Comparison Of Three Renowned Entrepreneurs' Contributions To Economic And Socio-cultural Development (70 Characters)

Prepare a report referring to three entrepreneurs who are internationally renowned and illustrate their achievements in relation to their effort and impacts on socio-cultural and economic development locally or globally. What are their similarities and differences as entrepreneurs. Please provide specific examples.

Entrepreneurship is the practice of designing, initiating plus running an innovative business, which often is a minor company. An Entrepreneur stands an object which finds and acts upon opportunities towards translating inventions or else technology into innovative products. Entrepreneurship is defined as the "capability and readiness to develop, establish and succeed in a business undertaking along with some of its threats so as to make a return. While descriptions of entrepreneurship normally emphasize on the initiation and administration of businesses, owing to the great risks included in introducing a start-up, an important amount of start-up companies have to close-shop due to "shortage of funds, poor business choices, an economic catastrophe, absence of market demand.

Oprah Winfrey is a television executive, actress, dialogue show host, TV producer, and humanitarian. She is greatly known for the dialogue show “The Oprah Winfrey Show”, which stood as the highest-rated TV show of its form in history in addition to being nationally syndicated since the year nineteen eighty-six until the year two thousand and eleven in the city of Chicago. Christened the "Queen of All Media",^[7] this woman was the wealthiest black American of the twentieth era plus North America's foremost black multi-billionaire, besides has been categorized the utmost black humanitarian in American antiquity. She has likewise been sometimes categorized as the greatest influential lady worldwide (Ahl & Nelson, 2015).

Vanity Fair inscribed: "Oprah Winfrey debatably has more inspiration on the philosophy than any college president or politician, except maybe the Pope. Though Phil Donahue is credited with revolutionizing the tabloid dialogue show kind, Winfrey's warmth, affection, and personal admission popularized and transformed it. Her achievement at spreading the tabloid dialogue show genre unlocked a booming industry with several other shows such as The Jerry Springer Show (Schaper, 2016).

The influence of Winfrey's thoughts and validation to influence open opinion, especially customer purchasing selections, has been nicknamed "the Oprah Effect". The outcome has been recognized in fields as varied as book transactions, beef markets, plus election voting. Getting on in the year nineteen ninety-six, Winfrey presented her own book club section to her TV show (Shepherd, Williams & Patzelt, 2015).

The section focused on original books and masterpieces and often carried obscure books to popular consideration. This segment became a powerful strength that when Winfrey presented a fresh manuscript as her choice, it instantly grew into a top-seller; for example, once she chose the definitive John Steinbeck original East of Eden, it rose to the topmost of the charts. Being recognized through Winfrey often meant a million extra book transactions for a writer (Rae & Wang, 2015).

Oprah Winfrey: A Media Mogul and Humanitarian

In the year two thousand and four, Winfrey came to be the foremost black individual to rank amongst the fifty most liberal Americans plus she remained amongst the top fifty until the year two thousand and ten. By the year two thousand and twelve, she had donated about four hundred million dollars to educational foundations. As of the year two thousand and twelve, Winfrey also donated over four hundred bursaries towards Morehouse College. Winfrey received the initial Bob Hope Philanthropy Honor at the two thousand and two Emmy Awards meant for her services to TV and film. In the year two thousand and thirteen, Winfrey donated twelve million dollars towards the National Museum of African American History and Culture. Former Head of state Barack Obama bestowed her the Medal of Freedom that same year (Coviello, 2015).

William Henry Gates III is an American business tycoon, investor, author, humanitarian and principal creator of Microsoft Organization. During his occupation at Microsoft, Bill Gates took the rank of chairman, chief executive officer plus chief software engineer, as well as being the major individual shareholder up to May of the year two thousand and fourteen. In the year nineteen seventy-five, Bill Gates and Paul Allen unveiled Microsoft, which came to be the world's major PC software business. Bill Gates controlled the business as the CEO till stepping down in January of the year two thousand, but he stayed as chairman besides creating the rank of the chief software engineer for himself. In June of the year two thousand and six, Bill Gates declared that he will transition from round-the-clock work at Microsoft towards part-time work plus a full-time job at the Bill & Melinda Gates Foundation. He gradually conveyed his responsibilities to Ray Ozzie plus Craig Mundie. He resigned as chairman of Microsoft in the year two thousand and fourteen and presumed a new rank as the technology consultant to assist the newly employed chief executive officer Satya Nadella (Parker, 2018).

Bill Gates stands as one of the greatest tycoons of the PC revolution. He has remained censured for his commercial tactics, which are measured as anti-competitive. This view has been maintained by numerous court of law rulings. Far ahead in his occupation and since exiting Microsoft, Gates chased several philanthropic activities. He donated huge amounts of cash to various charity organizations plus scientific research plans via the Bill & Melinda Gates Foundation. In the year two thousand and nine, Bill Gates and Warren Buffett created The Giving Pledge, whereby they promised to contribute at least part of their fortune to charity. The foundation is aimed at saving lives and improving global health, plus is at work with Rotary International towards eliminating polio (Dees, 2017).

