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    Theoretical Knowledge of Entrepreneurship

    University: University of Wales

    • Unit No: 5
    • Level: Post Graduate/University
    • Pages: 10 / Words 2618
    • Paper Type: Essay
    • Course Code: LCBB5001
    • Downloads: 330
    Question :

    This assessment will cover the following questions:

    • Identify and evaluate the theoretical knowledge of entrepreneurship.'
    • Implement the methods and techniques that the company has learned to review, consolidate, extend and apply their knowledge and understanding to initiate and carry out a Business Plan.
    • Based understanding and knowledge of the subject demonstrate the current academic perspectives on entrepreneurship.
    Answer :

    INTRODUCTION

    Entrepreneur, which refers to an individual who starts a new venture and the basis of business is innovation. In relation with this the process if setting up business and then operating the business is known as entrepreneurship. This report includes entrepreneurship of Jamie Oliver who is a British chef and restaurateur. This report further includes what are the motivational factors that force and insist individual to become entrepreneurs. These factors are self-reliance, money, innovation, need to bring change and social associations. These factors have been analysed from different disciplines namely, psychological, sociological and economical. Various disciplines includes different factors of motivation and showcase importance of these factors in entrepreneurial motivation.

    MAIN BODY

    An individual who creates a new business is known as entrepreneur and efforts and process that are required to establish and manage business is known as entrepreneurship. There are various factors that motivate individuals to start and run a new business instead of contributing efforts to already established business. Entrepreneurship requires entrepreneurs to bare all the risk and also allows to enjoy all the benefits. Entrepreneurs are in many forms identified different from businesspersons as they are known to be innovator and posses strength to take risk and confidence that their vision is realistic, and they will be able to achieve their vision. This report includes discussion over entrepreneurship of Jamie Oliver, who is a chef and restaurateur from UK (Kuratko, 2016). He started his career as a pastry chef at Antonio Carluccio's Neal street restaurant. As it was said earlier that entrepreneurs are different from other businesspersons in case of Jamie Oliver this is fact as Oliver started learning and practising cooking from very young age and another factor that contributed most was that his parents were engaged in running a restaurant that recommand that background also contribute in entrepreneurial motivation. That developed an interest in cooking in Jamie Oliver, and he started learning to cook and later also pursued professional,education in this cooking. Entrepreneurship which is generally interchanged with business to justify the difference in both of them features of entrepreneurship have been discussed below-

    Vision- entrepreneurship starts with vision of the entrepreneur about market demand, future businesses and socio-economic environment.

    Innovation- entrepreneurship definitely have a pinch of innovation that assures success of the venture. Innovation and offering something like never before is an important characteristic of entrepreneurship.

    Value addition- entrepreneurs desire to add value to others along with their own idea and aspirations. They add value to the needs and desires of others.

    Strong conviction- they have a strong conviction about their idea and their vision.

    Initiative- entrepreneurship starts from initiative. This starts from zero and ground with desire of entrepreneur to take it to sky heights.

    Gap filling- entrepreneurship seeks to fill the gap that exist in customer needs and demand and available products.

    The difference in business and entrepreneurship is clear from these features of entrepreneurship (Storey, 2016). Further as every new beginning and start requires some motivation for the person associated with it. Factors that motivate individual to become a entrepreneur and function business entity developed by themselves are being discussed.

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    Factors that motivate to become an entrepreneur:

    Money- money and financial security is biggest motivating factor. Many entrepreneurs including Jamie started his restaurant so that they can enjoy all the benefits in financial form by themselves. Entrepreneurs also do this as this allow them to get the best possible and all the benefit of their efforts which they might have to share with others if they are associated with others' business. Success of businesses being created by entrepreneurs is also high because entrepreneurs start their businesses with an authentic idea and their intelligence (important characteristics of entrepreneurs) help them to mould their idea in such a way that others can also get benefit from this they can earn their rewards in form of money, recognition and satisfaction.

