Business Entrepreneurship Modern Day Businesses

Question: Describe about the Business Entrepreneurship for Modern Day Businesses. Answer: Introduction The process of conceptualizing, planning, designing, starting and smooth execution of a new business is known as entrepreneurship (Grimes et al. 2013). It concerns with the capacity to develop and organize a business venture with an adequate initiative of risk taking. This is a preferred career option these days rather than traditional employment. In this paper, we are going to discuss two critical aspects of entrepreneurship namely ethical dilemmas in entrepreneurship and the role of creativity. Entrepreneurs often come across many dilemmas in their day to day functioning that revolve around moral issues. It is also important for the entrepreneurs to engage in the implementation of innovative practices that would present them with lucrative opportunities. Discussion The ethical dilemmas are a major concern for the modern day businesses. The ethical actions of the entrepreneurs and their subsequent effect on the decision making activities have become a crucial issue. The entrepreneurs are responsible for their actions, and the absence of supervisors always tempts them to undertake some unethical activities. An entrepreneur is responsible for the active generation of new rules, beliefs, and values which encourage them to undertake morally correct decisions (Volkman and Berg 2012). Their actions are constantly reviewed and matched with the moral principles. However, there are possibilities of breaching the business conventions when introducing new products or services. The lucrative prospect of the new services or the products can lure the entrepreneur in compromising with his ethical values (Volkman and Berg 2012). The entrepreneurs are often confused about the situations in which they are willing to give false information for the betterment of th eir business. The protection and the confidentiality of the customer's data are also a serious matter of concern for the entrepreneurs. There have been instances when they reveal sensitive data of the customers to third party organizations for generation of profits (Volkman and Berg 2012). This affects the relationship of the companies with their valued customers. The entrepreneurs are often seen to face the dilemma of whether to take the steps towards profit even at the cost of compromising the privacy of the customers. As mentioned earlier, entrepreneurs could experience various dilemmas. The ownership of the important business ideas and the original proposer of the ideas remain an ethical dilemma for the entrepreneurs. It may be tempting for the entrepreneurs to implement someone elses idea and give it their own name. There can also be issues with costs associated with the new business and the level of risks that the entrepreneurs are willing to take. There can be ethical dilemmas with the intellectual property rights too (Laplume Pathak and Xavier-Oliveira 2014). It can be difficult to determine ownership of the startup concept. There can be moral obligations regarding finances. Moreover, there are instances when the entrepreneurs are tempted to give misleading information regarding their existing financial status, so that they can achieve financial gain. The entrepreneurs also face the dilemmas when dealing with the customers (Laplume Pathak and Xavier-Oliveira 2014). They can give deceitful inf ormation regarding the quality, features and price of their products or services so that there is an increased purchasing decision among the customers. There can be dilemmas regarding the recruitment of the key personnel in the business entity. The personal values of the entrepreneurs would be constantly challenged when they are engaging in their own start-ups (Tomczyk Lee and Winslow 2013). It is important to adopt ethical measures in their business endeavors. It must create a positive social contribution so that they can gain more support from the key stakeholders. The course has taught me interesting insights regarding the concept of entrepreneurship. I have learnt that the entrepreneurs need to be accountable for their actions. I used to think earlier that the entrepreneurs are their own bosses and hence they are free to take any decisions as per their will. I was also amused by the fact that the entrepreneurs enjoy great degree of freedom in their day to day activities. This thinking has undergone serious transformation after I completed this course. I have learnt that the entrepreneurs should be careful when making crucial decisions. It is the duty of the entrepreneurs to take ethical decisions and participate in morally correct activities (Shepherd Williams and Patzelt 2015). I also understand that though the entrepreneurs are free to take decisions, but with freedom come the responsibility. They should engage in responsible behaviours that are not degrading or outside the purview of the moral boundaries. For example, when there is a situa tion of performing stem cell research or animal testing in certain industries, it is the moral duty of the entrepreneurs to adopt ethical procedures while dealing with the subjects (Shanahan and Seele 2016). The course has impacted the way I have started to view entrepreneurship. I have learnt that the entrepreneurs need to undertake important ethical decisions even when they are in extremely uncertain situations. I have learnt that they should never compromise on ethical issues, since a business would never be successful if the entrepreneurs engage in immoral activities. There should be good practices in a business so that it leads to the ultimate success of the firm (Mintrom 2015). I used to think that the entrepreneurs can take not so moral decisions sometimes, especially if it contributes to the business success. I have changed this thinking of mine as I believe that a business entity cannot get success by unethical means. It is important that I possess minimal ethical dilemma in the future when I engage in entrepreneurship. I need to make strategies for my career regarding the methods of dealing with the ethical dilemmas. I