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Question:

Discuss about the Entrepreneurship Naomi Simson.
 
 

Answer:

Background of the entrepreneur

Naomi Simson is a famous public figure in Australia and all over the world. She is known for her work as an entrepreneur, author, speaker, LinkedIn influencer and TV personality. Simson has received a number of recognitions throughout the years. She has written three books ‘I Want What She's Having’, ‘Live What You Love’ and ‘Ready to Soar’. She has been a part of the Australian television show ‘Shark tank’ since its inception in 2015. She was also ranked to be one of the top tech influencer on LinkedIn and Twitter. She won the ‘Lifetime Achievement Silver Stevie Award’ in 2013, the ‘National Telstra Business Women's Award for Innovation’ in 2008 and the ‘Ernst & Young Entrepreneur of the Year Award’ in 2011 (Hanke, 2016). During the initial days in her career, she worked in various big organizations like KPMG, Apple and IBM in the marketing area of expertise. So, she gained a lot of experience and skills in the marketing roles by working in such big organizations and tried to learn various aspects of the business model of those organizations. This in turn allowed her to have a vision to have something of her own. In the year of 2001, she started her own business ‘RedBalloon’, an online experience gift retailer. She managed to make the business a success through her passion for work and amazing views on the business model of the organizations along with the responsibilities of the higher management of the organizations (Bruhn, 2013).

Characteristics of the entrepreneur

Naomi Simson is very passionate for her work. While working for the big corporates like IBM, Apple and KPMG, she rose to the high positions in the marketing department swiftly. Along with her passion for work, Naomi Simson follows Verne Harnish in ‘Mastering the Rockefeller Habits’ book to a significant extent. Simson believes that the goals without any routine are just wishes and the routines without any goals are just aimless. By following such a view preached by Verne Harnish, Simson has always ensured that her goals always have proper routine associated with them. Simson strongly believes that the higher management of any organization should always have a strong goal and roadmap associated with their activities. She is a true believer of the power of having a clear vision for an organization. She has iterated over multiple instances that the clear vision for an organization allows everyone in the organization to work efficiently towards achieving the objectives. So, Simson believes that the presence of discipline along with clear vision allows the organization to reach a successful position quickly (Ciravegna, 2014).

Simson is also known to have very high quality of interpersonal skills, which has always allowed her to have a very good relationship with her colleagues and subordinates. She believes in maintaining a strong and close relationship with the people working in her organization, which in turn allows them to build the comradery among the employees trying to reach the personal and organizational goals. Simson has always ensured that all the employees in her organization are involved in the decision-making processes, which in turn increases the effectiveness of the decisions along with the confidence of the employees (Mwenda, 2015).

Simson has a lot of expertise in the marketing activities and has implemented strong marketing strategy in the journey of her organization. She ensures that the marketing and promotional activities are the most important module of the business model of the organization. This in turn allows the organization to attract more customers and allows the organization to rapidly move towards achieving the goals (Wynarczyk, 2016).

 

Processes of opportunity recognition and idea development

As mentioned previously, Naomi Simson has a very high quality of interpersonal skills, which allows her to maintain close relationships with her colleague in the workplace. This in turn has allowed her to understand the true meaning of having comradery in the workplace in order to achieve the organizational objectives and vision. Naomi Simson has always believed that the process of idea development starts from any point in the organizational hierarchy (Franklin, 2014). She has always believed that the position, designation, role and responsibilities of the employees doesn’t matter for them to pitch amazing and game-changing ideas to the higher management of the organization. So, she has always ensured that all the employees of her organization have been included in the decision-making processes in the workplace of the organization. She has always encouraged all the employees in the organization to speak their mind and to put their opinions forward in every stage of the business processes. This in turn has allowed multiple ideas to be born from various employees in the organization other than the higher management (SmartCompany, 2017).

The efficient interpersonal skills have always allowed Naomi Simson to maintain close relations with her colleagues in the organization. This has allowed her to understand the significance of the process of recognizing the opportunity at various stages of the business and the potential positive effects it can have on the performance of the business. Naomi Simson has always ensured that the opinions and feedbacks from the customers of the organization are received by the organization with utmost importance. This in turn allows the organization to grow efficiently as per the requirement of the customers, which allows the organization to rapidly move towards the achievement of its objectives and vision (Chitura, 2015).   

