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character traits of entrepreneurs
importance of entrepreneurship to an individual
character traits of entrepreneurs
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EFFECT OF ENTREPRENEURIAL TRAITS ON THE GROWTH OF PRIVATEFLY
The importance of entrepreneurial traits looks at the ability the entrepreneur has when placed with ‘pull’ factors and ‘push’ factors. Researchers believe that these traits have an effect on the way a business is set up. Entrepreneurial traits have been summarised into six by Paul Burns (2016).
Creativity, innovation and opportunism this is when an entrepreneur spots an opportunity and uses creativity and innovation to exploit it. Twidell was able to spot an opportunity when visiting RAF Northolt. He showed innovation when he raised 2 million pounds from investors to make the business global.
Also, the need for Achievement which was developed by McClelland and Winter (1969) can
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Because form the analysis of Private Fly business life cycle using Scott and Bruce Model (1987) it shows that they are reaching the end of the life cycle and the use of market development as a growth strategy can help with continuous growth. It can also reduce the risk of over dependency on a particular market. Since Private Fly is already going global rather than just finding new customers they could start looking for new markets. According to Chelliah et al 2010 there is a close relationship with globalisation and financial performance. In appendix 3 it shows that the solvency ratio of the business going down which is the degree at which the business current assets exceeds current liabilities and this might affect long term expansion and growth therefore, they should go into Franchising which is also another approach for the business to target new market. Sara and Dylan 2006 describe franchising as a contractual relationship between a franchisor and franchisee. Therefore, allowing the franchisee the license to produce or offer Private Fly services. This solves the problem of solvency because it is the franchisee that gets capital for the outlet and it becomes a separate legal entity, since the franchisee owns their own outlet there is high motivation to maximise growth and profitability, there is limited payroll, rent and administrative cost but in return the franchisee pays a franchise fee based on level of turn over and supplies purchased from the franchisor. However, for there must be trust between the franchisor and franchisee because there will be no certainty that the franchisee is declaring their true level of business activity. Also, Private Fly has no control over the franchisee which can lead to reputation problems for the entire
American Airlines and US Airways are in the aviation industry. Both companies provide air transportation services for passengers and freight. Together they have formed American Airlines Group, Inc., the world’s largest airline, as measured by revenue passenger miles (RPMs) and available seat miles (ASMs). In 2012 the U.S. airline industry was worth approximately $195billion in operating revenue, up from $154billion in 2009, including an operating fleet of 3,451 aircraft.1
My feelings on the issue are mixed. I do support Amy Chua and Jed Rubenfeld's position that their triple package of traits is essential, but I find Malcolm Gladwell's research to be more persuasive. While Chua and Rubenfeld provide ample evidence, Malcolm Gladwell convinces me that his factors are what determine success. In conclusion, then, as I stated earlier, the factors that determine success are still an ongoing debate. Works Cited Kenyon, April S., and Allegra, J. Lingo.
Opportunities: Strategize the
The case of JetBlue illustrates JetBlue’s plan to succeed, and be among the few airlines that have had longevity. Dave Neeleman was the founder of Morris Air, which was later purchased by Southwest Airlines in the mid 1990s. Neeleman models the operation of JetBlue after Southwest Airlines, in doing so JetBlue only operates one type of airline, the Airbus A 320, as a result they will only need to train and FAA certifies their crew of pilots, flight attendants and mechanics on only that kind of plane. JetBlue also operates from smaller airports instead of the busy international airports, in an effort to save on landing fees there’s also a lot less traffic, so airlines are easier to turn. JetBlue is also able to save on flight cost due to the fact that they operate newer airlines that require less maintenance, and a nonunionized workforce, making their wages a lot lower than those of established airlines.
