To what extent do risk , rewards and motives contribute towards an Essay

To what extent do risk , rewards and motives contribute towards an entrepreneurs goals - Essay Example In other words, he is considered to have been a key figure in the entertainment and computer industry. He is largely accredited as the inventor of the iPod, Macintosh, the iPhone and the iTunes store amongst numerous others (Entrepreneur Staff, n.d.). His participation in modern- day business has contributed largely to the understanding that the design of a product plays an important role in its public appeal. This essay gives a discussion of the important lessons than can be learnt by entrepreneurs from Steve Jobs. Motivating factors for Entrepreneurs Entrepreneurship Innovation Theory The entrepreneurship theory of innovation by Joseph Schumpeter is used to explain the factors motivating entrepreneurs within an economy. The theory describes an entrepreneur as an individual who is creative, innovative and has a positive vision towards the future. Innovation occurs when an individual introduces a new product, new production method, a new entity in a given industry or discovers a new supply of raw materials (Kuratko, 2012: 122). The theory pays attention to innovation and disregards the risk taking capabilities of an entrepreneur. This model is based on a large-scale entrepreneur who is found in a developed economy. It ignores the small-scale entrepreneurs in developing economies as they imitate innovations in fast-paced economies rather than come up with new innovations. Basing on this theory is clear that Steve job was a creator and an innovator who came up with some of the most amazing innovations in the computer and entertainment industries. He was the inventor of the iPhone, iPod, the iTunes store, the Macintosh and finally, the iCloud in June 2011 before his death (Entrepreneur Staff, n.d.). Steve Jobs continuously came up with new products in the world of technology showing that an entrepreneur is one who comes up with groundbreaking innovations in a given industry. His is motivated by the drive to make things better in a particular industry. Theory of Hi gh Achievement/Theory of  Achievement Motivation McCelland’s theory of motivation stated that entrepreneurs are characterised by their ability to do things in a better way and ability to make decisions under uncertainty. The theory states that entrepreneurs have a higher achievement orientation. These people are not motivated by external factors or money (Kuratko, 2012:122). Profit is considered the best measure for competency and success. Steve Jobs had always managed to do things in a better an innovative way and wherever he worked, he succeeded in all his undertakings. He had co- founded Apple in his parents garage in 1976 but later left the company. He returned in 1997 when the company was on the verge of bankruptcy. As an entrepreneur, Steve Jobs has always been able to generate profits in all his engagements. For instance, his Apple to innovation in collaboration with Wozniak resulted to sales of over $200 million two years after its innovation. He made the first comp uter animated film ‘Toy Story’ that fuelled his success. He took up a job at Pixar and his 80 percent share was valued at $1 billion (Entrepreneur Staff, n.d.). As earlier stated, Apple’s loss in March 1997 was $708 million. Steve Jobs took over the position as the interim CEO. He entered into a partnership with Microsoft. The company recovered by the end of 1998 and its sales had soared to