...Assignment 1: Entrepreneurial Leadership BUS508 Question 1: Determine how Five Guys’ philosophy sets it apart from other fast-food chains. In 1986, the Murrell family began Five Guys Burgers and Fries in Arlington, VA, with the mission statement, “We are in the business of selling burgers.” ; simple and to the point (Byrne, 2008). Their beginning philosophy, which still fuels their business today, is to serve simple quality food that will meet the needs of their customers. The focus will not be on fast food but on quality food (“Grand Opening”, 2011). Five Guys’ determination to give fresh quality products has gained them lots of success over the last two decades. The 80/20 beef used in the burgers come from the same vendor that the Murrell family has used since the inception of the business. The Murrell’s also chooses to use Idaho grown potatoes for their fries because they are grown slower, rather than faster, cheaper grown potatoes from Florida and California. Burgers are hand formed every morning, and fries are hand cut every day. The buns used for the company are baked fresh daily just as when the store first opened in 1986 (Welche, 2009). By sticking to their belief in quality burgers fries that are made with freshest ingredients possible, Five Guys has been able to surpass their competition as a burger place. All food is cooked to order. The company believes that a quality product is made no matter what the cost to the company may be. By thriving on made to order...
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...P A R T 1 Venture Opportunity, Concept, and Strategy Entrepreneurs have important roles in creating new businesses that fuel progress in societies worldwide. The entrepreneur uses innovation and technology to foster positive impact and activity in all facets of life. The capable entrepreneur learns to identify, select, describe, and communicate the essence of an opportunity that has attractive potential to become a successful venture. The entrepreneur is able to describe the valuable contributions of a venture and create the design of a business model that can be sustained by a competitive advantage. The venture team creates a road map (strategy) that can, with good chance, effectively lead to the commercialization of the new prod-uct or service in the marketplace with a sustainable competitive advantage. ■ C H A P T E R 1 Economic Growth and the Technology Entrepreneur There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction. John F. Kennedy |||||What drives global entrepreneurship?|| |C H A P T E R O U T L I N E|||| ||||| |||||ntrepreneurs strive to make a difference in|| 1.1|The Entrepreneur’s Challenge|||| 1.2|The Entrepreneur||our world and to contribute to its better-|| ||Ement. They identify opportunities, mobi-|| 1.3|Economics and the Firm||| |||lize resources, and...
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...Entrepreneurial Leadership Jessica M. Jones Dr. David Rall The Business Enterprise April 22, 2011 Abstract Leadership to any entrepreneur is vital to the success of business operations. In today’s economy individuals that possess the entrepreneurial characteristics should take advantage of this opportunity. Businesses are no longer worried about who will be their competitors. Organizations now are more in tuned with protecting and securing the businesses from deflating. Together, the suggested findings will illustrate what it takes for entrepreneurs to motivated, what attributes leaders need to influence, and the philosophy one should consider when starting an entrepreneurial business. Keywords: Entrepreneurial Leadership, philosophy, type of organizations, small business administration Entrepreneurial leadership is the key attribute to any successful organization. The competency to lead by example defines a great leader. With recent years, leadership has been described as the ability to empathize with others, communicate effectively, and perform consistently. These are not the only characteristics that illustrate leadership. According to James Kouzes (2008), there are five (5) basic principles to rise to leadership that any leader could implement in order to motivate: “(1) Model the ways, (2) Inspired shared vision, (3) Challenge the process, (4) Practice/enable others to act, and (5) Encourage the heart.” AOL chairman and CEO, Steve Case, also has a set of entrepreneurial...
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...employees. His leadership style and major business principals were popular among his employees and is still in use today. Sam Walton believed in sticking to fundamental values instead of following fads or the style of others. He learned from his competitors while doing things his own way. Instead of following money, he followed his passion which was to get better and better at retail. Sam had a passion for retail and believed in having a good time while working hard. He was enthusiastic about his retail business because he loved it so much. His belief was if you loved your job that you would always do your best at it. He was an optimistic leader who never gave up, wasn’t afraid to take risks, and was constantly trying to improve and expand the way that he ran his business. Employees of Wal-Mart were treated as business partners because Sam Walton believed if his employees were happy that his customers would also be happy and would enjoy shopping in his stores. Sam offered stock options to his employees at a discount because he valued them as his business partners and he wanted them to know that they were directly involved in the success of the business. Introduction This paper aim at analyzing the concept of entrepreneurial leadership .Before starting our analysis, two important concepts need to be addressed: Leadership and Entrepreneurship. Leadership is directing or inspiring people to attain organizational goals (Boone and Kurtz, 2011). An entrepreneur is a person who...
