Executive summary
An entrepreneur is an individual who comes up with an idea, gathers enough resources to drive his /her idea and starts a venture to generate revenue. The entrepreneur must assess the viability of the idea before embarking on the venture. This is to make sure that the resources invested in the idea will not be wasted and maximum benefits will be collected from the venture. After successfully launching his/her venture, the entrepreneur will be required to use his expertise and experience to make sure that the business grows. This study involved interviewing a successful entrepreneur. The session involved asking him questions that would help understand the traits that make a successful entrepreneur. This report discusses some of the traits identified after the interview process. It covers the basics of how the entrepreneur started his business, what makes him different from other entrepreneurs and some of the responsibilities he has in the business. Handling disputes in the business is a key element that determines those who succeed and those who don’t. This is because the effective handling of employees and customer complaints will enhance the morale of the workers and improve the image of the business. The entrepreneur also discusses some of his memorable moments that he has experienced in the course of running his business. Finally, the entrepreneur gives tips and advice on how to start and run a successful business. This helps upcoming entrepreneurs to understand the challenges in the field, effective management and ways of gathering enough resources. The report also includes an appendix which outlines the questions asked the entrepreneur during the interview. Each question is listed and a brief summary of the answer given by the entrepreneur stated.
The entrepreneur is an individual who comes up with a viable idea, gathers enough resources and eventually uses them to grow his/her idea into an income generating activity. He/she uses the skills and experience they have gathered in life through formal education and activities such as jobs to develop the idea into a business adventure. The success of the business is largely dependent on the contribution of the entrepreneur in providing the capital and management of the business. Many corporate institutions started as startup ventures but we are led by an entrepreneur who had a great vision that eventually led to the overall development of the business. Entrepreneurs are individuals who are focused and possess the right mindset that enables them to start with ideas that eventually turn out to be great sources of income.
Entrepreneurial capabilities have been witnessed in a number of successful businessmen and women. These are people who have come up with ideas and developed them into multi-million dollar ventures. A comprehensive study of their characteristics will help shed light on some of the ways that successful entrepreneurs can take so that they may be successful. To make the study more effective, an entrepreneur is selected and then an interview conducted in his/her approach towards the success of his/her business. A number of questions help guide the process so that the study can be relevant to the topic and to make sure that all aspects of the topic are covered. The questions range from where the ideas came from to the day-to-day running of the business. These questions help to get a complete picture of the kind of individual who qualifies to be given the title entrepreneur.
This report covers the lessons learnt from an interview with an entrepreneur. It covers the major characteristics identified in the entrepreneur that makes his/her idea successful. This report is based on the questions posed on the entrepreneur during the interview process. It dwells on effective strategies to come up with an idea, ways of determining the viability of an idea, gathering enough resources to drive the idea and effective management of the startup on its toddler stages. The majority of the entrepreneurs go through these steps as they begin their journey. The material in this report is from the interview and secondary sources from researchers who have studied the characteristics of a successful entrepreneur.
Characteristics of a successful entrepreneur.
After conducting the interview and going through a number of secondary sources, it was evident that entrepreneurs have characteristics that help them stand out from the crowd and develop their ideas into great investments. Many were driven by a passion to succeed and are hardworking enough to see their ideas grow. The study also found out that, many people have ideas but fear to take the initiative to go ahead and put some resources into it. A key distinction between successful entrepreneurs and other ordinary people is that entrepreneurs are able to weigh the viability of an idea and are bold enough to forge forward with it. Ordinary people may miscalculate the viability of the idea or they may hold back missing a great opportunity to make their ideas great.
Common in all successful entrepreneurs is the fact that they enjoy what they are doing. Enjoying what they are doing allows entrepreneurs to put all their energy behind the idea to make sure it succeeds. Most of the ideas that these entrepreneurs pursue are usually related to activities they enjoy doing. These include activities like hobbies, travelling and other personal attributes. While conducting these activities, an idea hits them that they analyze and if it's viable they pursue it. Personal satisfaction while doing business is a key element that determines the success of a business. This is because if the entrepreneur is enjoying undertaking the venture and gets the satisfaction he/she is looking for, he/she will be energized to continue the effort in the venture which may eventually lead to success. Dissatisfied entrepreneurs who don’t enjoy undertaking the venture fail to lead the development of the idea into a successful business. They usually complain of workload and stress on the job which leads to problems with clients. If the entrepreneurs fail to recognize these problems during the early stages, the venture will eventually collapse leading to waste of resources and failure.
