Naomi Simson as a Well-Known Entrepreneur - Coursework Example

nаlysing Аn Еntrерrеnеur By (Name) The Name of the Class (Course) Professor (Tutor) The Name of the School (University) The City and State where it is located The Date Market Plan Fоr Thе Nеw Рrоduсt: Master Оf Mаnаgеmеnt Online The first step of this essay is discussing the history, development and growth of the entrepreneur. This paper will focus on the Australian personality known as Naomi Simson. She was born in 1964 and she is an Australian businessperson, blogger and entrepreneur. She is the founding father of the company known as Red Balloon (Wood and Davidson, 2011). Red Balloon is an online blog that is a gift retailer based in Australia that aims to make sure that not only Australians get access to online services but also reach the global community. Naomi Simson has won very many awards that include the 2011 Entrepreneur award and the 2013 lifetime achievement award. Naomi is also a writer who has written several award-winning books. The books include the following; Live What You Love, I want what she is having and Ready to Soar, The ideology behind the books are mainly for entrepreneurial skills. She understands that for young people to try to venture into entrepreneurship, it is advisable to know the best ways to venture into their personal business (Gorgievski et al, 2011). Being an entrepreneur for more than a decade, she is poised to make sure that people venturing into individual businesses need to ensure they have the technical know-how to begin their business. As a business guru who has ventured into the technology world, she earned the right to host the Australian television show known as Shark Tank. She is ranked as one of the top tech influencers by the famous magazine known as Business Insider (Harvey and Gill, 2011). As a leader influencing the young people on social media, the leaders dealing with the magazine understood how influential she would be among the young people. Her career began in the corporate marketing field where she gained experience with several big firms. Some of those big companies include IBM, Computer Australia, Ansett Australia and the arm dealing with Apple. Her location for her first business was her house where she began with an amount not exceeding $25,000 personal investment. However small her investment was, she was determined to make it work and she hired approximately 40 employees. She was the CEO of the company for a while but she took a step back from the operational side of the business while attempting to deal with other minor organizations operating from her house (Biggs, 2011). Such attributes like being named a shark tank, being a guru in the tech world and beginning the organization from such a young age made her who she is hence becoming successful. The next part of this essay is discussing the role of their family and socio-cultural background while focusing on the role of the entrepreneurial passion. Developing the spirit of enterprise is crucial to understanding the role that an individual plays to develop his or her passion. The development of the love is important to understanding what exactly is needed to improve the business (Hallak et al, 2012). Family plays such a big deal when an individual is seeking to venture into a particular set of business. As noted earlier, Simson began her career in the corporate marketing field where she gained experience on some of the most crucial occurrences on what exactly she needed to invest in her business. Having starred in more than one television show, Simson understood the value of making sure that whichever venture she got into, her sole purpose was ensuring that she impacted positively those that she contacted. In business, it is essential to have only the best relationships as people only remember the way they felt when they came into contact with an individual. After understanding this, it became apparent to Simson that whoever the individual was, it was elemental to cultivate the best relationships and create long lasting business relations (Scott, 2012). The close family members to Simson understood the values that Simson applied in all her activities. She not only molded herself in an upbeat manner both professionally but the values she exercised on a personal level played a significant role in molding her. In order to blend more with her audience who she considered family, she also started to blog making sure that her audience received the best advice when dealing with their businesses. Simson as an employer understood that her companies success was the attitude of her employees. Such a concept and realization led to her treating her employees with the utmost respect and empathy especially tо their personal concerns. In life, each individual has had the dream of being their own boss at one time or the other. However, too many people, thе idea of being an own boss is a fantasy since many lack the courage to risk their careers to begin something new (Azmat and Zutshi, 2012). However, to people like Simson, the idea of risk is what drives them and a mere problem of losing their careers only fuels them to be greater than present self's. Having such a drive is the biggest motivation that an individual needs to start a business and thrive in the firm. The next concept in analyzing the entrepreneurs is the discussion of the type of business that the developed and what competitive advantage the businesses had in comparison to the other entrepreneurs. In order to fully understand a business area, one of the fundamental aspects is understanding that market. Naomi Simson made sure that she knew the area thаt she wanted to venture into before making the first move (Van Hulten, 2012). Even though she just had ample cash to begin the venture, it made sense to her to talk to some of the people who had ventured into a similar business before and try and get success tips for her business. However, not everyone was willing to support her and she had to face several difficulties along thе way but she was determined to not lose focus despite the shortcomings. One of the business that she began was a business blog. She started the blog as a way of reaching out to the untapped potential of other entrepreneurs out there. She was in a show called the shark tank and also a guest member and host of top 10 show also in Australia. The reason for having hosted such shows is also a way to show the young people that nothing is ever involved and one can achieve whatever they set their mind on despite the difficulties (Foley and O'Connor, 2013). In addition, the idea of being in such shows is also acting as a representative to other willing entrepreneurs to follow her. As such, starting a blog and starring in television shows was to prove just how much an individual can influence people on the social media. Every successful entrepreneur will confess that they set out with their idea in order to achieve a competitive advantage over other contractors. The world of entrepreneurs is a huge one and there are people that are trying to do the same thing hence occupy the same market. In order to achieve a competitive edge, it is important to have new business ideas that surpass other entrepreneurs to achieve success (Zolin and Schlosser, 2013). Naomi Simon knew that and she began her business with just enough capital to pay the few employees that she had. She started the business in her house in order to cut the cost of paying for office space and she used the money to pay her employees. Another unique idea that Naomi had was starting a blog to promote her books. What is unique about her blog was the way she relates to very many hence not only concentrating on tech world. Her blog talked about the issues that people face daily and that allowed her achieve more and maintain a competitive edge over her comrades and achieve an advantage as well. The final concept in this essay is discussing the essence of having futurе suggestions for the entrepreneur including the different types of business and avenues that are essential for the success of a business. Having an appropriate location ensures that the business activities are able to be carried out efficiently and more hence become an assurance and insurance for the customers, employees and employer as together and hence feel safe to conduct the business (Hallak et al, 2012). Having a proper location also ensures that the people have close-knit relationships especially considering the affiliations, relationships and merger of the baseness are carried out efficiently. As such, having the proper suggestion for a new entrepreneur is choosing an appropriate venue and hence one of the most important aspects of a business. Another significant futurе trend to watch and look out for as an entrepreneur is the proper handling of funds. As one is starting a business, he or she is not able to have the best or rather sufficient funding to begin the business well and may require the help of other wеll financed individuals. Also, it is crucial to have like-minded personnel's who can quest for grants for the business. For example, Naomi was part of the show Shark tank that aims to help out new entrepreneurs with their brilliant and potential ideas (Hallak et al., 2012). The potential entrepreneurs should be able to market their plan in an amicable manner. The best concept to consider when seeking out funds is a workable and relatable marketing plan that can resonate wеll with the potential sponsors of the proposed business idea. There are a lot of people willing to support business ideas, and they are always seeking potential entrepreneur's to fund new business ideas. Depending on the type of business being established, it is crucial for the entrepreneur understand that there are bound to be investment risks possible. For example, it is entirely possible that the business may fail immediately as soon as it began (Colin. and Schlosser, 2013). Many former entrepreneurs started business but had to sell them halfway due to failing to plan. As such, the best possible advice for new and potential entrepreneurs is figuring out the best business to establish relative to the factors discussed in this essay. Such will help the individual plan well and develop the best workable plan over a five to ten year period. Bibliography Azmat, F. and Zutshi, A., 2012. 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