Why do you believe this person is an entrepreneur?
I selected that person not because the fact that he is owner of a business and doing well. I selected him because of his inner qualities and characteristics that lead him towards success in his business career. I selected Founder of Google, Larry Page for my research. First was his passion. He selected his business with a clear vision, focused on that vision, and now famous in world. He was passionate person and his passion leads him towards success. Passion is important for pushing forward. Not every person gains success in business in initial phase. It takes time to attract customers and make money. It needs passion to handle difficult situations in the business.(Hendricks, 2013) I selected him and believed that he is an entrepreneur because he is passionate. He is a person with positive thinking. He never says no in any difficult situation. He believes that nothing is impossible but demands hardworking. He has competitive nature despite of challenges. He has innovative mind with creative strategies. I selected him because of his leadership skills.
Leadership skills are important for entrepreneur for development of business vision. He should have ability to communicate this vision to other employees. He should gather all employees at one vision. (Key, 2013) I selected him because he is role model for employees. He is a good planner. He plans for meeting goals of different departments. He manages these departments in effective way for increasing overall productivity.
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Why do you believe this person has achieved entrepreneurial success?
He gained success through his innovative thinking and ideas. His positive attitude resolves many problems that were in between his success. He was focused towards his goal. He was passionate and self-motivated. He gained success by learning from his failures and mistakes. Fist thing is to be clear. Clarity is important for success of every activity. One should be clear as per his vision, mission, goals and objectives. After that, he should be clear enough to identify ways for achieving those goals. (Tracy, 2007). He should develop an action plan for completing his tasks. Another reason for his success was identification of limiting factors. He was able to recognize problems. Creativity leads him towards cheaper and high quality products and services in fast and better way to customers. Leadership qualities should be present in entrepreneur for resolving day-to-day problems in business. His success in based on his effective problem solving ability without disturbing operations.
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His success formula is time management ability. Time management is effective key for increasing profitability. It enables them to prioritize their daily task and organize it well. (Mani, 2015). He was having desire of moving forward every day. He believes that every next day should be better than previous day. His creativity leads him towards success with the ability to make wise decisions in absence of full information. It also leads him towards success with the ability of using limited resources for completing desired results. Beating competitors is one of important skill of entrepreneurs. He should be well informed with market trends, competitor’s strategies, customer’s needs and changes. Successful entrepreneur do not copy others. He used his innovative thinking in producing best out of all. (Anderson, 2014). One of his success factor is risk taking ability. He is capable enough to manage money effective in different departments and activities. Planning of present and future obligations is very important especially when resources are less. He is good communicator and knows how to deal with different people in different ways. He is also a good listener. He thinks that listening others is important to make them realize that they are being heard. He has ability to manage time in valuable ways without disturbing other activities. He knows that break is necessary for refreshing mind. He is confident person. He has good networking and can build relationships in long run. (Smale, 2015)
What were some of the critical resources your entrepreneur harnessed in starting up and growing his/her business?
No business is free from challenges. Every business has ups and down during its life. After starting business, he faced challenge of no management between engineers, CEO and himself. He managed this problem by layers of people, managers, engineers and other executives. He was good organizer and organized tasks and dead lines between people. His education was related with the field and he was well known with terminologies of business. He was quite good in managing organization.. His market knowledge related with that business was reasonable. He was a person with passion in his heart towards success. He was aggressive towards success. He started business with few assets and a small infrastructure. He also included team of contributors in his business funding. With the passage of time, he used his money in disciplined way in order to make progress.
He increased his workforce as per the requirement of the situation. His contributed employees were critical resource in his success. Technology, infrastructure, knowledge of business and competitive advantage were some other resources. He was devoted towards his work and organized his business in effective way. He started business in that place where there was need of starting that type of business. He increased his customers day-by-day. His talented force of engineers was another resource of success. He combined reporting of all departments in effective way. (CARLSON, 2014)
What do you think will be the significant challenges for your entrepreneur as he/she grows his/her business in the 21st century?
