Over the history of socio-political-economics, scholars have brought a set of different interpretations and definitions to gather a concept to What can be a very abstract idea, Entrepreneurship. The expression was firt used by Richard Cantillon on the early 18th century, to define entrepreneur as the “agent who buys means of production at certain prices in arder to combine them into a new product”.
Adam Smith, came after with his book The Wealth of Nations'(1776), mentioning that entrepreneurs were the economic agents who transformed demand into supply for profits, mainly, they were the agent creator of The Wealth of Nations. Definitions carry on t can be find. Some be OF8 entrepreneur, factors e „ models. Others state the entrepreneurial ens of theories ors make an family, history, role e actual fuel for Ike Risk-taking ability, Need for achievement, Locus of Control, Desire for Autonomy, Deviancy, Creativity and Opportunism, Intuition.
From all definitions, one of the most broad accepted definitions is by Joseph Schumpeter(1934): “the entrepreneur is one who applies “innovation” within the context of the business to satisfy unfulfilled market demand (Liebenstein, 1995/’. This is exactly what we can observe in the successful entrepreneurs, as example e could mention, Bill Gates(Microsof Swipe to page Gates(Microsoft), Richard Branson(Virgin), Pierre D. Rockefeller(standard Oil), just to mention few. Dr. Alvin Chan, Advisor for CambridgePI, synthesize very well on his article that entrepreneur is an innovator who implements changes trough new combinations.
This can take several forms: -The introduction of a new good or standard of quality -The introduction of a more eficient method of production-The opening of a new market-The acquisition of a new source of new materials supply-The carrying out of the new organization in any industry. We can definitely find those aspect on the Entrepreneur: Eike Fuhrken Batista Commonly Eike Batista, born in Brazil inl 956 In governador Valadares, Minas Gerais. Son of a multinational ex C. E. O (or MD, Managing Director) of Vale do Rio Doce, the second-largest mining company in the world.
After spending childhood in Brazil, he moved to Europe with his family due of this fathers task to internationalize the company ,spent some time in Switzerland, Germany and Belgium. In 1974, he began to study metallurgical engineerng at the University of Aachen, Germany, but left without the degree. In the mean time, began selling insurance policies door o door in his town to ensure an income and maintain financial independence. Back to Brazil in the early 80s, began to trade in the mineral sector.
Fluent in five languages – Portuguese, German, English, French and Spanish – was an intermediary between producers and buyers in the Amazon and I – was an intermediary between producers and buyers in the Amazon and large centres in Brazil and Europe. Sarted borrowing U$500. 000 from Jewish jewellers, sum that would yield him U$6 million. This was his passport from middleman to a businessman. n the same decade, Implemented the first mechanized gold plant n the Amazon area, created his own group and became the C. E. O of the Canadian WX Gold, thats when he began relationship with the global capital markets.
Eike created and put into production eight gold mines in Brazil, Chile and Canada, between 1980 and 2000. After selling shares from the Canadian TVX, capitalised U$l billion, and by watching many new competitors entering the market decide that was time to reinvent himself, as he described. Since 2000, began to learn the Brazilian needs in the sectors of natural resources and infrastructure, having spotted an opportunity, started to act on it. Between 2004 and 2010, reated, structured, and opened to the Capital market, his main companies, MMX (mining), MPX (energy), OGX (petroleum), CLX (logistics) and OSX (offshore industry).
All of them part of the EBX Group. Eike, as a good Brazilian, is very superstitious, placing an “x” on all his companles name, according to him they act as a multiplier force for his wealth. The touch of Luck! Using U$ 1 billion from personal finance won public auction of exploration licenses to prospect “potential” petrol reserves. Every well he drilled was a hit. “what I have learned is that I read people better than read 3 reserves. Every well he drilled was a hit. what have learned is that I read people better than read books.
So they showed me could have a 60% success ratio: If I spend $1 billion dollars, at least $600 million would potentially find wealth. What did was put up $1. 3 billion to participate In the auction and… we have had 100% success”. Says Eike on interview to the Bloomberg. Rise then funds of over U$ 8 billion by selling assets and U$ 10 billion from national and foreign investors in capital markets to support the developments in progress. Set up three iron ore mines and began construction of projects in the sectors of natural resources and infrastructure. In 2011, enterprises Will be established in the areas of oil, energy and logistics.
And in 2012, it becomes the beginning of the industry operations. The EBX Group is investing nearly CJ$1 5 billion between 2010 and 2012 in the petroleum, logistics, energy, mining and offshore industries in Brazil, as well as U$150 million in initiatives concerning the Rio de Janeiro, city that host EBX HQ and Eike himself. He estimates that investments Will reach up to US$ 40 billion in the next ten years. EBX and subsidiaries employ over 19. 000 people in its under- construction operations and enterpnses, which should reach 40 housand in the years to come.