Entrepreneurs understand what it takes to plan things out. Planning the way before embarking on the journey helps the entrepreneurs analyze the challenges that may occur and prepare adequately. They know how to plan their time and available resources. These are resources are limited in nature and a comprehensive plan is recommended to reap maximum benefits. Entrepreneurs need to recognize the time frame within which their idea will be ideal and plan a course of action. This will make sure that their ideas are fully implemented and all emerging issues addressed. After a successful establishment of a startup from the idea, the next thing will be to plan how they will run the business. A thorough plan requires the entrepreneur to understand his/her business venture, clients and resources. The plan will help him/her to delegate duties where necessary and make sure that the clients are satisfied and the issues raised are promptly addressed. Planning also covers other important characteristics of an entrepreneur; that of managing funds wisely. This is crucial because during the early stages of an investment, mismanagement of funds may lead to business failure and the accumulation of debts especially of the funds were borrowed from external sources. Planning on the items to be bought and ways of spending the money help entrepreneur develop their business as they continue to discover means of generating more income.
Entrepreneurs are people who have learned that maintaining a positive business image and putting the clients’ needs first are the key elements of making the business successful. A positive business incorporates maintaining a high level of integrity and professionalism in the business. Conducting activities in a professional manner, handling client queries and complaints in an efficient manner and a clear communication channel to and from clients and business associates are some of the ways of maintaining positive business image. Entrepreneurs are one of the illumination point of a business. Maintaining professionalism and integrity in behaviors is key in the promotion of the business image. Putting clients interest first goes a long way in the success of the business. Complaints, queries ad compliments from clients are some of the means through which clients communicate with the business. Successful entrepreneurs recognize this and highly value the information. Analyzing this information helps to shed light on the progress the business is making concerning its public relations.
Lastly, a successful entrepreneur encompasses people in his/her work. These are employees and business partners. Picking the right team is a test that entrepreneurs should pass. Incorporating other factors such as technology in their venture helps improve the efficiency of running the business. With a professional business team and proper technology, the business achieves a lot within a short period of time that would not have been possible if this combination of factors was not present. Successful entrepreneurs identify resources in the form of human capital and technology that will add value to their venture. Successful entrepreneurs have been identified to hire the right managers and employees who have eventually brought them success they would not have imagined.
In a nutshell, successful entrepreneurs are people who have the right mindset, skills and experience and are willing and ready to take the initiative to develop their ideas. Planning each step of the way helps avoid unexpected situations and allows efficient management of resources. In addition, maintaining a positive business image and putting clients' interests are other factors that have been identified in many successful entrepreneurs. Successful entrepreneurs have also learnt the skill of hiring the right people and incorporating the right technology into the business. Upcoming entrepreneurs should learn about these characteristics in their quest for success. Different entrepreneurs will have different experiences in their quest for success but learning one or two characteristics will greatly improve the experience and help avoid the various hurdles that may hinder the development of their ideas. Becoming an expert in the business world takes years trying and upcoming entrepreneurs should be ready for the various challenges along the way.
References
Baron, R. A. (2012). Entrepreneurship: An Evidence-based Guide. Edward Elgar Publishing.
Cuervo, A. (2007). Entrepreneurship: Concepts, Theory and Perspective. Springer.
Johnson, K. D. (2013). The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite Entrepreneurs. Johnson Media,Incorporated.
Laidre, A. (2013). Top 5 Characteristics of a Successful Entrepreneur. Retrieved from iPlanner.NET: http://www.iplanner.net/business-financial/online/how-to-articles.aspx?article_id=entrepreneur-characteristics
SBA. (2013). What is an Entrepreneur? Retrieved from SBA.Gov: http://www.sba.gov/content/what-entrepreneur
Stephenson, J. (2013). Entrepreneur. Retrieved from 25 Common Charateristics of successful entrepreneurs: http://www.entrepreneur.com/article/200730
Tjan, A. K., Harrington, R. J., & Hsieh, T.-Y. (2012). Heart, Smarts, Guts and Luck: What It Takes to Be an Entrepreneur and Build a Great Business. Havard Business Press.
Appendix
- What is your name and what do you do for a living?
