Entrepreneurial Skills and Business Management - Case Study Example

Entrepreneurial skills and business management al Affiliation Introduction The simplest definition of the term entrepreneur is ‘a person who commences a commercial venture.’ However, a simple definition carries a huge load of courage, innovativeness and critical decision making. Entrepreneurs can undertake a venture with the aim of maximizing their incomes and gain three major results. The results can either be success, failure and retardation (Schlesinger & Keifer, 2010). On the favorable results, success prevails. Success is not only measured on monetary income basis. The success of entrepreneurial ideas considers the effects and contributions to the society and the environment at large. The successful entrepreneur is the one who through creating profits, impacts positively on the lives of the populace, takes care of the environmental concerns and possibly gives back to the society, example through charitable events. Retardation of an entrepreneurial idea occurs where a venture is not making any profits, losses or any progress. As such, the entrepreneur finds him/herself on the same situation at a significantly considerable time. When such a possibility happens, the entrepreneur has to engage all the resources in determining the worthwhile of the undertaking. Where the worst outcomes prevail, failure occurs. Total failure of an entrepreneurial idea is in most cases attributed to poor planning, leadership and unfriendly environment. Planning entails both the short and long term perspectives. Short term planning keeps the venture moving daily while the long term planning entails forecasting on the future possibilities. Entrepreneurial leadership is crucial due to the uncertainty of the upcoming undertaking (Schlesinger & Keifer, 2010). Decision making is a critical element that has to be undertaken fast. However, the ‘fast’ decision making has to be informed. Unfriendly environment is such as stiff competition from the already existing target market, stiff regulations from the governments and the amount of capital needed to venture in the undertakings. Entrepreneurial leadership Entrepreneurial idea and action practiced by entrepreneurial leaders is effective when there is an emphasis on leadership, corporate social responsibility, and the use of design thinking as well as ethics. Ethics acts as a shield to the organization. Ethics creates a long-term culture to the organization, thereby determining what is right and wrong in the ‘eyes’ of the venture in consideration of the legal, societal and environmental perspectives. For an entrepreneur to increase the chances of success, ethical concerns have to be observed. As outlined earlier, leadership of any venture, especially entrepreneurial idea requires dynamic thoughts, capable of making complex based decisions (Schlesinger & Keifer, 2010). The decisions affect the firm’s running directly, therefore, determines the course of the venture. In the leadership, the ‘design thinking’, element is responsible for action plans implemented. As an entrepreneur and a leader, innovation must take the root of decision making and planning. Innovation enables an idea to ‘enjoy’ a competitive edge. The ‘idea’ does so through the uniqueness enhanced by innovative thinking and undertakings. Corporate social responsibility is important in establishing the relationship of the venture to the environment, society and the government of the state. There are three major practices of entrepreneurial leadership. The practices are as highlighted below; Re-lying on social awareness and self-awareness; as an entrepreneurial leader, it is important to be aware of the passion held, who you are and knowledge and skills. The elements determine what to inject in the venture so as to shape the opportunity created. The entrepreneurial leaders have to understand that the actions undertaken are affected and influenced by the populace and the context inhibited. Entrepreneurial ideas emerge from various points such as from the career, passion held and childhood dreams among others. As such, the ‘leader’ has to determine ‘who’ s/he is in the light of the undertaking. By being aware of ‘who’ s/he is, it is possible to concentrate on the venture as a main course. The skills injected in the undertaking should be based on the knowledge and interests of an individual. As such, the individuals will impact positively since thy go in line with the idea, thereby producing reduced opposition and contributing towards the innovativeness (Schlesinger & Keifer, 2010). Cognitive practice; as an entrepreneur creation and logic rules the day. The ‘thought’ and ‘actions’ are critical since they are the elements that push the wheel of the entrepreneurial undertaking. The use of conventional predictive criterion, the leader can analyze and take action in response of low-level of uncertainty entailing the day to day running of the venture. However, the venture is at risk of the unpredictable situations (Schlesinger & Keifer, 2010). At such situation, the leaders have to engage in the creation criterion in generating information on the way forward to start a new ‘opportunity.’ As such, the cognitive practices entail decision making on the present and forecasting on future possibilities. Practices pertaining to economical, social and environmental responsibility and sustainability (seers); the practices recognize that there are many risks, threats and possibilities in the industry. As such, social, environmental and economic responsibility forms the basis by which an entrepreneurial leader looks at the venture. The leader recognizes that apart from economic value of the undertaking, consideration of other factors such as trade-offs, potential synergies and tensions builds opportunities having multiple modes of value creation (Schlesinger & Keifer, 2010). Case study In consideration of the above details, this paper is going to explore two entrepreneurial leaders from Maine. Ben Shaw and Amy Bouchard ventures have been highlighted as ‘one of the fastest growing ventures’ in the United States. As such, it is evident that the entrepreneurs and leaders are effective in what ‘they do’ to keep the ventures running. An overview of Ben Shaw’s undertaking Ben is the founder and CEO of Vets First Choice. The venture deals with the provision of online pharmacy services to veterinarians and veterinary hospitals. The innovative venture enhances prescription and home delivery management of FDA- and EPA-approved pharmaceuticals, therapeutic diets, and compound medications on behalf veterinary practices. As Ben Shaw quotes reveals (“We are living in an age of entrepreneurship. It is great to be a component of a creative, entrepreneurial, and committed group on a mission to improve the world,.” “We’ve had some great accomplishments in the past year, including major business milestones. But I source a lot of pride from evidence of one-on-one customer satisfaction”) the venture’s success is attributed to the values created (Thompson, 2010). One of Bens missions is to improve the world. As such, the undertaking’s activities are drawn towards outcomes that enhance the living standards of the people and improved environment to impact positively on the lives of people. The success of Vets First Choice, as Ben outlines is directly attributed to the satisfaction of the customers. Customers are the main income generating tool for profit making ventures. As such, the firm has to strive to create value for their ‘money’ and time. Creating value in turn brings in satisfaction, thereby maintaining the customers and attracting the new ones (Thompson, 2010). Loyal customers assure the long-term running of the venture. Attraction of new customers gives the firm an opportunity of withstanding the competitive environment. The course also increases profits and facilitates an enhanced competitive edge and enlarged market share, therefore. Apart from Vets First Choice, Shaw is also a founding partner of Black Point Group. The group is a private venture partnership whose focal point is on companies in the health care, internet media, and technology sectors (Schlesinger & Keifer, 2010). Shaw’s corporate and social responsibility includes giving back to the society. The impacts of Shaw’s ventures to the lives of the Mainers are positive. The venture has created jobs, thereby proving the mission since the jobs created enhances the living standards of the populace. Shaw’s investments have no record of environmental disputes, meaning that the undertakings are environmental friendly. To further the characteristics and based on a quote from Kevin Bitterman of Polaris partner, it is evident that ethical leadership is an element present in his style (“He is one of the most imaginative (Schlesinger & Keifer,2010) entrepreneurs I’ve had the pleasure of collaborating within venture capital,”). An overview of Amy Bouchard venture Amy Bouchard is the founder of Wicked Whoopies. She has made a successful venture out of a favorite childhood treat. Amy commenced her business at the age of 26-year. She commenced as home mom with a GED, baking out of her Gardiner home. She created time amid her infant daughter, taking her while on deliveries with a basket full of pies (Thompson, 2010). Amy was amazed when she summed up her first year’s profit of $1,900. Her humble commencement reveals her social responsibility in the beginning. Though she is sunk in doing ‘what she likes,’ she recognizes that the societal values rule her to take care of her family. She successfully does so by balancing the time appropriately. The balancing gives an outstanding entrepreneurial characteristic, that of time management. In the current days, Wicked Whoopies owns 30 employees, a commercial bakery and two retail locations. Therefore, the