Essay On Entrepreneurship And Traits Of Entrepreneurs.

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Entrepreneurship and characteristics/traits of entrepreneurs?

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Risk-taking ability and innovation

The purpose of this report is to provide brief information about the meaning of an entrepreneur and the characteristics present within them that helps them to succeed in the target market. An entrepreneur is a person who has a business idea and set up a new venture through that idea. An entrepreneur is a person who takes financial risks and aim high in the target market to achieve growth through their innovations initiated in the business. Entrepreneur is a person who uses the activities of entrepreneurship in their business. There is minute difference between an entrepreneur and a businessperson in the society, a businessperson is person who does not prefer innovating the business through new ideas and taking risks for the business. Whereas, an entrepreneur is a person who takes calculative risks for the growth and success of the organization [1]. The characteristics traits of two engineering entrepreneur are explained in the below mentioned report along with their background and business approach. Sebastien Eckerley-Maslin belongs to Australian region and James Chin Moody also belongs Sydney, Australia (local region). Sebastien Eckerley-Maslin is the founder and CEO of innovative company BlueChilli and James Chin Moody is the founder and CEO of Sendle Company. More details about the report are discussed below:

The most important determinant of an entrepreneur in the current society is the risk taking ability of an entrepreneur and handling them correctly in the organization. A businessperson also gets the chances themselves to grow and expand their scope of business but an entrepreneur create opportunities out of risks present in the environment and using such risks their grow and survive in the target market. Apart from risk, innovation is another significant and important trait that is common in entrepreneurs. It should be noted that a person can clearly identify that the other person is an entrepreneur or not by their way of working, an entrepreneur always thrive to find out different ways through which they can get the task completed [2]. They always aim to complete a normal task also in an innovative way so that the customers can identify their organization separately in the target market. So, it should be noted that innovative or creative mind is another significant characteristic that is common in all the entrepreneurs present in the target market. Another important characteristic that is present in all the entrepreneur irrespective of their age or any other difference is positive approach towards problem. This trait is the demand of the business as without having a positive approach in the organization, the leader cannot successfully run their business in the target market [3]. There is a quote expressed by Steve Jobs, he said that, ‘he is convinced that about half of what separates the successfully entrepreneur from non-successful entrepreneur is pure perseverance. It is very essential trait for the entrepreneurs to have within them because with the help of this approach only then get solve the problem effectively in the organization. It is important is have a positive approach to solve a problem. One of the greatest example that perseverance provide success to entrepreneur is the example of Jack Ma. His success story clearly depicts that he initiated several attempts despite of failure only with one vision to succeed in the target market. Further, another common trait is a clear and approachable vision [4]. An entrepreneur is a person converts his vision into reality. Therefore, every entrepreneur in society forms a vision based on which they act in society and aim to achieve the best of it. There are many other significant common traits that are present in the entrepreneur but one of them is flexibility and adaptability. This aspect is very important for the entrepreneur as it helps them in dealing with diverse situation present in the environment and growing according to the demand as well. Adaptability helps the entrepreneurs in resolving the complex situations easily with a positive approach as well. Successfully leaders like, Warren Buffet, Steve Jobs, Jack Ma, Mark Zuckerbertg etc. have such common entrepreneurial traits present within them with the help of which they succeed in their vision created [5].

