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Traits of Successful Entrepreneurs

The case study is a real life entrepreneurship story of two friends Buthaina Al  Mazrui  and Alamira Noor Bani Hashim who started their business in the  year 2010. They had the idea of doing business from many years but they were waiting for the right opportunity. They were clear that they will be doing something innovative in the food and beverage industry. Both Buthaina and Alamira Noor Bani Hashim are hardworking and dedicated to their goal. Their idea was to start up a business where people can enjoy and relax. They were looking for places where people can spend good time and have a good quality of food. To start their business they carried out a marketing research to find out locations, suppliers and partners. This was the reason they were not rushing. They started a secret Dinner Club while establishing their café. The concept behind the diners club was to organize secret dinners and strange locations. The guests who attend the dinner do not know each other. The guests were invited via emails. For each dinner, the theme is different and never repeated again (Roberts, Wood and Smith 2005). Until now, the dinners have been carried out in good locations. The two friends, the founders of the business carry out all the work on their own. The company does not a marketing department to carry out the promotional activities.

The founders of the business are Buthaina Al Mazrui and Alamira Noor Hashim. They planned to run their own business. They wanted to do something different in the food and beverage industry. This shows that the founders are impulsive and innovative. As they want to do something different. The founders are very focused. They were very clear that they would be doing something in the food and beverage industry. They worked hard towards achieving their goals. They did want to rush and get wrong target market but they were impatient enough to show their work. It      can also be said that the founders were hardworking (Hollensen 2015).

Trait theory is study of human personality. This theory states that traits of human beings are characters that are stable and stay for long time.  Traits differ from individual to individual. There are certain traits that people either have or they do not have but there are some traits like extraversion and introversion in which all human beings can be rated. A wide range of theories were developed  to identify  the traits of individuals (Schaper et al. 2014).

The Big Five Personality Traits

One of the most popular theories is big five personality traits, it is also known as five factor model. These five characteristics can be used to describe each individual. These five factors are  

Openness to experience- People who like explores new things. They are impulsive and ready for any new experience. They can also be said are risk taking. People with these traits are novelty seeking and curious persons. Individuals with high openness seek euphoric and intense experiences. On the contrary people with low openness to experiences can be said are conservative and do not take risks. They have fear of new experiences and generally they refrain change. Individuals are required to be moderate. They should not too much open to new experiences because it might prove a failure later on. The founders can be said are moderate in the scale of openness to experience because they were not seeking any euphoric experiences (Fleeson and Jayawickreme 2015)

Conscientiousness- People who are conscientiousness are organized and disciplined. These types of people are dependable as they are responsible. They act with responsibility and do not take actions on a hurry. People with high conscientiousness can be said are stubborn and obsessed. While people low on this trait are unorganized, messed and undisciplined. The founders are high on this scale because they were focused but not high enough in the scale to be obsessed to take wrong steps (Sharma, Markon and Clark 2014).

Extraversion- Extroverts are positive, assertive and social. They are talkative in nature. They are confident and good at initiating a conversation. On the contrary people who talk less and are not social are known as introverts. People who are high in extraversion tend to seek attention. While low extraversion or introversion makes people reserved and reflective personality. They are assumed as aloof and self-absorbed (Lewin 2013).

Agreeableness- People with this trait are compassionate and cooperative.  These type of people are not antagonist to others and generally work in harmony with other people. They can be trusted as they are helpful. People with high agreeableness are submissive. They are often considered as naïve. People with low agreeableness are competitive and highly ambitious. They do not  help others and cannot work in harmony. The founders are high on this scale because if they were not cooperative enough then it would not have been possible for them to do the business together in harmony.  Their business is a success is the proof that they had good understanding and they accepted each other’s decisions (Schultz and Schultz 2016).

