Entrepreneur
Introduction
An entrepreneur is described as an individual who is involved in setting up a business while taking all the financial and other risks that are involved in developing a business in the quest of generating profit (KALMS, 2013, 43). This definition is generally accepted by most authors as well as researchers. A business entrepreneur cannot, therefore, be described as an owner of a business because they differ in a great way. The term entrepreneur has thus been involved in a series of definition since most individuals fail to understand how it differs from being a manager or an owner of a normal business. In the modern world, the requirements of beginning and maintaining a business are growing rapidly. An entrepreneur is thus a person who is continuously able to administer and organize the performance and operations of a particular business by prioritizing the quest of generating profit rather than the risks that are involved. The entrepreneur additionally shows daily basis improvement in regard to the manner in which they treat their consumers and employees. An entrepreneur works very hard in ensuring that the operations of the business are developed adequately (KALMS, 2013, 43). This, therefore, implies that the entrepreneurs utilize all the four major functions of management which involves, control, planning, directing as well as decision making.
Planning is the first function that an entrepreneur utilizes. This involves the procedure of deciding the kind of business that interests the person which should be based on knowledge as well their expertise skills (KALMS, 2013, 49). This helps in developing better strategies to overcome the risks that are involved. On the other hand, control involves the capability to control the operations of a business towards the stated goals. This, therefore, involves the employees as well as the consumers. Financial control must additionally be developed to ensure that maximized profits are generated.This helps in developing a better culture for the organization. When an entrepreneur holds adequate knowledge there is a higher potential for business success. The location is an additional thing that entrepreneurs consider in regard to business setting. The entrepreneur should additionally be able to develop adequate and effective decisions and ensuring that business legal laws are well incorporated (KALMS, 2013, 52). I conducted an online interview with a successful business entrepreneur who origin is based in UAE by the name Yusuf Ali. Throughout the Middle East, the entrepreneur has established numerous ventures. The entrepreneur is the founder and owner of a global group located in Dubai that is referred as Spyros. The entrepreneur is basically influenced by technology as well as an innovation which is taking place at a fast pace in the global world. Currently, the entrepreneur is involved in Spyros medicals, gas, oil, technology and more. He is a young entrepreneur who has achieved so much which makes him an admirable entrepreneur.
Entrepreneur Business Environment Description
The business industry in which the entrepreneur operates in can be referred as a service business field in the general nature. According to the entrepreneur, the industry provides branding products as well as services to the consumers. This is therefore accomplished through the use of brand auditing as well as both internal and external organization marketing communication evaluation. These operations, in general, involve activities such as advertising, brochures, inducing videos, sales reports, and show releases. This helps in demonstrating the organization's uniqueness.
Entrepreneur’s Background
Through the interview, I was able to establish that the entrepreneur possesses different capabilities as well as successful entrepreneurial traits. The insights of the interview will be useful in generating a better understanding of the best entrepreneurial paths.
The idea of starting the business for Yusuf Sayed was settled in the beginning of 1995. This was mainly influenced by the fact that he comes from a family that is very successful in business. While viewing his family background his prior fathers were businesses entrepreneurs and their ventures can still be established throughout UAE. This, therefore, illustrates that his idea of starting a business was mainly influenced by hereditary factors. The entrepreneur is characterized by expertise and knowledge because he has numerous bachelor degrees which are based on the field of engineering. This, therefore, shows that he holds distinct skills in regard to the mechanical field. In addition for more than four years, the entrepreneur has worked continuously in the design operations, engineering, training as well as planning of organizations projects in the private industry. The entrepreneur’s father is an entrepreneurial individual while his mother has not been involved in any business operations. His major interests are mainly based in traveling, new interactions, business ventures, and ideas, places explorations as well as studying. His siblings are very educated and their interests are mainly based in business which shows that his family offers internal pressures to be an innovative and successful business individual. He has a brother who is studying medicine in America and hopes of innovating medicines.
The idea of starting a business for Yusuf Ali was generated by the fact that his prior fathers who were in the business world required a stronger helping hand. Based on the fact that he is highly creative ad enjoys generating fresh and unique ideas he decided to venture into business. He always had the dream of developing a small sized fabrication business but since the desires and operations had shifted to a different direction he could not be able to start the business.
