"I had to make my own living and my own opportunity! But I made it! Don't sit down and wait for the opportunities to come. Get up and make them!"- Madam C.J. Walker, creator of a popular line of African-American hair care products and America's first black female millionaire. This quotation is said by Madam C.J. one of the world's famous entrepreneur. This quotation simply states that when opportunities knock on your door never let it go because opportunities comes once in a lifetime and when it's gone you may regret it. Grab them and make the most of it because you'll never know where it will bring you. Nothing will happen if you just sit around and wait for the opportunity to fall in your lap. It is in your hands to make things go the way you want it to be. Especially for those entrepreneurs out there who are still in the industry and those who are trying to be part of the business world. As we all know not all businessmen became successful only 2 out of 10 entrepreneurs make it to the top. But what makes these people successful? What pushes them to pursue their dream even though they know there is a possibility that they might fail. Well, let's face it the business world is full competition. Almost every year new businesses are being launch but only few of these are being loved and supported by the public. Being an entrepreneur is not an easy job; it requires a lot of hard work and determination. An entrepreneur must possess certain characteristic which makes them different and unique from other people. An entrepreneur is defined as a person who creates a new business despite of the risks and uncertainty he might face for the purpose of achieving profit and growth by identifying the opportunities and assembling the necessary resources to capitalize on them.
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Martin Symes is one of the most famous entrepreneurs of today's generation. He is one of the founders of the wego website and now the CEO of this company. Wego is mainly a travel search engine which gives information and comparison about different airline fares in different airline companies, cheap hotel, and travel package for the specific needs of an individual. Wego is not a travel agency that sells airline tickets and bookings.
Characteristics of Martin Symes as an Entrepreneur
Being an entrepreneur like Martin Symes, there are specific qualities and characteristics that made him different from other people. An entrepreneur possesses qualities such as;
First, being a visionary. It is very important for an entrepreneur like Martin Symes to have a vision of his own. Pursue his dreams even though there is a chance that he may not able to achieve it in the end and yet he still strives hard and believes in his capabilities. He knows where he wants to be and where he's going to be in the next years. Being a visionary is also being a positive thinker. Being a positive thinker is an outstanding characteristic that an entrepreneur must have. It helps to ease the stress that an entrepreneur may encounter. Like Martin Symes, he has a vision of his own. He knows what he wants. He is motivated in pursuing it and with his vision and mission he now has Wego.
Second, being an observant. It is also important for entrepreneurs to be observant. Entrepreneurs must learn from the mistakes of other entrepreneurs so that they may not repeat the same mistakes. It is not wrong to observe the moves of other competitors but it gives the business itself an advantage over the other on how they can improve more. Observing the external factors is another thing because these factors are unstable and uncontrollable by the organizations with one wrong move; everything can change and fall apart. Martin Symes is very observant when it comes to his competitors, he makes sure that things are properly arranged and observe the company's weaknesses and strengths how they can improve it.
Third, being patient. As a saying goes; Patience is a virtue. Which means all entrepreneurs must be patient when it comes to their business because it takes a lot of time for a business to succeed. Especially when facing problems, entrepreneurs must be patient because it is a trial and error basis. You may fail now but there is always tomorrow to try again. Never give up because of one failure. It takes time to learn things and it is best to learn it by having mistakes. Just have a little patience and this patience will leads you to your goals. Martin Symes is very patient when it comes to dealing with conflicts in the organization. He sees these problems as a challenge and overcome it confidently. He never let these problems be a hindrance in succeeding and yet he finds solutions to these problems.
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Fourth, being adventurous. Adventure is once in a life time opportunity. Once you have the opportunity to be part of an unforgettable adventure, grab it because it gives you the experience that will teach you a life's valuable lessons and help you to become a better individual. Entrepreneurs must not be afraid of experiencing adventures in their business; these adventures may bring good or bad in the business but still it can be an opportunity for them. Entrepreneurs must not be afraid to take risks and try new things. For the years that Martin Symes has been in the industry working in different companies he had been adventurous. He's not afraid to take risk and adapt to changes and with that he succeeded and now, Wego has gone far.
Fifth, entrepreneurs must not mix business with their personal lives. Business and personal life are two different things that must never be mix. Entrepreneurs must be professional when it comes to business. And when it comes to personal life, personal problems must not affect the professionalism of an entrepreneur. Entrepreneurs must know how to manage these two things to avoid unnecessary conflicts between business and personal life. For Martin Symes, business is something that must be done professionally. Being a soft hearted person will not help. He makes sure that his personal life will not be affected his business and vice versa.
