execute plans through. Execution of plans is a crucial step toward the success of Entrepreneurship assignmentsuch as Bill across the world is the stepping effort bidding entrepreneurs.
Make an impact.
Bill’s mentality strongly involves making an impact. Whether that is making a point socially or professionally is beside the point. We all must learn from this great man and aim to make an impact. He was successful at making a great impact in the information technology industry and he was successful at doing so in the sphere of non-profit organizations. Having a cause is vital when attempting to do something. As an entrepreneur, always have a final cause at the start of your journey. This will ensure you stay motivated and help a cause.
Success stories like Bill Gates are nothing but determination for the average Joe. However, for entrepreneurs, he is a book to be read and a religion to be preached. His outlooks on life, work, and society are vital lessons. Have the courage to dream, the strength to execute your dreams and the ability to think objectively. These lessons from Bill Gates will only increase your chances of succeeding (Diamandis & Kotler, 2016).
William Henry Bill Gates, chairman of Microsoft (one of the major software company in the US) and an American business magnate, was born in the year1955 on 28th October. He is to his credit retained a consistent ranking one of the richest people in the world. As we do know, Microsoft is omnipresent every nook and corner of the world being commercially advertised; their phones and computers are used by most of the people across the globe, and their physical stores spread across every mall across cities and villages. We do know of course of their products services; however, we don’t know he was not only the Microsoft’ founder. As a matter of fact, the company was co-founded by Bill Gates along with Paul, his childhood friend.
Bill Gates was a man of smart at the very young age, writing his very first computing code, known as a tic-tac-toe game. It was his mother who realized his unique talent and he was decided to have been admitted to a private school, in Seattle Washington, 1973, leaving the public school. He met Gates his childhood friend - two years older Bill- who became the co-founder of Microsoft (Green, 2017). They shared a common interest when it comes to computers technology. Allen was always interested in science and eventually, that led him to become more interested in computers. Allen was most knowledgeable in computer hardware while Gates was more interested in the software aspect, which made them a pretty good team that could learn from each other.
Define the key themes related to your entrepreneur?
Bill Gates is widely referred to as the most successful entrepreneur in the 21st Century but it’s important to understand this success didn’t come by luck and actually required considerable effort (Harrison & Leitch, 2002). Bill Gates is well known for being the richest person on the globe but few people actually know his history and how he achieved the success. His first appearance was in 1968 when he joined his school's computer club to develop a state of the art computer.
This experience would captivate his interest in the field resulting in him remaining in the industry and continuing to expand to build Microsoft Corporation. While Bill Gates is famous for many themes he is most renowned for the 3 themes discussed below which are classified as the main drivers of his success.
Make the Most of available opportunities
One of the main attributes linked to Bill Gates success has been the ability for the entrepreneur to retain an open mind towards his work and new opportunities. Every opportunity has the potential of delivering huge success thus it’s important to explore available opportunities to maximize success rates (Lesinski, 2009). Bill encouraged himself, employees and people, in general, to utilize opportunities when available and gradually work up. This helps build both financial strength and experience which continues towards making one more stable thus helping further boost one’s ability to think clearly.
Exceed your capacity – explores the uncomfortable zone
To achieve success in your career one must go beyond their comfort zone and be prepared to learn new things (Smith, 2015). This is essential as it encourages people to be more self-exploratory thus opening up their skills and strengths. It also demonstrates one’s ability to explore unchartered waters (new things) without fear which is a critical requirement towards achieving success as an entrepreneur.
Quality control is key to success
In today’s competitive businesses world, it’s essential to deliver the best quality. The consumer will explore and compare other products thus brands must ensure they are delivering products and services they go beyond competitor specifications and customer expectations.
Literature review + link it with your entrepreneur.
Being among the richest and most successful Entrepreneurship assignmentglobally has resulted in a wide verity of literature being published on Bill Gates. Each focuses on a different trait but most highlight the success achieved by the Bill.
• Bill Gates: Entrepreneur and Philanthropist by Jeanne M. Lesinski published by Twenty-First Century Books in 2009 retrieved from https://books.google.co.in/books?id=ubYgIB0TgUYC&dq=bill+gates&source=gbs_navlinks_s
This book explores Bill Gates life and the period when he developed personal interesting Computers. The book gradually then explores his achievements and how he managed his as well and his staff's managed to build skills to continually develop new products. The books also explore how Bill Gates and his wife have now turned their attention towards founding the Bill & Melinda Gates Foundation which is focused towards addressing pressing social needs such as poverty, famine, and disease around the world.