The entrepreneur’s name is Hazem Ahmed. He is 41 years old. He was born in Jordan but currently resides in Brisbane, Australia. In Jordan, he attained a bachelor’s degree in Mathematics. He has established four convenience stores.
- Major concerns he has about his business establishment
His main concern is the efficient operation of his convenience stores. He is concerned about their smooth operation and expansions in the future. Being his source of livelihood and having invested a lot of his resources, failure of the business would be the most unfortunate thing that could happen to his establishment that is why he has to fully understand the operation of the whole business.
- Which is that serious event involving an employee that happened in the business that he will never forget.
Having expanded his business to have four main branches, there is a need for employees who will take care of the business. The entrepreneur plays the role of the manager or supervisor who oversees the operations of the business. In his day-to-day activities he is likely to interact with employees who may bring about various issues regarding the business. Mr. Ahmed notes that there is an event that occurred several years ago that really changed his perception of his employees. He had one female employee who had been transferred from one of the stores to a store where he was based. After a number of days in the store, the female worker approached Mr. Ahmed raising concern about the way she had made acquaintance with clients in the other store. She claimed that many people liked her and that was the reason why they kept on coming back to the store. She further added that she would feel great if she was transferred back to the store. Mr. Ahmed listened keenly to the lady’s concern and told her he will think about the issue and get back to her. He did his research and after a while discovered that the lady was about to get married to her husband but unfortunately she had been transferred. He organized about how she will go back to the store and conduct her wedding. This taught Mr. Ahmed that thinking about employee’s social welfare is worthwhile for the development of the business.
- What is your competitive advantage and why can't it be copied?
His secret is how he manages his business. He ensures that he puts clients’ interests first and effectively communicating to the on issues affecting them. This helps to promote a conducive environment between his clients and the business.
- What has he tried that worked or failed
- What would you do if he finds out that one of his employees has been stealing from him
- What exactly do you do in the business? What are your job responsibilities?
- How did you get into this job? How easy or difficult it was for you to venture this business?
Mr Ahmed started the business several years after he moved to Australia. He got the idea after realizing that he had several challenges accessing key items from the shops. He noted that people could easily access these stuffs by having them in one store. It was not an easy task as the challenges threatened to stall his progress. He lacked enough resources to fund his idea as it required him to acquire several licenses, stock and premises where he could start his venture.
- Have you always been interested in this kind of job? If not, what changed your heart to pursue this kind of work?
- Describe your first day on the job. What was the experience like? Any interesting anecdotes that you would like to share?
His first job at work was very busy. He opened his first store on a Monday and had only two employees who helped him get the store ready for his customers. He had fears that people wouldn’t come to buy from his store because of various reasons. This fear was heightened as his first day ended having served only five customers. He went home wondering whether he should turn up the following day . Eventually he did some marketing of the store and the numbers increased though at a gradual pace until he was able to expand to the other three current stores. His advice to entrepreneurs is that don’t always expect things to run as you had anticipated. Planning and being optimistic are key in making sure that despite the challenges experienced the first day(s), you still turn up for work and eventually things will be much better.
- What challenges did you encounter on the first day? What challenges did you encounter now?
On the first day, the main challenge that he experienced was the lack of sufficient commodities that various customers wanted. Stuffs that they required had either not been unpacked from the store or had not been bought altogether . This took time to handle eventually reduced the deficit to only a few commodities. Currently, the major challenges experienced revolved around employee issues such as demand for increased salaries despite the tough economic times and general economic hardships such as an increase in expenses and reduced revenue.
- What is the hardest part of your job and why?
Mr Ahmed says that the hardest part of his job is meeting customer demands. He claims that customers tastes and preferences change rapidly and at times satisfying their needs tends to be an elusive thing. He claims that proper communication channels should always be available to make sure that issues raised are reported to the relevant authorities, action taken and feedback offered on the way forward. This helps to understand customer needs so that the business can assess its progress along those lines.
- Give three tips on how to venture into a business such as yours.
Mr Ahmed’s advice is that for a business to be successful, the entrepreneur must come up with a viable business idea. He/she should evaluate the idea and perform a number of tests to the idea to make sure it can pursue. Secondly, the entrepreneur should be ready and willing to take risks in starting the business and looking for enough funds to drive his idea through. Lastly, the entrepreneur should make sure that he/she plans and organizes his/her resources to fit the available requirements. These resources include funds, capital, and time. Efficient management will make sure that the idea is fully implemented with a time and money budget.