    Self-worth- From young age Jamie started cooking and it became his prime interest that later turned into his profession. Interest is a big motivator for all those who start their own business and are entrepreneurs (Oviatt and McDougall‐Covin, 2015). This allows them to live their life long dream, and they can do what they find satisfactory and that gives them feeling of self-worth. By starting his own restaurants Jamie also associated him in doing all day job of cooking and being known for what he finds his passion.

    Recognition- Many entrepreneurs get motivated by one factor that is recognition. Either getting recognized for what they like to do or for their hard-work. This recognition can be in form of award and happy customers. Jamie became a TV personality and celebrity because of his cooking and interest. This fame later helped him to grow his business. Recognition is an very important and much contributing factor for entrepreneurship many entrepreneurs have discussed that their repeat first customer was a big mile stone of their business. Recognition also gives satisfaction and many people even crave for recognition and this craving can be fulfilled by one thing that is becoming entrepreneur and starting own business.

    Self Reliance- working with others' does not give freedom to sole problems by individual even when individual is competent in solving problem. In entrepreneurship individual gets to use their skills and knowledge without getting restricted by any authoritative factor and positional force (Belz and Binder, 2017 ). Entrepreneur is free from any kind of restriction and can use and implement their idea and present in their own way. Jamie Oliver when started his restaurant freed himself from asking permission and following orders and doing what others want him to do.

    Personal Growth- Running individual business allow individuals to grow personally and they get to know more about themselves in form of their strength and weakness, their high and low point. When individual is an entrepreneur they have to deal with many adverse situations on daily basis that makes them aware of their strength and weakness and ability to deal with these situations. This help them grow and develop personally.

    Sense of control- Individualshave full control over the things and activities that are owned by them. Entrepreneurship also allows individuals to take control over the activities that are undertaken by them. This allows individual to control over the things that belongs to them but also free them from others' control over their activities in a setup of being employed for someone else.

    All these factors that motivated Jamie Oliver to become an entrepreneur and start his own restaurant instead of working as a chef in others' restaurants these factors are being evaluated against psychological, sociological and economic disciplines.

    When factors are evaluated on Psychological discipline, under this discipline factors that motivate individual to become an entrepreneur are self-worth, self-reliance and sense of control (Blundel, Lockett and Wang, 2017). These are all psychological factors that motivate individual to undertake entrepreneurship. Self worth that can be understood from the value that individuals have for themselves and their competencies. These competencies are significantly concerned with the competencies that are required for entrepreneurship and business that they are going to operate. In this regard Jamie Oliver's perception and value about his cooking skills is his self-worth. If he has thought that his cooking skills are ordinary like everyone else then it would have been difficult or impossible for him to start his restaurants.

    Self reliance, this is also psychological factor and rather psychological strength. Because of this individuals believe in themselves and trust their ideas and vision (Hardy and Maguire, 2017). This is important from psychological perspective because if individual or entrepreneur is not able to trust and do not trust that their vision is achievable and their idea is worth implementing in real world, they will not be able to start their venture. Jamie Oliver also had high self-reliance that enabled him to start his own restaurants.

    Sense of control, this can be termed as psychological need. Need to control others and get individual and self out of a situation that requires and forces others' control over activities that are being performed by individual. When individual do not like and prefer to be controlled by anyone they start their own venture and also when individual like to control others and use skills and knowledge of others for their own benefit this also motivate individual to start their own venture.

    These are most important motivating factors for entrepreneurship and individual can never start a venture in absence of these factors (Mitra, 2019). Because when individual have all the resources required for starting a venture but their self confidence and trust on own competencies is lacking then individual will not be able to run the venture successfully in case they start a new venture.

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    Other discipline that is Sociological discipline of entrepreneurship motivation. As per this discipline motivational factors are considered to be those which are affected and influenced by social relations ans individual's social needs and life of individual. Factors like recognition are viewed under this discipline, when entrepreneurial motivation comes from the need of recognition. This need that becomes motivating factor for entrepreneurs will see their venture as a source that allow them being respected by others. Entrepreneur who aims to fulfil needs of others when feel this when their customers repeat. One another factor is that many times when entrepreneurs get involved with others' in their innovation, and they start their venture with others. In this factor for entrepreneurial motivation is social relations of entrepreneurs. From this perspective many times entrepreneurs get their motivation from those who have contributed in their skill development and any kind of innovation they have done these people are mentors, supporters and ideal of individual that motivate them to become entrepreneur.

