Executive summary3
Introduction 4
Brand 6
Conclusion..7
Appendices..8
Executive summary
The report is a thorough analysis of the real events that an entrepreneur encounters in his or her daily activities to prosper in his business. The report endeavors in sourcing information form a well established entrepreneur in the technology sector that will set the ground of comparing the theoretical entrepreneurial attributes with the challenges that are faced in the business environment.
Introduction
Over the last semester, we have been focusing a lot about creativity in the business industry and the factors that drive these innovators to convert their ideas into reality and prosper in the market in the midst of other business enterprises that compete with his or her products. During the course, I have been pondering about the theoretical attributes of these entrepreneurs and wondered whether they are inheritable or where they are derived. In my capacity, I felt I did not possess any of the characters despite my unending passion of being a renowned entrepreneur. Mr. Parcxon is one amazing entrepreneur who has influenced my passion for focusing on creative ideas that would mature to a business that employs people and provides unique products and services to the customers in the country and beyond.
Interview
We held the interview at Rendezvous hotel where he extended his hospitality by buying cocktail juice in order to facilitate an interactive segment. This gesture confirmed about humility as one of the characters that an entrepreneur should possess to enhance the success in his endeavors. At the start of the interview, he revealed that he has attained an MBA certificate in business management and a degree in information and technology with a specialty in system analysis. He got employed in manufacturing industries until after the fifth year when he decided to quit and engage in entrepreneurship. Surprisingly, Parcxon exhaled that he was 32 years of age, a husband and father of one daughter. He quickly noted that the success of an entrepreneur is even tested in family life. Parcxon said that both creativity and innovation NIL the entrepreneur. Additionally, the idea ought not to be new but rather could be the advancement of an existing idea. He narrated that he never thought of being an entrepreneur and instead focused on being employed and rise to senior positions of leadership. His idea came when he worked as a system analyst manager and the company was faced with an insecurity challenge where the company lost valuable properties.
He sought help from two of his university colleagues where they engaged in a brainstorming session and devised a system that would curb the insecurity menace. After quitting the job, the three friends invested in further research and developed a security system that would provide security to homes and organizations. They invested an initial capital of $5000 and would source the rest of the capital from friends and relatives because it was difficult to obtain loans from commercial banks due to the naivety of the company. In this way, Powertlik systems limited was born.
Parcxon lamented that the greatest challenge they had was inadequate funds to start a business and manage it until it attained break-even position. Fortunately, he advised that source of funds was a common challenge to any entrepreneur and the solution to the problem was through the interaction with friends and donors who may eventually convert to be shareholders of the company and enhance progress. Additionally, he asserted that the main attribute of an entrepreneur was discipline( Drucker & Drucker2007) He said, “Discipline is the fundamental role that supports all other attributes such as humility, loyalty, emotional intelligence, accountability, self-confidence and creativity.” When I asked him about the link between passion and career, he was honest note that the passion was a trait that dominates in every aspect of life, in an individual. He said that the passion may develop from childhood or a student’s inclination to a course and the aspiration to bring change in the society.
BRAND
He asserted that the road to succeed in business is not all rosy especially competition in the market and the challenge to satisfy customer’s changing tastes and preferences. Powertlik Company performed a feasibility study before establishing a business and extends the behavior of periodic engagement with the customers to understand their sentiments, compliments and opinions.
He revealed that the feasibility study revealed that other rival companies systems were not automatically connected with cellular gadgets. Additionally, customers did not get a warranty and incurred higher maintenance costs. Powertlik Company capitalized on the complaints and developed a system that would alert clients of intruders through their phones. Additionally, they offer two year warranties for the systems and provide maintenance services at a lower cost than rivals. This character that entrepreneurship depends on the passion of an entrepreneur to outsmart competitors in favor of customer’s needs.
Parcxon exuded joy that his company was able to provide employment opportunities, quality products, revenue and personal freedom to think creatively, which are the core achievements in an entrepreneur’s mind. His parting shot was that anyone could become an entrepreneur if he invested his mind with passion for changing and prosper creative innovation, self-confidence, accountability and discipline.
Conclusion
The interview session challenged my mind to reason as an entrepreneur because previously I could only think of getting employed, rise to senior position and prospers socially and economically. Thanks to the interview, I am now focused to be creative and change the society by providing quality products and services and providing employment.
APPENDICES
What is the name of your company?
Powertlik Systems limited. It provides automated security to companies and individual homes at affordable cost
What is your education level?
I possess an MBA certificate in business management and a degree in Information Technology
What led to the invention of Powertlik Systems limited?
Interesting! The idea was influenced due to an insecurity challenge I faced as a system analyst manager in my previous work place. A connection with my two former University colleagues led to a feasibility study and Powertlik was born!
What products and services do you provide?
Security software development, installation of systems to homes and offices and provision of maintenance services of the system to the clients.
What challenges did you face during the initial stages as an entrepreneur?
Inadequate funds, inability to convince customers and competition
Comment on the core attributes that an entrepreneur should possess?
Self-confidence, creativity, discipline honesty and accountability are key factors that define the success of an entrepreneur.
What is your reflection on passion, career and entrepreneurship?
Entrepreneurship does not necessarily emanate from childhood passion but can be developed during pursuant of a certain career. Passion is a social character that defines the life of an entrepreneur. Am an example because my business was not my childhood passion!
What are your aspirations of your company in the next five years?
What are your weakest areas that you would focus on improving?
Patience is one of my weak characters that am working hard to improve
Make your parting shot to the youth and future entrepreneurs
The path to success is not all rosy and requires the aspiration to bring positive change, creativity, humility and self-confidence. He quoted, “You can be whoever you want to be if you focus and believe in yourself”.
References
Drucker, P. F., & Drucker, P. F. (2007). Innovation and entrepreneurship: Practice and principles. Routledge.
Kuratko, D. F. (2009). Introduction to Entrepreneurship Eighth Edition. Canada: South-Western Cengage Learning.
Schaper, M., Volery, T., Weber, P., & Lewis, K. (2010). Entrepreneurship and small business.
Bann, C. L. (2009). An Innovative View of the Entrepreneur Through Exploration of the" Lived Experience" of the Entrepreneur in Startup of the Business.Journal of Business & Economic Studies, 15(2).
Legrenzi, P. (2010). Creativity and innovation.
Shaver, K. G., Gartner, W. B., Crosby, E., Bakalarova, K., & Gatewood, E. J. (2001). Attributions about Entrepreneurship: A Framework and Process for Analyzing Reasons for Starting a Business. Entrepreneurship Theory and Practice, Winter, 5-32.
Pandey, I. M., Nair, R., Awasthi, D., Mehta, K., Varshney, V., Rewari, R., & Ramachandran, K. (2003). Entrepreneurship and Venture Capital. Vikalpa: The Journal for Decision Makers, 28(1).
