Entrepreneurship is the process of generating a new innovative idea and convert it into practical business to generate profits. It is the capacity and willingness of an entrepreneur to recognize the potential of the idea of establishing a new business venture, organize all the resources such as capital, talent, other resources as required and manage it. It is very risky to start a new venture due to lack of funding, ineffective decisions, economic crisis, lack of demand for the products or services provided in the market. A startup requires the following factors for effective business development:
• A business idea to develop a product, services, technology to offer to the customers in the market.
• People to support a new business such as employees, vendors or advisors.
• A business process which constitutes of all the activities from start to end i.e. delivering a final product to the customer’s
• Adequate money to support business development and generate higher revenue.
Ethically manufactured smartphones: Web has had a great impact on the development of the economy, Web foundation promotes the growth of the economy through which a person or individual can acquire new technical and entrepreneurial skills to make and use new mobile phone services. With access to training in local organizations, an ecosystem could be developed to fulfill the social- economic needs of the market. The most ethical manufacturing of smartphones can be done by filling the gap among individuals, companies, and institutions to create the technology that will have a beneficial impact on lives of people, organize their day to day activities or operations and connect them with other people.
A fair supply chain: Inspiring social change is the leadership strategy to inspire people through the experiences and expertise gained by the leader. This program emphasizes that powerful leaders can create a positive culture in an organization by motivating others to achieve desired goals. This strategy mainly works on development by considering the following things:
• It provides ways to develop a leadership skill in the individual.
• Properly plan and schedule the desired results
• It integrates all the teams for overall success.
• Encourage a healthy environment
• Open culture is maintained in an organization.
• Every individual work with the Board to achieve overall aims.
Challenges faced in developing technological enterprise are as follows:
• To start a new business, expertise is required to optimally use the resources and develop an organization, thus lack of experience to new entrepreneur may lead to problems in entrepreneurship development. It may cause due to lack of capability, academics or on the job training.
• Lack of flexible environment to accept the changes and update the culture and creation of goods and services.
• Lack of access to the market may lead to the disruptive potential of innovation and create a barrier to entry and exit from a particular market.
• Lack of knowledge to integrate literacy level of the entrepreneur and effectiveness of existing technology of the market.
Entrepreneurial Traits/ Characteristics: To build a successful enterprise, an entrepreneur requires some traits or characteristics to plan and operate all the operations and achieve desired goals. The requisite characteristics are as follows:
• Passion to develop new business and face the challenges of the practical business world
• Strong work ethics: To become a successful entrepreneur, an entrepreneur must have high ethics to perform all the operations with high efficiency and standards to meet the expectations of all related stakeholders and direct the business towards long term sustainability and success.
• Strong people skills: To establish a new business in technology, an entrepreneur must have a complete knowledge and skills related to it.
• Determination: The successful entrepreneur requires consistency and determination towards desired goals and success
• Creativity: The most important factor of entrepreneurship is its creativity, an innovative idea that can change the market scenario.
• Competitiveness: An entrepreneur must have competitive skills to face the rivalry of the market and achieve higher goals, it must focus on the track record of success and make timely changes in the business model to face competition.
• Confidence: An entrepreneur must be confident to plan and manage the whole enterprise, it has to develop relations with different stakeholders to efficiently manage all the members and parties contributing to the common goals of an organization.
• Discipline: To focus the energy on different operations and eliminate the distractions to reach the desired goals, an entrepreneur must be disciplined towards his or her work. The disciplined entrepreneur will also motivate other members of the enterprise to focus on the desired goals.
• Flexibility: An entrepreneur must be flexible to grab the changes of the business environment, it can provide opportunities and impose threats to the enterprise, opportunities are necessary to avail in reasonable time to develop and grow the business, whereas threats must be removed by improving the strength of an organization. it requires adaptability and flexibility in policies and procedures of the business organization.
Challenges in Social Entrepreneurship: To start social entrepreneurship, a leader has to face some challenges, which are as follows:
• Difficulty in raising capital for business establishment, which is necessary to start or continue any business operations.
• The innovative idea of an entrepreneur may not get the required resources to transform it into an actual business model.
• Low-profit Margin: In the starting phase, an entrepreneur has to invest more capital, but the results are less because of the low-profit-margin to create more influence in the market and serve the society.
• Lack of skilled labor: To manufacture innovative products, an entrepreneur requires skilled labor, which may not be available in the market and hinders its operations.
• Inefficient Plan: It is not necessary that an entrepreneur who has an innovative idea, will have the capability to plan its an ineffective business plan. Thus, the inefficiency will lead to problems in the execution phase.