Discuss about the Entrepreneurship.
What entrepreneurial skills does Welch display?
Welch was an oReferencesptimistic person because after leaving his studies he had positive feeling that he would be successful towards setting up his own business. He also had the right vision towards his future of setting the business. He was an initiative person also who jus started working with a normal wage of £500. He had the power of persistence as he was self-motivated himself and was energetic towards all his work. He had the productivity power where he tried to understand the in and out of the tyre business. He was good at recognizing the strengths and weakness of the opposition and same he did with kwik- fit tyres. He also had the ability to hire people for his team so that his business grow and prosper. In-spite of hiring people he had the ability to train those people because he believed that training makes the company goes on the right path. By having such people, he well managed them also by keeping a check on them as how they are dealing with the customers and to their queries. Then Welch tried to diversify his business through social networks by online selling of his products. Moreover, he kept a grip on his customers by having 17 call centers where he could reach to his customers and know about his satisfaction. At last, he was himself motivated to change himself without noticing about other people reactions.
What lessons does this case reveal about being a successful entrepreneur?
Being a successful entrepreneur does not require one to have a stable finance backup or to have the business background. It just needs a motivation and a correct vision with a right belief to do so, and the same thing happens with Michael Welch, who left school at 16 because he dint wanted to have small or medium business but something big. After getting inspired from the Kwik- Fit tyre he decided to have something like that or better than that. With little money he started to go through the ups and downs of the business from the small garages to the broken chairs, he started working and ultimately became the owner of the Black circles tyres. This shows that to achieve something big one has to pass many hurdles before getting his plan accomplished. Also to be successful one has to be knowledgeable to understand the terms of the business.
What are the dangers faced by an entrepreneur when growing their business?
The challenges faced by the entrepreneurs in their growing business are the flow of cash where they don’t have enough money to balance their business, next is the employee hiring as it takes much of the time to recruit the people to suit the business, management of time is the most important as the entrepreneurs don’t understand how to evaluate it, another one is the tasks getting delegate when the employees are not good. The most important one is the strategy of marketing that how one is going to market their products which could come into the public’s eyes as this is the critical point in one’s growing business.
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