An Analysis of Entrepreneurs as Agents of Change
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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This paper looked at entrepreneurs and how they act as agents of change in business organizations. The primary questions answered in this paper are; Who is an entrepreneur? How do entrepreneurs act as agents of change in an economy?
Currently, there is an increase in the marketing rates which has contributed to a great change in our livelihoods. Due to these changes, entrepreneurs have played a significant role as agents of change in the market. Most of the changes are economic but their effects are far-reaching to other aspects of life such as social, cultural, and political. Because of these effects, an entrepreneur is always willing to take up the responsibility of coming up with new businesses and ideas so as to discover all the opportunities that they can fulfill by satisfying customer’s demands.
Entrepreneurs are seen to be the inventors of businesses and they also assume the position of manager. Entrepreneurship is considered to be among the four basic factors of economic growth i.e. entrepreneur, land, labor, and capital, these factors are the major factor that contribute to the growth and development of the economy. Entrepreneurs are of great significance to society because they come with ideas and form their own businesses which contribute to economic growth and development. Additionally, they are also good planners and strategic thinkers which enables them to come up with strategic decisions which contribute to their overall growth and prosperity. Because of their strategic planning and thinking, they are able to foresee challenges and threats and devise means and tools to overcome them.
Are entrepreneurs agents of change? According to a number of authors, an agent of change is someone who initiates social, economic, or environmental changes through their innovative ideas and actions. On the other hand, not every entrepreneur meets the criterion of being an agent of change as one may chase personal financial goals without considering society. Therefore the key differentiator between entrepreneurs and an agent of change is their roles and the potential they carry.
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An Analysis of Entrepreneurs as Agents of Change Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- PUnderstand generally the role of entrepreneurs in organizations and in society
- Understand how entrepreneurs are agents of change in an organization or in a society
- Apply the entrepreneurial skills to real-world organizations
1.0 INTRODUCTION
Entrepreneurs are inventors, innovators, and creators of new products or services in the market. They can also be referred to as agents of change who have the ability to successfully change businesses and societies with their ideas and actions. This paper is going to provide an analysis of entrepreneurs as agents of change and the role of entrepreneurship as an agent of change. Key questions to be answered in this essay are; What does it mean to be an agent of change? How do entrepreneurs act as agents of change in an economy? What is the role of an entrepreneur as an agent of change?
This paper will look at the concept of agency which is the ability of a person to act individually and make relevant choices on how to manage businesses and how it relates to entrepreneurship. It will also discuss some of the challenges and opportunities that entrepreneurs face as agents of change.
Agency and Entrepreneurship
Agency is one of the key aspects of entrepreneurship, as it supports entrepreneurs on their quest for new opportunities and it enables them to overcome some hurdles and generate value for themselves and society. It is also a source of motivation, as it gives entrepreneurs a sense of purpose, autonomy, and self-efficacy. Important to note however is that entrepreneurs do not have the aspect of agency by default. They attain this aspect through their various interactions and actions with their superiors.
Agency in entrepreneurs is influenced by a number of factors namely; personal features, skills, resources, networks, institutions, culture, and background. Some of these factors can enhance agency, while others can constrain it. Entrepreneurs may increase their agency by obtaining relevant knowledge and skills that will sharpen theirs, they may also build strong relationships and materials among so many others.
Entrepreneurs as Agents of Change
As agents of change, entrepreneurs use their agency to create positive impacts in the world. They do not only adapt to existing conditions but also challenge and change them. They do not only exploit existing opportunities but also create new ones. They do not only solve existing problems but also anticipate future ones.
Entrepreneurs as agents of change can operate at different levels namely; individual, organizational, sectorial, societal, or global. They can also target different domains: economic, social, environmental, or political. They can have different goals: profit-oriented, mission-driven, or hybrid. They can use different strategies: incremental, radical, or transformative.
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