Introduction
Entrepreneurship has been a major improvement in the domain of business which also reflects on the necessity of integrating innovation in the varying aspects of business operations. The conventional apprehension of business was based on the privilege acquired by influential and financially affluent families. However, modern times imply the capabilities of individuals to strike an impact in the domain of business, and examples of many entrepreneurial establishments proliferating every day could be considered reasonable validations for the same (Ackerman, et al., 2016).
The rationale for engagement in entrepreneurship can be promisingly noticed in the acquisition of financial returns alongside promoting social benefits thereby indicating the drive of entrepreneurs towards introducing changes in the world. The review of case studies of different prominent entrepreneurs as well as reflections on examples of enterprising individuals in the vicinity provides viable insights into the skills required for entrepreneurial initiatives as compared to personal enterprising skills. Furthermore, the report also presents a critical illustration of the impact rendered by entrepreneurial activities and competencies on society, business, the environment, and the economy (Chang & Rieple, 2013).
Entrepreneurial competencies and activities
Jack Ma is the founder of one of the world’s largest e-commerce platforms, Alibaba.com, and is recognized all over the world for his explicit motivation towards entrepreneurship. Despite his shortcomings in quantitative aptitude and failure to obtain admission to Harvard University, Jack went on to establish Alibaba in 1999 which contributed almost $22 billion in the Initial Public Offering improving the organization’s valuation to $168 billion. Therefore, it is essential to review the skills of Jack from a critical perspective which would allow the opportunity to scout any possible changes that can be introduced in the approach followed by Jack Ma (Chell, 2013).
Consistent perseverance for learning could be accounted as the foremost enterprising skill possessed by Jack who was able to depict this competence through his measures for self-learning in English. Their drive of Jack for learn English was noticed in his efforts such as conversations with foreign tourists and purchasing a radio to listen to English broadcasts. The efforts of Jack reaped fruits upon his graduation from the Hangzhou Teacher’s Institute in 1988 when he was able to leverage his English skills to acquire a job as an English teacher at a local university. Therefore, an entrepreneur could learn from Jack Ma’s drive towards self-learning which would enable them to acquire specific skills required for industrial or organizational applications.
Jack also depicted a potential inclination towards scouting opportunities which is a formidable competence requisite for entrepreneurs. Jack initiated his first online venture ‘China Pages’ from the inspiration drawn during one of his stays in America where he interacted with one of America’s first internet service providers VBN’s founder, Stuart Trusty. The failure of China Pages could be considered as a plausible experiential input for the foundation of Alibaba. Therefore the ability of Jack to explore opportunities from insufficiencies in the existing service framework was responsible for the success of Alibaba (Fishman, et al., 2016). Jack was able to recognize the opportunity for integrating the domain of Chinese production with the implications of e-commerce. Abilities for encompassing distinct team members into a single entity by empowering them is not every person’s cup of tea while Jack Ma derived plausible results by providing equity of ownership to co-founders and individuals working with him.
This skill enabled Jack to obtain considerably favorable levels of performance from the team and thereby realize entrepreneurial advantage (Westhead & Solesvik, 2016). Another profound enterprising skill that could be observed in the case of Jack Ma is the lack of apprehension to compete with larger firms. The success of Alibaba as a thriving service provider for B2B vendors was responsible for Jack’s intentions to transform the business into a B2C framework (Gundry, Ofstein & Kickul, 2014).
The initiative Jack for setting up Taobao was implicative of his challenge towards the formidable e-commerce giant, eBay, by offering commission-free transactions thereby resulting in outcomes such as a 70% market share of Alibaba in online shopping. Therefore the confidence of Jack Ma to take on the challenges posed by formidable competitors is a prolific trait in an entrepreneur that enables them to cope with dynamic external pressures impinged on the organization’s external environment. Amongst the various enterprising skills observed in the case of Jack Ma, the emphasis laid on his vision and purpose alongside projecting his true self (Hall, et al., 2014).