    Not as important as psychological factor but these are also important as psychological factors decide competencies and confidence of individual that enable them to start and run their venture skilfully but social factor inspire and encourage individual to work better and become successful (Hjorth, Holt and Steyaert, 2015). Social factors can also be considered as secondary factors as without these new venture is possible unlike psychological factors without which it would be impossible to start a new business.

    Economic discipline and perspective of entrepreneurial motivation includes factors such as money and financial security. Individual who want to earn more money and want to have complete return of their efforts do start their own venture so that they can put their efforts for their own benefit and can keep and earn all the return. This is an important motivating factor as many times individuals feel that working for others' is worthless as they do not get adequate return on efforts they invest for others' business and ventures and when they invest their efforts for their own business they get all the return and benefits themselves. This also fulfils need of financial security, which is very much important for all the individuals whether entrepreneur or not. But entrepreneurs are able to fulfil their this need. Another economical factor that is improving financial status of individual this also contribute in entrepreneurial motivational as when entrepreneurs see opportunity to improve their financial status by using skills and idea available to them (Fayolle and Gailly, 2015). They can use their idea and implement it with matching and required resources and by employing adequate strategies they can also ensure success of their venture. Success which is visible through financial returns of the business over investment of money and efforts. Motivational factors from economic perspective is very important and mandatory and this factor is more usual than important. Most of the entrepreneurs start their venture for their financial security and money motives.

    Entrepreneurial motivation of Jamie Oliver has been contributed by all those factors that are included in psychological, sociological and economical discipline. Jamie Oliver had skills that are essential for the venture he started and then his fame justifies that he also wanted to be recognised and lastly the kind of expansion and strategies Jamie Oliver developed showcase that he was also motivated by factors that come under economical discipline.

    It is also noteworthy that when entrepreneurial motivation is contributed by all the factors under all these discipline success of the entrepreneurship and venture created under this have higher chances. But their motivation is not the sole factor behind their success in this case Jamie Oliver firstly prepared himself he started his learning from young age and later took education in the same field and their family background was also an important factor that motivated him to become chef (Marvel, Davis and Sproul, 2016). He also mentored under big and renowned chef and worked with them in order to learn various skills and in his context many types of cuisines like Italian and British. Then he started his own venture when he was completely confident that he will be able to make his venture successful.

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    CONCLUSION

    On the basis of this report it can be concluded that entrepreneurship is a very well-known concept from earlier have presently changed its form and its requirements. Earlier for the purpose of entrepreneurship money and special skills were required but presently entrepreneurs firstly have to make sure that their offerings are actually required to customers, and they fill the gap between needs and wants of customers and products available. Further, factors that motivate individual and which motivated Jamie Oliver have also been included in this report and analysed from three different disciplines that are psychological, sociological and economical.

    You Can Also Read More Related Samples : 

    Motivating Romanian Entrepreneurs in Establishing Business

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    REFERENCES

    Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent process model. Business Strategy and the Environment. 26(1). pp.1-17.

    Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. Sage.

    Hardy, C. and Maguire, S., 2017. Institutional entrepreneurship and change in fields. The Sage handbook of organizational institutionalism, pp.261-280.

    Hjorth, D., Holt, R. and Steyaert, C., 2015. Entrepreneurship and process studies. International Small Business Journal. 33(6). pp.599-611.

    Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.

    Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction. Routledge.

    Oviatt, B. M. and McDougall‐Covin, P., 2015. International entrepreneurship. Wiley Encyclopedia of Management, pp.1-3.

    Storey, D. J. ed., 2016. Entrepreneurship and new firm. Routledge.

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