Essay: Qualities of an entrepreneur

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  • Subject area(s): Business essays
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  • Published on: February 7, 2016
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  • Qualities of an entrepreneur
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A. Imagine you are planning to start a small business in Auckland. Indentify 5 quality and characteristics you need to have to be a successful entrepreneur.
Qualities • Self discipline: – entrepreneur must have high level of confidence like where is no boss learning over your shoulder, nobody tells to go and do some work. Mostly entrepreneur need to get more discipline at work place.
• Passion: – they are passionate about to achieve success and they are more likely to do their passionate work at their enterprise.
• Self —Confidence:- To be an entrepreneur, Self confidence is most important quality which helps to make promote yourself and your business. You need to possess the confidence in yourself and your business idea to tell the world about it through relentless marketing.
• Competitiveness: – If your business concept is unique than you will not likely to face competition in your chosen organisation. You also need to take the time to study the competition to understand what they do right and wrong, which results in a beneficial learning experience.
• Hard Worker: – You have to be a hard working man to get successful in your business.
• Punctuality: – You need have good time management skills so you can reach to your goal on time.
Characteristics • Innovative:- You have to have creative idea so they can change into innovation business.
• Risk Taker:- You take risk in investment for your business or take risk in new venture market.
• Visionary:- You can be good vision who can see clear vision of your business and if its not well than need to capable for changing vision.
• Focused: – You need to be focused on your work, specially on related to business like all time thinking about their organisation.
• Action Oriented: – the top performers in this study were highly motivated to set themselves apart from the competition. Adversity motivated them to work harder, and they were less likely than the average boss to worry about the state of the economy.
B. Now you need to distinguish and indentify the qualities and characteristics of 5 successful small business entrepreneurs in New Zealand.
Entrepreneurs Business Qualities& Characteristics
Ryan Sanders Haka Tourism Group -passionate about tourism industry
-adaptability
-Persistence
-work ethic
-Confidence
-Optimism
– Self-efficacy
Steve Gianoutso Mojo Coffee
self-motivated
persistent
financially responsible
A sense of fairness
Vision
passion,
perseverance
persistence
Georgie Falloon Willow Shoes Goal oriented
Innovative
Strategic Planner
John Plato Plato Creative -Understand challenges, opportunities and commercial realities
-Creative direction, strategic planning, Brand Management, integrated Marketing
Mark Bryan VetSouth -epidemiology, passionate,
Innovative,
References:-
http://smallbusiness.chron.com/qualities-become-successful-entrepreneur-2292.html
http://blog.hakatours.com/ernst-and-young-name-ryan-sanders-as-a-finalist-in-the-entrepreneur-of-the-year-award
http://www.tianz.org.nz/main/ryan-sanders/
http://www.entrepreneur.com
http://www.stuff.co.nz/business/industries/3077659/Mojo-founder-shares-his-ideas
Questions: –
A.
Establish
Run
Successfully conclude projects
Adapt to changing environment
Set goals and make plans to realise ideas
Calculate risks
Facilitate implementation of plans
Generate ideas and solutions.
B.
Need for
Task 2- Outcome 2
1. Risk taking: – Naked bus has taken risk of low cost bus service linking the main towns of New Zealand and they introduced internet booking for customer and offering unique price. They are also updating their booking software very often. Then, they reorganised their routes, services and computerization of everything.
2. Time- Management: – Naked bus is not good at time management because they don’t have highly qualified staff so they need to require training. As they are getting failure in online ticket booking, they have to write by hand which more time is consuming than online because of poor trained staff.
3. Innovative: – they are only one Transport Company who has introduced highly effective system for online booking. Which include all fixtures of booking ticket like searching route, selecting seat and carrying luggage?
4. Focus on Business: – Naked bus has got really good focus on their business because they are often updating technology at cheap price of ticket. Their main focus is on customer services, beat any competitor.
Question 2:-
Intuitive Naked bus has got one of the best entrepreneurial quality which is risk taking. They took risk at introducing new technology, offering low cost transport with good customer services.
Psychological Naked bus has created need for achievement for lower level people because they are providing low cost transport in New Zealand. That’s the one of the psychological entrepreneur characteristics which naked bus has created.
Classical Naked bus has a classical entrepreneur traits which is growth and develop their business in whole over newzealand
Management Management in naked bus is entrepreneurial in some part like reach on time at destination. But they are not good in time management at online booking ticket therefore they have write ticket which is more time consuming.
Leadership They have innovative leadership style. Because of they got four area of business, they have different leadership style in organisation to influence employee to produce and create their idea for better service and production.
Intrapreneurship Naked bus has got poor qualified staff and due to that they are getting problems on online booking. To solve this thing they have to bring new entrepreneur who can train them and bring some innovation in organisation.
Question 3
Role of entrepreneur
The entrepreneur, by definition, is the individual responsible for identifying a business opportunity and taking it from idea to implementation. Generally, entrepreneurs share traits as creative, risk-takers, up starters and innovators. The role of the entrepreneur is to take the creative concept and launch this idea into a business operation. He is the initial organizer responsible for the business. A successful entrepreneur turns his ideas into a business through careful planning, market research and a developed vision.
The entrepreneur is generally also the business owner. In this role, the entrepreneur is responsible for the entire upstart. Tasks for the entrepreneur include obtaining funding sources, business management, running the daily operations and marketing the business’ products and services. Entrepreneurs may consult with an attorney on any legal matters and contracting. They may also hire a manager or retain a consultant to assist with getting the business off the ground, including finding a location and recruiting staff.