have learnt the implications of the unethical practices from this course (Collewaert and Fassin 2013). I have learnt that one should not give false information to anyone (customers, suppliers, investors or other shareholders). I would also adhere to the moral guidelines when carrying out research or any other major business decisions. I should engage in ethical decision making in every stage of my career. Creativity is the process of making or inventing something new, tangible or physical object, through imaginative skill. According to Audretsch and Belitski (2013), creativity is not only the ability to create something new out of nothing, but it also includes the ability to combine and change any existing ideas to generate a new way from that. Therefore, creativity has the power of creating a complete new idea as well as it can be applicable to change some existing processes to present in a new way. As opined by Ahlin et al. (2014), it is not necessary that the creative ideas should always be very astonishing and mesmerizing; rather it can be a very simple idea, which has not come in others mind yet. Therefore, it can be said that the creativity is the passion and discipline of bringing something new. Entrepreneurship can be explained in many ways as it has various meaning to different persons. The word entrepreneurship has been derived from the French language, which literally means, to undertake indicating very minimum characteristics of an entrepreneur (Edwards et al. 2015). From the perspective of economic function there are three crucial characteristics of entrepreneurship namely innovation, risk-taking capability and endeavoring into new business ideas for gaining profit. In entrepreneurship, the role played by creativity is very essential. Entrepreneurship is the process of starting a new business with innovative ideas and thoughts that can be applicable to run the business or launch any new ideas in that business (Perry and Shalley 2014). Therefore, creativity has a key role to play in the entrepreneurship activity. Entrepreneurship is primarily concerned with the innovative ideas for developing new products, processes and services to launch new business in the market as w ell as to expand an existing business. The process is involved with the creation of new ideas that is attained by the creativity or innovation. The entrepreneurship is the artistic form of working that involves the creativity to develop new ideas or to change the existing ideas for bringing the new business that can attract the consumers. According to Vu et al. (2016), creativity is not only the process of creating something new but also it is considered as the attitude that can be able to accept the new changes and willingness to play with new ideas. It is the quality of a creative person to improve the existing ideas deliberately. Therefore, they always think about the new processes and ideas to develop their previous outlook. This process is done by the creative persons with hard work and continual inventions of new ideas that can change the stereotype progress of the work. They have to work regularly on the alteration and refinements of their works. Creativity is the process formed with four steps that individuals have to follow in order to become creative (Bratnicka et al. 2013). It will help the entrepreneurs to apply these creative ideas through innovative changes to increase the profitability in their business. The steps are identifying and defining the issue; finding out information about the issue and acquiring data regarding that; generating the idea and assessment. If a person can follow these steps then the idea generated from this process would be simpler to entrepreneur. According to Csikszentmihalyi (2014), entrepreneurship also required some steps to be followed to become a proper entrepreneur and they include entrepreneur, prospect, configuration, resource and approach and business plan. The course on Entrepreneurship at the University has helped me develop my knowledge on this aspect. The course has chosen the role of creativity in context of its importance to the process of entrepreneurship. The characteristic of creativity is very helpful for any entrepreneur to develop their ideas for starting up a new business. In this course, I have learned the relevancy of practicing creativity to develop the concept of entrepreneurship that will improve my skills to become a good entrepreneur in future. The study has changed my concept of an entrepreneur and the effect of the creative idea has changed my conception of the word. It has changed my way of thinking with respect to becoming an entrepreneur in future. The course has discussed about the various current business activities in the business. Therefore, it has able to make me aware of the business conditions in present time that will help me to understand the recent business trends. If I will be able to know the recent processes of the business, then the application of the processes in future will be very easy for me. It has helped me to know about the previous successful business entrepreneurs such as, Bill Gates in MicroSoft , Steven Jobs in Apple , Fred Smith in Fedex , Debi Fields in Miss Filters and a dozen of other (Aijmer 2014). These examples of successful entrepreneurs have inspired me to enter in this field as a successful entrepreneur. All of them have followed creativity and innovation as their key objective to run their business. At the time of their emergence in the market, they have provided various innovative ideas with a new sight of vision. It is not learning about those ideas and concepts only but also have to adopt those in my development process to achieve the success in future in the career. I have selected this topic as my career path as it can lead me to success in future if I can implement these ideas and creativity in my profession. It will also help me increase profitability in my new business with innovative ideas. Conclusion The purpose of the study in its first part is to find out the relation of Entrepreneurship and ethical dilemma. 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