I think every business demands changes with the passage of time. In this global world, survival of every business cannot be possible without competitive skills and advanced technology. In order to compete in this global environment, one should have not only knowledge of one market but he should be aware of other markets as well. Now the time has changed. This is world of social media and competition is very high in every business. A new business can attract more customers by providing better services and products. One challenge that can be faced by entrepreneur is finding talent. Talented employees are key to success for every business but these are now migrated towards other countries. He can face challenges in finding talented employees for his organization. Today business demands more advance technology.
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Technology has become more sophisticated. It demands concentration of capital that is not possible for small organizations. Progress of entrepreneur also depends on economic situations. Despite of having great skills, an entrepreneur cannot be succeed without having suitable economic situations. (iimm.org, 2015)
What is the key lesson you learned from your research into this entrepreneur?
I learned that there are few characteristics that entrepreneur should have for making its business successful. He should tackle all problems in a best possible way to reduce damages. Every business has challenges and success is to handle these challenges ina positive way. Innovative ideas and creativity of entrepreneur leads him towards success. I learned that it is not an easy job to be successful. Every new day demands new challenges and problems. Every new day demands that it should be better than previous. With increasing competition in this 21st century, entrepreneurs are facing big challenges. They are facing challenges of technology and international markets. Some qualities should be present in entrepreneurs to become successful in this world. He should be passionate, creative, innovative, positive thinker, problem solver, and a good leader.
He should focus on his path and should be clear as per his vision. He should know what he wants to do. Starting a new business is not easy for every person. It is a big decision and requires sacrifices. An entrepreneur should keep all these points in his mind. He should handle difficult situations in positive way. He should be a good leader. He should understand that what key factors of his business success are. He should handle with daily challenges. He should use minimum resources for making quality production.
As per my traits and characteristics, I am passionate person. I want to start my own business. My passion is to start a small restaurant. I can handle problems but up to a certain limits. My education related with business terminologies is good but I have no previous experience. I think that I am innovative thinker. I can solve problems with creative ideas in my mind. I am not as satisfied as my selected entrepreneur is. I cannot deal with new challenges every day. I am hardworking person. Yes, my communication skills are strong. I can communicate with people in effective way and tell them my ideas. I know market trends and taste of people.
I am ma also I am not risk taker. I can accept risk up to a certain limit after that it will not be possible for me. I can manage time in effective way but I am not good in managing cash. I am not self-motivated but I need motivation from external resource. I can make quick decisions. I am focused person and can do anything for success. I can compete with other competitors by using my strategies and skills. I am a good learner and learn from my mistakes. I think that I want to improve my leadership skills. I think that I have entrepreneurial qualities but I need improvement in some areas.
Anderson, E. (2014, June 10). 5 Things You Need To Become A Successful Entrepreneur. Retrieved July 2, 2015, from http://www.forbes.com/sites/erikaandersen/2014/10/06/5-things-you-need-to-become-a-successful-entrepreneur/
CARLSON, N. (2014, April 24). The Untold Story Of Larry Page's Incredible Comeback. Retrieved July 3, 2015, from http://www.businessinsider.com/larry-page-the-untold-story-2014-4
Hendricks, D. (2013, November 29). 8 Signs You're An Entrepreneur. Retrieved July 2, 2015, from http://www.forbes.com/sites/drewhendricks/2013/11/29/8-signs-youre-an-entrepreneur/2/
iimm.org. (2015). Entrepreneurship Challenges in 21st. Century. Retrieved July 3, 2015, from http://www.iimm.org/ed/index.php?option=com_content&view=article&id=108&Itemid=107
Key, S. (2013, August 12). 5 Qualities of Successful Entrepreneurs. Retrieved July 3, 2015, from http://www.entrepreneur.com/article/227776
Mani, D. (2015). Time Management Secrets Every Entrepreneur Should Know. Retrieved July 2, 2015, from http://www.entrepreneurs-journey.com/5939/time-management-secrets-every-entrepreneur-should-know/
Smale, T. (2015, March 12). 10 Traits All Successful Entrepreneurs Share. Retrieved JUly 3, 2015, from http://www.entrepreneur.com/article/243792
Tracy, B. (2007, February 1). 7 Secrets to Success. Retrieved July 2, 2015, from http://www.entrepreneur.com/article/173484