International Entrepreneurship Individual

Question: Discuss about theInternational Entrepreneurship Individual. Answer: Introduction Global development leads to a phase where entrepreneurship plays a very important role. The knowledge driven goods and services have developed the creative idea requirement that arise the need to innovation which leads to emergence of entrepreneurship. In this context, this report identified some forces that drive someone to be an entrepreneur, selects one entrepreneur from India and analyses his personality and entrepreneurial style. Further, learning from this module and selected entrepreneur is discussed. Driving Force to be an Entrepreneur Rather than Professional in Emerging Markets The emerging countries most notably BRICs Brazil, Russia, India, and China are showing an economic growth. This leads to development of the culture of entrepreneurship rather than being professional. The emergence of knowledge and resources paves the way of entrepreneur and drives an inner urge to become entrepreneur rather than being employed and doing a job (Singhal, 2013). Human resources are available at a cheaper rate with government support builds the entrepreneur with their innovative ideas. Profile of an Entrepreneur Ritesh Agarwal is a young entrepreneur and founder of OYO rooms. OYO room is a company which offers budget hotel rooms for the travellers. OYO rooms have been awarded several times and got various recognitions. Ritesh Agarwal is a person with brilliant mindset. In July 2015, and again in April 2016 OYO rooms raised $100 million from Soft Bank. Its overall valuation is more than $225 million, making it one of the top 5 start ups in India. Personality Attributes that Lead Towards Entrepreneurship Changer Ritesh Agrawal brought a change in lives of people with his innovative idea and thought. A successful entrepreneur is one who works for society selflessly and brings a change in society with his innovative idea and thought process. The innovation of entrepreneur raises the living of standard of people and fulfills their need. To bring a change in society Ritesh Agarwal comes up with an idea of OYO rooms in which basic requirement of customers will be fulfilled like proper signage, Wi-Fi, clean washrooms, easy payment facilities. Challenge Facer Entrepreneurs used to face hurdles in the path of success, as they chose the way which is full of difficulties in regarding to innovation. Successful entrepreneurs face various challenges in the way of success, but they do not give up. This is the entrepreneurial quality of Ritesh Agarwal. He faced various challenges at the initial stage but never gave an idea to go home back. He was convicted towards his idea and makes other venture capitalist and financial institutions to believe on his idea and provide funding. Focused Entrepreneur always moves towards the big picture and never uses to waste his time on small issues and problems. Ritesh Agarwal possesses this entrepreneurship quality which helped him a lot to solve problems which are coming on the way to success. He always remained focus towards the achievement of goals which he has decided and never worried about small problems which were coming on the way to success (Bosma et al., 2012). He focuses mainly on expansion of supply chain, deliver great customer experiences and involvement of large investments. Try out new things One of the entrepreneurial qualities is to try out the new things and should not scared of failure. Only by trying out new things an entrepreneur can get succeeded. This quality of trying out new things was possessed by Ritesh Agarwal, CEO of OYO rooms. In this way he started the OYO rooms at the time when Oravel does not succeeded. He comes up with the new idea of OYO rooms. Coping up with Criticism The another entrepreneurial quality is to cope up criticism with positive outlook as every successful entrepreneur knows that criticism will lead to better way in long run. Ritesh Agarwal as an entrepreneur believes that criticisms are necessary for raising the urge to become success (Mishra, 2015). Ritesh Agarwal believes that constructive criticism is very valuable. He also stated that success is directly related to proportion of criticism. Passionate Ritesh Agarwal is passionate towards his dream which led him towards success. Passion is something one can work on over and over without getting bored. It leads to sleepless nights. Passion is something a person enjoy whole his life without getting bored. This passion of Ritesh Agarwal leads the venture capitalist or financial institution to provide funding. Learning Outcomes from Entrepreneurship The first and foremost thing learned is how to embrace failure. Entrepreneurs willingly accept their failures and make failure as a leading opportunity to move forward in their business plan. Overnight success is not possible in long term. Successful entrepreneurs came from failures in life. Successful entrepreneurs work with due diligence. Entrepreneurs used to sale their ship in difficult times with more efforts (Bridge and O'Neill, 2012). Entrepreneurs come up with a vision and continue till the time vision is not achieved and put their all efforts. One should learn how to face failure from entrepreneurs and get succeed after that failure. The second thing to learn from entrepreneurs is delegation. Entrepreneurs cannot run a successful company alone. It is quite essential to delegate the responsibilities to others in order to attain vision statement. Entrepreneurs used to motivate other people by delegating the power. Delegation is considered as a skill itself. One should learn how to delegate powers from entrepreneurs and importance of delegation as a single person cannot run the whole business. The third thing to learn from entrepreneur is Investment in people. Entrepreneurs always know the importance of mentorship and networking. Entrepreneurs used to invest their time and funds in development of people. Entrepreneurs know the benefit of imparting knowledge which is going to help them whole life. The time and effort which is spending on developing skills will go to pay off. One should learn how to invest in people from entrepreneur as being selfish; no business can be carried out. The fourth thing to learn is having a finishing formula. Entrepreneurs always know how to finish what they have started. They know the series of steps required to attain objectives. There are lot of distraction which come up in the way of attainment of objectives but they make a proper plan for accomplishment of objectives (Burns, 2010). Entrepreneurs know how to manage the work load and how to set priority. One should learn from entrepreneurs how to juggle between work and having a finishing formula. The fifth thing to learn from entrepreneur is always a desire to learn. Learning does not end in school or in college Entrepreneurs possess a wide range of skills which needs to be polished. With the technological change innovations are taking place at a rapid speed so the entrepreneur required polishing his skills. One should learn that learning of new things is very important in whole life. Entrepreneurs always believe in their strength and abilities and one should also believe in his or her inner capabilities. Conclusion and Impact An entrepreneur is a person who is driven by their work and likes to take risks. Individual characteristics like being challenger play an important role in success of an entrepreneur. From this study it is analyses that to get success in life one should always move forward towards the attainment of objectives without fear of losing. All efforts should be made in order to get success. One should be passionate, hard working, focused. I being a student understand that for getting success in life one has to really work hard. By inculcating the characteristics of successful entrepreneur I will carry out my entire project works with greater commitment and with hard work so that I can able to achieve success in my life. References Bosma, N., Hessels, J., Schutjens, V., Van Praag, M., Verheul, I. (2012). Entrepreneurship and role models.Journal of Economic Psychology,33(2), 410-424. Bridge, S. and O'Neill, K. (2012).Understanding enterprise: entrepreneurship and small business. UK: Palgrave Macmillan. Burns, P. (2010).Entrepreneurship and Small Business: Start-up. Growth and Maturity. UK: Palgrave Macmillan. Carraher, S. M., Paridon, T. J. (2015). Entrepreneurship journal rankings across the discipline.Journal of Small Business Strategy,19(2), 89-98. Mishra, A. (2015). Will the real Ritesh Agarwal please stand up? Retrieved from: https://www.livemint.com/Companies/7CN7u5d4i3bfYgBAZLdLpM/Will-the-real-Ritesh-Agarwal-please-stand-up.html Singhal, S. (2013). Life of Ritesh Agarwal of Oravel life just got exciting with a Thiel membership. Retrieved from: https://yourstory.com/2013/07/life-of-ritesh-agarwal-of-oravel-life-just-got-exciting-with-a-theil-membership/