contribution of the venture to the society is positive. She has created job opportunities, a value that enhances the living standards of people. She has also contributed to the development agenda of the area. By availing the pie to the populace, she avails food, a commodity that is required in the day to day lives of people (Thompson, 2010). The two retail locations and commercial bakery contributes to infrastructure development. Where there is such development, future growth is facilitated. Innovation has played a role in her venture. She innovatively baked world largest whoopie pie, beating the record holding Pennsylvania. The innovative work result to attention and recognition from potential customers who turn to the services offered, creating enlarged market and increasing the market share. Amy also contributes to charity, therefore giving back to the society (Thompson, 2010). Amy is an entrepreneur and an effective leader who proves the importance of chasing ‘your’ dreams. Amy’s venture has no record of environmental pollution. Ben and Amy share similar characteristics. The major shared leadership technique is the recognition of the value of corporate social responsibility. Ethical concerns are observed by the two entrepreneurs, thereby giving their ventures an outstanding competitive capability. Planning is an element depicted by both Amy and Ben. On her part, Amy can be termed as an effective time and resources manager. She successfully balances time between her infant and baking as well as delivering (Thompson, 2010). Her humble beginning reveals the effectiveness of resources management leading to emergence and success of whoopie wicked. Ben, on the other, hand followed the technique of consumer satisfaction. His venture has therefore to maintain innovation so as to ensure catering of the needs that are always changing. Rapid technological advancements affect the product and service delivery mode. Ben evidently is effective in the field as we find the online aspect in the line of the Vets First Choice venture (Thompson, 2010). Ben can, therefore, be termed as an effective leader who ‘sees’ the future, thereby implementing measures to cater for the ‘future’ needs. Entrepreneurial ideas come from various fields. For Ben, the idea can be contributed towards his carrier and as for Amy; it is evident that the idea is from what she likes. Like the prominent entrepreneurs that are globally recognized, any idea is worth exploring where the possibility of success is predictable (McGrath & MacMillan, 2009). Change is an element that goes hand in hand with entrepreneurship. Therefore, for an entrepreneurial leader to be effective to be successful, s/he has to embrace change. Also, as evidenced by the discussion, innovation plays a major role in entrepreneurial idea nurturing. As such, the characteristics of an effective entrepreneurial leader should include innovation. Not all successful ventures are valuable. Some ventures only excel in maximizing profit and the value of shareholders. However, the ventures lack corporate social responsibility. Contribution of a venture towards the environment is crucial. Where the contribution affects in any way the flora and fauna of the environment, such venture can be termed as a failure (McGrath & MacMillan, 2009). The aspect also involves societal values. A venture has to recognize and respect the values adopted by a society. As such, the contributions towards the society are a tool that can be exploited to measure success of the firm. Social responsibility includes interactions with the society through, for example, job creation and promotional undertakings. Ethical concerns also contribute towards the measure of a ventures success or failure. Where a firm excels through unethical practices, the long-term perspective is failure. As such, successful entrepreneurial leaders value ethics in undertaking, they engage in. In conclusion, some the general characteristic of effective and successful entrepreneurial leaders includes; innovative power, time managers, value creation, cognitive and sensitive. The characteristics gives rise to the three major entrepreneurial leadership modes as discussed earlier namely; reliance on social and self-awareness, employing cognitive practices and behavior, and social environmental and economic responsibility and sustainability (SEER) value creation. References Schlesinger, L., & Keifer, C. (2010). Action Trumps Everything: Creating What You Want in an Uncertain World. Black Ink Press. Retrieved on Dec. 1 2010, from www.actiontrumpseverything.com McGrath, R. G. & MacMillan, I. C. (2009). The entrepreneurial mindset: strategies for continuously creating opportunity in an age of uncertainty. Boston, Mass.: Harvard Business School Press. Thompson, J.L. (2010), The World of the Social Entrepreneur, The International Journal of Public Sector Management, 15(4/5), 2010, p.413 Read More