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...being an entrepreneur. From all the entrepreneurial personality tests I scored a score sufficient for entrepreneur. The other personality test made was the HBDI personality test. This test measures the tendency of a person to have left-brain or right-brain thinking. This tendency tells whether a person is more likely to have conceptual and experimental tendency in thinking (Jolly A, 2004). This tendency is different in different professions and helps an individual to discover the right profession. For an entrepreneur, the test analyses the major issues that are necessary to the entrepreneur. The test has different quadrants. The first quadrant takes into consideration of the capacity to solve problems. An entrepreneur has to be able to think logically and analyse facts before making a decision. The second quadrant evaluates the ability of the person to implement the decision made. The third quadrant evaluates the ability of the entrepreneurs to communicate. Communication is very essential for businesses. The ability of the entrepreneur to communicate ensures the entrepreneur to coordinate other stake holders in the business (Wickham P, 2006). The fourth quadrant of the test evaluates the capability of the entrepreneurs to take risks. Risk taking is very important to entrepreneurs and determines how they would handle challenges and respond to setbacks. The other test made was the marketing test. Marketing is very essential to a business. This test analyses how an entrepreneur...
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...Entrepreneurial Leadership Todd L. Mead April 16th, 2012 Entrepreneurial Leadership Entrepreneurs are at the heart of the American private enterprise system. Although the US operates under a modified capitalism economic structure where the US government regulates business to a certain extent through rules, regulations and monetary policies, it lies within our basic liberty and freedom to take a good idea and turn it into a safe and legal service or product that meets the needs and wants of consumers with minimal governmental interference. Without entrepreneurs, or the restriction of entrepreneurial growth, the US would or could become a socialistic or even communistic state where its citizens would rely on the government to provide them with their basic needs, including employment. Without entrepreneurs technology advances would be stagnant. Entrepreneurs take great risks. But it’s the road that leads to the rags-to-riches dream and keeps America on top of the business world. Pioneering capitalists and entrepreneurial leaders didn’t have the advantage of being able to study business geniuses and learn their leadership styles and how they would approach methods leading to business success. They were the geniuses that paved the road for the way we do business today. Thanks to those first pioneers and others that followed through the industrial revolution and beyond, today we have many business giants we can study to get an idea what it takes to be a successful entrepreneur. In this...
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...A successful Bangladeshi entrepreneur Prepared for: Mr. Shahriar Kabir (SK) Course Instructor, Entrepreneurship Development BUS513 (Spring 2014) Prepared by Saniul Islam ID: 201103107 IBA, Jahangirnagar University Date: February 8, 2014 Table of Contents Introduction 3 Profile 3 Company Profile 3 How did he set up REVE Systems 4 Specialization of REVE Systems 4 Target customers 4 Competition in the industry 4 Choosing IT Sector 4 History of his company 5 Working environment in REVE Systems 5 M Rezaul Hassan advice to the budding entrepreneurs in Bangladesh 5 References 6 Introduction M Rezaul Hassan is the founder CEO of REVE Systems. Under his leadership, REVE Systems has become the leading software and solutions provider in IP communications domain. REVE Systems was awarded with the Red Herring’s Top 100 Global Company in 2012. REVE Systems is headquartered in Singapore, has software development facilities in Dhaka and New Delhi and offices in the UK and the USA. Right now, REVE Systems has 2000 plus carriers from more than 75 countries as their customer. Profile Mr Rezaul Hassan is the CEO of REVE Systems. He founded this company in 2003 after working in the IT/ Telecom industry for many years. As the founding CEO, Hassan, along with a dedicated team of colleagues, has helped to build REVE Systems into a major solution...
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...Week 4 – Leadership Qualities MGT521 Week 4 – Leadership Qualities 1. What lessons about being a successful entrepreneur did you learn from Ryan and Aaron? Both Ryan and Aaron had a vision and drive to become entrepreneurs. Both wanted to make a difference by helping others, they had a goal in mind. They knew what the potential profits they can make and the costs involved per customer. They analyzed their target market and identified a need for their services. Aaron was good at developing the software while Ryan was good at marketing the product. With both having complementing skills, they were able to expand their business using their technical and marketing expertise. 2. Who are the stakeholders of iContact and how are their needs balanced by the company? iContact's stakeholders include Ryan and Aaron as the owners and all of their employees that want to see the business to keep making profits. Other stakeholders include companies that hire Ryan and Aaron for their email campaigns as they use iContact for their services, the potential customers that read the emails sent using iContact as they are the target audience and hence they will be measured to assess the effectiveness of iContact’s business model. Lastly, iContact’s competitors are their stakeholders (in the same business, and businesses not using the Internet for advertising and hence potentially losing revenue due to iContact’s business methods). Ryan and Aaron balance their needs by helping small businesses...