Sixth, being passionate. Entrepreneurs must be passionate in everything they do. They must love their work and be satisfied about it. Money is not everything. Entrepreneurs must not think about their profit but think about the people who are benefiting in their company. In that way, they can make other people happy and satisfied. Being passionate to the things you love to do and being passionate about serving people will make an entrepreneur happy besides having the profit that they want. Martin Symes is very passionate when it comes to Wego; he had served this business for years and loved it. And because of that people around him feel very blessed because he's passionate when it comes to the things he loves.
And lastly, entrepreneurs must understand by heart the elements of entrepreneurship such as; cost leadership, differentiation and focus. These three things is also one of the important aspects to look on.
Entrepreneurs must know how to manage the cost of their business in order to gain their target profit. They must also know how to differentiate their products to the competitors, in that way they can have the advantage of being unique among others. And lastly, entrepreneurs must be focus in their business. They must take things seriously and concentrate on the opportunities, threats, strengths and weaknesses.
Entrepreneurs must possess different characteristics that makes them unique such as being; visionary, observant, patient, adventurous, must not mix business with personal lives and passionate. These are just some of the characteristics that Martin Symes showed. There are many more characteristics that one entrepreneur must possess. But these characteristics of Martin Symes made him one of the successful entrepreneurs of this century and with that people around him feel very lucky to be at his side and learning new things. Being an entrepreneur is a lot of hard work to do. A lot of problems to be encountered, people depend on you, people criticize you and as an entrepreneur he must never give up easily. It may take a long road to be where you want to be but if you have the passion and desire to do whatever it takes, you will have it. It is just a matter of time. Entrepreneur also learns new things in the process. It is a continuous learning. It doesn't mean that if you're a successful entrepreneur you know everything. It is better to learn different things from different people whether it is in an easy way or hard way. But never wait for the time to learn things in a hard way because there are certain things that you might regret not doing or doing it. And always bear in mind that an individual can learn from other's mistakes or their own mistakes it just depend on how you take it and look at it. Seeing things in a different perspective is also a good thing, it teaches not only entrepreneurs but all individuals to see things differently and how they react to it in a positive manner.
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"Assuming that you were Martin Symes, provide and explain the solutions that you would take to solve the problems faced by Martin Symes."
"The only thing that will stop you from fulfilling your dreams is you." - Tom Bradley. This quotation simply explains that no matter how big a problem is there is always a solution behind it. The only thing that stops a person from fulfilling his dreams is him. Sometimes people think in a different and negative way, that when they face problems they think that it is the end of the world and no one is there to help them. Well, in reality, no one is really there to help you but yourself. People are always there to pull you down and criticize your every move. You need to stand up for your own and be the man that can face challenges. All entrepreneurs face different kinds of problem in their daily lives whether it is in business; like starting up a business, running the business and maintaining the business itself or personal matters. Like, Martin Symes, the CEO of the Wego Company he also encountered problems and still encountering problems, when it comes to his Wego business. The problem may not be all about its operation or financial aspects but sometimes the people that he handles became part of the problems too. Lastly, a problem is defined to a state of difficulty that needs to be resolved. The solutions and strategies are handled by the owner or the management itself. As an entrepreneur, he must have the knowledge and skill when running the business. With this knowledge and skills, a business will be more efficient and productive.
Some of the problems faced by Martin Symes in his Wego Company are;
First, competition with other company. Martin Symes's Wego Company is not the only travel search engine in the industry. Another 2 companies provide the same services like Wego are Qunar in China and Ixigo in India. The competition between these 3 companies is very tight. So, as an entrepreneur, Martin Symes must set up and plan the strategies on how he can be competitive and gain an advantage with his competitors and how he can occupy most of the market share.
With this kind of situation, our group suggests that; one of the solutions that can help Martin Symes is to provide the best service to the customer. E-commerce business is difficult to maintain and start ups are very messy. For example, Martin Symes can improve the Wego website by improving the layouts, the approach to the customers. It must be user friendly and understandable so that people using this website will feel at ease and comfortable. Another is by providing the latest information about the airline fares and package tours because every day the currency changes in different countries so it is appropriate to update the latest price and other necessary information available. Another is also by having customer service office so that the customer with many inquiries can go to this office and settle his/her plans. Another is to provide a tourist guide service to the customer, especially for those customers who are having a package tour. And lastly, he can also provide a specialist to serve the customer by teaching them how they can use a cheaper budget to travel. With these solutions, Martin Symes can have a competitive advantage to his competitors.
