Entrepreneurship Assignment

Introduction

Entrepreneurship is defined as an effective process of establishing a business by undertaking a business & financial risks in the motto to achieve high profit. To become a best entrepreneur, it is important to take the high risk in today’s developing competition and start a business for achieving the huge profits respectively.

With the developing competition, many entrepreneurs become successful ad some faced huge failure in their respective businesses. For this study, two different entrepreneurs are selected who established business in different industry.

The selection of two entrepreneurs will help in better understanding regarding their views & perceptions towards their overall entrepreneurship journey. The first entrepreneur named as Mr. Antony who established business of Mobil Mt Albert Owairaka Avenue and the other entrepreneur named as Saji Shivaji Prasad who established the business Charminar.

In this report, I will be discussing about both entrepreneur business experiences which I studied and learned related to entrepreneurship. For developing entrepreneurial knowledge, I will conduct an interview with both the entrepreneurs from different business background.

Moreover, in this report, each entrepreneur strategic goals, values and attributes will also be identified as well as current business environment of both the entrepreneurs will be determined too.

Entrepreneur Background

Entrepreneur 1

Mr. Antony is from New Zealand and he always wants to become successful businessmen so he went to the University of Auckland to learn the management practice. He got a business idea about the filling station through increasing sells of cars and vehicles. So he started the gas, fuel filling station at different area of Auckland in order to serve the people service in a quick manner. This way the idea of gas filling station came into the mind of Mr. Antony

Entrepreneur 2

As Kerala Café was the part of a tradition which is very old but yet relatively modern. Because of its quality, Kerala Café has achieved more reputation in the market of New Zealand. In this way, it is determined that Kerala Café was introduced by Mr. Saji Shiva Prasad in many years ago.

He had the plan to start a small business in its initial days but later this business had converted into medium size business. In addition, it is also found that the operations of Kerala Café were organized by the family members of Mr. Saji Shiva Prasad that is why the cost of café in less and the revenues are high in comparison to other food businesses in New Zealand.

Strategic goals and values of the entrepreneur

Entrepreneur 1

The aim of the entrepreneur is to expand its business in NZ those areas which is still untapped. In regards to this, the goal of Mr. Antony is to open the filling station in multiple areas so that individual can easily access the fuel and gas at the time of requirement.

Entrepreneur 2

In concern of Kerala Café, it is determined that it developed strategic goals in order to set its restaurant business in New Zealand. In this way, the restaurant owner includes the various goals that are related to marketing, revenue, expenses, and services that were essential for the restaurant business owner Mr. Saji Shiva Prasad. In this way the strategic goals of this café were:

  1. Specific,
  2. Measurable
  3. Achievable
  4. Realistic
  5. Timed

Thus, it is also mentioned on the basis of these goals that these strategic goals were aligned with the organizational values that is why Kerala Café business was capable to add values in it. In addition, Kerala café had complete focus on the “quality, health and tradition.

Attributes of the entrepreneur

For establishing a new business, there is proper systematic process which is followed by the entrepreneur in order to mitigate the risk and to achieve a success.

Entrepreneur 1

Risk taker:- Risk taker is a person who takes certain types of risks such as market risk, financial risk, etc. Mr. Antony was a risk taker person who took risk to grab new opportunities which is necessary for the company growth and development. Mr. Antony actually believes in taking risk & challenges so that business get expand to a large extent.

Self-motivation:- The most important trait is self-motivation that is identified in the most of the entrepreneurs. According to Levine & Rubinstein (2016), an entrepreneur is only successful when he/she is highly self-motivated person who take challenges with believe to overcome it his/her strengths and weaknesses. In a similar manner, Mr. Antony is also self-motivator who also has believed to establish a new business without any family support.

Open minded: – The other impressive characteristic of the entrepreneur is open minded person who have achieved the success by not considering the fact that what people says. These person are always looking for the different ways to learn new things that could improve the existing business practices and operations respectively. In like manner, Mr. Antony also had this attribute in which he openly accepted the challenges

Leadership:- Mr. Antony is a great leader as switches the leading style as per the situation. This is considered as a best way to manage different human resources. Likewise, when he needs an work to do with specific manner then he do not accept the suggestion or involvement of other people while for making an decision in respect to management betterment, he always invite people for their valuable views.

Confidence:- There is another competency that Mr. Antony posses are the high confidences level which helps him to take risk and gain profit to a larger extent. It is identified that Antony is quite confident in regards to its business plan and monitoring system.

Entrepreneur 2

Absolute Clarity of the Purpose:  Entrepreneur has the clarity in their mind what are they doing and why they are doing anything. This is the quality differentiate them from other people (Salamzadeh al., 2014). In addition to this, they have clear picture of what they are going to do and how their ideas can can be turned into realty.

Self Motivation: This is one of the most important characteristics of the entrepreneurs. They are always self motivated and able to move themselves for being the successful in their fields. There is no need of external factors for motivating them (Carlos Pinho, J. and Sampaio de Sá, E., 2014.). At the same time, they are dedicated to their work and contribute with full determination.

