Entrepreneur. Essay Example

  • Category:
    Business
  • Document type:
    Assignment
  • Level:
    Undergraduate
  • Page:
    2
  • Words:
    1200

Key’s One Simple Idea: a Book Review

Introduction

Key’s One Simple Idea is a marvel! It highlights the precepts that can be used to integrate every business process into an ideal and comprehendible mechanism for generating income. The book highlights that every entrepreneurial process must be based on the ideals that encompass communication, risk-taking, innovation, teamwork, and even ethical responsibility. These, according to Key, are not only the essentials of productivity, but also the determinants for differentiating between actionable and impossible business ideals (Key 35). One Simple Idea communicates one simple message; even the simplest of business ideas can be transformed into a goldmine through the selection of the right business process and the creation of mechanics that creatively exploits the ideals of the processes. In this review, the precepts that have been covered by Key will be highlighted. In a sense, this review is targeted at highlighting the significance of good entrepreneurial skills and the role of entrepreneurship in business as has been covered by Key.

The Role of Entrepreneurship in Business

Entrepreneurship has long been credited as the key and foundation for business. Fayolle described it as the designing and subsequent launching of a business (49). Mazzucato also described it as the creative methodology for creating and running business (113). However, Key highlights a very significant aspect of entrepreneurship. He starts out by stating that entrepreneurship starts at a business idea; one simple idea, he states. This is then creatively integrated with other manageable business aspects to realize success. By highlighting these precepts, Key illustrated that entrepreneurship is the kick-start for a business and the use of the right mechanics for running and maintaining the business. This is a factor that highlights that entrepreneurship role plays in two aspects; starting and stabilizing a business. In a sense, success based on profitability can be realized on the podium. However, as Key illustrated in the subsequent chapters, to realize the aspects of entrepreneurship, it is important to consider teamwork, creativity, communication, innovation, ethical responsibility, and risk-taking, which he ideally described as entrepreneurial behavior (Key 22).

Creativity and Innovation

In One Simple Idea, creativity is described as the turning of imaginative business ideas into businesses. Key perceives creativity as the new perception of the world and the synchronization of hidden patterns in a business that has not been exploited. In a sense, a simple idea, as simple as it may sound, should help with the generation of solutions through the identification of connections between phenomena that are perceived as unconnected. A simple idea would, therefore, solve complex enigmas for the market and create a podium for generating profit for the creator.

Key further illustrates that a good idea must be proven (Key 114). To this aspect, the entrepreneur must consider the doable and impossible aspects of the idea; they must evaluate the idea and consider the aspects that should be improved, the aspects that are postponed for later stages in the business, and the aspects that can be relied upon to kick start the business by making the idea a reality. It is important to note that these processes, as described and evaluated by Key, would ensure that only an implementable ideas are executed. That implies that creativity and innovation in this sense should be lead to productivity and not losses. Griffin, who also supported this projection, stated that a new idea for a new entrepreneur should not ground them but rather should inspire them to create and innovate more (45).

Risk-Taking

Key explains that every new business idea is a risk; the ideals are not known and even its market prospects are untested. In a sense, the creator is never sure about the acceptance of the idea in the market. However, it is very important to plunge into the market nonetheless and to determine if the idea will be accepted or rejected by experiencing the market ideals. This is also a part of what Key describes as the pitching process, a process that is mired with many challenges yet one that should be faced despite the uncertainty (Key 201).

Communication and Teamwork

Key describes communication as the sharing of information that relate to the business ideals and the mechanics for coordinating and inspiring a team to commit to the realization of these ideals. He also illustrates that communication can involve pitching an idea/innovation to an enterprise so that they may adopt it. On the other hand, he defined teamwork as the dynamic processes that lead to coordinated performances, a significant ingredient for Marxist business models. Teamwork can also involve the coordination with an enterprise in the execution of an idea. These two precepts are significant in ensuring that a business kick starts and operates on a trajectory determined by the objectives for which an idea has been executed (Key 93).

According to Key, communication and teamwork are significant ingredients to the pitching of an idea; they create and sustain the environment in which a business may grow and realize its objectives. ‘they are sale tools with sale benefits’. It is clear that Key idealized that entrepreneurship needs a productive environment, an environment that was described by Griffin as inspired, focused, and determined to ensure that the details of the business are realized (57). Ideally, Key’s publication highlights that business ideals are dependent on performances that are leant on ideals that enhance the realization of productivity. These two significant attributes, therefore, highlight Key’s proposition on the protection of an idea as, according to him, you cannot protect an idea without creating the right environment for its execution.

Ethical Responsibility

One Simple Idea describes ethical responsibility as the moral correctness of a business. Ethical responsibility is the drive for taking the right actions and fulfilling the aspects that satisfy and protect both the business and its clients. Ethical responsibility demands that an entrepreneur adopts measures that will ensures that he gets the best of his ideals and, at the same time, limit the occurrences that may demean or exploit the clients and employees as well. That is a factor that highlights a business should operate. Key also illustrates that it is the responsibility of the entrepreneur to ensure that all the business ideals that have been highlighted above are implemented. That is because they create a scenario that benefits the entrepreneur and motivates them to act on ethical basis (Key 82).

Conclusion

In his publication, Key highlighted novel concepts for utilizing business ideals. He used simple mechanics to illustrate how the right entrepreneurial behavior can be integrated in business processes to ensure that even a simple idea comes to fruition and helps with the realization of profitable objectives. In a sense, One Simple Idea illuminates a trajectory for creating and upholding success for every business idea (Key 21).

Works Cited

Fayolle, Alain. Handbook of Research in Entrepreneurship Education: Volume 1. Cheltenham, UK: Edward Elgar, 2007.

Griffin, Ricky W. Fundamentals of Management: Core Concepts and Applications. Boston, Mass: Houghton Mifflin, 2007. Print.

Key, Stephen. One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work. New York: McGraw-Hill, 2011.

Mazzucato, Mariana. The Entrepreneurial State: Debunking Public Vs. Private Myths in Risk and Innovation. New York: Anthem Press, 2013.