Management of Entrepreneurship Issues - Essay Example

Management of Entrepreneurship By Department Professor’s Name Name of the University Date Abstract Entrepreneurs have an important role to play in today’s modern society. Entrepreneurs have rich innovative ideas that can be used to enhance economic development. They have brilliant ideas of methods that can be used to improve products and certain processes used in various organizations. Their innovative minds always find new ways of penetrating the market. When these innovative ideas are implemented, the current trends of the market are observed leading to improved customer satisfaction. Entrepreneurs also find gaps in the market which guide them in identifying new business opportunities leading to the creation of new firms and industries. Hence, entrepreneurs contribute largely to the growth of an economy. However, not all entrepreneurs achieve their goals and thus are not able to contribute to economic development. Sometimes businesses end up being unsuccessful. Some may fail to arrive at the stage where they can employ personnel into their firms while others end up bankrupt. Their organizations therefore, do not become profitable. Successful entrepreneurs have the characteristic of long life. They make tremendous profits and are able to employ labour into their firms (Mirjam, 2005). Methodology This paper seeks to find the methods used by two entrepreneurs to create their businesses and how they have managed to become successful. Focus will be made on the entrepreneurial, innovative and leadership practices used by Donald Trump and Steve Wozniak. These are famous entrepreneurs who both located in the United Kingdom (U K) and United States. Donald Trump is well known in real estate, TV show apprentice and has other 100 businesses; While Steve Wozniac is well known in the field of computers with the products Apple and other phone like accessories. Introduction Becoming a successful business person is a process that requires a lot of practice. One should make goals of what he hopes to achieve. He should then strategize on how to accomplish these goals. Before setting up a business one should consider venturing into a business that allows him to do what he enjoys. This ensures stability of the business and the owner can enjoy better personal satisfaction. Once the business is started, one must strive to be motivated at all times, regardless the comments he receives from his observers. A good business person believes in what his business has to offer. It is always important to keep in mind that the business is all about your clients. Customer focus should be the key subject in all decisions that you make concerning the business. It also pays to know your customers well and to offer them personalized services (Stephenson, 1996). Donald Trump who inherited management skills from his father, did set a higher target plans to have the biggest real estate in the region, but at the end it was the biggest in the world. The reason of much of its success is strategic planning this was done with a good support of a motivated team which were concern with promoting the products that suit its customers. The products and service that he made were world class that it earned Donald Trump praise for their outstanding quality and customer service. This shows how customer focus can take a business to great heights. In support of these Donald Trump was in the lead in nurturing and tapping new talents in the market through its entrepreneurial program the apprentice (Stephenson, 1996).. To the present the world does acknowledge the contribution and the works of Steve Jobs in the area of computers, i-phones and computer accessories. Despite starting the business at the young age, his leadership skills in the company was great was able to get much positive contributions from his workers, secondly, Steve is well known to produce products that suit a large number of clients needs. His use of research has made him to produce innovative and creative products that match client’s needs and lifestyle. This is another example of how offering personalized services to customers can contribute to the overall success of a business, and how innovation is key aspect for an entrepreneur. Stephenson (1996) states that building a successful business cannot be achieved by one person alone. A good entrepreneur forms strong teams that enable him thrust his business to the desired goal. These teams can include suppliers, business acquaintances, the community, employees and clients. A good reputation also goes a long way in building a business. Entrepreneurs must honour their promises to their clients. They must also maintain consistency in the provision of their goods and services. Being an expert in a particular field helps businessmen to focus on a specific product or service. In this way, people will always seek your expertise in that area whenever such need arises, like Steve Jobs use of skills in Apple industry. They offer the best computer products and phone accessories that suit the customer needs. Their main clients are teenagers and young people who love latest technologies using i-phones and management teams and offices using computers. Specialisation in their respective areas of expertise has seen the entrepreneur to succeed in his businesses. Donald Trump well known in the real estate industry, its clients include industries from various sectors such as transport, manufacturing, retail, leisure and public sect. He is well known to produce products that are very innovative and creative that suit customer needs and specifications. D Chen (2008) has stressed on the importance of innovation in entrepreneurship. In order for a business to remain competitive, one must be keen on the new trends in the market and e quick to meet these new demands. These trends could take up many forms. It could mean being able to recognize the need for a certain good or service that is not already available in the market. Innovation can also mean being able to provide new products or services to counter competition from other lines in the same industry. Another way of dealing with completion in an innovative manner is by engaging in what the competitors do not focus on. Alternatively, one can identify the problems faced by customers and provide solutions to these problems (Business Adventure Series, 2012). Successful entrepreneurs always strive to be creative. They do these through brain storming sessions that enable them generate new ideas that could be beneficial to the business. This enables business to abandon the more conventional methods used to run the business and adopt more creative ideas. The competitive computer industry as made Steve Job to have a research and development department that helps him to make surveys and analyse customer feed backs and requirements, so that they are able to come up with innovative products that are able to meet the customer’s needs and also have a competitive edge over its rivals, this is portrayed by the number of I-pods and I-phones produced every single time. While Donald Trump has been seen to tap talents by employing individuals who create and support new ideas in the business, the decisions making that he expects his employees to make is expected to be creative and supportive to dynamic environment. This move shows how creativity in business contributes to success (Business Adventure Series, 2012). Successful entrepreneurs can attest to the importance of leadership in business enterprise. Ukpaka (2012) emphasises on this need by stating that, “all that your