Mr John’s Background
In the era of modernization, the importance of entrepreneurs is increasing day by day. An entrepreneur is one who takes a risk and develops new ideas in business that ensure creativity and innovation. In the market, with a new startup, an entrepreneur increases economic growth and the potential of the market. Entrepreneurship is important in the development of the standard of living and creating wealth. The change promoted by an entrepreneur is to develop the market potential. The purpose of the assessment is to analyse an individual entrepreneur. It will discuss his personal characteristics and also start-up influence. In addition, it also describes the situational factors and antecedent influence. Based on the analyse an understanding of entrepreneurs and entrepreneurship can be developed. It helps to understand the main character an entrepreneur needs to have to ensure his business success.
Mr John is a successful entrepreneur. He has a childhood dream to be a successful entrepreneur. He started his business from a small food store and now he is the owner of one of the fastest-growing fast-food chain companies in Singapore. He was born and brought up in Singapore. In his family, he has his parents and his younger brother. He belongs to a poor family and faced many struggles to come into this position. His father was a janitor in a corporate organization and work day and night to provide proper education to his children. As per Mr John, his first inspiration is always his father. As per the interview, he cleared that his father’s hard work, honesty and dedication towards his work always inspire him. He passed out his MBA from the National University of Singapore and started his business as he always love to cook and experiment. Thus, his passion and hard work help him to bring him to this position where he is today that is an inspiration for many.
From the interview, it is clever that he has some strong characteristics to be an entrepreneur. Among all of these, the main is his leadership skills. He is very good at leading others and motivating his employees. He has the capability to work as a team and guide them at the time team need and is able to work under pressure. An excellent leader also has the characteristics of critical decision making. In fact, the success of an entrepreneur and his business are more or less dependent on his decision. Based on the decision they develop the organizational strategies that help to reach the goal of an organization. In addition, Mr John also has the quality of effective communication and listening skills (Parker 2018). In the process of the development of a new startup business, it is necessary to listen to the needs of customers and take the advice of the employees as well. In addition, to reach out to maximum people the communication skills play an important role. Critical thinking is another skill that he has and makes him a successful entrepreneur (Yan, and Yan 2018). It helps him and his team to solve any organizational problem that brings success to him. Apart from these skills he also has financial and technological knowledge that helps him in his journey of being an entrepreneur. It is a journey and with lots of trial and error, he is able to reach a position that is a milestone for anyone. New entrepreneurs who are thinking to start up a business can learn many things from him. He also has the personality of taking risks. One of the most important entrepreneur skills to master is the ability to take controlled and smart risks. This characteristic helps him to go long way (Saptono 2018). Employees with an entrepreneurial attitude are never afraid to take risks because they know that measured risks lead to significant achievement. In the first stage, he started fast food supply business he does not get any support from his friends and family. He believes in his ability and takes risks he knows that he can do it and make it a success. In addition, he also has the ability to develop networking skills. It helps to develop relationships with employees and managers as he was aware the employees are the key to the success of his business (Johannisson 2018). He also develops a good relationship with investors to bring capital for his new startup and his excellent idea of business inspire investors to invest in his business with his excellent communication skills. The most important ability and his personality is his creative thinking. With his new strategy and new idea to manage people, promotion, advertisement and marketing especially improving the quality of food with the excellent price he is able to attract target customers in his business and enhance his market (Ukah, and Atah 2021). Entrepreneurs with innovative problem-solving capabilities are never afraid to explore alternatives that others might dismiss out of a sense of failure. Such individuals look outside the box and constantly seek feedback from experts in other fields in order to gain a new perspective. He is also aware of the customer’s service skills he know-how to deal with the need of the customers and meet their level of satisfaction. For that, he also conducts a market survey to know the change in the taste of customers so severe the exact food to the table of his target customers. He is an entrepreneur of the young generation so he is also aware of the latest technology that also helps to severe better to his customers. Further, time management is also an important skill that he has that helps him to establish his business and achieve success (Kerrin, Mamabolo, and Kele 2017). As he suggests to be successful it is not required that one person will have all skills and qualities. Over a period of experience, one can develop these skills. It is a matter of time one needs to be patients and dedicative towards his job. Honesty is the best policy one can apply in his carry and process of business. With lots of passion and dedication, one needs to do his job that will definitely bring success in future (Durkin, and Gunn 2016).
