Competitiveness of Entrepreneurs

CHAPTER 1

INTRODUCTION

According to Boyd and Ellison (2008), we define social network sites as web-based services that allow individuals to (1) construct a public or semi-public profile within a bounded system, (2) articulate a list of other users with whom they share a connection, and (3) view and traverse their list of connections and those made by others within the system. The nature and nomenclature of these connections may vary from site to site. Social networking site (SNS) connects and presents people based on information gathered about them, as stored in their user profiles. These user profiles determine the way in which users are able to present themselves to others. The most important distinguishing factor between the various sites is the range of profile information that they store and can perform operations on. People are making full use of these social networking sites for personal and professional use, communications, new business developments and contacts, dating and meeting offline without the three dimensional interpersonal communication. They make use of an easy and efficient way to build and manage their offline social networks online. Communities can be better informed more quickly through online social networking, and become more engaged and involved with one another in an era when social capital is on the decline. The development of this new social and business infrastructure has motivated more people to join up with a specific aim in mind. (Murchu et al., 2004) A good social network is considered as a helpful resource for the companies. In entrepreneurship, social networking is considered as an important tool for business enhancement (Lechner Dowling, 2003). The strong argument is that network connections and structure facilitate the flow of information and create the mutual trust and cooperation (Kwanghui and Brain, 2010). Zafar, Yasin, and Ijaz (2011) stressed that it is believed that social networks influence entrepreneurial drive. Individuals in strong social networks exchange business information and material resources. Entrepreneurs value the positive role of cultural factors: strong saving tradition, persistency and desire for income continuity in their entrepreneurship derive. Entrepreneurs organize, manage and take risks to bring new ideas through information and also develop skills for the enhancement of business activities. This study aims to provide maximum information about the behaviour of entrepreneurs in relation to their continuous involvement in social networking sites (SNS) and the manner they utilize it to contribute a substantial volume to their earnings.

Background of the study

Entrepreneurship is considered as a fundamental component in a competitive economy. It is considered as key factors for high economic performance. The globalization trends in past decades have highlighted the emergence of an open space economy. Innovation, production and knowledge have become important field of study in business (Peter Nijkamp, 2009). Davidson and Vaast (2009) pointed that in this new environment, competitive advantage can be built upon the ability to access, create, process and strategically disseminate knowledge. We refer to digital entrepreneurship as the pursuit of opportunities based on the use of digital media and other information and communication technologies. Digital entrepreneurs rely upon the characteristics of digital media and IT to pursue opportunities. In doing so, they exacerbate changes in the competitive landscape, as they attempt to seize the opportunities and thereby potentially further the creative destruction process of the digital economy. Times (2012) asks this to entrepreneurs who is questioning their rate of competitiveness in the digital market, Any leader who isn’t engaged in social media today is like the leaders of 50 years ago who insisted on sending a telegram instead of dialling a phone. Would you ever be willing to let such a strong competitive advantage go? Hence, the aim of this study is to know the level of competitiveness of each entrepreneur who is engaged in social media and how this matter does affects and influences their returns.

http://www.slideshare.net/akash47/facebook-competitive-advantage-social-networking jan 14,2013 http://europa.eu/legislation_summaries/enterprise/industry/n26101_en.htm Zancelot, Oct 2010, essay How Social Networking Sites Affects a Organization Competitive Edge? http://www.studymode.com/essays/How-Social-Networking-Sites-Affects-A-425345.html (APA (2010, 10). How Social Networking Sites Affects a Organization Competitive Edge?. StudyMode.com. Retrieved 10, 2010, from http://www.studymode.com/essays/How-Social-Networking-Sites-Affects-A-425345.html)