Cathy Siskind-Kelly and Rob Kelly founded Black Fly Beverage Co. to meet the growing demand for premium coolers in the Ontario market. They wanted to differentiate their product from other spirit coolers by using natural ingredients and chemical free sweeteners, economically friendly packaging, and a brand name that represented northern Canadians. Furthermore, the final product would be less saccharine than competitors. Black Fly established a micro-distillery in the heart of downtown London, Ontario for maximum exposure and promotional opportunities, unlike many competing manufacturers due to the higher cost of real estate. To further capitalize on this competitive advantage, Black Fly partnered with a nearby sporting and special events arena to open a lounge in their facility that would market Black Fly products. The main production facility could produce 12,000 bottles of the cranberry-blueberry coolers in a process that around 26 hours. Black Fly struck a deal with the Liquor Control Board of Ontario (LCBO), a government corporation known for their distributing and marketing position, to carry their product on a trial basis dictated by strict benchmarks. The brand’s flagship flavor was a hit, and received “general listing status” albeit they continued to meet standards. Black Fly continued to show strong results with a rise in sales, while also receiving positive feedback from the media and LCBO, but were still only selling with limited availability throughout approximately one-third of LCBO’s stores. The Kellys contemplated taking advantage for the strong demand of their product, and came up with two alternatives for further expansion to increase market share. The first would be to create a new flavor of their vodka spirit c...
Creativity and innovation allows you to stay competitive and to think outside the box in a very imaginative and free flowing manner. In retrospect, there is an overabundance of strategies, procedures and tools that you can utilize to enhance your creative capacity. You have to be flexible in thought, opinion and decision making which naturally encourages outside the box thinking (Gelb,
Recognizing talent is the third trait that businesses need to look for when hiring potential leaders (Kaufman, 2014). It’s important for leaders to be able to recognize talent because a business is made up of people which means that a business will only go as far as the talent of the people working in the business. Never saying satisfied is the forth trait that businesses need to look for when hiring potential leaders (Kaufman, 2014). Never staying satisfied is an important trait for leaders to possess is because leaders who never stay satisfied with goals being achieved by them and their teams will always strive to do better every day. Being fearless is the fifth trait that businesses need to look for when hiring potential leaders (Kaufman, 2014).
“There is no one definitive profile of an entrepreneur. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and smarts." (Principles of Entrepreneurship)
Driven by an intense commitment and determined perseverance, entrepreneurs work very hard at what they do. They excel and want to win. Entrepreneurs are amazing people with a high respect of character. They use their mistakes as something to learn from rather than a failure. No matter the outcome, they believe in themselves and have an extreme confidence not only in themselves, but also in what they do.
A number of techniques exist to help generate new ideas and, in general, entrepreneurs identify more ideas than opportunities. The notion that creativity can be learned or enhanced holds important implications for entrepreneurs who need to be creative in thinking for decision making, problem solving and idea generation.
The principle contrast between creativity and Innovation is the focus or the core interest. Creativity is about unleashing the capability of the cognition to consider new thoughts. Those ideas could show themselves in any number of ways, however regularly, they get to be something we can see, listen, notice, touch, or taste. Nonetheless, innovative thoughts can likewise be thought explores inside one individual's psyche.
Some people accredit their success to fate, while others accredit it to their own achievements. I personally believe, good happens to people who work persistently for what they hunger. Being a successful entrepreneur is about sacrifice and hard-work. I assume I hold the qualities of a hard-worker. Scoring a twelve for action orientated was a shock. I find myself to be amply action orientated. I know whatever I require done, will not be completed unless I do it. I demand action in everyday challenges I am faced with. One structural characteristic of being an entrepreneur is being action-oriented. Willingness to utilize action and persistence are common traits of entrepreneurs.
entrepreneurs have the ability to come up with new ideas in various situations of which one might have never imagined. Entrepreneurs have a curiosity that identifies overlooked niches and they are constantly trying to innovate (Robinson, 2014). They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.
Being a student of success you will find there are varying traits but consistent ones, that lean toward success. It is your personality, your inner drive that will make you successful. Once you identify those traits, your journey as an entrepreneur will lead to success. Here now is THE list. See what you have and what you will need to acquire to achieve:
Creativity is a key part in the entrepreneurial process. It is the ability to invent something new or change something (Webster, 1976). According to (Cromie, 2000), Creative people show some particular characteristics. They find problems very interesting and are not afraid of obstacles; rather, they try to find out the solution of those problems.