Question

Beyond starting and running new businesses, entrepreneurs are change agents who transform innovation into reality. Apple Inc. is known as one of the world's most innovative companies, and it co-founder Steve jobs was credited with Apple's most important breakthrough innovations. Steve Jobs also founded Pixar, one of the most successful film studios of all time. He was clearly an entrepreneur extraordinaire, and created continuous innovation in his quest to create value through new products or services. Jeff Bezos, and Elon Musk are also entrepreneurs that stand out as examples of successful entrepreneurs. Discuss the traits and behaviors of these entrepreneurs that might have contributed to the outstanding record of innovation in the companies they led. What are the major differences in how these individuals have approached entrepreneurship? How have those differences impacted the organizations they have founded?  

Answer 1

All the entrepreneurs must tend to adopt innovative and technology-oriented processes for better production and an increase in the efficiency of the company. The new technology also helps the company decrease manufacturing costs and thus the price of the product. The leaders of the company play a pivotal role in inculcating innovative strategies in their processes. The leaders have specific personality traits to adopt Innovation in the environment. The first trait is that these leaders continuously look for any patterns or similarities in the environment. They continuously keep a check on the environment and changes in the environment. It helps the leaders to take the very first step and grab the opportunity. The leaders are also optimistic and try to reach perfection. The leading companies' leaders tend to adopt all the right practices and become perfect in whatever they do. It also helps them in the development of their skills. For example, Steve Jobs adopted innovative strategies in their processes and developed the company to reach heights in the industry. The second leader is Jeff Bezos, who uses all the innovative strategies to improve the supplier's and consumers' transportation process. Both leaders had different motives to adopt innovative processes. The first one had to use the new technology in the appliances, whereas the second entrepreneur had to improve the supply chain process in the market. Apple has much competition, and it impacts the overall performance of the company. On the other hand, Amazon has less competition, and technology is also useful. Hence, there is a difference between both companies.