Batista created the restaurant Mr Lam and launched the vessel Pink Fleet. It is supported bythe municipal and state governments of Rio de Janeiro in removing pollution from the degraded Rodrigo de Freit 4DF8 state governments of Rio de Janeiro in removing pollution from the degraded Rodrigo de Freitas lagoon, and is refurbishing the Hotel Glória and the Marina da Glória, two of the many Heritage places of the city. Has also been successfully supported the citys candidacy to host the 201 6 Olympic games and 2014 Football World Cup.
In the next years Brazil Will become even more popular on the world f businesses and events, for these Eike has already created his newest company, IMGX, specialized In events. Some say that these was the only reason for his investments the candidacy, well who cam blame some entrepreneurial vision. n the early 1 990’s he was Super Powerboat racer, consecrated champion of Brazil, United States and the World. Brazil staged the season-opener in 2010, for power boat Class 1, its first Grand Event, promoted by Eike. Often say ” things travel by Porsche,” in reference to the swiftness and dexterity with which business is conducted.
Eike • s most recent “3600 Entrepreneurial Vision”, is a process pplied to his business and highly disseminated in his enterprises: “The process covers eight aspects – involving people, finance, the law, policy, logistics, environmental and social affairs, and marketing, in addition to engineering frelf – and requires the capacity to think big and persevere, be transparent and ethical, have fluidity, leadership, humility and meritocracy, share profits, take calculated risks, develop connectivity, cut losses when necessary and ultimately to count on just a lit S risks, develop connectivity, cut Iosses when necessary and ultimately to count on just a little bit of luck. says eike.
The 360 vision is used on all his enterprises as well on projects that start from scratch, due to the country “younger age” enterprises are setting up in places and areas where there was nothing beforehand, projects must be sustainable, transformational, at the same time that generates and distributes wealth among the local area. All of his teams are based on the opinion, influence, research and work ofthe most talented professional from a wide variety of fields, as geologist, statisticians, executives, economic annalists, directors, ex-ministers and so on. Eike self describe himself as a pecialist in putting teams together, and keeping them motivated. Through share on results and open dialogue. We can find in Eike characteristics from many scholars. He has the catalyst ingredient from Cantillon ; Say.
Is a Schumpeter innovator, bringing change, and introducing new processes in a developing economy. Take high risk, but all controlled as Knight would state. Creates new enterprises, and imagines a different and more prosperous reality for the country and people, shackle would agree. But if there was need to frame him, Kirzner’s would fit the bill, a self made billionaire that began with thirds financial esource, succeed as middleman, spotted the opportunity, took the risks, and uses all available resources to, even if trough others, have the knowledge that most don’t posses. He d available resources to, even if trough others, have the knowledge that most don’t posses.
He definitely have charisma, married to Luma de Oliveira Playboy cover and one of the most coveted woman in Brasil, eccentricity, that allows him to keep an Mercedes SCR McLaren in His Living roam, Locus Of control, that makes him think big, Vision, to move to prospecting after more than 20 years experience with mining, Risk-Taking, to bet U$l billion into his business. These are just a few characteristics that Eike posses. After making $19. 5 billion in 12 months, Eike Batista is currently the 8th richest person in the world, promising to the world that he will, in a soon future be the richest. Who can Doubt??? Bibliography Charlie Rose. (2010). Eike Batista: Rich Man. Richest Man?. Available: http:hWww. businessweek. com/magazine ‘content/10 08/b4167014984348. htm . cast accessed 5 Dec 2010. Class one. (2010).
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The World’s Billionaires #8 Eike Batista. Available: http:bWww. orbes. com/Iists/201W1 0/billionaires -2010 Eike-Batista R3VO. htmI . Last accessed 5 Dec 201 0. JOHN HAGEDOORN. (1996). Innovation and Entrepreneurship: Schumpeter Revisited. Oxford Journals. 5 (3), pp 883-896. Ronnie Lessem (2005). Management Development Through Cultural Diversity. London: routledge. 109-112. Sangram Keshari Mohanty (2005). Fundamentals of Entrepreneurship. The Foundations of Entrepreneurshlp (STR270) Kris Lord Maximilian G. Peisker Lacerda Q7975552 Assignment Details Course title: BA(Hons) Business Management with Entrepreneurshlp Business Management with Finance Leve’: Unit title: Foundations 8 8