• Bill Gates: A Biography by Michael B. Becraft published by ABC-CLIO on 26-Aug-2014 https://books.google.co.in/books?id=klV_BAAAQBAJ&dq=bill+gates&source=gbs_navlinks_s
This book is focused towards painting a clear picture is Bill Gates yearly life. This has been an area many people don’t know about. The book once again focuses on him developing his passion for computers at a young than gradually turning his attention towards his achievements over the years. It also focuses on important decisions taken by Bill during this time which affirms the importance of being bold and prepared to try new things as well as constantly striving to learn new things.
Does the literature confirm or disconfirm?
Yes, the literature does affirm the qualities required by young Entrepreneurship assignmentto achieve success. Success is often assorted to wealth but it must actually be associated with one's achievements and career success. Associating success to wealth will in most situations result in an individual, group or company achieving a set target after which the organization's growth and development begins slowing down (Hiraoka, 2005).
Associating success with career success, growth and constant learning and development allows Entrepreneurship assignmentto retain the zeal required to maintain consistent growth and recognitions over long periods of time. Bill Gates is a perfect example of such an entrepreneur who has retained his focus towards constantly developing Microsoft and developed new and mesmerizes products for its customer at regular intervals.
This has resulted in Microsoft dominating the computer operating system market with over 90% majorly due to Bill Gates vision to deliver the product to consumers first than consider finances later. This attitude towards his profession has resulted in the vast majority of computers today having Microsoft Operating systems and millions of software developed to operate on the system.
Adopting an opportunistic and exploratory attitude towards your profession and focusing on delivering the best quality Bills secretes towards achieving success as an entrepreneur. Only by adopting this attitude can an entrepreneur or skills professionals identify new and seemingly impossible opportunities to explore.
The term impossible it says “I’m Possible” thus making is a critical requirement for Entrepreneurship assignmentto develop and perfect so as to achieve success both as business as well as skilled professionals (Petruzzellis & Winer, 2016). Simply remaining within one's comfort zone will surely result in limiting an individual’s capacity to archive success thus remaining open exploring new ideas and ensuring they achieve success is critical towards any professional’s success.
Conclusion of themes
Entrepreneurship assignment is classified more as a skill as opposed to a profession as it involves an individual needing to combine their knowledge, skills, and education to explore new ideas. It’s critical to explore new ideas or build on previous ideas so as to win and retain consumer interest and confidence. With more companies and businesses being established on a daily basis, it’s critical for professions to think outside their comfort zone and be preparing to explore new ideas so as to achieve success. Bill Gates among many other Entrepreneurship assignmenthave helped demonstrate this is achievable thus it’s critical for a young entrepreneur to also adopt this entrepreneurial approach to an as to maximize their success.
References:
Brown, L. & Gravely, J., 2003. Special Edition Using Microsoft CRM. Que Publishing.
Diamandis, P.H. & Kotler, S., 2016. Bold: How to Go Big, Create Wealth and Impact the World. New York: Simon and Schuster.
Drucker, P., 2014. Innovation and Entrepreneurship assignment. Oxon: Routledge.
Freud, S., 2008. General Psychological Theory: Papers on Metapsychology. New York: Simon and Schuster.
Fyans, 2013. Achievement Motivation: Recent Trends in Theory and Research. Springer Science & Business Media.
Green, M., 2017. Celebrity Biographies - The Amazing Life of Bill Gates - Famous Genius. Matt Green.
Harrison, R.T. & Leitch, C.M., 2002. Entrepreneurial Learning: Conceptual Frameworks and Applications. London: Routledge.
Hiraoka, L.S., 2005. Underwriting the Internet: How Technical Advances, Financial Engineering, and Entrepreneurial Genius are Building the Information Highway. London: M.E. Sharpe.
Lesinski, J.M., 2009. Bill Gates: Entrepreneur and Philanthropist. Minniepolis: Twenty-First Century Books.
MOHANTY, S.K., 2005. FUNDAMENTALS OF ENTREPRENEURSHIP ASSIGNMENT. Delhi: PHI Learning Pvt. Ltd.
Murphy, A.E., 1986. Richard Cantillon: Entrepreneur and Economist. Oxford University Press.
Petruzzellis, L. & Winer, R.S., 2016. Rediscovering the Essentiality of Marketing: Proceedings of the 2015 Academy of Marketing Science (AMS) World Marketing Congress. Bari: Springer.
Sarasvathy, S.D., 2009. Effectuation: Elements of Entrepreneurial Expertise. Massechutees: Edward Elgar Publishing.
Schumpeter, J.A., 2011. The Entrepreneur: Classic Texts by Joseph A. Schumpeter. Stanford University Press.
Smith, D., 2015. How to Think Like Bill Gates. London: Michael O'Mara Books.
Stokes, D., Wilson, N. & Mador, M., 2010. Entrepreneurship assignment. Hampshire: Cengage Learning EMEA.