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...INTRODUCTION Mentoring is defined in an organizational context as a professional development tool, which takes the form of transfer of knowledge from an experienced person – termed as mentor – to a comparatively less senior person in the organization. Through mentoring professional knowledge and experience is transferred to a less experienced person (Hirschfeld, Thomas and Lankau, 2006). The goal of mentoring is to assist the mentee in personal and professional development. Learning and development in organizational contexts is closely associated with the concept of mentoring. Mentoring brings the values and practices focusing on continuing education and links integrated transmission of knowledge through a special link between two persons. Mentoring is an interpersonal relationship providing support, exchange and learning, in which an experienced person invests its ability and expertise to promote the development of another person to enable him to acquire skills and achieve career goals (Holmes, 2008). The mentor is an experienced person who has the confidence and wisdom to promote the transfer of its assets to others less experienced. A mentor is motivated and willing to offer their skills, knowledge and vision of life to a younger member of the organization to support attainment of personal and professional development goals (Gentry, Weber and Sadri, 2008). The mentee is a person in search of personal and professional fulfillment. The mentoring relationship is characterized...
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...Introduction a. b. The Continuing and Evolving Research on Entrepreneurs The Importance of Successful Entrepreneurship Today and Tomorrow 3 4 4 5 2. Literature Review a. Introduction i. Definition of Entrepreneurs Previous Areas of Entrepreneurship Research i. Personality Traits • Motivation • Risk Propensity and Uncertainty ii. Cognition • Intention and Opportunity Seeking • Innovation iii. Population Ecology c. Topic for this Study/Theoretical Framework i. The Broad Research Problem 5 5 7 9 9 10 10 10 11 12 13 13 13 14 14 15 16 16 16 16 18 18 19 22 24 27 27 29 30 b. 3. Hypothesis for Research a. Hypothesis Statements 4. Methodology 5. Analysis of Survey Data a. b. Data Compilation Analysis & Findings i. Background Data of Respondents ii. Findings 1. 2. 3. 4. 5. Cognition in Basic Business Areas Do Emotions Figure? Preferences for Source of Funds Preferences in Knowledge Acquisition More Specific Business Aspects i. Holding Company Together ii. Growth Factors iii. Continual Growth . HELP University College, 28 October 2009 Page 1 of 43 Entrepreneurship Research, April 2008 KC Lim 6. Limitations 7. Recommendations 8. Conclusion 9. Appendix 10. References 32 32 33 35 36 . HELP University College, 28 October 2009 Page 2 of 43 Entrepreneurship Research, April 2008 KC Lim Abstract This paper presents the findings of a general opinion survey on successful small entrepreneurs in Malaysia and some of the factors (both psychological and...
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...Entrepreneurship is a business organization and management, if the risk for profits. Entrepreneurs have to see an opportunity, make a plan, and start a business. They in charge of the business and receives the profits. Risk by organizing training plan to take a chance, as policy makers, decide what, how, how much will produce goods or services. An entrepreneur has to deliver venture capital risk takers, and monitor and control the business activities. Entrepreneurs are often investors, partners, or who holds a majority stake in an integrated risk. In our republic, Malaysia, entrepreneurs have more responsibilities in the expression of survival sooner than wearisome to have any significance. On the other hand the information and the universal tendency point toward that our professional, small businesses still now typically result in our economy. Small businesses persist in today's business entrepreneurs; they endure, as with high excellence products or services. In this report, we focus on such a small business entrepreneur, his own career from scratch, an ordinary average survival from day to day, and now has been vigorous development of a successful entrepreneur. In this report, we had an interview with Mr. Sam, Managing Wal-Mart Store Inc. ORGANIZATION OF THE REPORT The report was described by the interviewer is organized into an officer. This is the first person narration to write the report in a statement. EARLY LIFE As we know it today evolved from Wal-Mart Sam...
