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Performance Task #2 and #3 in Entrepreneurship

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Elon Musk

“Persistence”

Elon Musk is an entrepreneur and business magnate. He is the founder, CEO, and Chief Engineer at SpaceX. He is also an early stage investor, CEO, and Product Architect of Tesla Incorporated. Founder of The Boring Company and co-founder of Neuralink and OpenAI. Being a persistent person is not that easy. People only see the bright side of an entrepreneur but little did they know they went through hardships. It is just that whenever they fail, they do not give up easily. Instead, they make into an opportunity to learn, succeed and take another step to pursue their goal. During in the making of an entrepreneur’s invention, many conclusions turns out to be inaccurate. The best of part of being a successful entrepreneur is they are willing to make mistakes and learn from it. They tend to ask many questions to have more knowledge and keep up the good work until they pursue their target.

Reference :

https://www.youtube.com/watch?v=je2VkvTmml8

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Bill Gates

“Structured Experimentation”

Bill Gates is an American business magnate, software developer, investor, author, and philanthropist. He is a co-founder of Microsoft. They work together with his childhood friend Paul Allen. In anticipation of their invention, they run tests to determine if it is valuable to achieve. When you make an innovation, you must ensure that people are inclined to pay for your product. If so, you will need to investigate thoroughly into the market and test the one you have researched in order for you to justify the idea and distinguish if it has the possibilities. 

Reference : 

https://www.youtube.com/watch?v=MW_OE0aCVTk

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Steve Jobs

“Team Building”

Steve Jobs was an American inventor, designer and entrepreneur. He was the co-founder, chief executive and chairman of the Apple Computer. Unfortunately, he died last October 5, 2011 due to a rare pancreatic cancer. But he left us some of his invention to remember with. Building an entrepreneurial team is necessary. For instance, when you start your own business, it’s better to have a a group who have complementary talents and helps you in achieving your goal. In planning your objective, you need to delegate your teammates individually and orderly. You also need to make decisions together and avoid micromanaging. Communication is always the key so you need to speak effectively and also give feedbacks to your teammates. Authenticity is a must and always have a purpose. Achieve attainable goals and always support development.

Reference :

https://www.youtube.com/watch?v=f60dheI4ARg

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Mark Zuckerberg

“Innovation”

Mark Zuckerberg is an internet entrepreneur. He is a co-founder of Facebook and serves as chairman, chief executive officer and controlling shareholder. Before they created the Facebook, they brainstormed first about what will they make. His group made sure that it is beneficial to all people and very efficient in any ways. Being innovative is very important especially in a competitive environment. People wants to see a unique development that can prompt their  interests. So they made this and it was successful. This application that they have made is very useful in communicating people whether they are just one kilometer away from you or they are from the other countries. It is very informative since you can view here the daily news. Just a reminder that not all of the posts are precise so you better do a research or fact check first. So let’s go back to the topic, maintaining yourself to being innovative is sort of hard so you better focus on your objectives and make happen into your plans.

Reference :

https://www.youtube.com/watch?v=WVP9HhbqY7A

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Jack Ma

“Comfortable with Failure” 

Jack Ma is a Chinese entrepreneur.  He is the co-founder and former executive chairman of Alibaba Group, one of the largest e-commerce business. But before he got in that position, he experienced being defeated many times.  When he was still a student, he failed a key primary school test two times, failed in the middle school test three times and the college entrance exam two times. He scored 1 out of 120 points on his math subject during college. From Harvard University, he was rejected 10 times. After he graduated college, he applied into 30 different types of jobs but unfortunately he was being turned down. Despite all of his downfall , he was not discouraged and did not give up. Instead, he became more optimistic. Every misstep that he comes across, he thought of it as a lesson. This is a message to all of us that no series of failure can keep someone into pursuing their dreams. 

Reference : 

https://www.youtube.com/watch?v=8SN9Kj8SdgE

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Hello! This is our performance task #1 from the Entrepreneurship subject. We are the Grade 12 students from section 1A-Providence. Have fun reading!

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Leibenstein’s Gap-Filling Theory - Harvey Leibenstein (Juanero and Pareja)

Harvey Leibenstein is an American economist that was born in Ukraine. He was also a professor at the Harvard University back when he was still alive. He is the one who created the X-efficiency theory in 1966. Aside from X-efficiency, he also created the Critical Minimum Effort. He explained about the theory into his book called "Economic Backwardness and Economic Growth". But since we are talking about the gap-filling theory, let's go back to the topic. 

X-efficiency stands to the point of being effective that is sustained by the firms under circumstances of faulty competition. An example of faulty competition is about the monopoly. Whenever there's a competition, firm members are pressured because of the significant amount of product market so they put on more effort to be closer into to the frontier. Harvey Leibenstein believed that most of the time, firms were rational and that's the time where he decided to name it x-efficiency. The idea of x-efficiency is used to determine on how effective a company will be if its environment is more competitive. 