The major influences of beginning the business were based on his field and literary knowledge and mechanical engineering experience skills. This gave the entrepreneur adequate confidence of starting and maintain the business to attain success. While growing up the entrepreneur had always dreamt of providing solutions to technical issues that bother individuals in their daily operations. Based on his confidence of generating unique thoughts as solutions he decided to start the business. He, therefore, selected to venture into the service industry because he understood the requirements of providing solutions to consumers. His internal desire was always to offer solutions which were in a much closer relation with the business of offering branding services.
Yusuf Ali prepared on starting the business in different ways because he believed in becoming a successful entrepreneur. Based on the fact that beginning any business requires a well thought out strategy and that challenges can never be escaped in the business would the entrepreneur developed a well-structured plan of business.
A business plan may not be very effective when beginning an operation but it helps in setting a focused direction. A business plan helps an entrepreneur to start the objectives as well as the strategies through which the available resources can be utilized. In addition, a business plan helps the general business in analyzing the options of acquiring resources such as employees, resources as well as finances. With this, the business management is, therefore, able to develop better decisions (KALMS, 2013, 43). This involves the ability of the business to understand the general industrial market that it is expected to operate in. in addition, the needs of the employees are clearly defined as well as their expectations. This helps in building a better reputation in the market as the consumer becomes the major priority of the business. With the understanding and a better analysis the business is adequately able to develop a competitive advantage, especially in the global market. This is mainly because especially in the service industry business are faced with rapid changes as well as challenges which much be overcome adequately in attaining success.
Knowledge, as well as expertise, helps in attaining success in a more simplified form. The market is analyzed well which helps in developing effective approaches to handling the growing demand. In addition, this helped the entrepreneur in developing more thoughts in regard to innovation and service industry innovation (KALMS, 2013, 48). This has been a major sector that influences his ability to create different ideas that are unique and offers effective solutions to all their consumers in the global market. In addition based on the fact that he offers technological services, his market has grown continuously in the global industry and especially in the Middle East.
The entrepreneur is characterized by different traits which I believe contribute a lot in ensuring his success in business. The entrepreneur is highly motivated and passionate about his operations. This is an essential trait when it comes to the business operation because it helps in accounting for business success. The success of a business is mainly determined by dedication as well as a passion for what an entrepreneur does. The entrepreneur is also a risk taker as he is always ready to get into different ventures which are full of uncertainty. However despite the fact that he is a risk taker like most entrepreneurs he stands out because he risks his money as well as time into uncertain venture but he always has a plan on how the resources are to be utilized to reduce the risk. He performs an evaluation of the risks worth before venturing. He believes in self as well as bossiness discipline through his intense focus in everything that he does as he believes that discipline is key to success.
Yusuf is a very flexible and highly adaptable person. This is mainly because he is frequently able to adapt to market changes which help in meeting the demands and expectations of consumers. A successful business does not necessary succeed based on making an appropriate decision but it is mainly based on achieving success out of every decision (CASSON, 2008, 65). Keeping trend of the market helps to identify the changing preferences of consumers thus adapting in a more easy way. He is also a good planner. Good planning is good for entrepreneurship because this involves the capability of gaining more through investing fewer resources. This, therefore, involves making the best choice and commitment. All the possible risks are identified adequately and the appropriate solutions are analyzed which helps in lowering the occurrence of loss. Successful entrepreneurs do extensive research for individuals to ensure that they increase their knowledge as well as skills.
Entrepreneurship requires huge skills which are essential in developing fresh strategies. As an entrepreneur, one is highly necessitated to understand their market offering. They are required to have a better understanding of the market structure (CASSON, 2008, 68). This helps in developing better strategies than those that are offered by the competitors. One of the challenges that the entrepreneur had to deal with was a functional risk. The services provided by the entrepreneur are views based and therefore the outcomes have to be effective enough to impress the consumers. This was mainly a risk in investing into the business based on that the entrepreneur provides branding services and in the beginning most clients holds the little faith of the outcomes.