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...1. Introduction Over 250 years ago, Cantillon formulated the first concept of entrepreneurship, although to this day there is no universally accepted definition (Iversen, 2008). The requirements of each entrepreneur can vary depending on the industry, sector and scope of the business (Cooper, & Dunkelberg, 1981). In the context of this essay I will be focussing on only 6 of many characteristics that define a successful entrepreneur. These include innovation, leadership and internal locus of control as characteristics I see in myself. Risk-taking, self-confidence and self-determination are three that I must develop further. I will define each characteristic, explain its relevance to entrepreneurship and link it to either my personal experience or an example of an entrepreneur. 2. Strengths 2.1. Innovation In his “Theory of economic development”, Schumpeter (1934) states innovation is a considerable driver for development and profit. He describes the theory of innovation, or in his words “creative destruction” as “"process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one incessantly creating a new one" (Schumpeter, 1934). In the last few decades, services and knowledge have become the major part of the business world (Sawyer, 2006). In other words, the circulation of information has become more important than that of material objects (Drucker, 1993). Innovation and creativity have gained more...
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...Title: “Entrepreneurs are born not made” - Discuss critically this statement based on a review of existing academic literature like you to review and interpret existing data/studies from academic data bases in order to come to a view. “Entrepreneurs are born not made”? In this report I will be discussing whether a person is born with traits to be an entrepreneur or can entrepreneur be made and developed. I will analysis, criticise and evaluate both part of the statement by reviewing academic literature and theories. Entrepreneurship is an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, processes, and raw materials through organizing efforts that previously had not existed (Venkataraman 1997, A general theory of entrepreneurship pg 4). However it can be quiet difficult to explain what makes an entrepreneur; according to Schumpeter (1911) an entrepreneur is a driven individual who is creative and who develop a new product, find new technology, corner a new market by “finding new combinations of (factors) of production”. Furthermore, various hypothesises have been drawn upon “Entrepreneurial Traits”; these can be described as the “special” characterises associated with an individual some of which include self confidence (Liles, 1974), need to succeed (McClellan, 1961), control (Evans and Leighton, 1989) and a strong belief in the outcomes of ones actions s (McGhee and Crandall...
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...Entrepreneurial Leadership Entrepreneurs are aggressive promoters for change in the world of business opportunities. Entrepreneurial leaders play a critical role in society by developing an idea, implementing it, and building a successful business based on it. The characteristics of seeking opportunities, taking risks beyond security, and having the tenacity to push an idea through to reality are hallmarks of successful entrepreneurs (Frye, 2009). The two leading entrepreneurs who will be addressed in this assignment were not necessarily born great, but achieved greatness through their business savvy and their resolute entrepreneurial spirit. The first entrepreneur is Oprah Winfrey. Oprah Winfrey revolutionized the talk show market with her unique and natural style and rose to become the host of the most watched daytime show on television, which at its height boasted 12 million viewers daily (Sellers, 2011). Her leadership ability and her business acumen make her an excellent example of a profit-oriented entrepreneur. The second entrepreneur is Ervin "Magic" Johnson. Mr. Johnson is renowned for his illustrious, 13-year career with the National Basketball Association, but he has redefined himself as a prominent businessman with the objective to revitalize and provide quality entertainment and services to neglected, urban communities in the United States (Burns, 2011) . As opposed to a business entrepreneur whose main objective is to reap financial rewards for his/her...
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...Becoming an entrepreneur is definitely a goal of mine. I would like to develop a business in the future that will allow me to become successful and earn a lucrative income. Entrepreneurs enjoy an increased level of flexibility and independence and can choose tasks that are both rewarding and profitable. It is critical for entrepreneurs to select a new business venture that interest them. Also, gaining an in-depth knowledge of subject matter pertaining to business is extremely critical. Entrepreneurs must do their homework before starting a new business venture. Entrepreneurs can also help others individuals become successful and achieve goals. The ability to motivate and empower others is a vital characteristic that entrepreneurs must possess. I certainly would love to become an entrepreneur, hopefully in the near future. I am not exactly sure what new business venture I would like to start, but I am certain that becoming an entrepreneur is my number one professional goal. Being an effective leader is extremely important for an entrepreneur. Entrepreneurs. must have the ability to lead individuals and get the best out of them. Entrepreneurs must also be effective communicators. The must be able to individuals to work together to achieve specific tasks. Entrepreneurs must create a vision and must share that vision with the employees. Entrepreneurs must also be able to select and recruit individuals that are competent and knowledge about their tasks. Entrepreneurs must develop...
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