Leibenstein has identified two main functions of being an entrepreneur; a gap filler and an input completer. The first one is the gap filler. It means that the entrepreneur needs to fill the gaps in the market and in order to put the enterprise in motion, the entrepreneur must fill enough of the gaps. The second one is the input completer. Being an input completer requires making obtainable input that improve the effectiveness of remaining production techniques. Therefore, an entrepreneur must both act as gap filler and input completer.

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Keynesian Theory - John Maynard Keynes (Mark Nuñez)  

Keynesian theory was named after the economist John Maynard Keynes.  The theory states that the government should increase demand to boost growth. It also relates to the total spending with inflation and output in an economy, and therefore, suggests that increasing government spending and lowering taxes will increase market demand and lift the economy out of a financial crisis.

President Barack Obama signed the American Recovery and Reinvestment Act of 2009 (Recovery Act) into law on February 17, 2009. The Act was implemented to address the challenges or any financial crisis so our country can thrive in the future according to the Administration. It was also implemented to help with the late-2008 and early-2009 economic downturn, improve infrastructure, provide tax relief, and protect those in greatest need."

The American Recovery and Reinvestment Act of 2009 is an example of Keynesian theory because the government was included in response to significant weakness in the economy and reduce the unemployment rate.  In the year 2014, the Act resulted in an increased number of full-time equivalent jobs.

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Kaldor's Technological Theory - Nicholas Kaldor (Deon Niel Jaca and Vylette Casinillo)

In Kaldor's Technological Theory, this says that in this modern world, modern technology become one of the most important part of our daily lives, most especially in businesses. Technology simply mak eour lives better and help us solve our problems or things easier and faster. Since technology keeps improving, businesses are also improving. This includes leading to a higher profit and boosting the economic growth. It also promote efficiency in production of goods and services. Entrepreneurs are challenged by other existing firms that made them more competitive. 

Anyone can be someone, young, or old, small, or big, short or tall. So many stories have been heard, let’s say, a 10-year-old boy navigates an aerial vehicle, without any experience and luckily, he perfectly landed like a pro. Now the question is how it happened, simply because he was just playing video games and modern technologies are now easy to access, and can empower someone’s knowledge to apply it real situations.  

It is not about how the 10-year-old boy do it, but it is how the technologies affects one’s lives. So many industries right now have been replacing their employees into an AI (Artificial intelligence), because a lot of companies find Modern technologies have helped the business conveniently and efficiently. Most of the business owners invested so much for the latest Technolgies as they have seen the impact on their sales in general and the productivity of the company. Business strategies have changed every year, and by that, entrepreneurs would seek for what is latest, and by now through technologies is the best way to solve their problem.

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Risk and Uncertainty-Bearing Theory - Frank Hyneman Knight (Marc Lawrence Magadan)   

Knight's profit theory was proposed by Frank. H. Knight believes that profit is a reward for uncertainty, not a risk. Profit is simply the residual rate of return for the entrepreneur to carry the uncertainty of the business. Frank Hyneman Knight's profit theory is premised on profit, which is the result of decisions made under uncertain circumstances. The uncertainty encompasses the achievement of developing new products. Or the gate into new markets. Uniformly, the concrete consequences of getting a new competitor may have unknowable probabilities. According to Knight's theory, taking on business uncertainty can generate profits, and the greater the uncertainty of the assumption, the greater the amortization achieved. 

The Uncertainty-bearing theory regards entrepreneurs as holders of uncertainty. Frank Hyneman Knight had made a clear difference between risk and uncertainty. The risk can be classed as a calculable and non-calculable risk. The calculable risk is the probability of occurrence that can be predicted through statistical measures/data. Meanwhile, the non-calculable risks are the probability of occurrence that cannot be determined. Such as the strategies of a competitor cannot be accurately judged as well the cost of eliminating the completion cannot be precisely calculated. Thus, the risk of having such events is not insurable. This interminable area of risk is the so-called uncertainty.

The Entrepreneurs that are willing to take great uncertainty may deserve a godsend profit if sometimes they succeed. Entrepreneurs take on uncertainty according to their tendency and abilities. Knight argues that the greater their self-confidence, the more they can take on it. Thus, uncertainty bearing is an ability that is the standard cost of doing business, where the payoffs are unknown and based on hopes and assumptions. The video shows an entrepreneur taking a risk with uncertainty for getting a chance for investment.

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Innovation Theory - Joseph Schumpeter (Justine Navaja and Jumao-as)

Schumpter believed that entrepreneir can earn profits if he/she introduce productive innovations. Starting new Innovations and making profits from it is the way of rewarding of his/her efforts.Innovation can be sorted into two categories.

Therefore Schumpeter means innovation refers that an entrepreneur should manage to minimize the total of all cost on the production and increase the demand for his/her products. Most of the time the profits earned can't last long enough. There are competitors who can imitate someone's innovation. This situation can make the entrepreneur's innovation difficult to make profit. Competitors can outpeform an entrepreneur's innovation which results profits will be reduced. Patents can be given to entrepreneurs if granted. This gives him/her the rights not to disclose the innovation so that no one can imitate it. 

Innovation increases your chances to react to changes and discover new opportunities. It can also help foster competitive advantage as it allows you to build better products and services for your customers.