The significance of personal motive and purpose of the entrepreneurial establishment reflects on the validity of long-term orientation which dictates the sustainability of an enterprise. The necessity of projecting the true self in front of employees is a major characteristic of entrepreneurs which enables them to communicate flexibly with employees and thereby ensure that they perceive the entrepreneur as a tangible impression of the organizational values and vision. This competence is accountable for the development of participative inclinations among the employees leading to strategic advantage for the concerned organization.
From Hayton’s perspective, it can be validated that the enterprising skills of Jack include the motive for self-learning, confidence to challenge competitors, authentic projection of inherent characteristics, team empowerment skills, and frequent exploration of opportunities. These skills can be considered as profound determinants of Alibaba’s footprint in the e-commerce industry and there is no specific recommendation for alternate options for Jack’s initiatives. The reason for the lack of any alternatives to the way Jack has been getting things done could be observed in the distinct advantages that could be drawn from each enterprising skill of Jack. The competence of Jack for continuous learning and identification of novel opportunities in the domain of business could not be undermined under any circumstances (Hayton, 2015).
The ability of Jack to stay true to himself could be considered as a reasonable contributor to the development of commitment and trust among employees. The improvement in commitment of employees is accountable for delivery of higher performance in strategic entrepreneurial initiatives thereby influencing the overall performance of the organization. As per Jones, the knack for strategic navigation is a formidable implication that can be derived from Jack’s enterprising skills which improve the strategic advantage of an entrepreneurial organization. Strategic navigation allows the entrepreneur to search for opportunities consistently which could help in preparing contingency measures that could deal with unprecedented scenarios (Jones, 2014).
The competencies of Jack could also be indicative of the proliferation of unique advantages such as apprehension of other skills including communication, flexibility of operations, and pragmatic approach to the organization’s strategic objectives. The rationale for assuming no alternatives to Jack’s approach is vested in the promising benefits delivered by the skills to the strategic direction of the enterprise and therefore improvements could be made by the addition of different competencies in their skill sets. It can be prominently depicted that the competencies of Jack could be aptly included in personal competencies for initiating entrepreneurial initiatives. Furthermore, the limited opportunities for improvement in Jack’s entrepreneurial skills also reflect on the efficiency of Jack as an entrepreneur (Rae, et al., 2014).
Critical reflection of personal enterprising skills
The significance of learning the disparities between personal enterprising skills and those of prominent names in the domain of entrepreneurs is observed for the development of specific competencies. A reflection on personal enterprising skills as compared to that of Jack Ma could help draw legible propositions for improving personal entrepreneurial competencies. It is necessary to notice that Jack Ma’s characteristic traits of risk-taking and exploratory nature would be the foremost critical gaps in existing enterprising skills.
As compared to Jack, my apprehensions about risk-taking could serve as profound pitfalls in enterprising initiatives. The requirement of enterprise and entrepreneurship-based education is accountable as a major reason for researching the critical gaps between the skills of renowned entrepreneur, Jack Ma, and my competencies in the context of entrepreneurship. The notable outcomes of pursuing the theoretical paradigms about enterprise experience would be helpful in the acquisition of opportunities to establish personal business or enterprise and avail alternate career options.
The critical reflection on personal skills should be preceded by an interpretation of the demarcation between an entrepreneur and a business owner since the confusion about these entities is responsible for the proliferation of complex issues. Business owners are generally associated with attributes such as formidable control alongside the development of resistance towards dynamic approaches and structures. On the contrary, entrepreneurs describe the significant traits of vision, opportunity exploration, plans for business growth, and creativity that distinguish them from business owners. Furthermore, these distinct competencies observed in entrepreneurs are responsible for their advantage over business owners who are capable of depicting the competencies and information pertaining specifically to business.
