Management 2 Essay Example | Topics and Well Written Essays - 750 words

Management 2 - Essay Example Following Burns (2001) "entrepreneurs have become the staff of legends, "economic heroes" (Cannon 1991) increasing held in high esteem and held up as role models to be emulated" (6). The case of Bill Gates and Steve Jobs show that the main personal features of entrepreneurs are innovative ideas and creativity. For both men, new approaches to IT were innovative and resulted in economic value. Following Kamalanabhan et al (2006): "in comparison to the rest of the population, entrepreneurs tend to be more innovative in their attitude, but do not seem to have greater faith in the internal locus of control" (49). Thus, the innovations and changes have created new opportunities for Gates and Jobs, while creating challenges and threats to other companies. The established companies, Microsoft -IBM and Macintosh -Apple, have an entrepreneurial mindset based on knowledge and low cost solutions. For both companies, the real focus was on the innovation, being innovative, and the drive for indepe ndence. Their entrepreneurship was much more internally oriented in focus than marketing. All the aspects of the venture came together in order for a successful launch to occur. This aspect, as well as the other commonalities and differences, was often affected when external financing is involved. Microsoft relies on innovations when introduced new products with top priority to its standards-settings while "the history of I.B.M. is a history of failed attempts to impose standards by fiat" (Gates: Innovation, not greed, drives Internet 1998). Many entrepreneurs are afraid to obtain market input on their innovation due to their concern that the idea will be stolen and produced by someone else. Although this is indeed possible, since it rarely occurs it is much more important to assume any risks involved and interact with consumers obtaining valuable feedback throughout the new venture creation process. Similarly, smaller companies tend to have more direct interface with their customer s and potential customers than larger ones. This, in part, reflects the organizational structure and size. Small firms place more emphasis on their relationship with their customers, particularly when only a few customers account for 80 percent or more of their sales, which is frequently the case (Burns 45-46). Steve Jobs explains his life philosophy as: "too many obstacles come up in front of "ideas" that kill progress, perseverance/passion is the bridge that overcomes obstacles and brings ideas to life" (Perseverance = Entrepreneurship 2007). Great enthusiasm and energy of Gates and Jobs inspire their subordinates to introduce new changes and create innovative solutions. Their power is based on the subordinate's perception of the leader as some one who is competent and who has some special knowledge and expertise in a given area. The examples of Jobs and Gates show that entrepreneurship is usually based on customer orientation - the customer should be the focal point. Entrepreneurship has a "deal" mentality, the deal being a central factor in conceiving and developing a new venture for the entrepreneur and closing a sale for the marketing manager. Entrepreneurship involves the