To Be Successful in the Entrepreneurial Environment Term Paper

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Entrepreneurial Environment

The volatile changes that are occurring in the entrepreneurial environment are influencing the development of a new type of entrepreneur. New business ideas concentrating on the use of new technology is giving enhancement to the implementation of business plans. The purpose of this paper is to research an entrepreneur whose business practice fits this framework of a "new type of entrepreneur" and to explore the practices used to gain success in today's entrepreneurial business environment.

culture that is defined by "risk-taking," being "tolerant of mistakes" as well as containing within its scope "individuals who are willing to put it all on the line to start new businesses" is that which has been termed the "entrepreneurial culture."

According to the report of The Technology Alliance the factor most inhibiting to high tech growth is the "lack of appropriately trained workforce." The report states that:

Technical and top managerial talent is in extremely short supply worldwide....some regions are so short on workforce that they recruit heavily from other markets."

Regions that have been successful are those that have meshed together in the areas of business, academic and government to accomplish developing economic goals. The Research Triangle in North Carolina has done just this stating that:

The Real Triangle is the partnership between business, government and academia."

Rapid growth has been seen in the industries that are technology based in comparison to that in the overall economic picture. Expanding technology jobs in the State of Washington reports growth from 95,910 in 1974 to a total of 274,989 in 2000, shows an overall increase of an astounding 187%. Technology-based employment pays 87% above the state average of $32,740 in the personal employment sector in the amount of $61,330 annually, as reported in the year 2000 for the State of Washington.

According to a report entitled "Managing Competencies in Entrepreneurial Technology Firms"

The United States and United Kingdom, with their liberal market economics do not contain "institutional arrangements that are conducive to the development of project-based entrepreneurial technology start-ups focusing on discontinuous radical innovation, there are other emerging industries where more complex and stable organizations are effective.

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Success in such segments is strongly advantages by institutional structure that create competence enhancing human resource structures."

Elements of Success:

The question of what it takes to achieve success as an entrepreneur in today's business environment is one that demands answering. Change and the reasons for change are the focus of certain studies. According to Casper:

Recent studies of sectoral specialization and technological development across market economies have shown how contrasting patterns of technical change can be explained by the different institutional frameworks that have become established in distinct types of economy." (see e.g. Casper 200; Casper et al., 1999; Soskice, 1997;1999)

According to one report entitled, "Firms of the Future," the 1970's witnessed new type of business clients arrival on the scene; the high-tech entrepreneur."

In 1965 Stinchcombe stated that the entrepreneur faced challenges such as the acquisition of necessary resources in relation to production, distribution as well as establishing the framework of relationships of trust and that the "liability of newness" must be overcome. Specifically Stinchcombe stated that:

the high costs of creating internal roles, relationships, and operating routines in new organizations the time and investment required to establish external relationships that are conditioned on experience, reputation, and trust competition, often with very limited resources, with mature organizations that already have goods or services in the marketplace and that enjoy established customer relationships (Stinchcombe, 1965)

Experience Equals "Intellectual Capital"

Knowledge of the industry or that, which has been termed "intellectual capital," is an important asset that those entrepreneurs who are experienced are able to use in their selection of partners, seeking of resources, as well as in their engagement with resource providers. Those entrepreneurs who had experience relating to the business venture were able to be precise in specifying their resources and could envision and even assess assets considered "invisible" where the newer less experienced entrepreneurs did not have that same ability.

Another advantage to the experienced entrepreneur was the factor of already being known and somewhat established. Doors….....

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