In the present case of Jack Ma, risk-taking, communication, vision, innovation, and responsiveness to opportunity are observed as profound entrepreneurial competencies. Risk-taking abilities are minimally observed in my enterprising skills since I prefer to assume rational approaches for solving pertinent issues. However, the significance of risk-taking can be observed in the case of Jack’s challenge for prominent names in the domain of e-commerce such as eBay. The initiative for establishing Taobao to expand into a riskier B2C market from the existing B2B market could be assumed as a tangible example of Jack’s risk-taking abilities. The outcome of the risk could be directed in favor of or against the entrepreneur and would help determine approaches to accomplish future strategic objectives.
The essential impact of risk-taking is noticed in the development of competencies for analysis and review of situational factors to undertake risky decisions. Jack’s skills for exploring opportunities could be estimated as a promising entrepreneurial competence which I lack. Exploring opportunities for business development and growth could be ensured through the acquisition of industry-specific skills and information about business alongside capitalizing on interactions with other entrepreneurs. Jack was able to identify the opportunity in e-commerce through interaction with Stuart Trusty, founder of VBN, one of America’s first online service providers.
On the contrary, his failure in the China Pages online venture was reflective of his capabilities to extract plausible experiences from the failure and implement them in his dream venture Alibaba. One of the profound strengths which could be noted in the case of Jack Ma’s entrepreneurial skills refers to his knack for self-learning which I could relate to since I have the personal tendency to scout for information about enterprise education. I was able to understand the significance of learning as a promising attribute for the prospects in my career which also indicates that I could be able to capitalize on the opportunities for self-employment and the establishment of an enterprise or personal business. Their skills of Jack for learning consistently different aspects of enterprise education as well as business implications enabled him to accomplish viable interactions in a second language i.e. English.
The English skills of Jack Ma have been widely considered the most reasonable aspect influencing the strategic direction of Alibaba since it enabled Jack to develop and sustain external contacts and alliances effectively resulting in the proliferation of feasible opportunities for expanding the existing marketplace of the organization and acquire wider strategic horizons for business development. The critical gap is also limited in the context of the ability to project myself in front of employees since I can maintain my behavioral identity irrespective of any situation. Furthermore, the implications of limited disparity between actual and projected self could be indicative of the improvement in problem-solving and communication skills since employees would be eager to communicate with the entrepreneurs who invite their opinions flexibly. The problem-solving skills are improved by considering the inputs provided by participating members that foster the creativity and vision of the entrepreneur.
Upon evaluation of the personal competencies for enterprising as compared to that of Jack, I could be able to apprehend the necessity for introducing feasible modifications in my approach towards enterprises and enterprise management. I was able to apprehend that the lack of risk-taking and exploring opportunities could lead to my incompetence in other domains such as leadership skills, problem-solving skills, and decision-making skills. My leadership skills could be influenced by limited risk-taking as employees would be unsure of my direction and competencies alongside question my leadership. I could also predict that my enterprising skills are feeble in intensity as compared to that of Jack Ma albeit with a promising indication towards the acquisition of required competencies in risk-taking and opportunity recognition.
Impact of enterprises
Entrepreneurship is not preferred solely for the distinct elements referring to the unique traits of entrepreneurs but also for the impact rendered on society, the economy, and the environment. As per Jones & Iredale, the impacts serve as precedents for determining the perception of entrepreneurship by individuals and a careful review of the distinct economic, social, and environmental impacts caused by enterprises would provide subtle insights to derive recommendations for improving the outcomes of entrepreneurial establishments (Jones & Iredale, 2014).
The role of entrepreneurship as a key driver of society has been underlined in various literature sources and research studies thereby reflecting on the larger implications of society building, community regeneration, and national employment. The foremost improvement led by entrepreneurship is noted in the innovation of products and processes thereby resulting in novel product and service offerings to society. The development of society has been largely attributed to the introduction of technological features to facilitate services such as e-commerce which has prompted a peaking rise in entrepreneurial inclinations among individuals and organizations alike (Levy & Ramim, 2015).
Access to sophisticated services and products with flexibility is accountable for improvement in the living standards of individuals in the society thereby implying potential outcomes for the society that are obtained from entrepreneurship. The contributions of the increasing wave of entrepreneurship towards the development of employment rates are formidable benefits rendered by enterprises to society. The requirement of competent candidates for addressing the business and operational objectives of entrepreneurial establishments is reflective of the increase in employment levels which further relates to the improvement of social and community living standards.
