Introduction to Business and Entrepreneurship Assignment Sample

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Introduction: LinkedIn’s Success

Entrepreneur plays an important role in the development and growth of the country. Entrepreneur aim at researching the market to identify needs and wants of individual and focusing on providing innovative product through which needs could be fulfilled (Neck, Neck and Murray, 2016). This report is based on LinkedIn and skills which are possess by its founders in establishing a successful venture. It will also include information regarding the market which has been covered, values, mission and vision of the chosen organization.

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Entrepreneurial Skills and Growth

LinkedIn is social networking sites which were launched in May 2003 with the aim of fulfilling unemployment gaps. The company work through online platform where it allows workers and employers to create their profile and enable easy communication between them. It has able to cover more the 200 countries and total of 1 billion members worldwide. The company is having headquartered in Sunnyvale, California and the app is available in 27 languages. LinkedIn was founded by Reid Hoffman and Eric ly in 2002 in their living room. Next year they provide services to the general people and within the month they were able to attract more than 4500 members (Cho and Lam, 2021). Entrepreneur has decided to expand their operations worldwide and in 2007 they were able to gain their first profit after covering all the cost. Founder of LinkedIn were inventor who were first to provide social media platform to employers and employees. This helps in reducing rate of unemployment in country and assist in overall economic development.

Entrepreneur possesses various skill and competencies which assists in effectively carrying out all the operation of the organisation. Founders of LinkedIn were having effective decision making skills, problem solving skills, visionary skills, adaptability resilience’s, financial management, perseverance and relationship building skills (Fuhrmann, 2020). These skills help them in overcoming all the challenges and barrier coming in the path of success and support in attaining the objective of organisation. LinkedIn has faced fives crucial challenges in at their initial level which includes managing finances, overload automations, distracting form initial objective, acquitting talent employees and casualization. These are all challenges were restricting company from effectively operation. Entrepreneur used the above skilled which helps them in overcoming all such issue and helps them in attaining their goals (Burns, 2022).

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Social media platform was initiated with the motive of providing skilled and talent employees to the organization but after some time the people start using it for the entertainment purpose or selling their product. This becomes concern for the founders as it may result in distracting form the initial objective. To overcome this challenges manger use their decision and problem making skills and creates strict policies and regulation which resists any type of casual content on the site and only allow professional information to be shared. The company was able to cover all initial and expansion cost in three year which indicates the efficiency of financial management skills of the entrepreneur (Johnson and Leo, 2020). It has been determine that company focuses on effectively planning, allocating, managing and controlling all the finances of their organisation which helps in optimum utilization of financial resources.

The entrepreneurs were having the resilience and perseverance skills as before starting the LinkedIn they have been working in various other start-ups in which they were not able to get success. Their attitude of not staying back and continuous trying helps them in achieving their objectives and assist in making LinkedIn most successful profession platform in the world. Company was able to attract more than 4500 members within month of their established which indicates effective relation building skills of founders. As company work in a dynamic environment, it should be able to adapt all the changes which are necessary for maintaining stability within industry. It has been determine that at the LinkedIn is continuous updating its services and focusing on providing seamless experiences to its customer. Entrepreneurs are using their adaptability skills and aim at including new and updated technology as to maximize satisfaction level of customer.

Company is targeting towards millennial generation ranging between the age group of 25-34 year. It has been determined that 60 % of total number of members belongs to this age group as individual in this age are focusing on finding new opportunity and jobs. Social media content and marketing strategies are formed based on target market as to attract large number of customer form this market. Business entity is targeting people all over the world but most of client belongs to the US which amount to 200 million members. The mission, vision and values of the company are emphasis on developing the economy of country by providing appropriate opportunity to each individual across world.

It has been determined that company is having more than 194000 employees worldwide indicating the efficiency of organizational culture within the firm (Number of employees in LinkedIn, 2024). LinkedIn is following the culture of adhocracy which aim at providing equal opportunity and right to each employees leading to enhancing their motivation (Özkisaoglu, 2021). Democratic leadership has been implemented within the organization providing the right to employees to share their opinion and support in creating a sensed of belongingness among them. For improving the culture, employees recognition program been established which includes providing financial and non financial rewards to them which will help in enhancing their motivation. Company is focusing on following the culture of innovation and creativity which will help in introducing innovate services and assist in fulfilling needs of the customer.

Conclusion

It has been concluded form the report that entrepreneur helps in developing the economy of country by providing innovated product and service. Entrepreneur in LinkedIn were inventor which assist in developing and providing technology to each individual. Decision making, problem solving, adaptability, creativity and financial management were various skill which helps founder of the company in effective managing all the functional areas. Adhocracy culture has been promoted within LinkedIn resulting in increasing satisfaction of employees leading to maintaining success of organisation.

References

Books and Journals

• Burns, P., 2022.. Entrepreneurship and Small Business. USA: Red Globe Press. (eBook)
• Cho, V. and Lam, W., 2021. The power of LinkedIn: how LinkedIn enables professionals to leave their organizations for professional advancement. Internet Research, 31(1), pp.262-286.
• Fuhrmann, B., 2020. Introduction to Business and Economics. Wien: Verlag Jugend & Volk GmbH. (eBook)
• Johnson, M.A. and Leo, C., 2020. The inefficacy of LinkedIn? A latent change model and experimental test of using LinkedIn for job search. Journal of Applied Psychology, 105(11), p.1262.
• Neck, H.M., Neck, C.P. and Murray, E.L., 2016. Introduction to Business. Sage Publishing
• Özkisaoglu, I., 2021. Professional Social Media and Innovation: How You Start Leveraging on Your Innovation through Strategic Content Creation on LinkedIn. Creating Innovation Spaces: Impulses for Start-ups and Established Companies in Global Competition, pp.153-167.

Online

• Number of employees in LinkedIn. 2024. Online. Available through: < https://blog.hootsuite.com/linkedin-statistics-business/#:~:text=LinkedIn%20has%2036%20offices%20and%2019%2C400%20employees&text=But%20with%20over%2019%2C000%20employees,has%20a%20truly%20global%20presence.>