Introduction
‘My chosen entrepreneur is one of the very famous New Zealanders personalities who created a new platform for people who were buying and selling. The name of Entrepreneur is Sam Morgan. He is the founder of Trade Me Website in year 1999. Morgan resides in Wellington and was born in 1975. Before initializing his own business Sam was working in one of the very big IT Company named as Deloitte. The reason behind establishment and existence of Trade me was that Sam Morgan himself was having a very bad experience of buying and selling other websites which are really not catering the New Zealanders at all. So he thought of an idea to come up with a platform where New Zealanders can buy and sell easily. Trade Me turned into one of the very big successful business’. (Our story, N.d)
1. Organizational qualities
Organizational Qualities
Explanation
Ability to establish, run and successfully conclude projects
‘An entrepreneur is the person who is actually responsible for creation of innovative and unique ideas in order to create capabilities and abilities which helps to establish, run & successfully understand the business requirements and concludes the projects on the basis of present business needs. Example- Sam Morgan understood the New Zealanders buying and selling demand and came up with Trade Me’.
Ability to adapt to a changing environment
‘As an intelligent entrepreneur, Sam Morgan was aware of changing environment in technology and he tried to make sure that he positively adapts the globalization changes’. ‘Sam Morgan after analyzing the demand came up with concept of Trade me motors in year 2002’.
Ability to set goals ‘It is very important for successful entrepreneur to set vision and right direction assisted by business goals and business plan to achieve the goals formulated. Sam Morgan setted goal to provide best selling and buying experience which is still successful after 15 years and customers are using it with high expectancy’.
Ability to conclude risks
‘As an intelligent entrepreneur Sam Morgan already calculated the risk involved in Trade Me business and tried to take Trade Me to another level assisted by trademarks, patents and copyrights’.
Ability to generate ideas and solutions
‘Sam Morgan as an entrepreneur was very creative and innovative thinker as he always tried to do something different and time to time came up with new business ideas as Trade me jobs to help New Zealanders hunt jobs’.
Any other important qualities
‘Sam Morgan was also having the quality to justify the current potential and future demands of customers and provide them the best possible way to overcome’.
(25 common characteristics of successful entrepreneur, 2015)
(Our story, N.d)
2. Entrepreneurial tendencies
Need for achievement
‘Entrepreneur while entering into any business always before accomplishment thinks of been achieved in the business idea. So to be successful in business ideas there is need for achievement required which creates sustainability of business for long term’.
Need for autonomy
‘Freedom and autonomy are synonyms so it is always important for an entrepreneur to have freedom to take his own decisions which leads to success of business’.
Internal locus of control
‘Internal locus of control needs be in the hands of responsible entrepreneur as it effects the operations of the business which always need to be monitored by the entrepreneur as responsible person’.
Creativity
‘Sam Morgan as an entrepreneur was very creative and innovative thinker as he always tried to do something different and time to time came up with new business ideas as Trade me jobs to help New Zealanders hunt jobs’.
Calculated risk taking
‘As an intelligent entrepreneur Sam Morgan already calculated the risk involved in Trade Me business and tried to take Trade Me to another level assisted by trademarks, patents and copyrights. And in year 2006 when he realized that it is good to sell business in profits he sold Trade me to Australian owner’.
Opportunism ‘An entrepreneur always hooks to grab the possible opportunity to increase the business as creating further unique changes in business through advertisements and promotions. As Trade Me jobs created platform for people to hunt for jobs and business increased’.
Self confidence
‘Personality on an entrepreneur is understood and identified by his level of self confidence. Sam created a positive impact on Trade Me users which contributes to actual success of Trade Me till 2015’.
(Geri, Relationship between entreprenurial skills & tendencies, May 2013)
(The Need For Autonomy, N.d)
(Tiftik, 2014)
3. Key entrepreneurial characteristics
Desire for independence
‘As an Entrepreneur from the internal consensus there should be desire to independently takes decisions related to business. As Sam Morgan in year 2006 decided him to sell Trade Me to Australian owner’.
Aspirations of wealth
‘Wealth aspiration is must as it creates an significant increase in growth of business ideas as wealth works as the motivational factor for an entrepreneur. Sam Morgan aspired of Wealth and Trade Me was sold at NZ$700 Million’.
Exploitation of commercial opportunities ‘As an entrepreneur it is important to understand the commercial opportunities available for business and utilize and exploit them for business Growth purposes’.
Self-determination of lifestyle
‘Sam Morgan as an entrepreneur was very much self determined to achieve what he has desired for trade Me Business and this self determination quality turned Sam Morgan as one of the Youngest leading Entrepreneur’.
