...Entrepreneur: Tom Bostock- ‘The Travelling Fishmonger’ 1. Introduction The definition of an entrepreneur taken straight from the oxford dictionary is ‘a person who sets up a business or businesses, whilst taking on financial risks in the hope of profit’ (Whitelock, 2011). A definition this simple is near impossible to find in any scientific journal. Schumpter (1934) was one of the first researchers to claim that an entrepreneur was an actual state of being that was different from a business owner or manager, and since that faitful article many researchers and scholars have attempted to define the term, entrepreneur. They have found this to be a very difficult task indeed as many ‘scholars have concurred that a common definition of the entrepreneur remains elusive’ (Gartner, 1988). Many studies focus in on the characteristics of an entrepreneur, suggesting that certain characteristics such as ‘need for achievement, intelligence, creativity, energy level, and desire for money’ (Aboud, 1971) are common throughout entrepreneurs. Gartner, accepting these claims, goes onto suggest that if you base the definition of an entrepreneur on characteristics then ‘an entrepreneur is a personality type’ and therefore ‘a state of being that doesn’t go away’ (Gartner, 1988). A more specific definition, by Hornaday and Aboud (1971), of a ‘successful entrepreneur’ is ‘a man or woman who started a business where there was none before, who had at least 8 employees and who had been established...
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...For this Entrepreneur Interview, I decided to go with John Gibson; he is a Co-worker of my husband that works at Camp Mabry, National Guard. He is also qualifies as an Entrepreneur. First question I asked, what type of person becomes this type of risk taker? He stated, short of a gambler he believes you cannot profit without risk. He is a firm believer in investing and growing money through stocks and dividend funds as well as diversifying into other business opportunities as they arise. Mr. Gibson is not afraid to see a loss of 5,000 to 10,000 or even larger quantities. He tries to stay focused and look at the long term goal, no longer scared of taking the chance and or opportunity to invest money. The second question I asked in my interview was what challenges did he face and overcome? He stated that the economic crisis caused a huge impact on his business. During the years of 2009 and 2010 he had to fight to get business and stay afloat. His stock market portfolio also took a dive. But instead of bailing out his funds he continued to invest more and had an understanding of basic economic principals. As long as the company was profitable what goes down must come back up. The third question I asked in my interview was what failures did he have? He states failure to find a good business model such as a language school, finding a way to make it profitable instead of living pay check to pay check just scraping by. Invested in risky penny stocks and lost several thousand...
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...document written to raise money for a growing company from the banks of financial investors. (4) Future guide for successful operation of the venture. Why business plan is so essential? 1.The preparation process of a business plan forces the entrepreneur to take an objective , critical, and unemotional look at the business in its entirely. 2. It is a tool to managing the business better. 3. It is a way of communicating the firm’s ideas to others and the basis for the financial proposal. 4. It improves the firm’s chances of success. 5. It sells the entrepreneur and others on the business.6. It communicates the strategy and business approach within the firm. Business plan checklist: A personal step by step evaluation 1. Business description segment 2. Marketing segment 3. Research design & development segment 4. Manufacturing segment 5. Management segment 6. Critical risk segment 7. Financial segment 8.Milestone schedule segment 9. Appendix segment Joint venture: A joint venture is a separate entity involving two or active participants as partners. Sometimes called strategic alliances, they involve a wide variety of partners, including universities, not-for-profit organizations, business and public sector. For examples, Boeing/Mitsubishi/Fuji/Kawasaki entered into a joint venture for the production of aircraft in order to share technology and cut costs. Acquisition: Purchasing all or part of a company. One entrepreneur...
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...Week 5 Group Summary Starting a business is a difficult task and one that will call upon the business owner to possess or learn the skills necessary to make his or her dream of business ownership a successful reality. The entrepreneur must understand and be able to apply these skills on a daily basis, in every aspect of the business. A business owner’s leadership abilities, management style, selection of employees all influence the success of a business. An entrepreneur must take on the role of leader and manager if he or she desires to provide the best possible opportunity for an organization’s success. Of all of the skills a business owner must have, leadership if the most vital. Nevertheless, management skills allow the business owner to accomplish the goals of an organization in a helpful and well-organized manner using planning, organization, leading and controlling of the resources used within the company. Scarborough (2012) states, “Leadership is the process of influencing and inspiring others to work to achieve a common goal and then giving them the power and the freedom to achieve it” (p. 636). An entrepreneur’s attitude and ability to create an atmosphere that allows an employee to perform is an important role in the success of the organization as a whole. Management is different from leadership in that it involves coordinating and motivating people using planning, organizing, and leading. Management skills allow the business owner to ensure that...
