Engineering Entrepreneurship for Allocation and Financial Capital

Question: Discuss about theEngineering Entrepreneurship for Allocation and Financial Capital. Answer: Introduction Entrepreneurs act in the static world of equilibrium and they assess the most favourable economy for them to explore the opportunity. As stated by Kirzner (2015), entrepreneurship is a multidimensional approach and entrepreneurs find a gap in the market to exploit the chances. Their concept should be unique that can meet the needs of the customers and the concepts are associated with the innovation, allocation and financial capital. The entrepreneur is someone who takes the responsibility in making the decision in his/her business of using resources, location and institutions. The ideas of the entrepreneurship practices can be found the entrepreneurs' societal effects, childhood and early career. Kuratko (2016), supported this by saying entrepreneurship is a mental act and it is the particular outcome of entrepreneurs desires and forecasted future state. All renowned entrepreneurs are unique in developing self-confidence and competence as they work towards their goals to reach succes s and world recognition. These business leaders demonstrate common characteristics in achieving success in lives. In this study, Walt Disney is chosen in order to show the entrepreneurship situation during the age of 20th Century. Mark Zuckerberg is another entrepreneur that is chosen for showing the entrepreneurship practices during the 21st century. Engineering entrepreneurs Engineers have the technology-oriented background and this technological knowledge can help the entrepreneurs to innovate new ideas to start a new venture. Technology-based innovation creates new opportunity in the market and customers can find the new opportunity as helpful to them. Technology makes anything ease and this innovation can be 'sustaining' when this innovation does not make any significant change in the existing market. When the innovation through technology creates improves of services and a product for the customers is called evolutionary. Moreover, revolutionary innovation is related to the unexpected, however, does not affect the existing market (automobiles in post 19th Century). Disruptive innovation refers to an innovation which makes a new market and network of value in order to disrupt the existing market and network of values (Zappe et al. 2013). Therefore, disruptive innovation makes the new market with a different set of values that can overtake the existing market as well, app-based Uber Cab service can be an example of disruptive innovation through technology. Engineering entrepreneurs' concept is the workbook approach for providing the quick start of business with different subjects. As suggested by Storey (2016), everyone loves the new ideas with new technology and engineering entrepreneurs assess the commercial values before taking risks. Engineers can make great entrepreneurs as engineers can solve the problems as they are trained to solve the problems. Knowledge in technology helps to bring something new to the market that has been missing. Who is capable of conceptualising the issue can fill the void in the industry. In addition, persons who love the technology are optimistic and people are sceptical when it is time to take the risks. The engineers have an answer to move forward in a tough situation. As suggested by Christensen et al. (2015), engineers can make trust, however, technology background can create a positive influence on the business environment. Building a new technology or product cannot make it connect to the customers; the entrepreneurs need to sell this managing the competition. Walt Disney, the dreamer Walter Elias Disney was an American entrepreneur and considered a pioneer in the American animation industry. Walt Disney introduced many developments in the cartoon technologies. There were few individuals who have had a greater impact than Walt Disney on both entertainment and popular culture. In his whole life, Walt Disney got 59 Academic Award Nominations and won 22. Now, the company named as Walt Disney Company, having Disneyland, Walt Disney World Resort and Disneyland Paris and in the year 2016, the company made revenue of $40 billion (Watts 2017). Early childhood Disney was born on 5th December, 1901in Chicago. He was the fourth child of Elias Disney who was from Canada. At the age of four, Walt Disney moved to Missouri where his uncle lived. Walt Disney loved drawing in his childhood and he had a fascination with new technologies. Disney had a chance to draw with watercolours and crayons. When he was 10, his family moved to Kansas City and he attended Benton Grammar School. His fellow in school introduced him the motion picture. Walt's father bought the newspaper delivery services and Walt had to wake up before dawn. Disney received poor grades at school and he started taking the corresponded courses on the cartoon. He attempted to join the USA Army in World War 1 and then he joined Red Cross to drive the ambulance. Walt Disney drew a cartoon on ambulance side and his works published in army newspaper. Inception of entrepreneurship After the First World War, Disney took a job in Film Ad Co. And this firm made animated advertisements and he made his garage a studio by borrowing some equipment from the office. Disney sold his apartment and he started living in front of his office. In 1923, he teamed up his brother Roy and his commercially successful creation was stolen from him, Oswald the Lucky Rabbit. Disney wanted to make another cartoon character and he hit upon the ideas of making the mouse. Thus, Disney fleshed out his character Mickey Mouse and it gave him breakthrough in the year 1928 with Steamboat Willey', the first cartoon. Disney started thinking of new venture with making a film; Disney hired a selected team with animators and artists to make a film on Mickey Mouse. Disney started learning the latest technique of his time to make an animated film. Disney followed the new medium of