Entrepreneurship

Entrepreneurship

Entrepreneurship is one of the ways which contribute to the growth of the economy and the creation of jobs in most countries. To define the term entrepreneurship, according to Eric Ries’s book, it’s about having a business idea, having the required resources, and implementing the concept. Being an entrepreneur is associated with a couple of benefits. Many companies produce different products, and this needs different entrepreneurs to market and also sale. On other occasions, there is a market gap, and it needs to be covered. Entrepreneurs come with ideas to cover the market gap ( Hutagalung, Bongsu 331-348).

If you are an entrepreneur, you have the advantage of enjoying the profits as well as business control. As an entrepreneur, you sit down and come up with unique strategies to develop your business. Most of the known companies like IBM have been developed through having a mature business idea. Entrepreneurship may affect the business positively or negatively. this impact is a result of how the market is connected. Some firms may not be favored by the state government, thus hindering business growth.

Eric Ries, in his book, has written guidelines and full information on entrepreneurship. Globally, entrepreneurship is much embraced, but some fail to withstand due to after challenges. The procedure on how to curve the problems Eric Ries has much discussed in his book. Before Eric Ries made is book famous, he did much in marketing his product and services. He defines entrepreneurs as self-commitment. The knowledge from his book has led to the development of many companies from different entrepreneurs like IBM. International Business Machines is a multinational computer technology and its consulting corporation with headquarters in Armon in new york, united the States of America. IBM developed as a result of bringing several companies together.

The company that teamed up to develop IBM was only those companies that worked to automate routine business transactions. This included the first company to establish a parched card based on data machines.  The IBM corporations started as the recording, tabulating, and recording company. It was founded in the late 1800s by Herman Hollerith. The primary task of this corporation was to develop tabulating facilities to enhance the 1890 United States census. The company developed fast, and by the end of 1920, the name changed from the big blues to IBM. With a sound management system and a tight schedule daily routine, the company has been experiencing growth every time. It is well noted that the company has been experiencing growth every time.

The fact is the IBM innovation used the MVP approach. The minimal viable product t means differently depending on the companies transforming the life cycle and the practices which it follows. Since the MVP is the process in which the startups stress to understand the development of several things in the place. IBM being a startup f computing technology, has always been in the front line to enhance the movement of its services. Targeting the united census is one of the ways that IBM uses the MVP. This is because it is always trying all the means possible to come up with a strategy that will lead to the development of the company. In fact, the company has ever experienced a positive result that has facilitated its movement as well as growth since the beginning(Heck, Ronald,2013).

It is well-advised that, before coming up with the MPV first develop the outcome and the assumptions of the business. Also, it is well to form a hypothesis to test your assumption and confirm if they work better for your company. As a result, the technology platform has developed due to the IBM cloud.  One of the things that led to the success of the company is the trust of taking the risk. For every successful entrepreneur has taken risks in a different environment. Taking risks is a process of involving yourself in some activity that will lead to a loss but in the name of profit at the end. This is one of the characteristics of our entrepreneurs in the IBM system. They are ready to handle all they can and take any action regarding success on the way. Another main feature that keeps the entrepreneurial spirit burning is to be goal-oriented. These are the things that are connected deeply with the MPV.

IBM has shown the truth and the way forward with the goal-oriented managers and supervisors. They always set attainable project which they are sure they can attain. They spend a sleepless night trying and meditating on how they can achieve their plans. As a way, they develop a budget that can not affect the company just to enhance the achievement of the company.  In this regard, then the MPV is beneficial to the startups. It will understand later the management need to have the MPV to enhance the development of the company.

As well, the management has to come up with a strategy of dealing with failure in the marketplace in case it is realized. In dealing with market failure, the company should look on the way to address each problem. In addressing the issue, the business has to understand if the problem is rising from the marketplace or the internal environment. If the problem is generated from the internal environment, it is upon the company to have a strategic plan to approach.  The following are the ways of approaching the issue in a business. One is by .listen to all opinions and considering every idea to avoid discrimination and favoritism.  The second thing is to have a check on the concept that holds more weight. This is another step of addressing a problem in the business. On the other hand, if the problem generated from the marketplace. It is upon the company to conduct market research and see where they went wrong. Market research enables the company to identify the needs and wants of the consumers. Also, it provides the company with the customers’ feedback concerning the product. It is through the way that the company can understand the areas it can improve to meet customer’s demands.

Eric Rai’s approach towards entrepreneurship is quite different from other entrepreneurs.  Ray started his entrepreneurial while still an undergraduate. Such an experience in entrepreneurship has contributed him to write a book in entrepreneurship. He has educated startup on the ways to make money. Actually, Ray states as a startup, you should not concentrate your business in the capital but keep the focus on delivering quality products and customer satisfaction. These are the key factors to keep the customer and manipulate your income. According to ray’s words, focusing on your business idea and taking the time to gather the feedback of your business is the most important thing to build bridges of your business. If you keep the effort on making the foundation of your business instead of working towards getting profit, this credits you to have a long-lasting business.

As I conclude, it is good to note that most businesses require your effort as an entrepreneur to work in implementing your ideas. Small businesses can grow to large companies if you develop a character of working to your objective. The book was written by Eric Rai to help to know how to build your ideas and build bridges for your business.