Sam Prince, an Australian doctor who is a Scottish-born individual with Sri Lankan heritage working as an entrepreneur. Sam runs a Mexican restaurants chain as well as he is much involved in aid and social work in three major regions comprising Cambodia, Vietnam and Sri Lanka. At the age of 21 only, Sam started working as a Chef in the Mexican Cafe. It was the time when Prince was founding his fascination for the Mexican food as well as for all those customers who visit the restaurant. The fascination with the services and the products were recognised in Mexico as well as Zambrero and later on countered Sydney. After that, a pioneering initiative was started by Prince, named as “Plate for Plate”. According to this initiative, it was stated that for every meal which is sold at Zambrero, there would be the donation of a plate of foodstuff to the rising world (Zambrero, 2017).
In the year 2010, Prince was listed for achieving the title of the Entrepreneur of the year. At the organisation named, One Disease at a Time, Prince is the founder as well as the Chairman. The fundamental objective of this organisation is to serve amenities to those individuals who are suffering from the disease called scabies. In the local communities, scabies is one of the most shared and communicable diseases. The snowballing success and growth of Prince nominated him for the recognition of Young Australian. Through the idea of innovative aid project and the medical business, there has been served services to thousands of people. With such moral and social work, Prince was declared as Man of Courtesy 2011 (Shinedrink, 2017).
Analysis of the characteristics or traits of the Entrepreneur
From analysing the case study, there has to be identified various characteristics of an entrepreneur. Sam Prince is a philanthropist who worked over building a more humanitarian corporation which has high social consideration. Following are the analysis of the characteristics or traits of an entrepreneur:
Entrepreneurs must not get defeated or threatened by failure. They must have a strong determination and will to come up with new ideas and move on. They must be determined to achieve high success and set goals. At the age of 21, Sam started working as a Chef in the Mexican Cafe. This shows his determination for the accomplishment of his long-term vision (Zhao, Seibert and Lumpkin, 2010).
It is the first primary characteristic of an entrepreneur to being confident in all kind of circumstances so that if the organisation is wedged in any form of obstacle, there can be ways suggested by the entrepreneurs which can save the organisation. In all the social work undertaken by Prince he always had a confidence of going ahead by serving the communities (Obschonka, Silbereisen and Schmitt-Rodermund, 2011).
A lazy or lethargic leader is the biggest threat to any business. Being energetic is one of the most significant traits of a real entrepreneur. By remaining dynamic to make efforts gives motivation to the subordinates to work hard with utmost zeal. Being holding a job of a full time doctor, Prince is handling the Mexican restaurant chains with 17 different stores. This shows the level of energy he possesses (Zhao, Seibert and Lumpkin, 2010).
Having the ability to encounter the imminent potential threats and opportunities is one of the biggest traits of an entrepreneur. It is essential that the future market trends and other forecasting must be done by the entrepreneur for saving the organisation from the highly dynamic environment and its impacts. Therefore, having a future-oriented approach is the trait of a potential entrepreneur (Brandstätter, 2011). Prince analyse the market gap before anyone else. This shows his future oriented and visionary approach.
Being an entrepreneur, it is required that one must possess high skills, competence and abilities to take care of all the functions and operations of an organisation. A skilled entrepreneur can only assist its subordinates and can direct them in an appropriate direction. Sam possesses high medical knowledge which helps him in monitoring the operations of One Disease at a Time (Obschonka, Silbereisen and Schmitt-Rodermund, 2011).
Give importance to value over money
Money is a major element for performing any business activity. But as an entrepreneur, it is also essential that there must be an equivalent focus on the value derived from the products and operations of the business. By having a focus on the value, there will be more satisfied and reliable customers (Mitchelmore and Rowley, 2010). The main purpose of Sam is to uplift the masses and the society, therefore from his social initiatives it shows that he give much significance to value than monetary benefits.
Having a vigorous passion is one of the traits of an entrepreneur, as the desire to work hard results in the development of innovative business ideas and improved organisational productivity. For opening the Mexican food chain, Prince had a passion which he carries with him in his long-journey (Obschonka, Silbereisen and Schmitt-Rodermund, 2011).
Recent trends in the social entrepreneurship
In the present scenario, social enterprise is fetching attention of almost all the companies, new entrepreneurs and the customers. Social entrepreneurship can be explained as a corporate friendly and market driving approach which helps organisations to improve their sustainability.
Following are few recent trends in the social entrepreneurship which attract more number of entrepreneurs to have their involvement in the expansion of this approach:
Crowd funding is the concept by which the projects are funded by raising capital from individuals and groups basically through the Internet. For the entrepreneurs, the crow funding is one of the best and favoured ways for supporting their start-up ventures. There are sites such as Indiegogo, kick starter, etc. are the one which will accomplish their fundraising operations (Defourny and Kim, 2011).
It is one of the trends which support the eradication of poor quality. There are several numbers of social entrepreneurs that are extensively taking use of consumerism for enhancing the resources, for having fair employment practices and for recovering the living standard of the masses. These social entrepreneurs manufacture products which are beneficial for the society and the environment such as organic things, fair wages, mindful production, etc. (Short, Moss and Lumpkin, 2009).
To have 100 percent clearness in the operations and functions is one of the latest trends in social entrepreneurship which is implementing by several numbers of social entrepreneurs. For example, the organisation, Charity: Water, is one of such institute that provides photos and GPS coordinates of all the wells built by the organisation to the individuals. These are the evidence of the clear and social approach of the organisation. It increases the trust of the people over the common objective and functioning of the organisation (Lyon and Sepulveda, 2009).
The social entrepreneurship is rapidly rising by having a keen focus on achieving improvements in renewable energy resources and operations. The social entrepreneurs are striving hard to eliminate or reduce the emissions of the greenhouse gases. This is also one of the mostly incorporated social entrepreneurship trend in the business activities of having a safe environment (Defourny and Kim, 2011).
It is one of the most pioneering trends in the social entrepreneurship which refers to investments which are made in various organisations, companies for generating a monetary return with positive and measurable environmental and social impact (Short, Moss and Lumpkin, 2009).
The primary aim of this case study was to have an effectual analysis of the traits of an entrepreneur and the current trends in social entrepreneurship. There are some good and potential traits in the entrepreneurship of Sam Prince which have supported his various innovative business ideas and efforts. With strong determination, he has managed to eradicate the problem of scabies from the community. With high efforts and a social approach, Prince achieved tremendous recognition and success across the regions. It motivates other social entrepreneurs to work with an idea of social entrepreneurship and develop themselves as one of the moral and social individuals of the society. The report concludes that if the entrepreneurs work in consideration with the recent trends in the social entrepreneurship, then it can quickly attain a long-term sustainability and recognitions from the government, communities and individuals.
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Obschonka, M., Silbereisen, R. K., & Schmitt-Rodermund, E. (2011). Successful entrepreneurship as developmental outcome. European Psychologist.
Shinedrink, (2017). Dr Sam Prince: Growing an entrepreneurial empire from humble beginnings, Retrieved on: 29th March, 2017, Retrieved from: https://shinedrink.com/blogs/news/dr-sam-prince-growing-an-entrepreneurial-empire-from-humble-beginnings
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Zambrero, (2017). OUR STORY, Retrieved on: 29th March, 2017, Retrieved from: https://www.zambrero.com/zambrero-au/story
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