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...Discuss which of the first four (4) stages of organizational growth presents the greatest single challenge and why. The first four stages characterize the period from inception of a new venture to the attainment of organizational maturity. This period includes the development of an entrepreneurship through the stage when the firm becomes a professionally managed firm. Stage III professionalization would the greatest single challenge because an organization must never lose its entrepreneurial mind set or spirit, but it must begin to develop the infrastructure and professional management systems required to facilitate its future growth. This a delicate balancing act. If an entrepreneurship is carried to an extreme in large companies, it can result in chaos, and chaos ultimately leads to organizational difficulties and even bankruptcy. (Flamholtz & Randle, 2007) The entrepreneurial personality can be a barrier to success at Stage III. Making the transition from an entrepreneurship to professional management involves more than just the development of operational and management systems. It requires a profound mind-set change on the part of people, especially the founders—the entrepreneurs. This transition may be a difficult task for entrepreneurs because they may fear of becoming “bureaucratic” and then confuse bureaucracy with systems. Some of this is deeply rooted in their personalities; they do want to be controlled by anyone or anything—not plans, not role descriptions...
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...bankruptcy. The high failure rate of small business start-ups is a major concern for many entrepreneurs, reason why they should be sensible to red flags in the business and the environment that may be early warning signs of trouble. Before engaging in new ventures entrepreneurs have to make sure that they are choosing a profitable sector, have enough cash reserves, and anticipate the price, the competitors, and the changing behaviors of consumers. Also, it is important that the entrepreneurs pay close attention to following red flags because they can be signs of bankruptcies: Finances are becoming so lax that no one is able to explain how the money is being spent. Directors cannot document or explain major transactions. Large discount are given to customers to enhance payments because of poor cash flow. Contracts below standards amount are accepted to generate cash. Bank request subordination of its loans. Key personnel leave the company. Materials to meet orders are lacking. Payroll taxes are not being paid. Suppliers demand payments in cash or in advance. Complaints from customers regarding the quality of product, service, or price. When an entrepreneur sees any of these signs he should immediately seek the advice of a Certified Public accountant (CPA) or an attorney, because generally unrelated one problem often lead to another one. Many young entrepreneurs have unrealistic expectations and forget that a new venture usually take at least a year...
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...What is Entrepreneurship? 4 What is an Entrepreneur? 5 Who are the potential entrepreneurs? 5 Entrepreneurship as a subject 6 Conclusion 7 Reference List 8 Introduction This literature incorporates relevant quotes and theories from industry (Hospitality and Tourism) journal articles and books in attempt to deliberate: can “Entrepreneurship be taught?” Firstly, in light of the topic the meanings of both ‘entrepreneurship’ and ‘entrepreneurs’ need to be classified to create the foundation for this review. In order to answer whether about if entrepreneurship can even be taught, queries need to be made on what exactly is taught and how can it alter the mind set of attitudes towards creativity and risk; fundamental factors of an entrepreneur. In addition, the demographical target audience will also be reviewed over whether they fit into this reviews’ classification of what is an entrepreneur and whether courses can really be designed to teach the spirit of entrepreneurship. This critical review will seek to divulge the definitions of key points to the question and answer them in an argument that supports the theory that can “Entrepreneurship be taught?” Existing Market and E-Business Entrepreneurship is an important part of todays’ modern, technological and growing environment (Rimmington et al, 2012). More frequently...
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...management and why is it critical to the success of an organization in meeting its goals and mission? SHRM is a great example of the acronym for Strategic human resource management. HRP is the “critical” success because of an effective system of policies that align themselves with Apples values, goals and mission according to (Mello, 2015). In all cases, the ethical values of the company will define the maximum wealth creation for the framework of transformation leaders. Transformation to achieve and establish “environments” that are satisfying to the human capital of the company according to (Mello, 2015 p. 33). Introduction Apple computer is a great example of how a company was organized and develops, from entrepreneur that experiences a college education. Their college education led to a success in the computer business according to (Yoffie, Slind, 2008). The student was young in age and experiencing a typical company, based on what typical student browse, when they have nothing else to do. The young “college dropouts founded Apple Computer on April Fool’s Day, 1976.3”. The young men in their “twenties” probably entertaining each other socially while parents were at work found a successful career. The career was from a partial college education and a typical space for persons, in the garage of their parents’ home. Assuming that the ideal was a result of college dropouts, strategic thinking overrules their education at that time. Why pay for a...
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...Organizational Goals and Objectives Whole food presents a “Declaration of Independence,” (the combined single mission statement) as follows: Our motto — Whole Foods, Whole People, Whole Planet — emphasizes that our vision reaches far beyond just being a food retailer. Our success in fulfilling our vision is measured by customer satisfaction, Team Member excellence and happiness, return on capital investment, improvement in the state of the environment, and local and larger community support. Our ability to instill a clear sense of interdependence among our various stakeholders (those who are interested and benefit from the success of our company) is contingent upon our efforts to communicate more often, more openly, and more compassionately. Better communication equals better understanding and more trust. Whole foods clearly has instilled in its core values the importance of having a balance within their stakeholders which makes whole foods have a inviting nature for all parties involved. Subsequently, the Whole Foods mission statement satisfies the needs of all stakeholders. Although, whole foods does pride that their costumer is their more valued stakeholder. Our customers are the most important stakeholder in our business. Therefore, we go to extraordinary lengths to satisfy and delight our customers. We want to meet or exceed their expectations on every shopping trip. We know that by doing so we turn customers into advocates for whole foods. We guarantee our customers...
