An entrepreneur is determined by a "person who organizes and manages any enterprise, especially a business which is commonly with significant initiative and risk."(Dictionary.com) An entrepreneur could be classified as one of the most intriguing and at the same time the most elusive characters in the cast that constitutes the subject of economic analysis. Personalities of successful entrepreneurs are generally ambitious, driven leaders with a determined attitude, and a keen eye toward alleviating risk and a passion for discovery and innovation.
These entrepreneurs see themselves as frontrunners where they pursue chances by rationalizing resources required to meet the new markets and engage the inevitable competition. The power of a single leader can be profound, and nowhere is this more true and relevant than in entrepreneurship. In my opinion, perhaps what is most exciting about entrepreneurial leaders is their ability to alert their actions having fuelled a worldwide revolution that continues to define and shape our social, economic and environmental frontiers.
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Taking on the right business opportunity based on your personality as an entrepreneur is crucial in making your business receptive and gratifying towards the targeted groups of people the business is focused at. There is an acute need for the potential entrepreneur to understand his personality and behaviour wise to see whether it consents with what the society sees as a necessity and demand in.
Today, entrepreneurship has evolved beyond the classic start-up notion to include their personality and behaviour wise of all types, in all stages to their businesses. Entrepreneurial leaders inject imagination, motivation, commitment, passion, tenacity and vision into their business. (Mcgraw-Hill, 2009)Successful entrepreneur are interpersonally able to support and nurture others from their composition and work ethics. Also, they would be capable in managing and juggling assorted boundaries and challenges directed towards them in the most competent and efficient way possible.
Table of Contents
Identifying Personality Type
Most people underestimate the importance of having a pleasing personality. Majority think it just means being born good-looking, that there isn't anything much to do about it. But this is far from the truth. While good grooming and looks is part of it, the scope of personality development in a business is rather extensive. It includes knowing how to dress well, social graces, grooming, speech and interpersonal skills. Whatever the career path or business, these are vital skills that will promote your objectives for a better and successful future ahead.(Mcgraw Hill, 2009)
The personality type best described myself is based on a 'Performer' personality. The definition of a 'Performer' personality means that a person's primary mode of living is focused externally, where it's about taking things in via the five senses in a literal, concrete fashion.
A performer is usually someone that enhances living in a world of people possibilities. They tend to love people and new experiences. They are lively and fun, and enjoy being the centre of attention. They develop very strong inter-personal skills, and may find themselves in the role of the peacemaker frequently. Since they make decisions by using their personal values, they are usually very sympathetic and concerned for other people's well-being.
A performer is definitely a spontaneous, optimistic individual. They love to have fun. They are constantly upbeat and enthusiastic, and genuinely like almost everybody. A very well-developed appreciation for aesthetic beauty, they encompass an excellent sense of space and function. In general, performers take great pleasure in objects of aesthetic beauty. They're likely to have a strong appreciation for the finer things in life, such as good food and good wine.
However, the downside of a performer personality is that is when under a great deal of stress, he/she get overwhelmed with negatives thoughts and possibilities. As an optimistic individual who lives in the world of possibilities, negative possibilities do not sit well with them. In an effort to combat these thoughts, they're likely to come up with simple, global statements to explain away the problem. These simplistic explanations may or may not truly get to the nature of the issue, but they serve the performer well by allowing them to get over it.
Business Proposal Plan
Before a single model of entrepreneurship is to be in place, it is necessary for the aspiring entrepreneur to strive to strike a balance between how they are going to manage their business and also how they are going to lead their business for a long-term success. Below is the organizational chart to strike a balance between Management quality and Leadership quality for an aspiring 'Performer' personality.
Always on Time
Marked to Standard
Creating an Agenda
Planning and Budgeting-by establishing detailed steps and timetables
Establishing direction-by developing a vision for the future and strategies for changes
Regulating and problem solving-by observing results and trends, also identifying unconventionality
Motivating and inspiring-by energizing people to overcome bureaucratic, overcoming political barriers
Producing a degree of predictability and order
Creating change, often to a striking degree
Based on the personality type considered in the earlier finding, there is a need for a detailed and comprehensive consideration into the type of business proposal plan that would be suitable to inaugurate for a long-term investment. Based on the personality discussed earlier, the concern for being sympathetic for other people's well-being is to be a priority when setting off a business in mind.
