BUSINESS

Role of an Entrepreneur in establishing a steel industry

[Name of the Instructor]

Role of an Entrepreneur in establishing a steel industry

2. Focus of the Research

2.1 Role of an Entrepreneur in establishing a Steel Firm

The role of entrepreneurship cannot be denied in any of the industry as it gives the industry an open hand to give 100% progress. Each of the business organization has to analyze different environmental drifts which may influence its working process and when it comes to the consumer based organizations, the analysis and evaluation of macro-trends becomes foreseeable (Christensen, 1997, pp.65). This procedure is necessary in command to ensure the sustainability of the organization in future. Though the company is doing well enough for many years but the changing business environment and market demands can affect the business of the organization. The most popular entrepreneurship theories are analyzed to find out the role of entrepreneurship in the steel industry (Christensen, 1997, pp432).

The steel industry is the most unique industry among all the industries of the state as it does not have competitors in the market. If we look at the Steel industry of United States of America we will come to notice that it is an integrated steel producer with huge production operations in the developed countries (Darling, 2007, pp.56). Since 1900 United States was the largest and the lowest cost producer of steel. Its output has tripled now since 1890 but this has benefitted the customers not the producers. The innovative technology was the reason behind this huge development and the role of entrepreneurs who have actively utilized the theories of the scholars (Christensen, 1997, pp432). The need for steel has encouraged the entrepreneurs to think about the expansion of the steel producing plants.

Due to the recessions the demand of steel had fell down very sharply which brought the prices even more down. US steel has collective finishing firms with two large integrated companies. An entrepreneur cannot flourish in the field of steel unless he is ready to face the consequences and risks that are attach to entering this business. There is a lot of possible in this industry but to tap it, a person must have the courage to stand against all odds and take bold steps like Iverson and Mittal. Without the risk taking characteristic, an entrepreneur cannot come into the steel business as it is one where a person has to use a lot of foresight and speculation to make things happen. Prosperity in this type of business does not come overnight (Christensen, 1997, pp432). The profit-oriented leaders are usually more devoted to their business venture because they are who benefit from the revenues reaped as a result of their constant efforts and hard work. Reliability needs to be built and the person has to make a name for him in the market before he can reap the benefits. Patient is of true essence here because the entire business would take time to set its roots in the industry.

The people who enters this field needs ...