Successful Entrepreneurs of Ministry of Food - Assignment Example

Successful entrepreneurs and the future challenges Module Module In times of business unpredictability, countries need to evolve new economic structure and new ways of holding companies, managing economy to an entrepreneur one. This means traditional inputs of land, labor and capital are transformed into achieving of higher results through competitiveness (Shanmugaratnam, 2002). The modern entrepreneurs have got a high potential for assisting the economy to be pulled out the recession and growth of new businesses with changing workforce visions in more creative and dynamic ways of thinking. This predisposes the importance of entrepreneurial activity for the economic development and promoting of innovation and fostering of job creation and encouraging global competitiveness for companies and different markets (Mei Lan, 2012). Within the modern business environment, being a successful entrepreneur means to be obsessed by certain ideas and to be able to establish companies to compete in the market introducing something new to be successful (Berend, 2013). Such entrepreneurs are Richard Branson, the founder of Virgin Group conglomerate, the main business of which is travel, entertainment and lifestyle, and Lena Sim, the founder of Ministry of Food, a Singapore brand restaurant specializing in Japanese food. Despite the different size of the businesses Branson and Sim are running and difference in the entrepreneurial venture, it is possible to understand how they make business if to consider typology specific to each entrepreneur. According to Wagner (2006), the main task is to start a business that most fits one’s entrepreneurship personality, which can be a traiblazer, go-getter, manager, motivator, authority, collaborator or diplomat. If to consider Richard Branson’s personality type that matters in being a successful entrepreneur, he can be determined as generalist or strategic thinker for his ability to see the big picture oriented on the result-driven environment and the place where he enjoys autonomy and independence. The article of Integratinggeneralist (2015) describes Branson as the one who pioneered the brand of Virgin instead of being the founder alone. Besides, he is specializing not in one area but covers different enterprises of airlines, music, beverages and cell phones. He is involved into health care activities, online games, hotels, which speak about Branson to be not afraid of dropping himself into different businesses. His generalist type is supported by trainlazer pattern which are associated with the innovations he brings and their practical, realistic and calculated risk realization. Thus, Bradt (3013) reported that remarkable success of Richard Branson was called by the launching of products and services that were “heads above everyone else” (Bradt, 3013). Go- getter peculiarity of Branson’s generalist type is seen in his sociability level. Branson (2011) considers that it is important to socially oriented point of view, where people would know they are informed about what to buy and why; they will also choose what friends have recommended and if something is wrong, the customers will be able to reach the company and get a solution to certain problem. Lena Sim, the CEO of Ministry of Food, is a generalist as well, taking into account her career as a financist and transformation into the risky business in food industry. The generalist type can bee also seen in ambitious attempt to develop business of Ministry of Food (Hee, 2015). Restless and with the strong drive, independent and persistent, Lena Sim was following her instincts in being a leader. Moreover, her natural style and managing of processes and people enabled her to open more than fifty restaurants in Singapore under the brand of Ministry of Food. The go-getter personality characteristics are associated with Sim’s desire to expand the brand across the region. A manager personality type of Lena Sim is traced through goal-oriented approach, the main focus of which is placed on managing people. According to Sim (Interactive, 2012) it is a huge work to gather people with the desired capabilities, however, those who have risen through different ranks are the most motivated and committed to achievement of common goals. Lena Sim’s success is dictated by the desire to blossom into her own person despite the hard times of living in poverty in her childhood and it is her past hunger that drove Sim to achieve what she has in the present (How Lena Sim rose from nothing, 2010). Motivated and forced to knock on doors, multiple trials and tribulations made Lena Sim a fighter for her prosperity and well-being and a successful entrepreneur. The issues she faced were connected mostly with the bad reviews, little number of customers and unreliable suppliers. However, being a person who understands the bottom line as a part of her own experience, Sim was good as keeping operations lean and efficient by mastering the cost control. While there is no clear plan for success for anyone, Virgin founder Richard Branson’s success started with the selling of selling of Christmas trees and starting a student magazine despite the fact that he has dropped school at the age of sixteen. Further selling of mail order records and opening of records store created new business opportunities (Clifford, 2013). The idea of selling mail records worked well and led to another successful venture known as Virgin Records, a huge raise of which was a high profile and brought Branson millions in the age of twenty-three. Then there were a lot of other successful ideas, such as Virgin Airlines, which started with personal bad experience and were mostly directed on improvement of current conditions for customers. According to Branson (Dearlove, 2007), there is no reason to wait until the perfect time and guarantee success plan is ready, rather it is good to start before one feels ready. It is worth mentioning about the unique style of management which Richard Branson and Lena Sim possess, otherwise, their enterprises will not be as successful. Thus, people are the most important asset in Branson’s companies; hence, it is up to the manager to care about people in order to succeed. Total respect which is given to people of Virgin Group is what also makes its leader unique and efficient. He cares about their needs and they respond by being more productive and effective (The importance of being Richard, Branson, 2005). As a style of management, Branson accepts failure as he known that this is a part of building a positive experience. Such unique type of management enables employees to not be afraid of failure and succeed in creating more. Such management style is partially explained by the way Richard Branson has started his business, where failures helped him to achieve what is now known as Virgin Group. Another aspect of management style of Virgin founder is the intention to develop something new and here the ability to take risk is the main predisposition of why Virgin has so many companies of different activities. This type of letting the innovation move the progress within his company is similar to Branson’s way of living, where adventures and fun are present (Dearlove, 2007). If to