What an Entrepreneur Is, Characteristics of an Ideal Entrepreneur - Coursework Example

RUNNING HEAD: Entrepreneurship Entrepreneurship Client Inserts His/her Name Client Inserts Name of Institution What an Entrepreneur Is An entrepreneur is a person who finds it worth risking, especially in term of his or her finances, in a particular project with a hope of introducing new related ventures that will culminate into visible success financially (Foley, 2006). Sometimes, an entrepreneur can also be taken to mean a person who is in the verge of organizing a virtually new project and targeting to use previously unused channels after discovering a hidden opportunity in the eyes of others. Evidently, in both cases, there is a risk factor and therefore maximum care and guided moves are things to take care of first. More often than not, the term entrepreneur is employed in a business context. Some other people argue that entrepreneurship is not a real profession. No, not until one has started something that can be seen on the ground. In short, one cannot create fame in the name of becoming an entrepreneur by just portraying mere intensions nor even when the whole planning of scope and schedule are complete. A person will be termed as an entrepreneur once the first foundation stone is laid on the ground. That means that the effectiveness of one’s ideas is crucial. Therefore the qualities or characteristics of such a person must enable a confident kick-off and somehow guarantee success. Characteristics of an Ideal Entrepreneur An ideal entrepreneur must be innovative enough. This means that his or her venture must be backed by relevant knowledge and creativity but encased in achievable limits. Past experience and technical knowhow are integral components that will enhance confidence and enthusiasm while kick starting. In most cases, entrepreneurs act as revivers of a falling business by convincingly intervening with new ideas and applications of new technology for example. In fact, for a falling business, there is no other means except introducing new approaches to handle particular hitches (Foley, 2006). Examples are coming up with a technology that reduces costs in terms of inputs, researching on cheaper marketing while expanding the market boundaries, introducing a new and effective management modes and rebranding of the products or services offered by the venture. An entrepreneur works independently in most cases. He therefore needs to be self contented with information in all areas of concern (Fuller & Dansic, 1999). A wide scope of knowledge in terms of social factors of the community in which, his or her ventures revolves, the political limitations plus local council regulations, demographic pattern and structures for the estimation of the potential market limits, and the external environment (global market availability issues) for the expansion of the business, are core fields that an ambitious entrepreneur need to be fully armed with. In terms of financial base, an entrepreneur has to independently be resourceful basing on the fact that there is always a risk factor. Optimism is another requirement. Not many people will afford risking. Accepting a risk takes a person with an inherent optimistic and non-giving up heart in the background (Dyer & Handler, 1994). Optimism is a virtue in the business context and a tool towards success (Eden & Ackermann, 1998). However, optimism is expressed to the internal self and makes seemingly immovable barriers lack their effectiveness. One is bound by default to have sense of capability. This is enhanced by the overall financial and information ability. Previous experience in the relevant field and the acquaintance to the technological availability that can support possible future ventures are vital spices with credibility in the overall attainment of optimism. Creativity stands out as another crucial aspect and almost a mandatory requirement of any person with entrepreneurial ambitions. An entrepreneur must engage himself or herself in critical thinking sessions about how to increase the productivity of the business at large (Dyer & Handler, 1994). More specifically, an entrepreneur must find, do research, and recognize what ‘better’ the market needs and the existing promising channels to effect this. Definitely, an entrepreneur must be hard-working (Eden & Ackermann, 1998) and thorough so as to avoid conceding as a response to the acceptation of the risks. It is good to understand that the unpredictable dynamics of nature may reward or punish and that these cases can have equal chances of occurring. Therefore, laying the foundation is just not enough. What should follow is a tireless hands-and-brains­-to-work session hand in hand with overlooking the various frustrating setbacks around. Authority to mobilize one’s employees and supervision is an added advantage where the goal is to achieve a flawless continuity. The above description does not aim at complicating the practice nor make it appear difficult to practice but to make one understand the qualities within him or her which need perfection. Entrepreneurship, from my point of view, is basically a practice rather than a profession, and is open to anyone because it comes from one’s decisions about oneself. Successful Entrepreneurs in Australia Kelly Packer The late Kelly Packer is one of the wealthy Australian entrepreneurs who is a successful media mogul and a major shareholder of Publishing and Broadcasting Limited and the Australian Consolidated Press (Harper, 2010). His entrepreneurial activities were initially well realized when he took over the Family Newspaper and media business back in 1974. He also went ahead and bought shares in a number of Australian newspapers such as the “Sydney’s Daily Telegraph”. As well, he has involved himself in billion dollars dealings among others. His businesses are still thriving and clearly describe the efforts he employed to achieve his currently over 4.2 billion dollars worth empire. Rupert Murdoch Rupert Murdoch, the owner of the News Corporation of New York is also a multi-billionaire media mogul and a businessman (Harper, 2010). He started off by taking over the falling family newspaper business, a fact that portrays acceptance to risking. He went ahead and bought other Australian and British Newspapers, various media and telecommunications interests globally e.g. the Fox News