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...development all over the world and play important role for employment, income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity, road network, communications etc.) Introduction A nation's ability to generate a steady stream of business opportunities can only come about when its people take to entrepreneurial...
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...known as intercultural communication. Intercultural communication happens when two groups or individuals from different backgrounds come together to communicate (Lanqua Team). With the growing amount of diversity in the workplace, intercultural communication is becoming more and more important when leading a business. Globalization With the invention of the internet, businesses across the globe are finding it easier and easier to communicate with other non-domestic businesses in order to strengthen business ties and reach out to foreign consumers. Networking and the commercialization of modern day means of communication are sending employees and entrepreneurs across continents, not only increasing international trade but cultural exchange as well. However, sometimes an increase in diversity can cause a decrease tolerance. In 2014 over 30,000 charges were filed in the workplace for race-based discrimination, over 26,000 for sex-based discrimination, and over 8,000 for pregnancy-based discrimination. The stereotypes that some individuals in the workplace hold can lead to discrimination and therefore lowering the effectiveness of a business team. Unlearning Prejudice Learning to be more tolerant of others requires personal introspection, looking at your core values and questioning why you believe in certain stereotypes and allow them to view an entire group a certain way. First, admitting that you are prejudiced is the most important step to learning how to be more...
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...engineer with a love for machinery? Answer: When Ford received his first watch at the age of 13, unlike most adolescents, he took the watch apart to analyze the mechanical components of it. Ford was seen to all people as inherently curious, which was a key characteristic for engineering the fuel powered vehicle. Another significant event that peaked Ford’s interest was the first time he saw the self propelling tractor that carried farm equipment. It is clear that these early childhood inspirations led to the man he eventually became, with all his accomplishments. Question: In 1919, Henry Ford bought out his stockholders in order to be the personal dictator of Ford. Do you think that this is ideal choice for Ford and for any growing entrepreneur?...
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...Personal reflection and evaluation of the whole experience through business plan development: Why do people start businesses? According to the Small Business Administration (SBA), a government agency that provides assistance to small businesses, the most common reasons for starting a business are as follows •To be your own boss •To achieve financial independence •To enjoy creative freedom •To use your skills and knowledge Starting a business takes talent, determination, hard work, and persistence. It also requires a lot of research and planning. Before starting your business, you should identify the goals of your proposed company and explains how they will be achieved. Hi-Tech Mobile Apps is a new business venture aimed at designing, developing, and distributing customized mobile applications for business operations and schools. In the current business context, technology is increasingly becoming part of business operations. Internet and website based applications have been used to conduct businesses online for more than a decade. Many existing online technologies have been using desktops and personal computers fixed in the offices and business premises. Through the course of this essay I will be evaluating the issues that I faced when developing my business plan Issues that I faced when developing my business plans I encountered various issues regarding the development of my business plans and it was difficult to overcome these issues...
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...government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity, road network, communications etc.) Introduction A nation's ability to generate a steady stream of business opportunities can only come about when its people take to entrepreneurial activities. Good Entrepreneur can create a strong economy. They are an important Facet of industrial growth and development of a nation. According to Harper (2003) entrepreneurship is the main mechanism that creates wealth, explanations of economic growth and development often ignore (or fail to acknowledge explicitly) the...
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...INTRODUCTION There are many entrepreneurs all around the world which is started to change faster last 20 years. Some parts of these entrepreneurs consider establishing small size company with a little bit capital, another parts think about new investment for medium size companies to develop and consider using potential that has gain at previous experience. While many of these companies can operate own business plan and reaching own targets successfully, some of these cannot move on next process and going to have a failure about management. The purpose of this working is, analysing and discussion the causes of unsuccessful and failure business that lacks of ability and can not progress. Failure of small firms will have been discussed in this work but on the other hand, defeat is realty for the large companies same as well. For example, half of the largest US companies has disappeared between 1974-2000 years (Sheppard,2012). Behind the failure of the firms, there should be many reasons. While the largest companies still continue their business life as developing and getting more profit year after year, why the small enterprises face many problems to reach their target profit and do not find impressive place in a market. Reasons and results for the failure of the small enterprises are going to discuss in this work. Most important reasons were defined that these are lack of experiences of managers and owners, insufficient capital, poor inventory management, poor locations and...
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