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Management Of Business Ventures

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Question:

Discuss about the Entrepreneur And Management Of Business Ventures.
 
 

Answer:

Introduction

Entrepreneurs refer to the individuals who engage in the starting, organizing and the management of business ventures irrespective of the risks that they are likely to encounter so that they can be in a position to gain profits or rewards in the long run. Entrepreneurs are usually the managers of their businesses and they thus oversee the implementation of all the procedures in the business and also launch any new products that they have made out of their creativity and innovativeness (Kaplan, & Warren, 2010). They usually identify the areas where they exist gaps in the market so that they can invest in them. This report presents the lessons as well as insights gained from the research about David Hains and family. It also looks into the patterns, similarities and the differences that exist between what he practices and entrepreneurship theory and his orientation, behavior, and mindset.

Why an entrepreneur

One of the reasons why I feel that David Hains and family is an entrepreneur is because he is creative and persuasive. In this, he has the creative capacity to recognize existing opportunities and pursue them. He has very strong persuasive skills that he use in persuading their customers, and this makes it very easy for him to attract a wide scope of clients (Welsch, 2004). The other reason why I feel that David is an entrepreneur is due to his motivation. In this, he is a very enthusiastic, future-oriented and an optimistic individual. He believes that despite the challenges in running the business, he will still being a position to achieve the success that he desires and he is always willing to risk the resources that the family has so that they can be in a position to attain profit. His high level of energy makes him stand out in the field of business and he is always willing to put in an extra effort so that he can increase his market share (Krueger, 2002). The third reason why I feel that David is an entrepreneur is that of his flexibility and open-mindedness. Entrepreneurs usually face many challenges, and they thus need to have a vision that is steadfast. David is always ready to make changes to his initial strategies and plans so that he can adopt better ways of doing things and meet the needs of the people.   

 

Type of entrepreneur

From the research carried out about David Hain and his family, he can be said to be a determined entrepreneur. One of the reasons behind this is because irrespective of the many challenges that are encountered in the field of business, they are always determined to achieve and they thus strives hard to get where they want their business to be. David greatly values entrepreneurship, and he thus as for have it in mind that he doesn't need to copy what other people in the market are doing so that he can be successful. He thus focuses on being more creative and innovative every day so that they business can grow and remain unique. Although it is hard to start a business and maintain a steady rate of growth, David, and the family are committed to their tasks, and this gives them the motivation of reaching their goals in future. As an entrepreneur, it is very important to change one’s mindset so that you can fully focus on your desires to make them a reality. 

Motivating factors to pursue entrepreneurial activities

One of the factors that motivate David and his family to pursue entrepreneurial activities is the desire to achieve personal growth. Being entrepreneurial assists individuals in the achievement of their personal growth because they encounter so many challenges in the process and this makes them learn new things every day. In this, an individual can remain conscious, and since they have to be independent unlike in the places of employment where they can consult their bosses, they have to research so that they can improve on their weaknesses and this in the personal growth. The other factor that motivates David to pursue entrepreneurial activities is the need to gain self-control. Entrepreneurship enables people to have a job security, and they can thus preside over all the activities in the business, and this greatly assists them in the improvement as well as sharpening of their skills.

The other motivating factor for David and family to engage in entrepreneurial activities is the passion. When one is passionate about something, they always dare to get in it irrespective of the risks or the challenges that are involved. Due to the passion, they develop the faith that it is possible for them to push through the ideas if they put in sheer hard work, be patient and get ready to persevere the hardships. The energy that is derived from the passion usually motivates them as a family irrespective of the risks and the challenges incurred. The other motivating factor while engaging in entrepreneurship is the need for self-reliance. In this, employed individuals are not able to attain the satisfaction that they require because there are protocols and rules that they have to abide by which limit their ways of doing things. Entrepreneurs usually have the freedom to engage in many activities where they can exercise their creativity to their full extent, be independent and have freedom and this thus motivates many people to pursue business instead of employment (Kuratko, & Hoskinson, 2017).