The business – RedBalloon

Naomi Simson started her business ‘RedBalloon’ in the year of 2001 in her home. She started the business with an initial personal investment of 25,000 USD. The organization was the first of its kind in Australia, which pioneered the industry of experiential gift retailing. RedBalloon started providing the customers with various gift ideas based on the experiences and adventures available in the area near the customers. Such an innovative idea grew in the market at a rapid rete due to the high acceptance of the customers in the corresponding market. The customers in the Australian market loved this idea so much that the organization quickly gained a very loyal customer base. This customer base led to repeat purchases and ear-to-ear marketing of the products and services of the organization. This allowed Naomi Simson to have close to 50 employees by the year 2011. The organization has also been ranked in the top fifty employers by Business Review Weekly since the year 2009, due to the amazing business model of the organization (Ballard, 2014). The business model of RedBalloon considers all the employees of the organization as equals and includes everyone in the decision-making process of the organization. The business model of RedBalloon also provides attractive employment agreements to the employees, even though the organization has been operating as a small business. The organization provides the customers with a number of innovative and creative products and services. The organization has also started a number of loyalty programs in order to retain the customers and to strengthen the customer base. RedBalloon ensures that the products and services always satisfy the requirements of the customers to the maximum extent and allows the Australian market to be a very good tourism prospect for the customers (Kimmorley, 2017).

Suggestions

Naomi Simson has been working as a non-executive director in the board of directors of RedBalloon along with her other priorities. She has also been active as an author, blogger, social media influencer and TV personality, which always have allowed her to be in the limelight. She can also invest in other small and medium organizations with innovative and creative products resolving the real-time issue and needs. Along with the startups, she can also invest in the existing SMEs in order to tap into various other industries (Leigh, 2016). As per her popularity in the TV and the social media, she can start other businesses focusing on other industry like healthcare and hospitality. Her positive image in the society along with her popularity allows her to be brand ambassadors of various hospitality brands. One of the biggest recommendations to Naomi Simson would be the globalization of her existing business. RedBalloon can explore the opportunities provided by the international markets beyond the border of Australia. The organization can start servicing the customers in the international markets to understand the demand of the products and services. The international market would allow RedBalloon a large amount of untapped opportunities, which can be properly utilized to gain a lot of business in the international market (Kotelnikov, 2014).

 

References

Ballard, A., 2014. Sideways to the top [Book Review]. Ethos: Official Publication of the Law Society of the Australian Capital Territory, (231), p.41.

Bruhn, M., Karlan, D.S. and Schoar, A., 2013. The impact of consulting services on small and medium enterprises: Evidence from a randomized trial in mexico.

Chitura, T., Mupemhi, S., Dube, T. and Bolongkikit, J., 2015. Barriers to electronic commerce adoption in small and medium enterprises: A critical literature review. The Journal of Internet Banking and Commerce, 2008.

Ciravegna, L., Majano, S.B. and Zhan, G., 2014. The inception of internationalization of small and medium enterprises: The role of activeness and networks. Journal of Business Research, 67(6), pp.1081-1089.

Franklin, A. and Jenkins, T., 2014. Web Marketing that Works: Confessions from the Marketing Trenches. John Wiley & Sons.

Hanke, A., 2016. Rethinking business. Books+ Publishing, 95(4), p.16.

Kimmorley, Sarah. 2017 "IN GOOD COMPANY: 15 Successful Australian Entrepreneurs Share The Best Advice They Ever Received". Business Insider Australia. N.p., 2017. Web. 8 Apr. 2017.

Kotelnikov, V., 2014. Small and medium enterprises and ICT.

Leigh, A. and Triggs, A., 2016. Markets, monopolies and moguls: The relationship between inequality and competition. Australian Economic Review, 49(4), pp.389-412.

Mwenda, L.K.M. and Wachira, A.W., 2015. Effects of Leadership Styles on Implementation of Organization Strategic Plans in Small and Medium Enterprises in Nairobi.

SmartCompany 2017 "How Naomi Simson Got Her First Customer And Grew Redballoon From A Struggling Startup To A Booming Business - Smartcompany". N.p., 2017. Web. 8 Apr. 2017.

Wynarczyk, P., Watson, R., Storey, D.J., Short, H. and Keasey, K., 2016. Managerial labour markets in small and medium-sized enterprises. Routledge.

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