Technicolour when he used to with the sound on film. Walt Disney needed to make a full-length animated feature film with colour. This project was time-consuming and a project was costly. Disney made a film Snow White and the Seven Dwarfs and it was released in the year 1937. This film was a full-length animated film in the Hollywood history with using all technical specification of time. Disney loved to embrace new technologies and he used three-strip technicolour in his film Flowers and Trees (1932). Then he developed his sense of technology and he made a film Sleeping Beauty, the first animated film made in Technirama 70 mm film (Watts 2017). Entrepreneurship traits Walter Disney can be defined as dreamer and innovator; however, he was an exceptional leader. In his leadership and entrepreneurship, the love of animation and technology can be seen. In his visuals, all elements have been exhibited; technology was on the forefronts. In his entrepreneurship traits, it can be defined as a perfectionist, fearless and inspirational. Salesmanship Walt Disney was a salesman and he sold his dreams. For his dream, people spent money, resources and wanted to become reality. Disney's salesmanship has honesty as the best salesman has integrity in his works and dreams. In the beginning, Walt showed extreme enthusiasm in order to grant the sponsor for his works and he encouraged others to sponsor for this project. Disney had extreme confidence in his ability and it inspires others to purchase his products or offerings (Mannheim 2016). He is a kind of leaders who can instil confidence to other employees. Disney had the courage to live on his goals and he achieved his scariest dreams in his life. Disney did not leave his project for anything and he faced the worst situation. However, persistence was his motto in his life. Nothing worthwhile is easy in life and he was determined to achieve. Building partnership Walt Disney made a partnership with his brother and this was a dynamic duo to achieve goals with creative ideas (Peters et al. 2016). Both believed in new technologies and they took a cue from new technologies which were emerging that time. His all projects were like creative centres of American film industry. Walt's brother was an educated financial advisor; however, these differences did not bring any changes as they complimented each other (Mannheim 2016). In successful entrepreneurship, at the beginning, everyone needs a partner with whom they can discuss their potential. Moreover, in technological innovation, he made the partnership with corporations and government. He changed the studio to multinational leisure firm with the partnership and innovation. Serving others with inspiration and focus A great leader or entrepreneur always likes to serve others and he liked to help others. He had a paraplegic friend and Walt took him to Disneyland as well as he gave him a front-row seat. Disney was a storyteller and Disney could go extreme for details and he made other understood what he actually wanted. Disney could inspire others with the story. Disney gave different voices to different characters in a film and he was extremely talented. Continuous improvement was his motto and he developed sound and record system that time to develop the clarity (Watts 2017). Mark Zuckerberg, The Accidental Billionaire In today's world, Mark Zuckerberg is young generation's sensation. He is the founder of Facebook, the world's largest social networking site. By the third quarter of 2017, Facebook had more than 2.7 billion active users monthly. Most importantly, at the age of 24, he was world's youngest billionaire. Early childhood Mark Zuckerberg was born in the year 1984 in New York and his father name was Edward Zuckerberg, a dentist. Zuckerberg's ancestors came from Germany, Poland. He was brought up in Dobbs Ferry and it was 21 miles away from Manhattan. Zuckerberg was raised as Jewish. He studied at Ardsley High School and he always excelled in class and he was transferred to Phillips Exeter Academy. In this school, he won the prizes in Science, Mathematics, Physics and Astronomy. In his childhood, he liked to join summer camp and he was a jovial child. Moreover, in his college form, he wrote that he could write Latin, Hebrew, Greek and French. He liked fencing and he was a captain of the fencing team. In his middle school, he started using computers and software. David Newham was the tutor for him to teach software. Zuckerberg did his graduation from Mercy College and during the time, he enjoyed communication tools and developing computer programs. His father dental works were operated from their home, h e made a software programme to connect their house from his father dental office, named this as Zucknet. Inception of entrepreneurship In his university days, he created a programme called Facemash and it selected best-looking person's photos. As suggested by Bakshy et al. (2015), Zuckerberg had books called Face Books that included pictures and names of every person who lived in dorms. In the Facemash site, Zuckerberg put two pictures and this site went up for a weekend. After that, Harvard University stopped this site as it became popular. In January 2004, Zuckerberg writes the code of Thefacebook' and he launched the site in February 2004. Some of Harvard's fellows complained that Zuckerberg took the idea of Facebook from them and he dropped out from Harvard for completing the project. The idea of the social networking site may come from Phillips Exeter Academy where Zuckerberg graduated in the year 2002. In the initial stage, he faced many challenges like the lawsuit, lack of members of Facebook and attraction to sale the Facebook. However, he carried his dream to make the world open for all. He started this sit e from dormitory of his college with just a few users. Entrepreneurship traits By the end of 2005, Facebook started accessible for all institutions and universities in the USA. Zuckerberg thought that this social networking site would be helpful for the students, however, after this, the