 

Challenges faced by David and his Family

Entrepreneurs usually face very many challenges in the process of starting and running a business. One of the challenges that David Hain and his family faces in the process of running their business is battle resentment (Ortiz, & Sahut 2014). In this, in the process of carrying out their tasks, David and his family usually at times find themselves in a conflict. They thus advise the people who are going in business with their family to ensure that they do not engage in anything that is likely to create resentment or have a negative impact on their personal relationship. The other challenge that David and his family encounters in the process of running the business is the identification of their roles. In this, it is very imperative for all the stakeholders in a business to know the role that they are supposed to play in the business and avoid slipping out of their lanes (Davidsson, 2008). Boundaries should thus be set and effective communication maintained while having trust that the other business partners will deliver as required. The other challenge that David and his family experienced is the fact that different people view things from different perspectives. This thus results to conflict since people have their own opinion and it is thus important for people to respect each other’s decision, opinion and values (Kaufmann, & Shams, 2015). From the research, business partners should come together to solve the problems arising. 

 

New Insights that emerged from the research

From the research on David Hain and his family, one of the insights learned is that behind every successful entrepreneur or a leader, there must be a skilled management team. This is because; it is difficult for an individual to work alone since we do not always having it all. Working with a skilled management team helped David and his family to easily obtain solutions to the problems that their business was facing through since they could easily discuss the problem and participate in the identification of the most viable solution to the problems  (Sami, 1989). The other insight gained from the research is that people should aim at seizing at the opportunities that they have at their disposal. In this, it is clear from the research that David first started his career as an engineer and a corporate restructurer. He later formed his Portland House Group where he invests in fixed interest, equities, and properties and also globally manages funds and it is known as the biggest hedge fund in Australia. He identified that there was an opportunity in this area and that is why he invested in the hedge funds company which he runs with his children. The other area that David and family have invested in is the breeding of the horses and this reveals that they are able to take any available opportunities that are viable and at their disposal.  

 

Tools of Trade

One of the tools of trade that are employed by David and his family in running of their business venture is communication. In this, communication is considered to be very key in the achievement of the desired success in an organization. Through the use of the various tools of communication such as chats and newsletters among others, they are able to communicate effectively with each other and also share ideas (Glauser, 2016). The other tool of trade that is used by David Hain and his family in the running of their business ventures is team work. Bearing in mind that unity is strength, they are able to work hand in hand with each other and collaborate so that they can achieve the desired organizational goals.

The other tool of trade that is employed by David Hain and his family is the social media networking platforms (Little, Go, & Poon, 2017). In this, the company uses platforms such as Facebook, Twitter and Google among other so that it can pass information to their clients to ensure that they remain connected and well informed on the changes taking place. The business also has a website which the clients relies on to obtain the information needed about the company.

Conclusion

To sum it up all, it is clear that David Hain and his family are great entrepreneurs due to the fact that despite the challenges that are involved in the starting and running a business, they are always willing to take the risks so that they can attain the desired profits. From the research it is thus evident that when working as a group, people should learn to stay in their lanes and respect the opinions of other people since different people have different opinions. in case of challenges, David and family should thus come together and obtain a solution to their problem to ensure its viability and acceptability by all persons. 

 

References

Corbett, A. & Katz, J. (2013). Entrepreneurial resourcefulness : competing with constraints. Bingley, U.K: Emerald.

Davidsson, P. (2008). The entrepreneurship research challenge. Cheltenham, UK: Edward Elgar.

Glauser, M. (2016). Main street entrepreneur : build your dream company doing what you love where you live. Irvine, California: Entrepreneur Press.

Kaplan, J. & Warren, A. (2010). Patterns of entrepreneurship management. Hoboken, N.J: Wiley.

Kaufmann, H. & Shams. (2015). Entrepreneurial challenges in the 21st century : creating stakeholder value co-creation. Houndmills, Basingstoke, Hampshire New York, NY: Palgrave Macmillan.

Krueger, N. (2002). Entrepreneurship : critical perspectives on business and management. London New York: Routledge.

Kuratko, D. & Hoskinson, S. (2017). The great debates in entrepreneurship. Bingley, U.K: Emerald Publishing Limited.

Little, S., Go, F. & Poon, T. (2017). Global innovation and entrepreneurship : challenges and experiences from East and West. Cham, Switzerland: Springer Nature.

Ortiz, M. & Sahut. (2014). New challenges in entrepreneurship and finance : examining the prospects for sustainable business development, performance, innovation, and economic growth. Cham: Springer.

Sami. (1989). Entrepreneurship development in India. Delhi, India: Mittal Publications.

Schulte, A. & Sauer, B. (2014). Entrepreneurship : theory, role of economic development and practices. Hauppauge, N.Y: Nova Science Publishers, Inc.

Welsch, H. (2004). Entrepreneurship : the way ahead. New York: Routledge.

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