Entrepreneurs drive the economy and foster further technological progress, thus increasing people’s quality of life. Although personal traits and skills, such as innovative thinking and willingness to take risks, are important factors contributing to entrepreneurial success, they are insufficient without external support. Only the combination of personal qualities, supportive government policies, technological advances, and positive social attitudes may lead newly emerging businesses to sustainable success.
When it comes to present-day entrepreneurs, I think of Elon Musk, the founder of aerospace company SpaceX and co-founder of several other companies, including Tesla, Inc. In my opinion, Musk can be considered a successful entrepreneur not only because he has made a fortune on his businesses but also because the technological developments of his companies are changing the present-day world. For example, Tesla’s electric and self-driving cars are likely to restructure the whole automotive industry and lead to improvements in environmental protection and road safety.
Entrepreneurial efforts can be promoted or retarded by the economic and political environment. Research shows that, in the US, the conditions for entrepreneurial efforts are quite favorable due to “policy incentives, relatively open immigration policies,” and “a culture of determination and motivation” (Ozaralli & Rivenburgh, 2016, p. 2). In Europe, on the other hand, people prefer to work as employees rather than start their businesses because of a fear of failure and a poor economic environment (Ozaralli & Rivenburgh, 2016). Generally, people are afraid of risks related to entrepreneurship, which may mean that the current economic and political environment insufficiently promotes entrepreneurial efforts.
Entrepreneurs are faced with multiple challenges regarding technological advancement and society. Technologies vary in terms of their features and influence on the organizational operation (Dutta, 2008). Therefore, entrepreneurs have to make the right choice of technology that would fit their business. They also have to adjust their companies to changes in the technological field, like Xerox did it? The company had to transform from “a copier ‘box’ company to being a provider of networked ‘document’ solutions” because of the spread of digital technology (DeSimone et al., 1995, para. 63). In terms of social challenges, entrepreneurs are faced with the need to understand the culture of their customers and monitor public tastes to achieve success in their business field and remain competitive.
References
DeSimone, L. D., Hatsopoulos, G. N., O’Brien, W. F., Harris, B., & Holt, C. P. (1995). How can big companies keep the entrepreneurial spirit alive? Harvard Business Review. Web.
Dutta, A. (2008). A new perspective in understanding the role of information technology features in technology use pattern. Vikalpa: The Journal for Decision Makers, 33(1), 55-68.
Ozaralli, N., & Rivenburgh, N. K. (2016). Entrepreneurial intention: antecedents to entrepreneurial behavior in the U.S.A. and Turkey. Journal of Global Entrepreneurship Research, 6(3), 1-32. Web.