(http://smallbusiness.chron.com/function-entrepreneurs-19238.html)
Role of Manager
Plan: planning the operation and function of the area over which the manager is assigned responsibility in a way that accomplishes the goals for which he or she is responsible.
Organize and Implement: organizing the production of the work, and the workforce, TRAINING, and resources necessary, in a way that accomplishes the desired and required outcomes to meet the goals.
Direct providing the employees and their resources with enough guidance, direction, leadership, and support necessary to ensure that they are able to accomplish their goals.
Monitor: following up to ensure that the plan to achieve the goals is being carried out in such a way that its accomplishment is assured.
Evaluate: reviewing and assessing the success of the goal, the plan, and the allocation of the employees and their resources.
Performing other responsibilities as assigned by the president, vice president, or director to whom the manager reports
Question 4
The Main Reason For An Entrepreneur To Start A Business Enterprise Is Because He Comprehends The Venture For His Individual Satisfaction And Has Personal Stake In It Where As A Manager Provides His Services In An Enterprise Established By Someone.
· An Entrepreneur And A Manager Differ In Their Standing, An Entrepreneur Is The Owner Of The Organization And He Bears All The Risk And Uncertainties Involved In Running An Organization Where As A Manager Is An Employee And Does Not Accept Any Risk.
· An Entrepreneur And A Manager Differ In Their Objectives. Entrepreneur’s Objective Is to Innovate and Create and He Acts as a Change Agent Where as a Manager’s Objective Is To Supervise And Create Routines. He Implements The Entrepreneur’s Plans And Ideas.
· An Entrepreneur Is Faced With More Income Uncertainties As His Income Is Contingent On The Performance Of The Firm Where As A Manager’s Compensation Is Less Dependent On The Performance Of The Organization.
· An Entrepreneur Is Not Induced To Involve In Fraudulent Behaviour Where As A Manger Does. A Manager May Cheat By Not Working Hard Because His Income Is Not Tied Up To The Performance Of The Organization.
· Entrepreneur Is Required To Have Certain Qualifications And Qualities Like High Accomplishment Motive, Innovative Thinking, Forethought, Risk-Bearing Ability Etc. Conversely It’s Mandatory For A Manager To Be Educated In The Fields Of Management Theories And Practices.
· An Entrepreneur Deals With Faults And Failures As A Part Of Learning Experience Where As A Manager Make Every Effort To Avoid Mistakes And He Postpones Failure.
“An Entrepreneur Could Be A Manager But A Manager Cannot Be An Entrepreneur”. An Entrepreneur Is Intensely Dedicated To Develop Business Through Constant Innovation. He May Employ A Manager In Order To Perform Some Of His Functions Such As Setting Objectives, Policies, and rules Etc. A Manager Cannot Replace An Entrepreneur In Spite Of Performing The Allotted Duties Because A Manager Has To Work As Per The Guidelines Laid Down By The Entrepreneur.
On The Downside, Typical Manager Brings Professionalism Into Working Of An Organization. They Bring Fresh Perspectives, Ideas And Approach To Trouble Shooting Which Can Be Invaluable.
Lately There Has Been Convergence Of The Entrepreneur And The Manager In Certain Sectors Like Software. An Employee Is Being Given Highly Valuable Stock Options, Which Make A Typical ‘Manager’ A Part Owner. ( http://www.citehr.com/23096-distinction-between-entrepreneur-manager-management.html)0
Question 5
In Naked bus business, there is two area of conflict which could be at booking office and managing customers seats booked by online. The conflicts would be like customers book their ticket online in software but because of updating system, passengers. Other area of conflict would be leadership because entrepreneur and manager both are working on this area so they have different ideas and different ability to see the things. Design making, training
Question 6
Question 7
Start up The start up of naked bus company is to see all external factors which is going to affect and see the opportunities in the market according that they have to start their business.
They have manage most important thing is that Cash reserves, sales expectations, Accounting, customer base and market presence.
Growth Naked bus should do something innovative in their system to make more growth in market like provide low cost, update online ticket booking system. With the help of those things, they will going to increase customer than revenue. This is also when you need to fine tune your business model and implement proven methodologies, sales model, marketing model, and operations model before expanding your venture for the mass market.
Maturity
At the stage of maturity, naked bus need to constantly going well like stable. It should at that stage of industry where they already got their market which means they have enough customers for their business and they just are aware of market competition.
Saturation After expansion and become successful in its industry and has matured. At this stage naked bus face challenges like market competition, Accounting management, moving into new market, Adding new product and services and expand existing business. Naked bus current option is to decide to take a step back towards the expansion stage or to think of a possible exit strategy.
Decline During the decline stage, income of naked bus is decreasing just because of competition.
Situation is like losing customers, customers are going to somewhere else. In Short company’s value is going down.
renewal In the stage of renewal, naked bus tries to reorganise structure and update their technology. They try to do better than other so they can get back their market.
For example, they need to develop some area of their business like online booking system and advertise more. So that they build their business again.
withdrawal After decline if business is not build up again and their income is less than expenditure than they have withdrawal business or sale it to someone who can better run it.
(https://smallbusiness.yahoo.com/advisor/stages-business-lifecycle-challenges-100036770.html)
Question 8
Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.
Entrepreneur of naked bus would find succession planning in area of less educated staff, leadership of manager and online booking software system
Question 9
Successor development
Mentoring
Experience in key aspects of the business
Crafting of new role for founder or entrepreneur

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