business is today and all that it will become tomorrow will be as a result of your state of leadership in directing the course of the business.” Leadership is a relationship between the leader and his followers. The leader influences his followers to adopt a certain style of doing things so as to achieve desired goals. A leader, therefore, has the task of communicating to his followers whilst keeping them energized and motivated. The role of leaders in enterprises has positive impacts. Leaders make the most important decisions in the business. They ensure that the business stays focussed and committed to achieving set goals. This may involve charting new ways of doing business in an attempt to stay on the right path towards business success. Several people have come up with theories on how leaders are made. These theories meet what both entrepreneurs Steve Job and Donald Trump were practicing in their respective firms, which results to positive outcomes. Some of these theories include: The trait theory assumes that a person has certain traits or a personality that make him a leader. The character or personality of both entrepreneurs made the people and workers to respect them as their leaders (Kendra, 2006). Situational theory states that a person becomes a leader as a result of a decision he made during a certain situation. This is reflective of how the both entrepreneurs tried as much to make relevant decisions that make the organization to be competitive in the market (Kendra, 2006). Behavioural theory states that a person can learn how to become a leader. It disputes the idea that leaders are born leaders. This was reflected by Donald Trump and Steve Jobs who started from humble beginnings with no leadership skills but have throughout learned and became world class rulers (Kendra, 2006). The participative theory gives a leader the right to allow others to contribute and participate in the decision making process. Both business persons were in the fore front in promoting participative leadership among its employees (Kendra, 2006). Transactional leadership is also referred to as the management theory of leadership. In this type of leadership, certain standards of performance are set and the followers’ performance is monitored against these standards. This is portrayed by Steve Jobs leadership which has created more fear that after his death the firm he started may collapse (Leadership with You, 2009). Transformational leadership motivates its followers. It focuses on the relationship between the leader and his followers. These kinds of leaders strive to see their followers use their full potential (Leadership with You, 2009). Autocratic leadership focuses on the task at hand and does not consider the follower’s input in the decision making process. In some time this type of leadership was portrayed by the two when they would wish that something’s is done wrongly (Leadership With You, 2009). Donald Trump strives to remain consistent and reliable in the provision of its goods and services. Their major focus is to be able to meet individual customer needs. For over 30 years Donald Trump has been providing and installing high quality real estate investments and consultancy. Donald Trump has worked with several sectors of the economy, transport, construction, retail and public sector. In addition, Donald Trump has tailored its products to suit various needs and products. This is reflected by Steve Jobs products which are of variety and come in different colours, sizes, storage compartments and designs which entices majority of the customers. Steve also has a wide range of services. The design team works with the clients to make the best designs for their specific specifications. After manufacturing the required computer products, they offer delivery services to the clients through its number of distribution channels and agents. It has also made it easy for customers to order their products by creating an online store where they have posted their most popular products and allow customers to purchase online. These are some of the factors that have contributed to the success of Steve Jobs Apple. As such, this firm is one of the leading manufacturers of quality products (Business Adventure Series, 2012). Donald Trump other businesses in varying sectors are well known in Europe. This firm has a reputation for manufacturing and providing quality products and customer service. Donald Trump has also worked with several sectors of the economy such as education, retail, medical and construction with a number of clients. The firms sell its products throughout the world. Donald Trump’s mission is to exceed customer expectation by providing quality products and timely delivery. The firms also work with its clients to find out exactly what the clients want and how to meet their needs in a cost effective manner. Donald Trump provides consultancy services which enables them to provide the clients with the correct quotations. They then install and develop the products for the clients. Both entrepreneurs are well known on their stern position in making sure that the company succeeds this is shown on how they try to make sure that everyone is involved or participate in design and development of a products or services, with main focus being the customer or clients. Conclusion After studying Donald Trump and Steve Jobs, it is clear that these two individuals have achieved tremendous success. Donald Trump has been in existence for over 30 years whereas Steve Job has been in operation for slightly over 3 decades. This is proof enough that they are big entrepreneurs. Both these famous entrepreneurs have employed several strategies in a bid to achieve business success. What stood out is their ability to focus on customer needs, offer personalized services and tailor their services to suit the customer needs. They have also been keen to observe the needs in the market and become innovative. But the most significant and common type of characteristic was their way of leadership which did distinguished them with other firms and business. Despite the two entrepreneurs being in different sectors, they possess the same characteristics that have made them excel in their respective fields. These criteria, in my opinion, have greatly contributed to these entrepreneurs becoming successful in their lines of business. References Business Adventure Series (2012), Famous entrepreneurs in the world. Harper Arrington Publishers. Retrieved on 29th may 2012 from: http://www.thelittlee.com/html/famous_entrepreneurs.html Chen,D. (2008). Strategic Innovation for Success. Retrieved 27th April 2012 from >http://d- chen.suite101.com/innovation-crucial-for-success-a47902< Kendra C. (2006). Leadership Theories - 8 Major Leadership Theories. Retrieved 27th April 2012 from >http://psychology.about.com/od/leadership/p/leadtheories.htm< Leadership With You. (2009). Theories and Types of Leadership. Retrieved 27th April 2012 from >http://www.leadership-with-you.com/types-of-leadership.html< Mirjam, V. P. (2005). Successful Entrepreneurship: Confronting Economic Theory With Empirical Practice. Edward Elgar Publishing 2005, p.3-6 Stephenson,J.(1996). 25 Common Characteristics of Successful Entrepreneurs. Retrieved 27th April 2012 from http://www.entrepreneur.com/article/200730 Tracy,B.(2002). The 100 Absolutely Unbreakable Laws of Business Success. Berrett- Koehler Publishers 2002, p.96-97 Ukpaka,E.(2012)The Role of Leadership in Business Success. Retrieved 27th April 2012 from>http://ezinearticles.com/?The-Role-of-Leadership-in-Business- Success&id=2459102 Read More