Discuss about the Entrepreneurship and Marketing, The entrepreneur traits are the aspects that promote the exploitation of business opportunities and ideas, Prince is an entrepreneur who possesses some traits within himself.
Sam Prince is Scottish-born Australian doctor with the origin of Sri Lankan, he is running a chain Mexican restaurant as well as doing aid work in Asia-Pacific region in places such as Cambodia, Sri Lanka, and Vietnam. Sam Prince is an entrepreneur who started the Zambrero restaurant when was at the age of 21 years old (Tan, and Yoo, 2014). According to research, successful entrepreneurs in the business sector displays their entrepreneurial skill during their younger age, many of them exhibit their performance long earlier when they get opening business enterprises (Carter, 2006).
During the age of 21, Sam Price was at the Mexican café where he shells out his way to the university. While working as a chef at Mexican café, Prince was establishing his obsession for Mexican food and for the customers that come to the restaurant. The passion for products as well as the defined services is marked in both Mexico and Zambrero, after the being in the Mexican marketplace his decision was to start his own restaurant in Sydney. After opening his first business enterprise, he came up with innovative ideas such as plate for plate, for one plate sold at Zambrero one plate is also donated in the developing nations (Collins, 2017).
In 2010, Sam Prince was nominated as the Entrepreneur of the year. However, Sam is also the chairman as well as the founder of “One disease At a Time” initiative, the primary purpose of this idea was to eradicate diseases such as scabies and other curable diseases that affected the Indigenous communities, this made him be named as 2012 Young Australian of the Year for the Australian Capital Territory. The additional of advantage of his workable ideas was creation of employment opportunities to himself and other people, for his organization he required human labor which is the most critical element for every entrepreneur. Sam Prince worked for work for 100 men as well as civilizing the lives of many people (Sinha, 2017).
According to Cuervo, Ribeiro and Roig, 2007, an entrepreneur is a person who detects and creates business opportunities that he or she can explain through small and medium enterprises, the person is to exploit the capital for the business enterprise as well as carries out the role of being the arbitrator of the business idea (Johnson, Freeman, and Staudenmaier, 2015). The entrepreneur traits are the aspects that promote the exploitation of business opportunities and ideas, Prince is an entrepreneur who possesses some traits within himself. According to the case study, Dr. Sam Prince is an entrepreneur as well as a philanthropist; he want to build a humanitarian organization that is devoted to the social responsibility, and at the same time proving bold, modern Mexican (O'Shaughnessy, 2015).
Passion is the primary aspect which drives many entrepreneurs, many of them have passion for making profits, most of them will tell that they are driven by passion, this is by identifying the problem and making the life so easier, cheaper and better. According to the case study, Sam Prince is a social entrepreneur; his focus was on the social work, he had passion for making the life of the community better and cheaper (Lerner, and Watson, 2008). In this case study, Sam Prince has passion of opening a restaurant which was named as Zambrero. On the other hand, he used to help people who are suffering from hunger and diseases; this is by providing medication and food through initiatives such as One Disease at a time and Plate for Plate (Levy, 2014).
After having passion about something, it is important to ensure clear vision are developed. According to Volery, Mueller, and von Siemens, 2013, every entrepreneur has a vision, which he or she wants to achieve. The entrepreneurs have the curiosity that identifies overlooked niches and puts them at the forefront of innovation and emerging areas of business including social work. According to the case study, Dr. Sam Prince business and social ideas were fueled by the passion that he wanted to make the society better place for human. He has the vision to help to those people who are suffering from diseases and hunger (Kim and Aldrich, 2005).
Joe Robinson did a research on traits of successful entrepreneurs; where he found out that great entrepreneurs have self-confidence driving them. The self-belief is a key characteristic of successful entrepreneurs; some have to be crazy and sure, about the products and services he or she wants to offer to the clients (Robinson, 2014). The case study presents Sam Prince as a person who had confidence within himself he believed that by initiating his business ideas, he as to help the minority communities by providing them with food and medication (Hisrich, and Ramadani, 2017).
Flexibility is also another key factor that defines an entrepreneur. Joe Robinson also explained flexibility as the primary factor that makes people to be known in their business activities, the ability of working in different factors is the key element. Apparently, the case study presents Dr. Sam Prince to be flexible in his projects. At first working as chef in Mexican café sharpened his career, he opened his own business enterprise that he named Zambrero. He started initiating different ideas such as “plate for plate” and “one disease at a time”. Dr. Sam Prince was flexible to work in different fields (Fried, and Tauer, 2015).
Boundaries of social entrepreneurship
According to the report presented by William Smith and Emily Darko, 2014, running the mainstream business is faced with many challenges, likewise to social entrepreneurship. According to their study, the factors that affect the operations of the social enterprise are those issues which influence the activities carried out by the mainstream business (Smith, and Darko, 2014). According to the case study, the activities of Dr. Prince are affected by issues which also affected the running of his main business activities.