Entrepreneurs encounter several issues when starting up the entrepreneurship (CASSON, 2008, 72). The major issue that the entrepreneur faced was mainly a financial investment. The industry required many resources to start and he was therefore necessitated to corporate with different partners. He accomplished this through developing ideas and selling them to investors so that they can be convinced fully to invest. Most of the investors left because they thought that the plan may not be successful and this necessitated him to work even harder to earn their trust. In addition, the entrepreneur was faced with the challenge of labor since most individuals did not have the required knowledge as well as skills to operate effectively. Those with higher skills required a higher salary and he, therefore, opted for employees with fewer skills which required him to offer his individual training to the employees.
The entrepreneur gathered guidance as well as support from his family and especial his prior fathers who held better knowledge in handling the market. The entrepreneur holds greater confidence in his abilities because he considers his operations as the best globally. The entrepreneurs hope in venturing in different services such as advertising and health to draw solutions to health issues as well as marketing. The entrepreneur holds different ideas that are coming up and he hopes to make them successful in the near future. The entrepreneurs handle financial issues adequately as he is well involved with beneficial investors who help him in the cases of the financial drop. The entrepreneur believes that becoming successful entrepreneurs requires adequate experience as well as knowledge. This helps in developing critical thoughts in case of an occurrence of issues (OZMINKOWSKI, 2003, 23). Having unique business thoughts help in ensuring that the business is able to attain a competitive advantage through meeting consumer’s demands (CASSON, 2008, 71).
In the entrepreneurial world challenges and risks cannot be avoided (STOKES, WILSON, & MADOR, 2010, 36). This, therefore, means that an entrepreneur is required to develop innovative solutions to the challenges. Entrepreneurs are additionally required to understand the business market as well as the needs. This helps in attaining consumer’s loyalty thus providing more opportunities in the market. The entrepreneur market is surrounded by vast experience and knowledge and thus becoming a successful entrepreneur requires unique thoughts and solutions. Entrepreneurs are required to be problem solvers to attract more consumers. Branding, as well as services, should be based on technology as well as innovation. This helps in offering distinct services from those that are offered by competitors. Profit generation is not basically the objective of an entrepreneur as this cannot be attained without proper management of resources (KUMAR, 2008, 53).
There is a visible distinction between an owner of any business and an entrepreneur. An entrepreneur is an initial business starter who owns the general ideas of a business. Entrepreneurship is an investment of skills as well as expertise (SAMLI, 2009, 47). An entrepreneur is, therefore, an individual who takes all the responsibilities in a business thus risking the operations as he expects to generate more profit from the activity. An entrepreneur decides on the materials to be used, labor, product as well as facilities. In the case of success, the entrepreneur is then happy as he enjoys the benefits and also risks the occurrence of risk in the following venture (SAMLI, 2009, 47). From the interview, it is clear that an entrepreneur is the business starter which means that he is fully responsible for ensuring that things are done in an orderly manner. On the other hand, an individual who owns a business is only responsible for ensuring that all the initiatives are successful. For an entrepreneur generation of profit is a beneficial thing.
In conclusion, an entrepreneur is highly required to be a risk taker, a passionate and a highly motivated person. This, therefore, means that they should be able to venture into investments which are characterized by uncertainties based on Yusuf’s interview. An entrepreneur is required to be a problem solver and an individual who thinks critically to ensure that their thoughts are unique and distinct from the rest. Entrepreneurs according to Yusuf are mainly driven by commitment, experience, and adequate knowledge. This, therefore, implies that without an adequate understanding of the market it can be challenging to achieve success in business.
References
CASSON, M. (2008). The Oxford handbook of entrepreneurship. Oxford, Oxford University Press.
KALMS, S. (2013). Ubiquitous entrepreneurship. [Place of publication not identified], Josef Eul Verlag Gmbh.
KUMAR, S. A. (2008). Small business and entrepreneurship. New Delhi, I.K. International Pub. House.
OZMINKOWSKI, M. (2003). Culture matters: cultural, political, and economic influences on the formation of public. [Place of publication not identified], iUniverse Com.
SAMLI, A. C. (2009). International entrepreneurship: innovative solutions for a fragile planet. New York, Springer
STOKES, D., WILSON, N., & MADOR, M. (2010). Entrepreneurship. Hampshire, UK, South-Western/Cengage Learning EMEA.