epidemic started to follow through. However, in the year 2007, Microsoft acquired almost 1.6% equity in Facebook and in the year 2013, Facebook turnover reached $7.8 billion that meant within three years the revenue became six-fold. The extraordinary leadership and entrepreneurship of Zuckerberg was the reason. After that, Facebook acquired Instagram, Whatsapp and Oculus Rift and the start-up turned into a giant (Cravens and Whiting 2016). Mark Zuckerberg does the business for higher purposes and he has only one vision to bring the people close. Zuckerberg believes in team and services it offers, Main earning of the Facebook comes from advertising. The entrepreneurship characteristics of Zuckerberg are: Critical thinking Zuckerberg always tries to go deeper in any types of issues within the organisation in order to make difference in any situation to produce values. Zuckerberg's social networking idea was disruptive innovation and he could go to the computer programming in order to solve the issue. Success comes to him by taking time to critical thinking of the issue. Equanimity: Zuckerberg is young and he is under pressure during a stressful situation. He does not lose his cool and calmness is his success mantra to manage such bigger organisation. He calmly solves all the challenges that come his way. Improving relationship with the employees helps Zuckerberg to provide a solution to the critical issue (Clinebell 2014). Effective Communication Zuckerberg does the employee communication himself while others leave this to team leaders. Zuckerberg is young and he tries to increase the communication among the employees with potential ideas. In the workplace, he walks around the floor, talking and asking the employees about working (Menzel 2015). Moreover, he believes in assertiveness with the attitudes to prove that the services, products and brand and company can change the look of the industry. Problem solving Zuckerberg tries to solve the issue and he tries to do the best possible thing what he can. In his heart, he believes that he is giving the best effort in order to solve the relevant problem that can help the users or consumer (Devinney et al. 2016). Facebook has opened the relationship between the users and solving the users' issue is the first thing comes to Zuckerberg's mind. Entrepreneurs characteristics that are must for entrepreneurs of 21st century but were not so essential for entrepreneurs of 1900-1950 AD eras Two entrepreneurs belong from two different ages; however, they bear some similarities in characteristics. Both the entrepreneurs have the risk-taking abilities as Zuckerberg dropped the Harvard University and Walt Disney sold his apartment for the dream. In addition, both the entrepreneurs have self-belief and hard working as Zuckerberg worked hard in spite of there were numerous allegations against Facebook and Walt Disney continued his studio office in the garage. Money management is another characteristic that entrepreneurs must have (Yammarino 2013). In this regard, Zuckerberg did not sell his start-up and he bought Whatsapp and Instagram. On the other side, Walt Disney was a salesman that could sell his offerings at any price with technologies and innovation. Lastly, passion and motivation are the characteristics of entrepreneurs and Zuckerberg has a passion for software development since childhood and Walt Disney loved the cartoon and drawing since his early childhood. Entrepreneurship characteristics that are needed in the 21st century: Knowledge in CSR (Corporate Social Responsibility) In a previous time, entrepreneurs did not focus much on the environment and social responsibility. In past, entrepreneurs did their business for the dream and making money, however, in recent time, the entrepreneurs believe that they need to do something for society (Drucker 2014). In this respect, Mark Zuckerberg made Chan Zuckerberg Initiative' that helps the non-profit organisations and it is not just the traditional foundation. Zuckerberg himself shares only 28.2% on Facebook. Facebook has team Footprint' that helps the environment to stay healthy in order to share and express concern about the environment. Facebook started a feature of marking safe' during the time of calamity. Community management In addition, todays entrepreneurs join a community where they share their ideas and obtaining membership from the communities help the entrepreneurs to develop social capital (Nahavandi 2016). Community management is important for successful entrepreneurship development. In the previous time, entrepreneurs did not need to do this thing; however, organising a community can transform the business. Risk tolerance In entrepreneurship, today's entrepreneurs need to more focused and calculative than the previous generation as the entrepreneur practices are getting higher. The new concept is scarce and risk tolerance ability should be there within entrepreneurs. The economic magnitudes are large and raising fund for the business would be difficult for the business. Conclusion Entrepreneurship in two ages has some similarities and difficulties. In similarities, they share some basic characteristics like motivation, hard-working and self-belief. In engineering entrepreneurs, they believe in go alone to assure elegance and quality in services and products. Technology related information need to get functionality before the entrepreneurs focus on customers. In gaining the funding for a new technology is easier as funding is the turbocharger for a start-up. Of late, for a technological market, the entrepreneurship is getting easy for the presence of online market and entrepreneurs can reach the customers virtually. In previous times, the entrepreneurs have fewer risks, however, in recent time; the entrepreneurs need to maintain social, environmental risks and community management. Reference List Bakshy, E., Messing, S. and Adamic, L.A., 2015. Exposure to ideologically diverse news and opinion on Facebook.Science,34(69), pp.1130-1132. 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