The paper "Dick Smith’ s Success in Business" is an outstanding example of a management case study. Successful business people have specific traits, personalities and attributes that make them different from non-entrepreneurs and ordinary business owners (Mayer 2002). Success in business as in the case of Dick Smith can arise from particular social networks and culture at thrives on leader’ s ability to harness followers trust, admiration and confidence. Leadership and organizational characteristics are critical factors that have failed or made corporate and individuals to succeed (Djankov, 2007). Attributes to business success are broad and diverse such as leadership, drive and energy level, self-confidence, long-term achievement, setting realistic and challenging goals and using money as a performance measure (Dingee et al.
2007). The aim of this essay to explore the issues that led to Dick Smith’ s success in business attributes that contribute to his charisma and whether he is a transformational leader or not. Dick Smith’ s success in business The success of Dick Smith in business is a combination of strong values, attributes, and personality. He has been able to gain admiration and respect from business leaders and employees.
In the social sciences, two distinct entrepreneurial perspectives come into play (Djankov et al. 2007, p. 4). Nature, according to psychologists is essential in determining who becomes an entrepreneur. Specifically, personal traits relate to entrepreneurship and comprise individual self-confidence, belief in the effect of personal effort on outcomes and the need for achievement. For example, Dick has been a successful businessman or entrepreneur because of his fairness, emulation of others’ success, good public image, keeps the costs low, hard work and extensive consultation. Bhide (2000) in research on Inc 500 US companies suggested that the critical features of successful entrepreneurs are decisiveness and tolerance of ambiguity. Besides, Mayer (2002) observes that a major theme of entrepreneurship involves personal characteristics.
The author in a survey data of MBA graduates of Stanford University found that those with shorter job tenures and a higher number of jobs before graduating from school had a higher likelihood of becoming entrepreneurs afterwards. The findings showed that individuals who become entrepreneurs have abilities to acquire general skills that they can apply in their own businesses.
Alternatively, nurture also shapes entrepreneurship. Entrepreneurial activities can be promoted or discouraged by social networks and the role of values. For example, Dick works in service to others and expresses gratitude despite his parents lacking hope in him after dropping from the University. Iyer and Schoar (2007, p. 15) note that social networks and culture work through various channels such as social groups, friends, relatives, and family in business spheres. Social responsibility of Dick Smith Foods is evident in the way they respond to the community’ s needs in charitable activities.
Dick’ s beliefs and values also seem to align with those of the government regarding protectionism and nationalism. This endears his confidence and trust to the Australian consumers who take pride in his ability to connect with people. Attributes that contribute to Dick Smith’ s charisma Dingee et al. (2007, p. 3) observe that characteristics of successful entrepreneurs compared to ordinary businesses and non-entrepreneurs are differentiated by personal attributes. These include leadership, drive and energy level, self-confidence, long-term achievement, setting realistic and challenging goals and using money as a performance measure. Others include listening, making good use of resources, using criticism, learning from failure, climate building persistent problem solving and taking moderate risks (Dingee et al.
2007). Dick Smith is one such person who believes in freedom of speech, virtues of hard work and free enterprise. He also has a good public image, the ability to connect with employees and fellow business leaders that are vital to business success. Mayer (2002) asserts that successful people have dreams, plans, willingness to work hard, specific training or knowledge and do not take ‘ no’ for an answer.
Dick Smith is a hard-working individual, has dreams of retaining a balance of Australian business ownership and takes pride and self-confidence in himself. He loves critics and pride in personal connection and relationships with people. Successful business people take risks, have cognitive abilities and are patient compared to non-entrepreneurs (Djankov et al. 2007). Dick is self-confident, highly emotive and articulate, demonstrates honesty and social responsibility, and does not fear the risk of venturing into a new environment. For example, when called upon to assume the role of Chair of Civil Aviation Authority, he readily accepts the task with all the challenges that accompany.
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