Positive approach towards problem-solving

Sebastien Eckersley-Maslin is an Australia based entrepreneur who is the founder and CEO of the company BlueChilli Company. BlueChilli is a venture builder company that provide opportunities to new and budding entrepreneur to utilize their talent and business ideas to for the growth of their business. This organization supports the other organizations in innovating their business using differential resources, tool, techniques etc. The company provide opportunity to various other organizations with them programs to help them to fight in the competitive market and grow as well. The company was founded with the idea of Maslin in regards to which he has now earned various awards for launching such innovative project in the market [6]. He has been presented with the 30 under 30 award three times and with E&Y young entrepreneur of year award. Maslin has gained his education in the field of engineering (weapon) with the Royal Australian Navy. Maslin works for the growth of innovation in the society by helping the entrepreneurs to highlight their talent. Talking about the characteristic of Maslin that he portrayed in the society is risk taking ability and creative and innovative mind. He started his business 70% risk of success but still somehow he managed to get things together and build a strong business and on the other hand, the type of business launched by him clearly depicts the creativity and innovative mind he has. Relating it to the above mentioned literatures, it should be noted that just like other entrepreneurs he used his innovative and risk taking capabilities to initiate activities that can help them to succeed in the target market [7].

James Chin Moody, formerly known as James Bradfield Moody is the CEO of the company TuShare and Sendle. TuShare is an organization that was formed with an aim to create world’s largest community of users sharing goods to help people reach the maximum of their lifespan. Further, Sendle is a spin off the logistics organization that circulate the goods that are being posted on TuShare site. James is known for innovating things in the target market and earning profits out of it. He was also named as Young Professional Engineer of the Year along with Young Australian of the Year in Science and Technology. The life of James has been a significant one as he started a business that was forgotten by all, people nowadays do not prefer using postal services for the logistics of their product but he entered in the same line and eliminated the problem faced by people [8].

Visionary approach as key to success

The traits that James showed through his activities initiated in the market is the first mover of innovation. Even before the act of croudfunding existed, he utilized this facility in raising funds and now he own a couriers service providing organization that holds no ‘Van’ in their business. So, creative and innovative mind can be seen as a common trait that helped him to become an entrepreneur and succeed in the target market. Apart from that, converting vision in reality is another entrepreneurial skill that he has within him that helped him in succeeding the target market. No person had ever thought of coming into courier service delivery industry without having any vans as an asset but he did and he worked on it and he proceeded in his mission as well. So, these are the personality traits of James Chin Moody that helped him to succeed in his business [9].

Launching a business to help other entrepreneurs to succeed in their business is an innovative approach in its own. So, talking about the business approach that Maslin used in his business to succeed is that he utilized an approach that no other entrepreneur can aim to use. As BlueChilli helps the entrepreneurs to succeed in their mission by converting their vision in to reality, so no person ever thought of form a business like this that can help other entrepreneurs and earn money with it at the same time. Maslin organized his business by starting a business approach that helped him to attain the trust of the employees [10]. In the priority list of the company, the approach that he used helped him to gain the trust of the customers along with its employees on the priority basis. A leader is of no use when his subordinates are not satisfied with what the leader do. Thus, use of this type of business approach helped him to succeed in the target market as he did not focus on earn money but attaining the satisfaction level of the customers present in the market that ultimately fulfilled his second objective as well. He engaged the stakeholders in the activities of the company that increased the interest of community and attracted them towards the activities of the company that subsequently resulted in the growth of the company [11].

James adequately understands the importance of using business strategy for the growth of business in target market. Also, it is keen to note that the Sendle business organized by James require special business strategy to initiate the success of the business. Reports says that, he analysed various strategies in present in the market and finally found the best strategy for his business with the help of which he can grow and succeed in the target market. James utilized the strategy of business integration with the help of which he synchronized information technology practices along with business culture and objectives and aligned them with the technology to attain the goals and vision decided by the company [12]. He utilized the IT services in such a way that they easily attained the objectives of the company. The management of Sendle integrated various activities of the company and became a digital disruptor so as to successfully attain the defined objectives of the company. He initially started with forming small, easy and clear vision that the company can achieve and they slowly achieving all the objectives gained a reputable position in the market. He integrated the personnel along with products and services with technology and experience of employees in such a way that they succeeded in the external competitive market [13].

