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Leadership Qualities

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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 compete with larger businesses. Their company has hired many people, providing training and competitive salaries. Additionally, they practice environmentally friendly activities by advertising through the electronic mail medium, thus saving paper and trees.

3. What most impressed you about these two entrepreneurs? Did they seem very different from the typical college student? Did they inspire you to think about being an entrepreneur yourself?
We’re impressed that Aaron and Ryan took such a risk early on in their life to wanting to be entrepreneurs and help others. They however made calculated risks ensuring they would make a profit per customer. Other college students were probably enjoying parties, having fun, studying, and writing assignments; we’re sure they were doing some of the same, but they also had the vision and strived to create a successful business. Some of the team members always knew they wanted to go into business; they just haven’t gone into it yet but this story similar to Mark Zuckerberg’s Facebook story and how that social networking giant began, are both very inspiring. They can look forward to becoming a successful entrepreneur one day.

Reference
Nickels, W. G., McHugh, J. M., & McHugh, S. M. (2010). Understanding business (9th ed.). New York, NY: McGraw-Hill/Irwin.

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