Personal Characteristics of a Successful Entrepreneur
The interview conducted with Mr john was a meaningful discussion that helped to develop knowledge to be a successful entrepreneur. From the interview about his personal characteristics of him, it is clear that to be an entrepreneur it is necessary to have some qualities and it is not an easy job. Lost of hard work and patients is the key to success and it needs lots of time and effort. As per Mr john in his family, there is no one who is an entrepreneur and also he is the first generation who is graduated with an MBA. His parents are not getting the chance to continue their education because of the financial crisis in his family. His father was a janitor in a corporate organization and work day and night to provide proper education to his children. As per Mr John, his first inspiration is always his father. As per the interview, he cleared that his father’s hard work, honesty and dedication towards his work always inspire him. He learned many things from his families such as how to do work wight full dedication and honesty (Staniewski, 2016). He learns from his father that no job is big or small. However, his love for cooking and the idea of opening a food business comes from his mother. He said that his mother was an excellent cook and she can cook with very few ingredients. From that his idea of the food business comes when he was studying MBA. his idea is to open a food business which is healthy as well as tasty that will bring the interest of the young generation in the healthy food again. He started from a small shop near his University area and slowly developed a strategy to meaning his business big (Frederick, O’Connor, and Kuratko 2018). His intention is to develop a food chain across Singapore and across the world that provides high-quality healthy and tasty food by using minimum ingredients. Again, he also mention that at the time of his study he used to stay in a hostel and at that time he missed homemade food. For that, he targeted opening stores near the hostel, college and universities areas where stunned cannot get the chance to eat flood from their home. He believed that students will appreciate the idea and his sale will increase (Kuratko 2016). In addition, also he also thinks about the price of this food as it needs to be affordable for the student. Basically he develops his business idea by keeping in mind the student’s preference and affordability. Slowly he started to get responses and within one year he opened five new stores. He realised that only offline selling and the traditional store will not work for a long time to increase the sale he also develop a strategy of online spring and stade meeting with investors to arrange capital (Burns 2016). He hires a web developer to develop a user-friendly and attractive website for his customers so they can order food online. It helps him to increase his sale and profit as well. Today after 10 years of launching his business he has a total of 30 stores all over Singapore and also very soon will go to open Internationally. However, most of the sale and profit comes form is an online business. He is now a successful entrepreneur and the seed was seeded was planted by his parents. He gets the right education from his parents and also from his teachers that help him to walk on the right path and take te the appropriate destination for him (Schmitt 2018).