Strengths and Weaknesses of the Founders

Neuroticism-It refers to the degree of emotional stability. This shows the tendency of people to express easily their emotions, like anger, sadness, anxiety and depression. People high on this trait are stable and do not express their emotions easily. On the contrary, people low on this trait is very expressive. They easily exhibit their emotions. When angry they shout at people (Hatten 2015). This can be very detrimental for appropriate organizational behavior and interpersonal relationship.  All entrepreneurs require being high on neuroticism especially while dealing with their stakeholders, customers, employees, suppliers and investors. The founders can be rated high on this trait or else they would have not opened a business successfully.  

The strengths of the entrepreneurs here is that they are innovative and hard working. They are impulsive but not naïve enough to rush and take hasty decisions. They want to select their target market very wisely. One weakness of the founders is that they are very high on openness to experiences trait, which makes them too much risk taking. They do not have a marketing team. They themselves entertain their guests. This is very risky because a marketing team might be helpful when there are too many customers or too much work. There are chances of mismanagement (Friedman and Schustack 2016).

No, I do not agree that this is the right approach for any business. Every business should have separate marketing team. Two or three employees are enough for a marketing team it is important that the work is organized and delegated amongst the employees. Businesses that have owners doing all the work often cause mismanagement. The Diners Club has just two owners who attend their customers themselves. In such case, there are chances of mismanagement. There should separate departments for carrying out the different works. There should be separate, marketing, finance and human resource department (Cherry 2013). As per the systems approach of management an organization is a system which is made of many small parts. These small parts can be said to be the departments of the organization. All the departments have the same goal same organizational goal but they delegate the tasks into various departments (Armstrong et al., 2015). This should be the approach that should be undertaken by the owners of the diners club. If the work is not organized and delegated among the employees then there are chances that a particular employee might have to do too much and he would be overburdened. Apart from carrying operations and handling the customers, there is a need to carry out promotional activities so that more customers are attracted to join the diners club. The duo does not focus on promotional activities. This is another weakness in the entrepreneurship of the two. Marketing promotional activities are very important for the sustainability of any new business but that seems to be lacking here.  (Bresler and Lubbe 2014) The diners club as an organization needs to have smaller parts so that management becomes easier. The marketing target and segmentation of the organization is not specific. It is more like a community of loyal customers.  Word of mouth seems to be the only advertising technique of the diners club.  It can be said the founders follow none of the marketing activities or concepts. The food for the customers are made at home and then transported. 

Conclusion

The business idea behind the Diners Club is an innovative idea. The founders of the business are hardworking and dedicated towards the business. This is evident by the way they take initiatives for all the activities related to their business themselves. According to them they are inspired by those businesses where owners take all the initiatives. This is the reason they do not have a marketing team. They send invitation to the guests and manage the customers on their own. They take too much burden of work. Instead of hiring employees they carry out most of the activities own their own. They transport the home cooked food for dinner at the location.

They should hire more employees

They should have separate marketing department and carry out promotional activities

They need to have clear marketing target and segmentation

References

Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.

Bresler, M. and Lubbe, I., 2014. Marketing management.

Cherry, K., 2013. Trait theory of personality. The Trait Approach to Personality. Retrieved December, 2, p.2013.

Fleeson, W. and Jayawickreme, E., 2015. Whole trait theory. Journal of Research in Personality, 56, pp.82-92.

Friedman, H.S. and Schustack, M.W., 2016. Personality: Classic theories and modern research. Pearson.

Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson Education.

Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.

Lewin, K., 2013. A dynamic theory of personality-selected papers. Read Books Ltd.

Roberts, B.W., Wood, D. and Smith, J.L., 2005. Evaluating five factor theory and social investment perspectives on personality trait development. Journal of Research in Personality, 39(1), pp.166-184.

Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small business.

Schultz, D.P. and Schultz, S.E., 2016. Theories of personality. Cengage Learning.

Sharma, L., Markon, K.E. and Clark, L.A., 2014. Toward a theory of distinct types of “impulsive” behaviors: A meta-analysis of self-report and behavioral measures.

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