Rupert Murdoch's Entrepreneurship Background, Opportunity Recognition, and Idea Development - Case Study Example

Rupert Murdoch Student’s Name Institution Affiliation Rupert Murdoch entrepreneurship background Rupert Murdoch was born in the year 1931 in Melbourne Australia. Throughout his childhood, his parents had tried to influence him get into Newspaper business something they influenced him to undertake. It became part of his life and he did not see any life worth without working in his section. Being a young man, he hated going to school, however through the influence of the mother who believed that school will tach him some of the communication skills he was able to go through. While in school he was able to participate in editors activities something at the end he was able to successfully handle both in his young age and later in life. By the time he was approaching 20s, he had shown a great potential in undertaking businesses and being able to deliver quality work in everything he was handling he had shown a lot of energy in what he was undertaking and always people knew him as a person who would always succeed in what he was undertaking. When the father died, Rupert was given the privilege of being the one who was in charge of the father’s business. However, he turned the offer down instead opting to start his own company that would deal with it. After starting this he comes back to the business of the father which was not performing well at the time. He got into it and through his energies he was able to restore the performance of the company into a good state. The energy that had shown made him be recognized by many as Boy editor at the age of 22. This could be related to when he was in school that he also succeeded in what had interested him. He could pursue it till the end and always he succeeded (Barnett &Laura, 2011). The early life portrayed Rupert as an individual who was determined to make it life. He was willing to do anything to see his plans fulfilled. He also had the passion of pursuing business in the area of interest. This assisted him in ensuring that he succeeded in whatever he was doing. The mentorship that he had got from the parents was one of the factors that assisted him to grow out strong. The parents stood firm in what they knew was helpful for his life. In fact the interest of entrepreneurship was cropped by the mother and father who were businessmen. They taught him the virtual of working had and what benefits that it could have in his life (MacCallum, 2009, pg. 10). This made him to develop a passion in Newspaper business which we see him going out to build a business empire that is known worldwide. He was able to start small, risk big and start his own business though he had a ready job of running the family business. This shows a person with typical characteristics of an entrepreneur. The willingness to try something of his own and the ability to focus on it is what made him be successful in all these undertakings. As an entrepreneur he was ready to risk big, be independent, and also, he was ready to excel in what he was doing. He could see the road map towards his success. He was able to realize opportunities and understand what each and every market segment that he was getting into required. This made it possible for him to expand business to the rest of the world. Through having sharp eye on opportunities, he was able to establish major media outlets in the American continent, Europe and Asia (Hook, 2011, pg. 19). Characteristics of Rupert Creative – throughout his life Rupert was able to undertake tasks in a creative manner. He could come up with a given method that could best fit what he wanted. An example is when he got into his family business, he was able to improve the performance of the company through coming up with creative ways of undertaking the sales and operations of the organization. As an entrepreneur it is important to have a creative mind as it will make you be unique from the rest something that will determine your point of succeeding (Hisrich & Peters, 2002, pg. 10). Hardworking – in everything that he was undertaking, he was able to do it with energy. This was one of the characteristics that made him be a successful business man. In any new business he was acquiring or starting, he ensured that everything was being done was to the best level. As an entrepreneur, you should always be ready to give an extra effort in a bid to ensure that your dream and target is achieved in the long run. Flexible – he was able to adjust according to the prevailing conditions in order to carry out business. When he went to America he learnt the business environment there, he was able to adjust something that made him create prominent media houses in the continent. The same was the case in Europe, and Asia. Motivation – Rupert had a motivation of becoming a successful media owner, something that made him to always search for opportunities and also work hard to ensure that he could achieve his dream. It is also motivation that made him to risk resources in investing in new opportunities. Versatility – he was an individual who could perform different activities in his business. This virtue assisted him in ensuring that nothing could be stack even though there was no person who was willing to assist. Superb business skills – the ability that he had in developing both existing and old ideas and make them successful businesses. This ensured that he could inject new ideas that were fit to make the business succeed. He could come up with ideas that could solve problems that faced a business in a given situation. Something that made him succeed. Risk tolerance – Rupert got into business when he was young and he opted to start his own company which he did not know whether he could succeed or not. Though he had an option of running a very successful company he was willing to undertake a business that he did not know its exact fate. Also, he was able to take the risk of getting into new markets and start business there. This one of the characters that an entrepreneur should portray. Drive – the push of success that was in Rupert was one of the thing that made him to search for opportunities even more. He was able to start his own business not because he just wanted business but because he wanted to build a huge business empire in the media business in the world. Vision – since he was the founding member of the media businesses, he was the one who had all the roadmap that could be used in ensuring that business was successful. He had in mind what he wanted in the long run. He could have made the plans that could give the company directions in different stages of business. The ability of Rupert to undertake this, was the one that enabled him to ensure that he could succeed in the long run in what he was undertaking. No business that could succeed without vision. As an entrepreneur it is important to be a visionary person for you to be a successful person. This is what that made Rupert be one of the successful businessmen in the world (Greenfield & Strickon, 1986, pg. 12). Opportunity recognition and idea development Recognition of opportunities and developing ideas is one of the areas that an entrepreneur should be careful with. Rupert was able to recognize the existing opportunities in different countries in which he developed them into successful businesses. He started with recognizing opportunities in Australia, moved to other parts of Europe then he went to America and the Asia, this shows his ability of him being able to identify opportunities and develop them into successful business. On the issue of developing ideas into successful business, Rupert was also best in doing this as he was able to differentiate his business by injecting new ideas to those businesses that he had acquired to make them more viable and increase profitability. This is one of the areas as an entrepreneur you should work best on as it will give an edge over the rest of the people. His ability to identify opportunities and develop ideas, was the reason for his success. He was able to identify the gap that existed in the market and utilize it and come up with an idea on how to make use of it to ensure that he succeeded (Hisrich & Peters, 2002, pg. 10). Business developed and the competitive advantage The business that Rupert ventured into was in Media business. He was able to develop the business to get all over the world with his businesses being in there continents that is America, Europe and Austria. Media outlets that are owned by Rupert are in over 50 countries. the expertise that he had in the media business from the time he was young was the one that gave him the competitive edge over the rest as he knew exactly what was right and wrong in undertaking this kind of business. Also, the ability of the business was made better with the fact that it could support one another in the case there were problems that were being faced (David, 2015). Recommendations to Rupert In undertaking the business, he should come up with a strong management system that will ensure that the business does not lose its focus with the expansion that is taking place. He should think of decentralization of activities in the company. Finally, he should always ensure that he incorporates new trends that are occurring in the business market into his company in order to remain competitive. References Barnett, Laura (2011). "If only Rupert Murdoch would listen to his mother". The Guardian. London. Faber, David (2015). "Rupert Murdoch preparing to step down as CEO from 21st Century Fox". CNBC. Greenfield SM and Strickon A (1986). Introduction. In: Greenfield SM and Strickon A (eds) Entrepreneurship and Social Change. Lanham, MD: University Press of America, 4–18. Hisrich, R. D. and Peters, M.P. (2002). Entrepreneurship (5th ed.). Irwin, London: McGraw-Hill Mungo MacCallum (September 2009). "Comment: Rudd and the Murdoch Press". The Monthly. pp. 8–11. Rupert Murdoch Biography: Success Story of Business Magnate. [Internet]. 2017. Astrum People website. Available from: https://astrumpeople.com/rupert-murdoch-biography/. Sue Vander Hook (2011). Rupert Murdoch: News Corporation Magnate. ABDO. pp. 19 Walker, Andrew (2002). "Rupert Murdoch: Bigger than Kane". BBC Read More