consider the managerial style, Branson is a democratic leader as he listens to people and their feedbacks, which constitute the core values for the companies. Whether each person has certain idea, it should be considered, examined and whether it is worth developing, it has to be paid more attention to. In addition, his unusual way of running business without business meetings and illiteracy in computer makes his closer to people, which are more efficient than board meetings. As indicated in Her World (How Lena Sim rose from nothing, 2010), Lena Sim management of style is similar to those in the football team. Discipline is the major aspect and too much of red cards mean dismissal for en employee. This is called by the need to bring the finest quality of cuisines and value of worldwide services. Besides, to sustain business, it is vital to not only establish good managerial characteristics, but also consider the future planning. Thus, the CEO of Ministry of Food wants to break the new market, the Chinese one in order to make its business to grow and bring the huge potential of new customers. While the expansion is in plans, Lena Sim has already established another restaurant, Lenas, which is a brand under the Ministry of Food (Lenas and Orchard Gateway, 2015). Unlike Ministry of Food, which is local company and has not so many achievements as Virgin Group, Richard Branson has already presented the world his capability to sustain business. Thus, According to official Virgin website (Preston, 2013), there is no difference whether the one is a pastry chef or MBA, there is a one true method that enables business to grow, which is to use those products and services that disrupt the local market, enable to win customers and become achievement-oriented. For its airlines and space tourism, Virgin develops proactive and opportunistic approaches and looks for opening the other spheres that can surprise customers. Similar to Sim’s passion to what she is doing, Branson’s point is that he has always been keen in emphasizing himself out of a crowd and something that pulls off in his style. Branson (2013), also states that in sustaining the business, friends were the main helpers especially when it comes to the early years of the company. These friends and people surrounded Virgin making a difference in how to treat employees, customers and thus sustain profits. Another point to add is that establishing the relationships network is an important step in making a business successful. In comparison to Ministry of Food, where Sim is a considerable new player in this industry and with fewer surrounding enthusiasts like in Virgin Group, Branson is already able to share advice about the extensive network of relationships, partnerships, which help the company to make new business and attract new customers. In the present, companies of Virgin Group are sustain the whole business by cross-collaboration and forums by sectors such as mobile phones and public relations make employees to be more dedicated to the achievement of common goals. Through his long business career such personal characteristics of Branson as will to take a challenge on the great idea was his constant companion. While other entrepreneurs were struggling the tough economic times, Branson perceived all obstacles and challenges as healthy for everyone as they forced to think as outside the box and make appropriate decisions, usually useful for business development. What is also peculiar to Branson is the desire to break the rules through taking risks in developing products and services. The well-known failures of Student magazine, Virgin Cola, Virgin Vodka and others (Russel 2012) were among such risky companies. However, the persistence as the personal quality of Branson gave him possibility to start a new business and use new approach in the business strategy. Such is the “branded venture capitalism” which enables Branson to hold control over hundreds of Virgin companies (Vinedge, n.d.) Here the ideas of challenge and move despite the very many obstacles are peculiar to Lena Sim, the founder of Ministry of Food. Her hard childhood and inspiring grandmother have nurtured a strong personality ready to challenges and complications. If to consider the life Lena Sim’s trials she experienced, there is a reason to tell that such personal characteristics as persistence, desire to achieve more and independence were the main that helped her to grow business to the size it is in the present (How Lena Sim rose from nothing, 2010). Discipline and cost control are those which help this entrepreneur to be successful. The CEO of Ministry of Food perceives her business as a challenge, where with each problem it is possible to overthink what needs to be redone and added. Sim finds the whole process of making business and being an entrepreneur the greater motivator for her. She compares it with the marathon where she needs patience, discipline and perseverance (Tai, 2015). Moreover, pressure under which the business is running comprises the unique atmosphere for Sim and it is what makes its founder believe in business. For Richard Branson the best motivation can be considered the break of all common norms and rules of entrepreneurship, where he is ready to a challenge, starting with the criticism toward most of his ideas and ending numerous misbeliefs in the capability to pursue these ideas. According to Adair (2006) the best in starting business is to actually start it and do not be distracted by criticism. Another important point is that every opportunity motivates him to do things better and improve the process for the next step. His work and things that bring him pleasure are the greatest motivators that make Branson’s spirit to be lifted. These main attributes of the Virgin founder help to make companies competitive. In addition, Branson (2014) considers that welcoming competition is better way to remain in the top. It is better to respect competitors and then pay more attention on the ways to beat them and find the winning formula. There is also a great role of people in making companies competitive. Branson is a good at meeting new people and is also open to change if people advice is appropriate about this change. To lead an organization, there is a necessity to build mutually-rewarding relationships, which give opportunity to discuss and enjoy the decisions. For such company as Ministry of Food located in cosmopolitan Singapore, the future development of business is possible through the expansion, which Sim considers to be effective if doing it in China. Managing fifty restaurants of the MOF chain, the hard work and use of innovation will be appropriate for future business success. For Richard Branson, this future means to introduce more companies within Virgin Group. He considers that successful introducing of spacecraft will be his next destination point (Fuchs, 2014), despite the crash in its launching. The other challenge which the leaders will eventually overcome is now perceived as an opportunity for development and improvement. References Adair, J. 2006. Leadership and Motivation: The Fifty-fifty Rule and the Eight Key Principles of Motivating Others, Kogan Page Publishers Clifford, C. 2013. 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