MGMT13151 Entrepreneurship, Innovation And New Ventures

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Table of Contents

Introduction. 2

Discussion of the started venture based on the chosen entrepreneur 2

The problem faced by Jeff Bezos. 4

Reflective Section. 4

Reference list 6

Introduction

In order to conduct this assessment, the name of a well known and famous entrepreneur Jeff Bezos has been chosen from new articles. Jeff Bezos is the founder of the Amazon industry and has achieved massive success in the business journey. In this relevant study, the process regulating the business and the financial performances by Jeff Bezos will be discussed critically.

Discussion of the started venture based on the chosen entrepreneur

Jeff Bezos is the technology entrepreneur in America with the position of CEO of Amazon. In this section, the description of the business journey by Jeff Bezos has been critically discussed. The venture that has been chosen by the relevant Jeff Bezos indicates to create an emerging e-commerce market. In order to run the business with the e-commerces portal for product purchasing and distributing Mr. Jeff Bezos developed the technology of e-commerce portals such as Amazon with innovative tools. In order to provide justification for choosing this relevant entrepreneur for conducting this assessment, critical research has been conducted. Jeff Bezos was born in Mexico in 1964 and after the end of primary education, the person started to study computer science. After many years as an established technologist, Jeff Bezos started the e-commerce brand Amazon in 1994 (CEO Today, 2022). Since that day Amazon energised its business and commercial performances with influential elements. The fruitful outcome has been achieved by the relevant entrepreneur as the business of Amazon has grown with masseuse success.

Figure 1: Amazon’s market growth related graph

Source: (Statista, 2022)

The above graph is showing the successful journey of the Amazon industry to achieve more monetary profits. The venture is about establishing the e-commerce market to innovate the buying or purchasing process via a virtual market. The necessity of starting this business was to manipulate or abstract the young generation to the virtual market. After that Jeff Bezos implemented innovative tools and components in the official website of Amazon that helped the young generation to easily purchase their desired products online.

The journey of Amazon in 1994 as it is by the famous entrepreneur Mr. Jefff Bezos. It has been identified that in 2016 Jeff Bezos achieved the 14th position in the list of Forbes as the most successful person in the world (The Times of India, 2022). After that, the journey became more successful and the relevant entrepreneur achieved more money through Amazon’s success as the most utilised online shopping portal. It has been identified that Jeff Bezos is the most successful CEO in today’s competitive era with massive sauces. The reason behind the success is the determination and the intention to globalise the business market through using the virtual market.

The problem faced by Jeff Bezos

In today’s competitive era it has been that most industries are trying to innovate organisational frameworks with innovative technologies. As this aspiration is developing among the global industries the market competition is also increasing. The challenges that have been faced by Jeff Bezos are more similar to the previous statements. In the existing market, many online shopping industries have appeared. One of the most rival e-commerce markets is Flipchart. As soon as the number of e-commerce shopping industries has grown, demand for Amazon fell down. Based on these relevant complexities Jeff Bezos stated that many companies can come and go but the determination to satisfy consumers should not be avoided (Business Insider, 2022). Thus, in today’s era, it is seen that Amazon’s net profitability rate is $386.06 billion dollars.

It has been also explored that during this venture Jeff Bezos developed the official website of Amazon with more useful tools to make online shopping way better for worldwide consumers. The important thing is to satisfy the consumers with more useful elements. The relevant entrepreneur has achieved the trust level of massive customers. Amazon strategically conducted its digital marketing section with advanced technology (Tarabasz, 2022). It has been explored that Bezos followed the positive aspects of the business to compete with the rival industries in today’s era. The more important factor is that Mr. Jeff Bezos taught today’s generation to not give up in negative situations and also increase the practises to innovate the performance skills.

Reflective Section

It has been observed in the above cessation of the regulation against business is not easy and also it has competition in the market that needs to be radically handled. The cessation and factors which have been learned by me have been discussed in the below section.

What has been learned: I explored that during the market competition in the 20th century Jeff Bezos strategically controlled the business of Amazon with the most critical determination. The statement that has been provided by the relevant entrepreneur inspired me and I have learned to be positive during any negative or critical situation. It has been seen that due to the entry of many rival e-commerce business industries in today’s market the net demand of Amazon has been reduced by the millennial consumers. Jeff Bezos implemented the strategic tools to develop the brand and make online shopping methods simple for the customers.

Factors to implement in future career and personal life with reason: Being positive during negative situations is the major factor that I have learned from Bezos. These learning factories will help me in the future to develop my career and also be stimulated in my personal life. I can deal with personal life-related conflicts and as well as I can be most motivated in my future career after gaining inspiration from Bezos. The success that has come to Jeff Bezos indicates the most critical journey of the person. Being motivated is so important that has been understood by me during conducting this relevant assessment.

Risk management process of entrepreneurs for new ventures: The risk management process that has been identified by me is avoiding the negative aspects of thought and being positive and keeps practising. Jeff Bezos regulated the mindset and the feeling while Amazon was in less demand in the market due to the presence of rival e-commerce industries. Through investing in modifying the purchasing tools of the Amazon portal Jeff Bezos got success.

Reference list

Business Insider. (2022). ‘Amazon will go bankrupt’: Jeff Bezos keeps talking about Amazon’s inevitable death. Business Insider. Retrieved 3 February 2022, from https://www.businessinsider.in/tech/amazon-will-go-bankrupt-jeff-bezos-keeps-talking-about-amazons-inevitable-death/articleshow/66999777.cms.

CEO Today. (2022). The Most Powerful Entrepreneurs in Modern History. CEO Today. Retrieved 3 February 2022, from https://www.ceotodaymagazine.com/2020/01/the-most-powerful-entrepreneurs-in-modern-history/.

Statista. (2022). Amazon: annual revenue 2018 | Statista. Statista. Retrieved 3 February 2022, from https://www.statista.com/statistics/266282/annual-net-revenue-of-amazoncom/.

Tarabasz, A. (2022). Be Like Amazon: Achieving a Competitive Advantage Based on Digital Footprint Analysis. In Cases on Digital Strategies and Management Issues in Modern Organizations (pp. 23-50). IGI Global. DOI: 10.4018/978-1-7998-1630-0.ch002

The Times of India. (2022). Jeff Bezos: Jeff Bezos news, Top Stories and latest news updates on Amazon Founder Jeff Bezos. The Times of India. Retrieved 3 February 2022, from https://timesofindia.indiatimes.com/topic/Jeff-Bezos.