Second, how to make their business popular, build up a goodwill and a brand name. Most of businesses today are popular because of their brand and its image to people. As an entrepreneur, Martin Symes must find ways on how he can build the image of Wego and be known to people. When starting up the Wego Company, no one knows what kind of services they provide and what is it all about. At first, people may think that Wego Company is all about selling air fares and package tours online in different airlines but it is not. Therefore, Martin Symes need to find out the solution to solve this problem and making the business known to people.
With this kind of situation, our group suggests that; Martin Symes can improve the advertisement to endorse the Wego Company. He can make the advertisement through the television, radio, bus, or internet pop up pages to help the company become more popular. In doing the advertisement, Martin Symes must clearly explain the services provided by the company because it can help the customer to understand it fully. And also, Wego Company must build up the good relationship with the customer as well as the management. The best way of building up a company's name is to have an effective advertisement and productive services so that customers will be satisfied in their business.
Third, lack of the efficiency by the management. First of all, Management refers to the process of leading and directing all part of the organization. Martin Symes must maintain the efficiency of his business. Though it is an E-commerce business, and he gains profit every time people click to his website. As an entrepreneur he needs to have strong and efficient management to help the company run efficiently. The employees are one of the important elements of the management.
With this kind of situation, our group suggests that; In order to solve this problem, Martin Symes must hire employees that possess higher knowledge, skill, creativity and good attitude. He must hire IT experts. After that, Martin Symes can also give trainings to his employees in order to improve the skills of the employees or provide loans to employees that have the potential in this industry to continue their education. With this, Martin Symes can build up a strong management and also satisfy the needs of employees.
Fourth, reducing the cost. Cost refers to the estimated amount of money needed to produce a product or to perform a service and is related with the profit. Wego Company is a type of E-commerce business. Establishing an E-commerce doesn't require that much of money but a lot of effort and time management. When it comes to advertisement the cost increases.
With this kind of situation, our group suggests that; one of the solutions to reduce the cost is to have cost leadership strategy into the company. Cost leadership strategy refers to how low you can keep your cost low without reducing the operation. Wego Company can use high tech technology so that the business can operate 24 hour non-stop. In that way, the company doesn't need to hire many employees to monitor the business from time to time. The high tech technology can replace the labor force. Therefore, the Wego Company can cut down the cost from the labor force while maintaining its operation.
Fifth, how to improve their services. E-commerce business is sometimes not efficient and effective because of technical problems. So, how can Martin Symes avoid this problem and improve their service quality. When a company came to a point whereas they can satisfy the customer's need and provide good service. It builds up the good relationship among the customer and customer will feel very satisfied.
With this kind of situation, our group suggests that; one of the solutions is that by having feedback from the customer. In that way, the company knows which area to improve on. The company will also know weaknesses and the customer's needs and wants. Another way to solve this problem is by identifying the SWOT analysis so that the company knows which area they are weak and strong. SWOT analysis refers to the internal and external factors affecting the business such as its strength, weakness, opportunities and the threats. When the company identified all of these they will know what to do and how to approach this kind of matter.
Sixth, the difficulty to communicate with the customer. Wego Company is doing an internet business and most of the time it is using webpage to send information to customer. Sometimes system error happens and maybe it can send wrong information to customer, which can make a customer unsatisfied. This is not face to face communication with the customer which makes it difficult. For example, a customer has personal inquiries about the business and yet he/she can't ask the company immediately even though he sends a personal message he/she won't have the answer immediately compare to face to face communication.
With this kind of situation, our group suggests that; the best way to solve the problem is to use face to face communication with customer. Like building up a small customer service office in which there are employees who can help customers immediately. Another is to have a 24 hour hotline in which customers can call anytime and ask for inquiries. In that way customers will feel that business is reliable and fast. Another way to solve this problem is; Wego must keep on updating the information every day because if not, it will lead to customer's complaint and dissatisfaction. For example, when the customer is booking the hotel and the prices that were posted is wrong, the customer will feel that the service is bad and the business is a scam.
All in all, these are some of the problems encountered by Martin Symes in establishing the Wego Company. Even though it is just an E-commerce business it still faces different kinds of problems such as; competition, how to make their business popular, build up a goodwill and a brand name, lack of the efficiency by the management, reducing the cost, how to improve their services and the difficulty to communicate with the customer. What more if it is a big corporation, deeper and serious problems will be encountered. For Martin Symes, he's a great entrepreneur. He may not be one of the top entrepreneurs in the world but still he is trying and still striving hard. Entrepreneurs must always remember that in every problem there is a solution. You may not figure out the solution immediately but in time you'll just know it. Take these problems as a challenge. Challenges that will change you as an individual and the world as a whole.