(Resnick, 5 key characteristics every entreprenure should have, 2014)
(25 common characteristics of successful entrepreneurs, N.d)
(Robinson, 7 traits of successful entreprenur, 2014)
4. Vision
Definition of Vision-
‘Vision can be defined as the ability to think about the future growth of any business or in the other words it can be defined as the dream of any organization to attain certain specific long term goal and for this organization creates Vision. This vision gives a direction to business future growth’.
(Business dictionery, N.d)
Trade Me Vision-
‘To become a platform of online auction where New Zealanders can buy and sell without any hassle. Increasing New Zealanders buying and selling experience was main motto behind the trade me Launch’.
(Trade me vision, 2012)
5. Creativity and innovation
Creativity and Innovation-
‘Thinking beyond the capacity or thinking new and unique is called as creativity. Creativity is important perspective for any business to grow in current competitive scenario. Innovation can be defined as the approach of doing things in new way by improving or changing the current product or service’.
(businessdictionary.com, N.d)
Example-
‘Sam Morgan as an entrepreneur was very creative and innovative thinker as he always tried to do something different and time to time came up with new business ideas as Trade me jobs to help New Zealanders hunt jobs. And this platform created a very huge success. This is one of the ever best examples of creativity and innovation done by NZ entrepreneur. Unique thoughts and ideas of Sam Morgan created Trade Me as most used online auction site by New Zealanders’. ‘And currently Trade me in last sales report in year 2012 revealed that their main focus is always on enhancing the entrepreneurial skills as creativity and innovation is basic concept of Trade Me growth in past 10 years. Trade me is not at all afraid of adapting changes which leads to innovative ideas of business expansion and growth’.
(Trade me vision, 2012)
Linkage between Innovation and Creativity-
‘Both the concepts of Innovation and created are interrelated but are two different words with different meanings as creativity is certain conceptualization of the ideas randomly coming into the mind of creative thinkers on the other hand Innovation is process in which transformational changes takes place to use creative ideas in process. So both are interrelated terms and process of business development is totally based upon these ideas’.
(Creativity and innovation, N.d)
6. Status and social mobility-
Status & social mobility-‘Status of an entrepreneur can be defined as the personal and professional position within the social boundaries of the geographical area or in society’. ‘Entrepreneur needs to maintain his/her social status in order to be well recognized by the
society it also impacts the growth of the business. As, Sam Morgan, is known for his social presence and recognized as one of the youngest entrepreneur across NZ. So his status and social mobility both are with higher prestige which credits the business with huge success across the NZ’.
(Hein, 2006)
7. Entrepreneurial models
‘The two models chosen as entrepreneurial models are trade me and warehouse from NZ owned business’-
Model Explanation Warehouse Trade Me
Management ‘In the management model there is a higher need of having and possessing high managerial and management skills which ultimately used to increase the management criteria of any business. Management itself refers to strong internal coordination of business’. ‘Warehouse is one the example of management model as Sir Stephen Tindal was the person full of management and organizing skills which leads to the success of warehouse as the place where everyone can get bargain and also increases the affordability of things. So Sir Stephen Tindal turned out warehouse as the place for all’. ‘Sam Morgan created this unique platform of online auction for selling and buying and managed it in very well efficient manner which leaded to success of trade me since years.
Trade me is now known as the best auction portal for New Zealanders’.
Leadership ‘Leadership is the internal ability of the leader to create adherence of organizational goals and vision’s and creating coordination between the people at workplace or business which increases the achievement in business and long term business development’. ‘As The warehouse long term organization goal is to provide consumer goods at cheaper rates so that it can be afforded by everyone. Sir Stephen Tindal as a leader given the right path of development. ‘To become a platform of online auction where New Zealanders can buy and sell without any hassle.’ Increasing New Zealanders buying and selling experience was main motto behind the trade me Launch’.
(Trade me vision, 2012)
(Benincasa, 2012)
8. Entrepreneurial tendencies
Option Manager Entrepreneur
Main motive ‘The main motive of manager is to always manage business in best possible manner so that it turns into profits for the organization. Manager is always responsible for managing employees working under him and also increasing there working’. capacity. ‘On the other hand Entrepreneur is always responsible for managing all the organizational tasks including organizational vision, mission etc’.
Risk ‘Manager can realize the sense of future risk but he/she does not possess capacity to create risk management strategies’. ‘Entrepreneur is responsible for analyzing and implementing risk management strategies to safeguard the business’.
Skill ‘Manager is mainly responsible for managing employee performance and increasing the culture and workplace ethics to support employees at workplace’. ‘Entrepreneur is mainly responsible for the employee monitoring and taking actions to increase the employee work capability according to business needs’.
