Steve Wozniak And Steve Jobs

Good Essays
The term entrepreneurial opportunity would usually presume a profit-motivated event. The adjective entrepreneurial emphasises that the profits are chased through creating a new good and presenting it to the market (Whetten, 1989). Other scholars define the entrepreneurial opportunity as situation that provokes the discovery of new goods, services, production technologies and organizing methods that are able to obtain some economic value in the future (Shane and Venkataraman, 2000). The entrepreneurial process takes place when an entrepreneur finds an inefficiency or misallocation of resources in the market; then he obtains the resource, corrects it and sells it for more than it was to obtain and recombine the inefficient resource (Casson and …show more content…
The economic school claims that opportunity is an “objective phenomena”, which means that it exists in time and space and waits for knowledgeable individuals to recognise it.

• The school beliefs, that identification of an opportunity is a thorough and systematic discovery, which includes testing, experimenting and learning. In this way, an entrepreneur may find new means of production and gain the competitive advantage in the future (Whetten, 1989).

• According to the school’s logic, the idea of creating a personal computer existed and no one, except Steve Wozniak and Steve Jobs, were able to identify this opportunity. Therefore, Steve Wozniak’s unique knowledge of programming (includes experiments and testing) and Steve Jobs’ marketing and business skills resulted in the creation of Apple 1. (Audia and Rider, 2005).

• The economic school represents innovations and creation of new industries as a result of entrepreneurial action (Companys and McMullen, 2007).

2. In contrast, the cultural-cognitive school suggests that opportunities are “subjective phenomena” and is entirely determined by the head of an entrepreneur. In other words, the social agents define obtained information as an opportunity. It exists once it was identified (Swidler,
…show more content…
In 1985, Mr. Waring, a British entrepreneur, flew to the US for his brother’s wedding. In a conversation with bribes uncle, he found out that 24% of US are paying someone to have their lawns treated. When he got home, he had started mixing the chemical ingredients and, finally got the right formula for lawn treatment. Ultimately, he established and developed a successful nationwide business (Bridge, 2010).

On this stage it is reasonable to highlighting the difference between economic and cultural-cognitive school’s approaches:

The economic school would argue that exactly the mixture of chemical ingredients had led to a discovery of the opportunity, but it was not the case because Stephen Waring identified his opportunity through social interaction. In addition, Stephen Waring did not innovate, but implemented, or copied and applied the concept. In contrast, Apple 1 was, conceptually, unique of its kind.

3. The socio-political school is focused on “Why” and “Due to what events” entrepreneurs spot opportunities. (The arguments of the school will not be discussed in this essay due to its irrelevance to the question)

Neo-classical, Psychological, and Austrian

Related Documents

  • Decent Essays

    Steve Jobs: An Innovator?

    • 1820 Words
    • 8 Pages

    Jobs focused on Apple’s products to create and deliver products that captured the consumer imagination. The most successful products at Apple were started with only a few people with no formal structure or hierarchy and little corporate oversight. Yet, “to turn really interesting ideas and fledgling technologies into a company that can continue to innovate for years, it requires a lot of discipline,” advised Steve Jobs (Innovarsity). Apple turned ordinary ideas into masterpieces that sold worldwide. This success was built on the Jobs and Wozniak’s computers in their garages.…

    • 1820 Words
    • 8 Pages
    Decent Essays
  • Decent Essays

    Producers constantly, channel their efforts into securing contracts and inculcating practices which would give them territorial advantages over their coequals in business. Wu elaborates this, as he describes the formation of Apple, which constituted two geniuses, an inventor and a businessman. Steve Wozniak the genius and brain behind the product that ‘made Apple Apple’ engineered his model such that it was readily re-customizable for the public. Apple II consumers could literally open their computers and re-spec them and even though Apple’s devices were smaller than those of their predecessors then, IBM, the customizability factor is what gave them the edge in the market. When Steve Jobs, the business genius, took over, he produced the Macintosh which was supposedly the epitome of perfection in the computer world.…

    • 1415 Words
    • 6 Pages
    Decent Essays
  • Decent Essays

    Schumpeter’s work considered the role of entrepreneurs in creating profit as well as building on Weber’s examination of credit-money. He focused on these areas as an attempted to solve two problems with Smith’s circular-flow model. First, that it did not contain profits and secondly, it did not contain the element of bank credit-money. Schumpeter explained that the role of the entrepreneur was not passive, simply responding to price signals. He argued that in reality the entrepreneur’s actual role was to, “constantly revolutionize the system by restructuring the factors of production in new ways that yield a profit for the initiator either by an increase in their productivity or by the production of new goods,” (Ingham, 38).…