Take Risks: They have the ability to take the risk and finding the opportunity to grow further in their respective fields. They know well that what degree of risk needs to be taken in the business and when. So that that it can pay off in future.

Networking Ability:  Entrepreneurs are very good with networking skills and most of the instances they are very social in nature. At the same time, they know how to deal with the people and gain the consensus regarding the decision making (Kozubíková et al., 2015). They treat everyone with great respect and invest their time and energy in building their networks. Apart from this, they believe in giving more instead of expecting from the people.

Passion: Entrepreneurs are passionate about what they do and they put their heart and soul in their work. This is driving force for self motivation and the success of entrepreneurs (Marion et al., 2012). They believe themselves and their idea of work. Moreover, they feel very deeply for everything they do and their business plan.

Self Investment: The few best leaders know the importance of the self investment and they upgrade themselves at every stage of life regardless their age and stream of work according to the changing time.  They focus on learning new skills, not only academic knowledge and they emphasis on practical knowledge as well (Kaur & Bains, 2013).

Apart from this, they keep themselves fit physically and mentally and spent some time in other creative activities to keep themselves refresh. Additionally, they know the importance of being upgraded in this rapidly changing world in order to sustain.

Selected target market and products & services offered

Entrepreneur 1

As per Mr. Antony, the target market is the New Zealand one as it is not covered fully so there are some areas like Waikato, Bay of Plenty and Taranki etc are need to addressed by the firm in order to develop large profit margin. Other than that, entrepreneur also aim is to offer the innovative product and service through use of machine and electronic device. It results in delivering the quality product and services to target customer.

Entrepreneur 2

In the context of target market of Kerala Café, the target market is the part of the New Zealand’s population that is most likely to purchase what Kerala Café wish to sell. In the target population, it included the people with the age of 18 to 50 because people in this age have the great interest to explore different tastes. At the same time, it also added different south Indian food products in its menu and it also severed its customers with effective customer services for making its business popular.

Initial journey to start the business

Entrepreneur 1

There are different entrepreneurs who are having different level of motivation related to entrepreneurial. Mr. Antony is one from the motivator entrepreneurs who focused on developing a new business in different oil & gas industry.  Mr. Antony got an idea to establish gas station in the New Zealand when he was travelling to from one place to another in Auckland. During that period of time, he faced a problem in identifying a gas station.

At that point, he discussed this problem with his friend and stated that he wants to open a gas station in New Zealand for mitigating the problem of gas or oil filling in the automobile industry. Through this, the idea to establish a gas or oil business was fruitful for the Mr. Antony to achieve success in developing market.

Entrepreneur 2

As per the initial journey of Saji Shiva Prasad, he did not have the sufficient fund for investing in its café business but even then, he arranged finance from its relatives as well as the financial institution as the restaurant business required more investment for establishing Kerala Café in an effective manner. The restaurant business was the first family business of Saji Shiva Prasad’s family that due to this reason, yet its some internal operations are handled by the family member of Saji Shiva Prasad.

Later journey to develop the business

Entrepreneur 1

After the establishment, the journey of business was quite challenging because there were some issues or challenges which were faced by Mr. Antony. The first issue faced is related to initial capital which was required huge for operating business successfully.

Then Mr. Antony also faced a challenge in targeting and reaching to numbers of people for the making them aware regarding the new oil and gas station near them. On the other hand, the staff performance in the business was recommendable because all staff members are performing their best for attaining the business growth respectively.

Entrepreneur 2

Later on, Saji Shivaji Prasad expanded his business from India to New Zealand and launched the restaurants outlets in south regions of New Zealand. At same time he started to offer the Indian cuisines with some experiments of new ingredients to the customers and gradually it is liked by the people.

In new regions of business entrepreneur faced the challenged regarding to market research. Organization took time to indentify that what kind of taste preferences people have there and what kind of dishes people like. However these challenges are get resolved by interacting with the people in food sector and reviewing the model of New Zealand food industry.

Current business status of both the entrepreneurs

Entrepreneur 1

The current business status of Mobil Mt Albert, New Zealand found to be successful in meeting the requirements of the customers. The customer base of the business is stable in condition and successfully providing different service offering to them. Moreover, the employees of the company are also performing their best after they are provided with the timely training and development sessions.

Entrepreneur 2

Currently, Charminar restaurant is going well in terms of sales and revenue. It has several branches in various cities in India like, Delhi, Hyderabad, Kocchi, Kerala etc. Apart from, it’s expanded its business outside the country. The dishes and cuisines are popular in the customer especially south Indian food. People also like the environment and customer service as well.

Also, it has established the good reputation in the food market though overcoming the challenges that incurred initial phase of business. Therefore, it can be stated that now the restaurant is sustaining the stable business growth.

