N102 Business Entrepreneurship : Influence of Cultural Factors

Answer:

Introduction: 

Entrepreneurship is identified as the process of launching, designing and conducting of the new business which is initially based on a small offering of product and services available for sale or higher. The people responsible for creation of the entrepreneurs and businesses are done with capacity and willingness to develop new products along with taking with to make profit. The report intends to review, analyse and evaluate the various concepts of entrepreneurship in corporate, social and start-up environment. It has been further able to comprehend the various types of the related issues with small enterprises and their creation context. The latter part of the study has been able to do that is meant for cultural factors and their influence on the entrepreneurial management (Yetisen et al. 2015).

The identification of the various types of entrepreneurial aspect has been seen with the start-up of Instagram which is identified as a desktop, mobile and Internet based for the sharing platform created by Kevin Systrom and Mike Krieger in October 2010.

Review, analysis and evaluation of entrepreneurship in corporate, social and start-up environment

The main development process of the application was seen to undergo in San Francisco with multi-featured incorporation of HTML5 check-in project. On 5^th March 2010 the company appointed new engineer and community manager who were identified as Shayne Sweeney and Josh Riedel respectively. The entrepreneurship initiative for the company was further seen with community Evangelist named Jessica Zollman with her support in August 2011.

The important aspects of the entrepreneurial initiatives have been further defined within organising and managing of the enterprise along with considering the specific risk aspects and the reward the business process. Some of the main initiative has been further discerned in form of development of business plan, hiring of human resources, providing leadership, acquiring of financial and military resources and being responsible for the various types of venture success or failure. In October 6, 2010 the company first announced their application as an iOS app to the App Store (Bruton, Ketchen and Ireland 2013).

Of the most promising features of the application was seen in terms of uploading short videos, photographs and following of user feeds along with locations. The most promising feature of this application is separated from the rest of the online platform was discerned in form of using hash tags in pictures.

Comprehending the issues and problems with new small enterprises and their creation with context

Before discussing the various types of problems faced by Instagram during their initial start a project it is important to know about the key problem in studying the entrepreneurship in small business setup. There has been distinct difference with the desired data and available data. For example, the main issue in entrepreneurship in UK has been seen with the people to know about the number of small business along with the new ones and the number of the small business which terminates. In several cases, business setups in UK particularly seen to be facing problem with VAT registrations and not provide good small business data due to their size (Ismail and Ahmad 2013).

During their initial start-up, Intagram has been seen to be facing several challenges with other social media platforms such as Facebook. During the beginning of the launch there has been nearly any active page of the application with suggest the main USP or key features of using Instagram (Dogan 2015). The large operational of the businesses on social media platform has been identified as a real struggle in terms of managing the traffic and engagement with the desired sponsors. Other competing social media such as Pinterest, Snapchat and Vine had been seen to be using visual content in order to build relationships and communicate with the desired information. In several situations, during the initial stages Instagram had been seen to be facing major challenges in giving appropriate feedback to the user’s query or complaints. In several cases, it has been observed that people lack of personals it had provided a lot of generated messes such as “thanks for your feedback”, apology for inconvenience caused, along with several other auto generated messages (Smith and Chimucheka 2014).

Assessment of influence of cultural factors entrepreneurial management

Entrepreneurial activity has been identified as a vital source for employment, economic growth and innovation. Entrepreneurs has been also able to create new business culture and build societies with the mining the social and cultural factors of the entrepreneurial activities. The portal and video sharing in Instagram has been seen to rapidly gained popularity and several researches has already showed that the State of Kuwait has been able to explore the influence of culture with the usage of this application. Several other countries have been able to examine the influence of gender on Instagram (Thai and Turkina 2014). In some countries the gender classification has found that males are more likely to use this application than the females in terms of disclosing their personal information and having a public account unlike the female users who are more likely to have private accounts compared to the males. This particular trend has been evident with different types of Arab countries. The use of this kind of application has further motivated the American participants for the need of strengthening connection in terms of financing self-images with various types of other users residing in some other country. The use of this application has eliminated the cultural barriers in several situations; this has been evident with getting influenced by any particular post which is associated to art form such as dance, music and special talent (Estrin, Mickiewicz and Stephan 2016).

Conclusion:

It can be concluded that the review and analysis of the various approach of entrepreneurship behind the success of Instagram has been seen with varied forms of investors such as Angel investors, appointment of new personals and including several unique features in the application. The various types of competitive strategy has been further seen to be based on certain unique features such as sharing of short videos, photos and use of Hash tags.

References:

Bruton, G. D., Ketchen, D. J. and Ireland, R. D. (2013) ‘Entrepreneurship as a solution to poverty’, Journal of Business Venturing, 28(6), pp. 683–689. doi: 10.1016/j.jbusvent.2013.05.002.

Dogan, N. (2015) ‘The Intersection of Entrepreneurship and Strategic Management: Strategic Entrepreneurship’, Procedia - Social and Behavioral Sciences, 195, pp. 1288–1294. doi: 10.1016/j.sbspro.2015.06.290.

Estrin, S., Mickiewicz, T. and Stephan, U. (2016) ‘Human capital in social and commercial entrepreneurship’, Journal of Business Venturing, 31(4), pp. 449–467. doi: 10.1016/j.jbusvent.2016.05.003.

Ismail, M. Z. and Ahmad, S. Z. (2013) ‘Entrepreneurship education: an insight from Malaysian polytechnics’, Journal of Chinese Entrepreneurship, 5, pp. 144–160. doi: 10.1108/JCE-02-2013-0003.

Smith, W. and Chimucheka, T. (2014) ‘Entrepreneurship, Economic Growth and Entrepreneurship Theories’, Mediterranean Journal of Social Sciences. doi: 10.5901/mjss.2014.v5n14p160.

Thai, M. T. T. and Turkina, E. (2014) ‘Macro-level determinants of formal entrepreneurship versus informal entrepreneurship’, Journal of Business Venturing, 29(4), pp. 490–510. doi: 10.1016/j.jbusvent.2013.07.005.

Yetisen, A. K., Volpatti, L. R., Coskun, A. F., Cho, S., Kamrani, E., Butt, H., Khademhosseini, A. and Yun, S. H. (2015) ‘Entrepreneurship’, Lab Chip, 15(18), pp. 3638–3660. doi: 10.1039/C5LC00577A.