Attitude ‘Manager needs to possess positive thinking, leadership attitude and have always control capacity over the employees working under him’. ‘More sense of responsibility along with positive and leadership attitude than manager have’.
Effort ‘The major efforts made by manager are limited to managing employees under him and directing them to follow organizational policies’.
‘More efforts Creation of new directions for business and unique market progress.
(25 common characteristics of successful entrepreneurs, N.d)
(Geri, Relationship between entreprenurial skills & tendencies, May 2013)
9. Small business life cycle-
Figure 1- ‘Various stages of Small business Life cycle’-
1st stage- Development-
‘In this stage business starts the strategic intent to develop and coordinate various strategies which can lead to startup of the new business. All the market, environmental analysis is been done in this stage’.
2nd Stage- Startup-
‘In this stage Business actually is established and started up in market and this phase is introductory phase of any business and needs lot of patience to sustain in industry’.
3rd Stage-Growth
‘In this stage business tends to realize the situation of profits and increase in productivity via more sales’.
4th Stage-Expansion-
‘In this stage business has done growth and it is the right time to have expansion projections in same or new market followed by various market expansion strategies’.
5th Stage-Maturity-
‘In this stage business is at the peak of maturity in terms of sales and profit margin saturation where the last stage is of decline. Each and every product comes to an end one day’.
(5 stages of small business life cycle, 2008)
10. Succession planning
Key succession plan-
‘Each and every entrepreneur needs to do succession planning to make sure that business is been profitable and is creating sustainable growth parameters for long term growth. There are different components of succession plan’-
Mentoring-
‘It refers to the use of leadership in the light of mentors or leaders expertise in management and business focus which intends to the growth and development of business at last. Top level management employees of any organization can be the good mentors as they have high knowledge and expertise required for any mentor’.
Relevant Business Experience-
‘The entrepreneur with business and industry experience can really create high level of motivation to the employees and can give them the direction of achieving the organizational goals and objectives of the organization’.
(Succession planning , N.d)
11. Personal influences
Personality
‘Sam Morgan as an entrepreneur is having a personality with self motivated attitude which gives him a person of high personality image in the mind of customers’.
Motives
‘The motive behind the establishment of Trade Me was to provide an online platform where New Zealanders can buy and sell easily’.
Skills
‘Sam Morgan as an efficient entrepreneur was able to decide the trade me market projection as platform of buying and selling easily and he marketed this concept by his own skills’.
Experience
‘Sam Morgan is having good experience in past IT industry. So he is aware of all the advantages and disadvantages which leads to success in industry’.
Psychological preferences
‘Sam Morgan always created a good culture in internal organization as male and female ratio at workplace is equal. It is good motivation for employees’.
Culture
‘Sam Morgan as a leader was very enthusiastic and motivated to create a good organizational culture and gives flexibility to employees’.
Diversity-
‘All the employees irrelevant of caste, race and sex are working in trade me. This gives a view of unity in diversity in an organization’.
Ethics-
‘Community development Programmers lead by trade me are a part of their workplace and business ethics fellowship. Maintaining the policies of ethical business are important from the long term growth projections of business’.
(Personal Traits Influence The Success Of Entrepreneurs Business, 2015)
12. Individual tasks
Creative task ‘Entrepreneur needs to do the creative tasks which leads to competitive success by creating new ideas in present globalization scenario’.
Operational task ‘Entrepreneur needs to check the various operational tasks as well as it represents the business growth model based on operations carried out as- higher the sales leads to high profits’.
Managerial task ‘Managerial tasks are the most important tasks which needs to be accomplished by the entrepreneur as business cannot run as smoother without the accomplishment of these tasks. Example- management training, maintenance of customer data confidentially’.
(11 management tasks that matter the most for your company, N.d)
13. Creative and entrepreneurial work
Structure
‘There are different structures followed by the different organizations. Trade me has used the cross matrix structure’.
Culture
‘Sam Morgan as a leader was very enthusiastic and motivated to create a good organizational culture and gives flexibility to employees. All the employees irrelevant of caste, race and sex are working in trade me. This gives a view of unity in diversity in an organization’.
Role
‘Entrepreneur needs to prove himself while fitting and doing various roles in an organization as a Mentor which can be of CEO, Financial Manager etc’.
Policies
‘A policy relates to nothing but an overview of the business is based upon and these policies are kind to be addressed as the legal or lawful priority of the employees. Entrepreneur needs to follow all the policies so that to ensure that employees are also following the policies. Policies on product are created according to consumer needs’.
Human resource systems
‘Human resource departments play a vital role in the business organization. They are responsible for selecting the staff as per the requirement and position. An entrepreneur must have a complete trust on the human resource department decisions’.
