Question

Outline how the early settlers in the New World like Benjamin Franklin laid the foundation of an American business culture focused on innovation and entrepreneurship. Please, include References. Thank you

Answer 1

Culture is a set of beliefs, values guidelines and disciplinary principles for an environment within which existing entities operate. It is a major definition of the personality of an entity in relation to all other entities and forms the personality of this entity. Culture within a business environment health define ability willingness and competence of individuals to exploit available resources and integrate it with knowledge for creation of economic activity which has a certain aspect of novelty inherent within it. Combined with entrepreneurship it provides the required aptitude for risk to ensure arising from uncertainty into manageable level ofris which is inherent within any entrepreneurial enterprise. The greater the innovation and novelty the higher the uncertainty and risk associated with Joseph schumpeter the father of modern entrepreneurial study recognising the efforts of great innovator introducing novelty and innovation within entrepreneurship as the heroes of the business world laying the foundation a business culture focused upon Innovation and entrepreneurship in their most optimal definition of providing development with novelty by exhibiting adequate understanding of the needs of the people resulting in management of risk associated with innovation due to uncertainty of demand and acceptance. These heroes early movers who first introduced the new range of consumer goods, the latest and new methods of production or transportation and created new markets with new forms of industrial organisation as a result of capitalist enterprise arising from entrepreneurship.

The early movers extremely important in laying down the foundation for a culture of innovation and entrepreneurship facilitated by an environment supporting growth and development resulting in widespread emulation which helped take the process to the next step of creative destruction important to help initiate and emulate change which resulted in new more efficient and more competitive organisation and individuals with better output and performance putting at rest the old order. Agricultural entrepreneurship arising from requirement to innovate by immigrants due to necessity imposed by requirement for sustenance. The immigrants used all available resources offered by large tracks of cultivable land and forest resources including animals to setup entrepreneurs Ventures all involving some level of innovation within the products or the marketing to help sustain the individuals and families.

The only rapid industrialisation supported why electric free market and adequate availability of capital and resources along with infrastructure in the form of navigable rivers and coastal waterways helped achieve unprecedented industrial growth for America which was sustainable in the long run with constant innovation helping improve existing infrastructural facilities and constant efforts to meet new and changing requirements of the people by the entrepreneurs. The lack of manpower provided required impetus for adopting mechanization and Technology at a fast pace for the spurring industrial growth. various innovators including Benjamin Franklin the study of electricity by being the first to describe positive and negative charges along with helping to advance the existing principle of conservation of charge. He also invented the lightning rod for protection against lightning. With subsequent development of conservation of charge being used for storage of electricity in form of batteries in the future proving to be an extremely important aspect of infrastructure requirement for businesses even today considering that easy and continuous requirement of power is a major input for almost every business process across the world. Samuel FB Morse and Alfred Vail developed the transmitter with capability to transmit short or long electric current for recording signals as dots and dashes leading to establishment of the first telegraph line. Hundreds of innovators held lay the foundation for a business environment thriving on creativity and intuition in business enterprise due to the conducive environment and strong foundation with success stories of various inventors and innovators providing required inspiration and motivation for others to take the risk and adeptly manage the uncertainty associated with entrepreneurship.