Reflection from both the entrepreneurs

Entrepreneur 1

Mr. Antony is successful business entrepreneur who has achieved his strategic goal efficiently. From Mr. Antony experience, I learned that we need to be confident enough to make the initial business idea executed effectively. The ability, confidence, risk taker, leadership, etc are key factors that I need to also posses for achieving my future career goals.

Entrepreneur 2

Through reviewing the Journey of the Charminar restaurants, I can say that Saji Shivaji Prasad was successful entrepreneur. I have learned from him that we must be confident enough whatever we do and do not give up desire of many challenges. I also learned that entrepreneur must have risk taking ability that is the most essential aspect for starting up any business.

Future goals of entrepreneurs

Entrepreneur 1

The future goal of Mr. Antony is to more use of technology devices at the filling station through include robots and devices. This could help him to make the service faster and efficient. This future goal also assists the firm to reduce its human resources expenses. It results in enhancing the customer base to a larger extent.

Entrepreneur 2

After analyzing the current facts related to Kerala Café, it is determined that some important goals are recognized that are needed by Saji Shiva Prasad in order to make the Kerala Café more profitable as well as successful in its future.  In this way, its future goals are as follows:

  1. Increased sales
  2. Increased Profitability
  3. Improved Brand Awareness Globally
  4. Added more values to the cafe

Personal reflection on entrepreneurship

Entrepreneur 1

The study of entrepreneurship helped me in various ways. I have gain a better understanding about the qualities and traits that an entrepreneur needs to possess for managing the business. I also gained a practical learning about how entrepreneur target the market and serve product & services. This study is a great learning experiences for me as it helps for my future endeavor.

Entrepreneur 2

From the business journey of the Saji Shivaji Prasad I have learned that market research is very important step in order to start the business. At the same time, reviewing the current market trend and customer demand helps the business to sustain in the market. Apart from this, I also understand the concept of the entrepreneurship in a better way and the characteristics of the entrepreneur.

Conclusion

From the above study, it can be concluded easily that Mr. Antony and Mr. Saji are successful entrepreneurs in New Zealand who shared their entrepreneurial experience and stories. According to the report, innovative, leadership, self-motivation, passion and risk taker, etc are specific qualities that entrepreneurs poses. Through this study, I can develop my entrepreneurial skill and knowledge which I can use in future for the future career. This study will be useful for future entrepreneurs in formulating their business plan respectively.

References

Carlos Pinho, J., & Sampaio de Sá, E. (2014). Personal characteristics, business relationships and entrepreneurial performance: Some empirical evidence. Journal of Small Business and Enterprise Development21(2), 284-300.

Kaur, H., & Bains, A. (2013). Understanding the concept of entrepreneur competency. Journal of Business Management & Social Sciences Research2(11), 31-33.

Kozubíková, L., Belás, J., Bilan, Y., & Bartoš, P. (2015). Personal characteristics of entrepreneurs in the context of perception and management of business risk in the SME segment. Economics and Sociology.

Levine, R., & Rubinstein, Y. (2016). Smart and illicit: who becomes an entrepreneur and do they earn more?. The Quarterly Journal of Economics132(2), 963-1018.

Marion, T. J., Dunlap, D. R., & Friar, J. H. (2012). The university entrepreneur: a census and survey of attributes and outcomes. R&D Management42(5), 401-419.

MOBIL MT ALBERT. (2019). About Us. Retrieved from: https://www.mobil.co.nz/en/gas-station/mtalbert-auckland-mobilmtalbert-300400316

Salamzadeh, A., Farjadian, A. A., Amirabadi, M., & Modarresi, M. (2014). Entrepreneurial characteristics: insights from undergraduate students in Iran. International Journal of Entrepreneurship and Small Business21(2), 165-182.

Appendix

Questions (1st entrepreneur)

Question 1: Why did you choose to establish an oil & gas business?

Question 2: Why did you decided to start a business in the oil & gas industry instead of other industries?

Question 3: What are the differences in the product or service offering in your oil company in contrast to other oil companies?

Question 4: Have your family had an entrepreneurial business background in earlier times?

Question 5: What are the problems you faced while starting a new business?

Question 6: What are the main problems faced by you in the development stage?

Question 7: How you collect customer feedback? Did those feedbacks are useful for you as an entrepreneur?

Question 8: For starting a business, from where you collected a venture capital?

Question 9: What is your company market position? How you actually offer oil services to the customers?

Question 10: What are your future expectations and future development plans for next 5 years?

Questions (2nd entrepreneur)

Questions 1: What was your inspiration source for starting up the business?

Question 2: How did you find the recipes for the dishes?

Question 3: What amount of initial capital you required for start the business?

Question 4: What were the challenges you faced by the entrepreneur at the initial level of the business?

Question 5: What fund raising process you followed for the expansion of the business?

Question 6: How did you launch the other branches of this restaurant?

Question 7:  How this restaurant is different from other non-vegetarian restaurant in taste of food?

Question 8: What is the success philosophy of your restaurant?

Question 9: How do you hire and mange your employees?

Question 10: what is your development plan for further business development?

Entrepreneurship

Leave a Comment