Successful Entrepreneur Case Study

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Business involved by two or more members of the family and is owned within the family is the simplest way to define family business. In this type of business the positions in the company is filled according the family blood. The founder of the business is usually the skull of the company, the rest of the positions are taken place by the family member which are usually higher positions where else other positions are filled by non family members.

Since this type of business involves family members, it is essential for the elders in the family to prepare the next generation for taking over the business. Some of the ways of preparing next generation are, Firstly, starting at an early age to be confidante they learn the leadership skill from its …show more content…

It means the positive attitude against the business and strength and will to achieve success. A successful entrepreneur has to own certain qualities that would enable him to succeed in his business.

Entrepreneur's should have a strong drive to successes and overcome obstacles. Confidence and strong will are must. An entrepreneur should be sharp and always think of ways to run their business flexibly .Another important quality of a successful entrepreneur is being adaptable to

quick changes and should have the eagerness to learn new things. The awareness of the latest service technique and technology to serve the clients' in best way possible is a necessity. According to the case study given it shows that Plummer Jr wasn’t a successful entrepreneur since e he doesn’t own any of the previous traits mentioned previously in a successful …show more content…

It all began with his son, who had no passion in his father business field but was obligated to work with him due to his father stroke; Although Plummer Jr was trained for this job from nine years and was also named an s successor by his father. The death of his father has revealed that the company sales have declined by 24%. The poor financial management of the company managed by his father and his drive by helping his employees financially has caused a swollen pay roll. Money was also paid to employees who literally didn’t do anything. Recruitment was made not according to skills but according to relations, Plummer Sr hired his friends instead of hiring employees who have skills and

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