Flexibility and adaptability

Below mentioned are the recommendations given to both of the entrepreneurs so as to individually lead the path successfully. The recommendations are discussed below:

Define parameters for success: it is important to define appropriate parameters for success as it helps the entrepreneur in raising the barr for their growth prospects. Parameters will help the organization to understand the real success that they want to achieve and not just get happy by achieving small things [14].

Take Media seriously: Media holds a very important responsibility to reveal what is true in front of the people. So, never try to mess with media as they can easily ruin the defined image of the organization with some controversial statements. It is important to be clear and specific to media and the customers as well [15].

Know your customer: it is one of the most important aspect that can successfully help the entrepreneur in achieving their defined targets. The interest of the customers is changing day by day so it is important for the organization to understand the type of customer they have and the customers they want to attract. Attaining such information will help the organization in achieving greater success [16].

From the personality of Maslin, it was learned that it is important to understand the people with whom we work. The only reason that helped him to succeed in the target market was his approach to keep the customers before everything. Apart from that, consistent learning is another aspect that helps a person in effectively growing in the target make. Learning never ends so it is important for the entrepreneur to firstly learn new things by themselves and then train the employees accordingly so as to attain the leading position [17].

From the analysis of the personality of James Chin Moody, it is learned that it is important to bind all the available resources together and mould them to attain the objectives of the organization. His personality traits also expressed that it is important to be flexible in order to adopt changes present in the environment. His personality helped in understand the power of integration and using them in such a way to proceed with the defined aim in the target market [18].

Conclusions

Thus, in the limelight of above mentioned events, the fact should be noted that, entrepreneur is the process of innovating the usual business activities and attain higher profits out of it. The report comprises of the evaluation of the personality of the leaders of BlueChilli and Sendle Company. Both the leaders have some similar personality trait but an entirely different growth path and objectives. The report explained the learnings attained by reading about both the leaders along with their characteristics and background.

References

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[6]BlueChilli | Startup Accelerator Programs for Founders", BlueChilli, 2018. [Online]. Available: https://www.bluechilli.com/ .

[7]H. Francis, 'Like going to war': start-up founders slam 'one-sided' incubator BlueChilli, 2016. [Online]. Available: https://www.smh.com.au/technology/like-going-to-war-startup-founders-slam-onesided-incubator-bluechilli-20160714-gq5oyp.html 

[8] Great Expectation, Dr James Chin Moody, 2018. Available: https://www.greatexpectation.com.au/presenter/entrepreneur-speakers/James-Chin-Moody.

[9] H. Francis, Memo to Australia Post: Sendle has arrived, 2015. Available: https://www.smh.com.au/technology/memo-to-australia-post-sendle-has-arrived-20150813-giypcs.html.

[10]R. M. Stock, E. V. Hippel, and N. L. Gillert, “Impacts of personality traits on consumer innovation success,” Research Policy, vol. 45, no. 4, pp. 757–769, 2016.

[11]D. Miller, “A Downside to the Entrepreneurial Personality?,” Entrepreneurship Theory and Practice, vol. 39, no. 1, pp. 1–8, 2014.

[12]C. Kolb and M. Wagner, “Crowding in or crowding out: the link between academic entrepreneurship and entrepreneurial traits,” The Journal of Technology Transfer, vol. 40, no. 3, pp. 387–408, 2014.

[13]Guardian Labs, James Chin Moody, Sendle. 2018. Available: https://www.theguardian.com/optus-business-intergenerate/video/2016/nov/28/james-chin-moody-sendle 

[14]Dr. H. Ramananda Singh Dr. H. Ramananda Singh and H. Rahman, “Traits of Successful Entrepreneurs,” International Journal of Scientific Research, vol. 2, no. 11, pp. 292–294, Jan. 2012.

[15] . Perez-Quintana, E. Hormiga, J. Martori and R. Madariaga, "The influence of sex and gender-role orientation in the decision to become an entrepreneur", International Journal of Gender and Entrepreneurship, vol. 9, no. 1, pp. 8-30, 2017.