The paper "Things That Contributed to Dick Smith’ s Business Success" is a good example of a business case study. Good leadership qualities and hard work are critical for the success of an individual (Bass and Avolio 1990, p. 12). This is demonstrated through Dick Smith, who despite being hopeless after dropping out of university surprised many including his parents who thought he was destined to failure by becoming a successful businessman and a good leader. Currently, Smith is among the most successful businesspersons and adventurer in Australia. The aim of this document is threefold: first, the document will analyze the things that might have contributed to Dick Smith’ s success.
It will proceed to highlight the qualities that contributed to Smith’ s charisma. Lastly, the docum4ent will analyze whether or not Smith is a transformational leader. Things That Contributed to Dick Smith’ s Business Success Starting and running a successful business is a challenging undertaking for most entrepreneurs. However, Dick Smith is amongst the entrepreneurs that have managed to start and run very successful businesses among them being Dick Smith Foods and Dick Smith Electronics.
Smith’ s business success came as a surprise to many including his parents who thought that he was destined to fail in life after dropping out of the university. However, from the case analysis, there are a number of things that Smith did right that ensured his business success. Firstly, Smith’ s business success might have been contributed by Smith’ s hard work and dedication. Bass and Bass (2009, p. 21) argue that hard work and dedication is very critical to business success. Therefore, despite dropping out of the university and not acquiring a degree, Smith was able to become a successful businessman because of hard work and dedication to his businesses. Secondly, Smith’ s business success might have been contributed by the fact that Smith of a risk-taker.
Risk-taking is one of the qualities that an entrepreneur must possess to become successful. Today’ s business environment is full of risks and uncertainties. Therefore, to succeed, an entrepreneur must be one who is not fearful of failure; rather must be one who is willing to take the risk by exploring opportunities that other businesspeople are fearful of exploiting. Accordingly, from the case, it becomes clear that Smith’ s businesses were successful because he was willing to take the risk, a quality that gave him an upper hand over others who are risk-averse.
As a matter of fact, success does not just come; rather one must pursue it. Thirdly, Smith’ s businesses were successful because of effective leadership demonstrated by Dick Smith. Bass and Bass (2009, p. 27) noted that effective leadership is critical for any business success. Effective leadership is important in business success as it ensures the formulation of agreed-upon goals, setting strategic directions for the business.
Additionally, effective leadership is important for business success since good leaders are able to motivate and rally employees towards the achievement of business goals (Bass and Avolio 1990, p. 42). From the case, it becomes clear that Smith was a good leader. His good leadership was demonstrated by the fact that he was able to connect well with the public and employees, as well as business leaders. Additionally, his good leadership is demonstrated by the fact that Smith is that entrepreneur who sought for advice whenever he deemed necessary.
Accordingly, these leadership qualities contributed to the success of his business.