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To What Extent Do You Consider That Robin is an Enterpreneur - Essay Example

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Name Class Tutor Date To what extent do you consider that Robin is an entrepreneur? To adequately answer the question whether Robin Byrdon is an entrepreneur, it would be necessary to define what an entrepreneur is to be able to determine whether Robin is an entrepreneur or not…
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To What Extent Do You Consider That Robin is an Enterpreneur
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"To What Extent Do You Consider That Robin is an Enterpreneur"

Download file to see previous pages Although many people come up with great business ideas, most of them never act on their ideas. Entrepreneurs do” (2008). To sum it up, an entrepreneur is an individual who identify opportunities and creates business based on those opportunities and is willing to take risk to realize those business ideas a reality. Based on this definition of an entrepreneur, Robin qualifies as an entrepreneur and embodies its characteristics. Robin also has the essential skill of an entrepreneur of how to manage risk. This uncanny ability of Robin to manage risk was demonstrated when he was able to identify and seize opportunities without exposing himself to undue risk. This was manifested in the case when he started as a part time IT auditor with IT Alchemy yet he still took casual work to supplement his income. This demonstrates that while he was willing to explore opportunities with IT Alchemy, he is also a pragmatist that in case things will not work out, he still has another source of income as a fall back. It was not explicitly stated in the case but reading between the lines, Robin knew deep in his gut that there is an opportunity with IT Alchemy being a start-up company. This was evident with his inclination to stay with IT Alchemy when he was faced with the dilemma of not having the time for the lucrative contract with Heriot-Watt. This has to be stressed because if Robin had the mindset of an employee, he would have readily pursued the contract with Heriot-Watt because of the lucrative pay. Instead, he would have chosen IT Alchemy if he had to make a choice between the Heriot-Watt contract and IT Alchemy because he knew the potential of the company. This ability of entrepreneurs to discern and seize opportunity is elaborated by Timmons that entrepreneurs are able to create and see opportunities at the right time while others see it late or too early (2011). Robins also manifested his entrepreneurial tendency when he found a solution with his dilemma where he can stay with IT Alchemy and keep the contract with Heriot-Watt without losing anything. He was able to create a favourable value for himself because Mike Parr of IT Alchemy agreed with his idea and made him a part-owner of the company when Mike shared ownership of the company with Robin. This may not have been explicitly expressed in the case but Robin may have just been waiting for the right time where he can become a shareholder of IT Alchemy. The Heriot-Watt contract provided him the bargaining chip to leverage himself to become a part-owner of the company. He was able to turn a dilemma into an advantage which is the innovative characteristic of an entrepreneur. When Robin became the Director of the start-up, IT Alchemy, his entrepreneurial acumen to identify opportunities manifested which also proved to be beneficial to the company. As an IT expert, he was able to identify the opportunities spawned by the increased regulation of software licensing and made business out of it. He knew that with the heavy penalties imposed against non-compliance of software licensing, companies would conscientiously pay for renewal regularly in fear of licensing and copyright legislation to the point that they overpay their licensing fees. In a study by the Gartner Group, it was estimated that firms are paying 30% to 50% more on software licence compliance than they need to be. It may be unacceptable from a fiscal point of view for many firms but Robin was able to ident ...Download file to see next pagesRead More
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