    • 1082 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    What is Entrepreneurship? Entrepreneurship is a process activity, it generally involves the following inputs an opportunity , one or more proactive individuals , an organization context , innovation ,risk and resources, value , new products or process , profit or personal benefit and growth. Entrepreneurship Entrepreneurship is the development of a business from the ground up — coming up with an idea and turning it into a profitable business. But while the definition of entrepreneurship may be simple, its execution is much more difficult. Entrepreneurship is the journey of opportunity exploration and risk management to create value for profit and/or social good.…

    • 896 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Entrepreneurship Theory

    • 761 Words
    • 4 Pages

    In this way, Shane and Venkataraman (2000) argued that identification and utilization of business opportunities by whom and its outcomes are the key to entrepreneurship. Schumpeter (1934), defined entrepreneur is an innovator who breaks an existing state of equilibrium in market to create progress and profit. Innovation is the driving force to create new products, new production and operations methods, new sources, new business models, new tools, techniques and new markets. In this sense, entrepreneurship is highly related and concerned to the ability to produce something new through factors of productions. Entrepreneurship is the “engine” that drives an economy to create new businesses, new ventures, new jobs and well-being in society.…

    • 761 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Steve Jobs Leadership

    • 1495 Words
    • 6 Pages

    Simplicity and thinking differently to create new ideas through innovation and creativity are its bases of being successful. Today Apple Inc.'s organizational structure and workplace practices are creative and innovative. Also employees' satisfaction and employee's wellbeing are the major concern of Apple Inc. through sound organization culture, leadership and motivation. References:  Gaberman Ira, Devoi Ingrid, Crump Kevin, Witits Maricks, Demystifying Corporate Culture, Why people do what they do. A.T. Kearney.…

    • 1495 Words
    • 6 Pages
    Decent Essays
  • Decent Essays

    According to the works of Richard Cantillon and Adam Smith in the 17th and early 18th century, innovation holds an important position in capitalism. In a market economy the basic economic problem (what to produce, how to produce, and for whom to produce) is solved by entrepreneurs on a trial-and-error basis. An entrepreneur is a person who pays known costs of production to exploit opportunities in order to maximize financial returns. Thus, entrepreneurship is associated with innovation: a really novel idea either creates a new market or introduces a product to a related market that already exists. Although these early writings emphasized the role of entrepreneurship, the place of the entrepreneur in traditional economics presents theoretical difficulties.…

    • 1755 Words
    • 8 Pages
    Decent Essays
  • Decent Essays

    As described by Bilton (2007), this model of change is based on the population ecology, which is a creative approach to organizational change that, although it may appear from the outside that a company has undergone profound change, is actually the result of iterative and experimental modifications. This approach to organizational change enables companies to position themselves as creative and innovative, while also remaining true to organizational competencies (Robinson & Stern, 1997). Accordingly, small companies have a tremendous opportunity to utilize technology to creatively enhance business activities, while preparing for new market developments through incremental…

    • 1393 Words
    • 6 Pages
    Decent Essays
  • Decent Essays

    Question 1A Characteristics shared by successful entrepreneurs Entrepreneurship is a process of identifying opportunities of which you can Identify marketable needs that are required as defined by [G.Nieman and A.Bennet, November 2001, “Business management revised second edition”] Set of common characteristics shared by successful entrepreneurs: 1. Motivation – As an entrepreneur you should be enthusiastic and future oriented. It is important for an entrepreneur to have belief that they will be successful and they are open to risks to their resources in quest of profit. Successful entrepreneurs always think of their business and how to increase their market share. 2.…

    • 1665 Words
    • 7 Pages
    Decent Essays
  • Decent Essays

    Schumpeter And Capitalism

    • 885 Words
    • 4 Pages

    Entrepreneurship profit is impermanent because of the market competition and imitation. Schumpeter explained the importance of interest. Entrepreneurs were willing to paid the loan with interest as they would utilize the loan to establish a new industries and products, as well as developing the new technology. Schumpeter explained the concept of men of action which referred to the elites in the society with initiative. The elites established the economic development because they took the initiate to allocate the resources efficiently.…

    • 885 Words
    • 4 Pages
    Decent Essays