Communication systems
‘Sam Morgan as an entrepreneur tried to maximize the employee and top level management communication by working in groups, team work was made mandatory it increases efficiency of employees to communicate with their own respective ideas’.
(Geri, Relationship between entreprenurial skills & tendencies, May 2013)
(5 important roles of an entrepreneur, 2015)
14. Environment
Capital
‘Capital can be defined as the financial availability to develop and coordinate the various business operations. It is important for the organization to have availability of resources’.
Expertise
‘Sam Morgan is having good experience in past IT industry. So he is aware of all the advantages and disadvantages which leads to success in industry’.
Infrastructure
‘In order to setup the business infrastructure is required always it includes the physical setup of organization from where business is run’.
Technological
‘Current business scenario is very competitive in terms of change in technology is very fast so entrepreneur needs to make sure that he is updated with the current technology’.
People ‘In order to Run the business successfully it is mandatory tom employ right chosen people who have all the required skills to meet the job requirements’.
(Kartin, N.d)
15. Sources of uncertainty
Viability of business idea
‘Before initializing the business it is the core responsibility of the entrepreneur to understand the market by conducting prior market research which can provide the base of how industry is working and what are the different trends’.
Resourcing business idea
‘Proper idea generation is important for turning business into success, proper strategy formulation is required to be considered while resourcing business ideas’.
Implementation of business idea
‘As an Entrepreneur Sam Morgan formulated the strategy of creating auction portal or Trade me where people can buy and sell and then implemented into real success. So it is important to analyze the way how business idea is implemented in real scenario’.
Management and leadership quality of founder
‘In the management model there is a higher need of having and possessing high managerial and management skills which ultimately used to increase the management criteria of any business. Management itself refers to strong internal coordination of business’.
Ability to create product or service
‘Sam Morgan created Service as Trade me where buyers and sellers can meet and trade products’.
(Duvachalle, How to deal with uncertainty, 2014)
16. Innovative strategies
Access to information
‘It is the need of an entrepreneur to have access to prior information about business he wants to run or already established business as lack of information can turn business into losses’.
Access to resources
‘In order to have a physical and real startup of business entrepreneur needs to have full access to the required resources in the major form of finances, physical resources, and technological resources and along with human resources’.
Access to support
‘Without access to support of people with experience, business knowledge and expertise it is not possible to run business successfully so entrepreneur needs to have proper access to support in terms of human resources’.
The influence of flexibility
‘Entrepreneur needs to create an image in the mind of employees so that they can work on flexible working hours according to the need of business’.
(G, Influence of flexibility & working hours, 2006)
17. Structures
Structures Explanation
Matrix structure ‘In this structure type organization only needs to employ the people who are having past industry related work experience, which are able to deal with small and big organizational problems and can also resolve those problems. These set of experienced people are majorly advising the entrepreneur about the present market and what needs to be change to be successful’.
Cooperation-
‘Needs to talk with each other and evaluate a common decision on the basis of knowledge and expertise’.
Coordination-
‘Employees need to coordinate at work place to have same view and opinions’.
Functional structure ‘Functional structure basically is dividing the whole organization in various blocks, groups, teams and departments according to the individual employee role and responsibility’.
Cooperation-
‘Required to have maximum cooperation between different teams and functional departments’.
Coordination-
‘In this employees coordinate with each other to increase the employee working efficiency to achieve single organizational objective’.
(Richardson, 2015)
18.Management styles
Giving instructions
‘Entrepreneur needs to follow the management style of giving right instructions to the subordinates and employees and also to take their verbal feedback and opinion which in turns help to meet organizational objectives’.
Building teams
‘Without team work it is not possible to meet the organizational goals, so entrepreneur needs to facilitate the framework of building strong teams. Example- Warehouse- different teams taking care of different departments’.
Communicating and informing team members
‘An entrepreneur needs to make sure that team members of various functional departments are addressed and communicated with the required information and changes taking place in business’. Example- ‘trade me launched trade me jobs with proper channelized information in trade me employees’.
Gaining commitment and involvement
‘Entrepreneur needs to make sure that he is boosting and motivating all the organizational employees to be committed with their work to meet organizational objectives’.
Acknowledging contributions
‘Doing acknowledgments for the hard work done by the employees is important for an entrepreneur it increases confidence and commitment of employees towards the organization’.
Sharing rewards and recognition
‘Rewards are one of the major factor which increases the internal confidence of employees and rate of employee job satisfaction is increased it is important to reward the employees for the awesome work they are doing for an organization. Rewards can be of different types as financial and monetary or promotions etc’. Example- ‘Sam Morgan was giving financial rewards to employees for meeting targets’.
(Saunderson, rewards and recognition, 2013)
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