The increasing concerns for entrepreneurship and the cognizable penetration of e-commerce into various industries have led to the identification of requisites for social development that can be delivered by novel enterprises in various sectors. The environmental impact of enterprises is also a profound concern for entrepreneurs and is the cognizable element for describing the long-term implications of the organizations. According to Lohmann & Zur Muehlen, enterprises render a formidable impact on the environment in the form of by-products obtained from the construction of new operational units and production processes. The environmental impact of an enterprise is dictated by the magnitude of the organization and the scale of its operations. The impact of enterprises on the domestic environment is primarily related to the waste generated from various processes such as resourcing, production, packaging, and distribution (Lohmann & Zur Muehlen, 2015, August).
The consumption of natural resources by the enterprise could also be anointed as a profound impact on the environment. Natural resources in the environment of a specific market would be reflective of necessary elements such as water, soil, and space and the necessity of resources is dependent on the industry or specific products and services provided by the enterprise. For example, an information and technology-based enterprise would involve the consumption of space while a service-based organization such as a fast food chain would require the consumption of space as well as water and other natural resources such as ingredients for particular recipes. However, enterprises have also been associated with socially responsible initiatives that cater to the pitfalls generated by the organization in social and environmental contexts of the business environment (Lohse, et al., 2015).
The socially responsible activities could include examples of natural resource restoration initiatives like Coca-Cola’s Water Stewardship initiative or community welfare programs which could acquire the trust and commitment of the society and environment. The generic perception of enterprises and entrepreneurs and the value associated with them are largely dictated by their impact on the environment, society, and economy (Rae & Ruth Woodier-Harris, 2013). The effect of enterprises on the economy could be apprehended in the contributions that could be provided by them to the local economy thereby indicating the research studies that depict the contributions of enterprises to the development of the national economy. The lack of capabilities of entrepreneurial units to contribute to the development of the national economy could be validated by the fact that larger and established corporations have substantial working capital, human assets, and resources which enables the latter to realize superior financial performance rates (Mitroff, Alpaslan & O’Connor, 2014).
An understanding of the distinct impacts would also provide a personal perspective on the values and impact of leadership. It can be imperatively stated that entrepreneurship relies on the primary motive of innovation and creativity for addressing novel business ventures and applications.
The prospects for improvement are never undermined in any context and the case of Jack Ma, the concerns for a more enterprising nature could be realized based on a few recommendations. The risk-taking approach of Jack Ma can be considered as potentially functional in the context of domestic jurisdictions and could not deliver desired outcomes in foreign business environments. Therefore, the improvements in the enterprising skills of Jack Ma would be beneficial for the improvement of equity garnered by stakeholders of Alibaba. The consideration of strategic management principles would be a promising factor for catering to stakeholder objectives in the modern business environment alongside continuing with the organization’s purpose and vision (Musekamp, et al., 2017).
On the contrary, the improvements could be stalled in the case of Jack Ma’s entrepreneurial approach since his competitive, technical, and strategic direction for Alibaba has been proven successful and the essential facet of dynamism observed in Jack’s approach limits the prospects for changes in enterprising competence of Jack Ma (Putta, 2014).
The distinct observations drawn from the case of Jack Ma enabled me to reach the decision that I could also undertake the role of an entrepreneur in the future. I was able to apprehend the critical gaps in my enterprising skills which suggested that developing a knack for continuous learning would enable me to acquire distinct leadership and entrepreneurial competencies and accomplish alternate career options (Piperopoulos & Dimov, 2015).
Conclusion
The report essayed the significance of entrepreneurship alongside reviewing the case of Jack Ma, a renowned entrepreneur. Entrepreneurial competencies of Jack, the comparison of personal competencies with that of Jack, and a lucid interpretation of the value and impact of entrepreneurship.
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