Leadership Skills
Innovation brings the economy forwards. Forward-thinking individuals with the ambition, background to transform a business input into output, and abilities, are responsible for most of that development. However, the importance of businessmen extends beyond the impact they have on their own businesses. They have an impact on their regions and, in certain circumstances, the entire planet. The achievement of entrepreneur-created and market their activities to spreads to other organizations and marketplaces. Entrepreneurs generally seek new potential customers who are not served by established businesses. This helps to generate new income and profit sources (Blunde et al. 2021). Entrepreneurs’ new goods and services lesson reliance on obsolete products and systems. Whether in a local neighbourhood or across countries, entrepreneurs generate a community feeling among customers who share the same aspirations and interests. Their products or services contribute towards the development and financial well-being of the regions. The main influence of the benign entrepreneur of Mr John is to overcome the financial crisis and to serve healthy and tasty food to the young generation. Apart from his father he is also a follower of Jack Ma. He said the positive attitude of Jack Ma also inspire him a lot he said he nerve thought of giving up because he believed in his ideas. His strategy, his skills and his innovative ideas is his strength. He was aware that in his way there is ups and downs but he needs to be consistent and maintain the quality of his food so that he can improve his business performance and expand the market. The businesses that entrepreneurs establish tend to reflect the personality of their founders. Entrepreneurs are people from different walks of life, both economically and socially (Mishra, and Zachary 2015). From his childhood, he suffered from a financial crisis and he was eagerly wanted to move from the situation. He also moves by the fame and the respect that an entrepreneur get from society. In addition, he was also ger inspired by other entrepreneurs who believe in themself and achieve their goals. The diffusion of concepts and news over the internet has resulted in a more intense and speedier race to be the first to market. The ability to adapt to changing market prospects and new business prospects might mean the part of a successful entrepreneur and an unsuccessful company model. It is the responsibility of the entrepreneur to gather resources. To get the business off the ground, you’ll have to market either the concept or the product. To profit from the possibility, the entrepreneur must accept the concept and turn it into activities and products. Leadership can take various forms, though it is critical to the success of any business. Although no matter what is the situation is in favour of him or in against of him if an entrepreneur dream is to develop a successful business and run it smoothly they need to stick to it until they achieve it. It may take lots of time and hard work but they need to be patients and be honest with their work. They also need to be transparent with their work (Liang, Wang, and Lazear 2018). An entrepreneur may be able to obtain exclusive corporate rights to your ideas under intellectual property regulations. It may no longer happen to use a concept as competitiveness once it has entered the public domain. The exchange of ideas is highly valued in society. It is a journey and with lots of trial and error, he is able to reach a position that is a milestone for anyone. New entrepreneurs who are thinking to start up a business can learn many things from him (Mishra, and Zachary 2015).
Decision Making
Conclusion
The above discussion is providing the idea of an entrepreneur. It provides the knowledge of Mr John’s personal characteristics and also start-up influence. In addition, it also describes the situational factors and antecedent influence. Mr John also has the quality of effective communication and listening skills. In the process of the development of a new startup business, it is necessary to listen to the needs of customers and take the advice of the employees as well. He believes in his ability and takes risks he knows that he can do it and make it a success. In addition, he also has the ability to develop networking skills. His father was a janitor in a corporate organization and work day and night to provide proper education to his children. As per Mr John, his first inspiration is always his father. His intention is to develop a food chain across Singapore and across the world that provides high-quality healthy and tasty food by using minimum ingredients. Today after 10 years of launching his business he has a total of 30 stores all over Singapore and also very soon will go to open Internationally. However, moste of the sale and profit comes form is an online business. The success of entrepreneur-created and marketed goods and services spreads to other firms and marketplaces. Entrepreneurs usually seek out new potential customers that aren’t served by established businesses. The main influence of the benign entrepreneur of Mr John is to overcome the financial crisis and to serve healthy and tasty food to the young generation. Apart from his father he is also a follower of Jack Ma. He said the positive attitude of Jack Ma also inspire him a lot.
Reference
Blundel, R., Lockett, N., Wang, C. and Mawson, S., 2021. Exploring entrepreneurship. Sage.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Durkin, C. and Gunn, R. eds., 2016. Social entrepreneurship: A skills approach. Policy Press.
Frederick, H., O’Connor, A. and Kuratko, D.F., 2018. Entrepreneurship. Cengage AU.
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Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage learning.
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Schmitt, U., 2018. Supporting the sustainable growth of SMEs with content-and collaboration-based personal knowledge management systems. Journal of Entrepreneurship and Innovation in Emerging Economies, 4(1), pp.1-21.
Staniewski, M.W., 2016. The contribution of business experience and knowledge to successful entrepreneurship. Journal of Business Research, 69(11), pp.5147-5152.
Ukah, T.A. and Atah, C.A., 2021. Entrepreneurship skills development and self-reliance motive. World Journal of Entrepreneurial Development Studies, pp.2579-0544.
Yan, J. and Yan, L., 2016. Individual entrepreneurship, collective entrepreneurship and innovation in small business: an empirical study. International Entrepreneurship and Management Journal, 12(4), pp.1053-1077.
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