Channel. He is now the richest man in the world holding a wealth of more than 6.9 billion dollars. His success as an entrepreneur clearly displays what accepting risks can at times pay. He is portrayed as a daring man by willing to buy a failing company. Jan Cameron She is the founder of the outdoor wear chain Kathmandu (Thomson, 2010). However, she sold it in 2006 and started her own retail business, Retail Adventures. Her new retail business has multiplied her initial wealth to a higher ground. In April 2009, she bought the Australian Discount Retail which was falling and set out to rebuilding it. Her wealth is estimated at 2.7 billion dollars. Through buying a falling company, she exemplary portrays a courageous, innovative and a never-giving up entrepreneur. With her businesses, she has employed over 8000 citizens and records annual sales revenue of over 1 billion dollars. Julia Ross From a major setback of losing her job, Julia Ross never gave up and went ahead to start recruitment services business back in 1989 (Thomson, 2010). Her business expanded rapidly afterwards and she has extended her services to many other countries including New Zealand, Britain, Ireland’ Hon Kong and Singapore. She is the managing director of the rapidly growing business and a major shareholder. Her business revenue records 392.9 million dollars. At her best, Julia Ross’s business evolution encourages many ambitious entrepreneurs. Evidently, she is a woman of courage and determination. Charlotte Vidor Charlotte Vidor together with Ervin Vidor started the Toga group of companies back in 1963. It is a hospitality group, largest of its kind is Australia marked by its owner ship of the Medina, Vibe and the Travelodge brands (Thomson, 2010). The company has for long had interests in property development and with the urge, it funds the management and aquaculture. The group is large enough such that it has managed to employ 1800 people. The dually (couple) owned business scores a wealth of more than 440 million dollars. Old as it is, the business has tolerated many years of probably slow growth and with respect to the owners’ perseverance pops up as an additional virtue in entrepreneurship management (Rola-Rubzen, 2009). Reflection and Action Adopting the virtues and qualities of an entrepreneurship is not as direct an opportunity as one may quickly deduce. To my understanding, an entrepreneurship first begins with the understanding of the qualities realized from a look at the innermost self and then putting them to work. All in all however, there is the drive from the capability in terms of affordability, background information on the subject and the technical knowhow of the dreams one wants to put into practice. The question of accepting risk sounds more to me the same as accepting loss. What with the success recorded by the five big entrepreneurs analyzed above, it has dawned at once that risk taking means fifty-fifty. Still, with a proper planning and altering of the prevailing management mode by slotting in a better management, it means more than fifty-fifty chancing in favour of success. In view of the independent dealing with a new business, the study guides that proper care and the general awareness of the effect the dynamics of the immediate environment can cause are the secrets behind establishment and success of any kind of business. This is called understanding the niche of the business. A major problem comes in when I try to measure the qualities of the named characteristics of an ideal entrepreneur from within. For example, what level of confidence do I have? Suppose I fail? The fear of failure can ruin even the best of the dreams ever dreamt in the world of business (Burns & Dewhurst, 1996). But it is obvious that if one cannot judge whether he or she has enough confidence or not means that one does not at all have confidence. The entrepreneurial study has well disclosed that confidence is an aggregate of various factors including the technological availability, past experience in the field, analytical facts about the demographic patterns and structures together with the threats and opportunities they create and an insight into the future possible changes among others. The best thing with the entire entrepreneurship is that it advocates for free entry (Fuller & Dansic, 1999) into business so long as one has all it requires. This gives opportunity to all and there is thus ready chance always. The best thing is to conduct a detailed research about oneself. For me then, the first step will be to identify my field I am well acquainted with. That is where my confidence search will begin. Then a detailed research on the field of venture follows. The rest, I believe will follow the track. We are always trapped in the world of imagining how hard to start a business is. That does not help. As disclosed by the trend the Australian entrepreneurship growth, everything is virtually about the passion one has (Burns & Dewhurst, 1996). My bottom line remains that entrepreneurship is not a profession, thus, everyone has a chance in the bargain. References Burns, P., & Dewhurst, J. (1996). Small Business and Entrepreneurship. 2nd ed. Hampshire: Basingstoke. Dyer, W., & Handler, W. (1994). Entrepreneurship and family business: Exploring the connection, Entrepreneurship Theory and Practice. 19(1), 71-83. Eden, C., & Ackermann, F. 1998. Making Strategy: The Journey of Strategic Management. London: Sage Publications. Foley, D. (2006). Indigenous Australian entrepreneurs, Journal of Developmental Entrepreneurship. 8(2), 133-151. Fuller, D., & Dansic, P. (1999). Indigenous Australian and self-employment: small enterprise research. The Journal of SEAANZ. 7(2), 5-28. Harper, L. (2010). 5 Successful Australian Entrepreneurs. Mademan.com. Retrieved 04 21, 2012, from http://www.mademan.com/mm/5-successful-australian-entrepreneurs.html. Rola-Rubzen, M.F. (2009). Critical success factors for aboriginal businesses in the desert, DKCRC Working Paper 38, Desert Knowledge CRC, Alice Springs, Retrieved 04 22, 2012, from http://www.desertknowledgecrc.com.au/publications/downloads/DKCRC- Working-Paper-38-Critical-Success-factors-for-aboriginal-businesses-in-the-Desert.pdf. Thomson, J. (2010). Our Top Female Entrepreneurs. SmartCompany. Retrieved 04 22, 2012, from http://www.smartcompany.com.au/entrepreneurs/20100304-female- entrepreneurs/2.html Read More