Entrepreneurs make enormous contributions to societies ]
According to Abrams (2012), entrepreneurs make enormous contributions to societies around the globe. Fast-growing entrepreneurial ventures transform entire economies. Even smaller enterprises make tremendous contributions to their health and stability of their communities.
Complete the following:
Profile an entrepreneur who has created a product or service that you currently use.
Refer to the infographic titled “Developing Business Prospects,” and discuss the process that this entrepreneur used.
Compare and contrast their personality attributes with your own.
Reference
Abrams, R. (2012). Entrepreneurship: A real world approach. Planning Shop.
Sample Solution
One entrepreneur who has created a product I currently use is Jeff Bezos, the founder of Amazon.com. Bezos launched the online retail site in 1994 and it quickly became one of the most successful businesses of all time. Today, Amazon is not just an e-commerce behemoth; it’s also a cloud computing powerhouse, with its AWS division leading the way in that space as well.
Bezos has followed a multi-faceted process to get his business into its current position at the top. He started by recognizing an opportunity for an online retail store because he realized that there was no efficient way for people to purchase items over the internet back then (Abrams 2012).
He then conducted market research to assess customer needs and preferences so that he could develop products or services which would meet their demands effectively (“Developing Business Prospects” ). Additionally, Bezos developed innovative solutions such as Amazon Prime and Alexa voice assistant to ensure customers had access to easy shopping experiences (Abrams 2012). This allowed him to create value for customers while setting himself apart from competitors like eBay.
After building his business plan and acquiring necessary funds, Bezos began developing strategies related to pricing strategies and marketing campaigns so that he could reach out more customers through targeted advertisements (“Developing Business Prospects” ). Through leveraging this approach combined with word-of-mouth advertising, Amazon gained massive traction among users across different parts of the world .
Finally , under Jeff Bezos’ excellent leadership ,Amazon made numerous acquisitions such as Whole Foods Market & Zappos which have helped them expand their offerings further still . Such moves have enabled them establish themselves even more firmly in various industries – ultimately creating far greater value than ever before (\u200B Abrahms 2012).
In conclusion , Jeff Bezo’s entrepreneurial journey has been nothing short of remarkable considering how they were able recognize potential opportunities ,conduct market research & identify trends early on . These steps along with others outlined above have enabled them gain success & escape competition despite being first movers in what eventually became a highly competitive sector .
