Role of an entrepreneur in establishing a steel firm

Role of an entrepreneur in establishing a steel firm

Abstract

Steel has been an element that has been used since ancient times. It has been a main source for weapons and forged some of the blades that have shaped the modern world. Wars have been fought and won with blades made from this element. Over the course of time, entrepreneurs have used their innovative skills and talent to bring changes in this industry and use the advancement to progress and excel in the steel industry. This paper proposes a research which studies the role of entrepreneurs in shaping the steel industry. It focuses on the different traits that an entrepreneur needs to develop and possess in order to be able to succeed in his goal and to be able to come on top. The research also focuses upon the theories of entrepreneurship as given by famous economists and entrepreneurs. This research would prove beneficial to steel industries for studying their current stance and for entrepreneurs looking for an industry with potential.

Table of Contents

Introduction3

The research3

Q1. What role have entrepreneurs played in establishing a steel firm?3

Q2. What characteristic traits are important as an entrepreneur in achieving success in the steel firm?4

Q3. How entrepreneurship differs over technical sectors of steel industry?5

Background of the steel industry6

History6

Process6

Types of modern steel products7

World Steel8

Lakshmi Mittal10

Kenneth Iverson10

Literature review11

Joseph Schumpeter's theory11

Simon C. Parker's Theory12

Other theories of entrepreneurship12

Significance and objectives13

Research Methodology14

Primary Research14

Secondary Research14

Research Design15

Research Methods15

Data Collection & Sampling15

Limitations of the research15

GANTT Period from March 1st to the completion of the dissertation on 25th August.16

References17

Introduction

This paper discusses the role of an entrepreneur in establishing a steel firm and critically analyzes the traits and characteristics that are required in a person to be able to accomplish this task. An entrepreneur is a person who owns or manages a business that he sets up through initiative and risk. The term was first phrased by a French economist in the 19th century and usually applies to a person who is willing to launch a new form of business and is ready to accept the consequences that come with the business launch. The steel industry is an industry that has grown in terms of size and technology since the beginning of time. Starting from pig iron to the use of extensive purification methods in the modern times, the steel industry has seen many changes and owes its progress to many entrepreneurs who have used their creativity and intelligence to bring new changes to the industry and mould it into the state that it possesses today.

The research

Q1. What role have entrepreneurs played in establishing a steel firm?

From the time steel became one of the most important elements, entrepreneurs have played a great role in shaping the course that it took and where the industry has reached now. The most important contribution of entrepreneurs is the innovation and technological changes that they brought to this industry which not only reduced prices but also increased efficiency and productivity (Deakins & Freel, ...