Commitment and Determination
Commitment and determination are seen as one of the most important factors for a business start-up to work with regards to management quality. With commitment and determination, an entrepreneur can overcome incredible obstacles and also compensate enormously for other weaknesses. There is a need to be tenacious and decisive, intensely competitive in achieving goals, persistent in solving problems and very well disciplined.
Successful entrepreneurs are easily obsessed with first opportunities. This mentality strikes as endearing, showing their hunger for success at every opportunity present within their reach.
This does not take into consideration the appeal of money, resources, networking or even appearances. Entrepreneurs in their very best, constantly thinking of new ideas for business by watching trends, spotting patterns to mould a unique enterprise at every corner of opportunity made available to them.
Factors affecting Business Plan
Taking into account the personality of a 'Performer', I would consider producing a business plan for Beauty products in the market. The market conditions for beauty line as of now, is beginning to grow but at a gentle pace as compared to the market for Information Technology (IT). Hence, taking the market type for beauty line, there would be a higher potential business to fabricate these products to meet the needs of customers and provide high value added or value credited benefits to the customers. The niche for the beauty line would be directed towards the working adults who are looking for fast, effective and mobile beauty products on the go.
Strengths of Business Plan
Taking into consideration the aim of creating a high value added product line for the consumers of today, these are the possible strengths of the business that could be derived:
Contributing to the society
The Beauty scene is a market where consumers are constantly reachable and receptive to the products. In this case, this invariably means the product would be able to have a continuous growth rate although there are competitions in the industry. The personality of a performer would take into consideration of being sympathetic towards the society and giving back. Hence, this product line should be focused along with the main personality of the entrepreneur which is to understand the needs of others in the community or the city as a whole. By focusing on the targeted group for working adults, these beauty products would be able to reciprocate positive feedbacks and support from consumers in Singapore as most Singaporeans tend to be 'workaholic' and hence do not have spare time to rejuvenate and take care of their skin and health. Hence, with the launch of this product line, it could be desirable for every working adult to improve and enhance their well-being on-the-go and contribute greatly to the well-being of fellow Singaporeans.
Weakness of Business Plan
One of the possible weaknesses of such a business plan to be implemented in Singapore's society would be risk tolerance of such a launch of products in the industry. Some successful entrepreneurs take calculated risks or avoid risks they do not need to take. In this case, the risk of such a launch would be in the production site where products would need to be environmental friendly and free from animal testing. As such, the cost structure for such products would be relatively higher as compared to others, and it would also take a longer amount of time to generate one product as testing process may take an extensive amount of time to be approved and be sold to the market. The cost incurred on the entrepreneur here would have to be taken into consideration considering that the product would have to be sold at a relatively higher price and also the consideration of covering the cost incurred. The issue here if not resolved could hinder future success and business expansion in the market.
Case Study: Burt's Bees
"The biggest businesses have revolutionized civilization, changed the way we live. That's my aspiration: to change the world for the better through my company." (Quimby, n.d)
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Burt's Bees is an "Earth Friendly, Natural Personal Care Company." (Burt Bees, 2012)The company are well known in producing natural, Earth-friendly personal care products that were prepared to enhance the well-being of every individual naturally without the use of chemicals.
Burt Bees products are of high standards, ensuring 'The Greater Good', where these products are prudently formulated using only ingredients that are the best nature has to offer: beeswax, botanical and essential oils, herbs, flowers and minerals.
During the years, Burt Bees sales in the market have been increasing profoundly where they were able to garner positive support from consumers all around the world. The skin care and bath products had developed into a major market niche over the years. Quoting from Euromonitor statistics, it is said that "based on the rapidly changing lifestyles and growing image consciousness, the community are expected to spend more on grooming. There is likelihood to demand more niche products which target their specific needs, such as anti-ageing". (Euromonitor, 2012)
As of to date, Burt Bees is accounted to be worth over $25 million in sales and has become one of the longest and richest natural beauty care product in the history..
This paper identified the type of business an entrepreneur of a certain personality would adapt and take on considering the positive and negative impacts of the business market. There are several successful entrepreneurs emphasizing that while others have initiative, determined to persevere, resilient and are able to adapt, it is not just a matter of personality. It is what they do that matters most.