Bill Gates: A Technology Tycoon and Philanthropist

Since the year two thousand and five, Bill Gates together with his foundation took an awareness in solving worldwide sanitation difficulties. For instance, they declared the "Reinvent the Toilet Challenge", which has accepted considerable media attention. To raise consciousness for the subject of sanitation plus possible solutions, Bill Gates sipped water that stood "produced from human faeces" in the year two thousand and fourteen – indeed it was manufactured from sewage mud treatment process named the Omni-processor. In the year two thousand and fifteen, he also came into view with Jimmy Fallon on The Tonight Show in addition to challenging him to tell if he can taste the change between this domesticated water or else bottled water (Miller & Le Breton?Miller, 2017).

In the year two thousand and seventeen, Bill Gates declared he would contribute fifty million dollars towards the Dementia Discovery Fund, a projected capital that pursues treatment meant for Alzheimer's disease. He likewise pledged an extra fifty million dollars to charity organizations working on Alzheimer's research (Huang & Knight, 2017).

Jack Ma is a Chinese industrial magnate, investor, plus philanthropist. He’s the co-founder plus managerial chairman of Alibaba Group, a global technology company. As of August of the year two thousand and eighteen, he’s one of the richest men in China with a net worth of thirty-nine billion dollars, in addition to being one of the richest people worldwide. Jack Ma's main ideology was meant for an open beside an economy driven by market forces. A noticeable business figure, Jack Ma is viewed as a worldwide representative for Chinese businesses and by itself is frequently recorded as being one of the most powerful people internationally by Forbes (Levine & Rubinstein, 2017).

Furthermore, he also works as an example for start-up companies. In the year two thousand and seventeen, he was placed second in the yearly "World's 50 Greatest Leaders" list by Fortune. In September of two thousand and eighteen, he declared that he’ll leave from Alibaba then pursue educational job effective in a year with Daniel Zhang taking over from him as managerial chairman. Jack Ma stepped down the rank of the chief executive officer of Alibaba Group then reportedly chose to eventually step down as chairman so as to concentrate on philanthropy (Lavoie, 2015).

In January of the year two thousand and seventeen, Jack Ma bumped into the United States Head of State Donald Trump at the Trump Tower, towards discussing potential one million form of work openings in the next five years via Alibaba's importance in the nation. On the eighth of September of the year two thousand and seventeen, to commemorate Alibaba's eighteenth year of formation, Jack Ma performed on stage as well as turned the occasion into a 'Thriller' through a Michael Jackson motivated performance. This is not the initial time Jack Ma has done on an Alibaba occasion. He performed a portion of "Can You Feel The Love Tonight" in the two thousand and nine-year event while clad as a hefty metal vocalist. In that similar month, Jack Ma also joined with Sir Li Ka-shing in a partnership to create a digital wallet facility in Hong Kong (Spigel, 2017).

Jack Ma: A Global Tech Entrepreneur and Philanthropist

All the three of the entrepreneurs are similar in that they are believed that what they were offering was unique. Jack ma believed in electronic commerce when nobody believed in it and created Alibaba. Bill Gates developed Microsoft a computer software company in a time when nobody believed in the power of computers. Oprah Winfrey did a morning hour talk show which was low in ratings but it jumped to being the highest rated show and even overtaking Donahue and the show was changed to The Oprah Winfrey show which became the number one day-time talk show in America. These entrepreneurs are different in that they came and succeeded from different fields. Oprah Winfrey is from the media industry through the Oprah Winfrey show which was the highest rated TV show in America while Bill Gates is from the software development industry through Microsoft software which is still one of the biggest software developers to date. Likewise, Jack Ma is from the electronic commerce industry through the Alibaba Company which has succeeded in linking the customer with the buyer efficiently.

Conclusion.

In conclusion, entrepreneurship can help change our society as well as providing innovative solutions to the challenges human beings are facing. The influence of Winfrey's thoughts and validation to influence open opinion, especially customer purchasing selections, has been nicknamed "the Oprah Effect". The outcome has been recognized in fields as varied as book transactions, beef markets, plus election voting. Getting on in the year nineteen ninety-six, Winfrey presented her own book club section to her TV show.

References

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Coviello, N. (2015). Re-thinking research on born globals. Journal of International Business Studies, 46(1), 17-26.

Dees, J. G. (2017). 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability (pp. 34-42). Routledge.

Huang, L., & Knight, A. P. (2017). Resources and relationships in entrepreneurship: an exchange theory of the development and effects of the entrepreneur-investor relationship. Academy of Management Review, 42(1), 80-102.

Lavoie, D. (2015). The discovery and interpretation of profit opportunities: Culture and the Kirznerian entrepreneur. Culture and economic action, 48.

Levine, R., & Rubinstein, Y. (2017). Smart and illicit: who becomes an entrepreneur and do they earn more?. The Quarterly Journal of Economics, 132(2), 963-1018.

Miller, D., & Le Breton?Miller, I. (2017). Underdog entrepreneurs: A model of challenge?based entrepreneurship. Entrepreneurship Theory and Practice, 41(1), 7-17.

Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.

Rae, D., & Wang, C. L. (2015). Entrepreneurial learning: past research and future challenges. In Entrepreneurial Learning(pp. 25-58). Routledge.

Schaper, M. (2016). Understanding the green entrepreneur. In Making Ecopreneurs (pp. 27-40). Routledge.

Shepherd, D. A., Williams, T. A., & Patzelt, H. (2015). Thinking about entrepreneurial decision making: Review and research agenda. Journal of management, 41(1), 11-46.

Spigel, B. (2017). The relational organization of entrepreneurial ecosystems. Entrepreneurship Theory and Practice, 41(1), 49-72.