Access to finance
Finance is the main factor which affects the implementation of activities in the social entrepreneurship enterprises. According to the study done by William Smith and Emily Darko, it is known that the issue of finance has affected the operation of social enterprises, where the social enterprises find difficult to access social forms of finance. In the case study, Dr. Prince is perceived to involved himself in many activities that required adequate finance in order to operate (Smith, and Darko, 2014). One plate for Plate is an initiative, which required him to gather for more finance in order to succeed. Although he was a medical practitioner, it was his desire to access more finance in order to assist those affected by scabies and other fatal diseases.
The social enterprises are faced with the giant factors relating to the human resources, most of the social enterprises are the hybrid organization that requires having diversified human labor. On the other hand, it is known that many social enterprises with highly committed as well as charismatic founders sometimes it is difficult to hand over their organizations to other people. According to the case study, Dr. Sam Prince took long to find somebody who will manage part of his social enterprises (Smith, and Darko, 2014).
The social enterprise tends to focus much on the niche markets, especially those that are at the bottom of the pyramid. It is not easy and possible to realize and identify the fortune places and those which are infortunes this because they all require social organization in order to make them survive, in other words, it is difficult to identify the market gap which exists between different social market. According to the case study, the social enterprises commenced by Dr. Prince are perceived to be affected by the large gap in the market (Smith, and Darko, 2014). Many people depended on the Sam Prince aid in order to live, every initiative he generated increased a market which requires many resources and aid.
The main aim of the case study was to describe the entrepreneur trends and characteristic and also include the factors which affects social enterprises. The study is all about Dr. Sam Prince, who is an entrepreneur and philanthropist, he is a medical practitioner at the same time he had the passion of opening social enterprise, which he will use to help those who are forgotten in the community. Amongst his first social enterprise, an organization is Zambrero that was his first social enterprise, he used the profits which he got from the social enterprise to provide civilized medication as well as providing meals for every person in the identified regions, especially in east Arnhem Land. However, the report provides a brief explanation of traits in entrepreneurship; it is known that social entrepreneurs need to have characteristics, which will fueled their ideas and opportunities. Dr. Sam Prince operation is affected by different factor including, markets, human resource and access to adequate finance, although he opened many aid organization it was his desired to access more finance.
Carter, M., 2006. Entrepreneurship and marketing. In The Oxford handbook of entrepreneurship.
Cuervo, Á., Ribeiro, D. and Roig, S., 2007. Entrepreneurship: Conceptos, teoría y perspectiva. Introducción. Entrepreneurship: Conceptos, teoría y perspectiva, pp.9-25
Collins, J., 2017. Beyond entrepreneurship. Random House.
Smith, W. and Darko, E., 2014. Social enterprise: constraints and opportunities–evidence from Vietnam and Kenya. ODI. www. odi. org/publications/8303-social-enterprise-constraintsopportunities-evidence-vietnam-kenya.
Fried, H. and Tauer, L. (2015). An entrepreneur performance index. Journal of Productivity Analysis.
Hisrich, R.D. and Ramadani, V., 2017. Entrepreneurial Marketing Mix. In Effective Entrepreneurial Management (pp. 75-99). Springer International Publishing.
Johnson, S., Freeman, M. and Staudenmaier, P. (2015). Manic tendencies are not related to being an entrepreneur, intending to become an entrepreneur, or succeeding as an entrepreneur. Journal of Affective Disorders, 173, pp.154-158.
Kim and Howard E. Aldrich, P. (2005). Social Capital and Entrepreneurship. FNT in Entrepreneurship, 1(2), pp.55-104.
Lerner, J. and Watson, B. (2008). The public venture capital challenge: the Australian case. Venture Capital, 10(1), pp.1-20.
Levy, S. (2014). Marketing on the couch: Sidney and psychoanalysis. Marketing Theory, 15(1), pp.9-12.
Robinson, J., 2014. The 7 Traits of Successful Entrepreneurs. [Online]
Available at: https://www.entrepreneur.com/article/230350
[Accessed 10 January 2014].
Sinha, S., 2017. Trends & Challenges of Entrepreneurship in Northeast India-A Study of Nagaland. ITIHAS The Journal of Indian Management, 7(1), pp.30-36.
O'Shaughnessy, J. (2015). Note on the marginalizing of psychoanalysis in marketing. Marketing Theory, 15(1), pp.17-19.
Tan, W. and Yoo, S. (2014). Social Entrepreneurship Intentions of Nonprofit Organizations. Journal of Social Entrepreneurship, 6(1), pp.103-125.