Daniel Mitchell is the founder of the source a company started by selling computer parts to maintenance companies. He believes that in order for the company to be successful a business either had to be huge or it had to be a niche. His entrepreneurial mind chose a relatively high margin niche market. Mitchell started his company by negotiating a three month rent free deal on premises then trading on supplier’s credit and borrowing on his credit cards to fill the gaps when necessary. Mitchell had no capital he started by trading and getting supplier credit then reinvesting the profits.
Entrepreneurs are self motivated, self reliant and prefer a degree of autonomy when accomplishing the task. Mitchell’s entrepreneurial mind of creating a niche market paid off when he realized that the barriers of entry to the business made it vulnerable to competition. Mitchell saw lacking in the market and this led to the setting up of a business that handled claims on behalf of insurance companies by validating claims and repairing or replacing damaged equipment. As the business expanded Mitchell realized that he required hiring an assistant who would help with the administrative works while he concentrated on the strategic and customer base.
The type of entrepreneur that Daniel Mitchell evolved to become was one with dynamic potential. This is seen when he realizes the need for insurance companies to outsource their service of claims. This move in entrepreneurship shows that entrepreneurs are inventors who have calculated moves that help to endure the competition in the market. The very nature of the entrepreneurial process demands the entrepreneur to demonstrate a high tolerance of ambiguity. This means that things do not always have to fit a precast mold or follow an exact pattern. Most successful entrepreneurs find that if their concept gets implemented and achieves success, it will look quite different than the concept they first started.
Dynamic profiling of entrepreneurs mainly focuses on the personality and type of achievements of the entrepreneur. The personality traits and theories of an entrepreneur are part of this profiling coupled with the belbin test which is used to profile the leadership trait of the entrepreneur. The character trait that is enhanced by Mitchell is the need to have a team in order to be successful. Many entrepreneurs believe it is their ability to come up with ideas that the company is successful but in real sense is the people working help the company succeed. The values set by Mitchell in his entrepreneurial journey shows the kind of entrepreneur who believed in his ideas and was ready to face them. The way he ran his business and the fact that he went back to learn to become a better entrepreneur in America shows his vigilance in running his own business. The belbin test analyses the entrepreneur as a leader, motivator and as a team leader which is essential to the entrepreneur.
Many of the case studies undertaken to understand entrepreneur personality traits gather the information through profiling and using the achievements of the entrepreneur. Daniel Mitchell success was immense and with new talent that when his company grew there were ready investors who wanted to be part of it. This showed the kind of confidence that exuded from his entrepreneurial skills. Another aspect of his achievements is the growth of his company which is now one of the biggest companies working in collaboration with big insurance companies. A good entrepreneur realizes a need when it arises he possesses wisdom and charisma when Daniel Mitchell employed one person in his company he was now able to invent and reinvent new ideas. The entrepreneur understands that success is dynamic and that in order to be successful they have to be in constant decision making while still reinventing their strategies in the market. This in turn will develop the company into a well organized and proprietor market with its competitors.
Entrepreneurial knowledge is important for any entrepreneur either employed or running their own business. This is depicted when Daniel Mitchell started his first company it went under because he had no knowledge of accounting or balance sheet. To be successful in a starting business the entrepreneur must be able to use their money wisely. In seen this Daniel Mitchell made the bold move of getting a job in America to learn more about balance sheet and accounting, his main strength was his customer connection which enabled him to have many customers. Through his experience he was now ready to start his company and develop and harness his skills by perfecting his trade. An entrepreneur must be ready and willing to learn this will go a long way in ensuring the success of the business.
Now Daniel Mitchell’s company has grown in leaps and bounds in 2001 he decided to sell a majority stake in the original parts of the business to concentrate on growing the source. He believes in intellectual challenge and getting a financial reward for the work that he does. He believes in hard work and believing in what one does while having a positive attitude.
References
Bridge, R., 2010. How I Made It: 40 Successful Entrepreneurs Reveal How They Made Millions. 2 ed. s.l.:Kogan Page Publishers.
Chell, P. E., 2001. Entrepreneurship: Globalization, Innovation and Change. illustrated, reprint ed. s.l.:Cengage Learning EMEA.
Colette Henry, F. H. C. L., 2003. Entrepreneurship Education and Training: The Issue of Effectiveness. Illustrated ed. s.l.:Ashgate Publishing Ltd.
David R stokes, N. W., 2010. Small Business Management & Entrepreneurship. 6, illustrated ed. s.l.:Cengage Learning EAMA.
Kurakto, D. F., 2008. Enterpreneurship: Theory, Practice, Process. 8 ed. s.l.:Cengage Learning.
Michael H. Morris, P. D. F. K. P. J. G. C. P., 2010. Corporate Entrepreneurship & Innovation: Entrepreneurial Development Within Organizations. 3, Illustrated ed. s.l.:Cengage Learning .
