Bsc Banking And Finance Commerce Essay

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There are infinite successful elements affecting our lives so greatly that are simply… undefinable. We all think that we know what entrepreneurship is. However, what we fail to realize is that we only acknowledge who entrepreneurs are. Various theories by rational scholars try to reach a standing point to fundamentally define entrepreneurship. In order for a precise, complete and accurate definition to be constructed, there needs to be integration between these theories and the real characteristics of existing entrepreneurs. This essay will demonstrate the basics of entrepreneurship by discussing the various entrepreneurial theories and comparing them with the traits of UK's 2010 Young Entrepreneur of the Year, Tayub Amjad. (Appendix 5)

The Enterprise

Zouk first initiated in Bradford, October 2006. It has received multiple admired recognition and awards for its exceptional cuisine. The tea-bar and grill is managed by a passionate and intimate family. Zouk would not be the same without the touches of Amjad Bashir and his lawful children Tayub, Mudasar and Habiba. Amjad's 30 years restaurant experience along with his children's dedication, enthusiasm and innovation have created one of the best restaurants in the UK.

The idea of Zouk was visualized by Tayub and Mudasar in 2006. Their adventures across India and Morroco inspired them to provide a different and unique touch of oriental food with style! Their father Amjad was pleased with the idea of a new generation restaurant.

The expansion of Zouk was by creating a two hundred forty seat restaurant located in Manchester, 2009. This place is extremely popular today and the place to go in Manchester. Further expansion is planned for a new Zouk in Liverpool. (Zouk, 2012)

Tayub Amjad as an Entrepreneur

After the interview with Mr. Tayub and a long chat regarding his personal and work life; it is clear that he is classified as an opportunistic entrepreneur (Smith 1967). He is a middle class educated individual with a BSc degree in Mathematics. He participates in many activities being charity events and others across the country. He mentioned that one of the most rewarding experiences he had as an entrepreneur was "Working with under privileged kids and giving them vision." (Amjad, 2012)

As mentioned above, the idea of Zouk was a result of the traveling experiences Tayub had with his brother. However, the decision to actually implement this idea was a result of careful long-term planning. That is what makes him a clear opportunistic entrepreneur. It was also obvious that Tayub has excellent verbal and social skills.

Entrepreneurial Influences

Tayub Amjad was influenced greatly by three main factors; family, role models and education. (MITCHELMORE, 2012) He was brought up in a very family oriented environment. He has a great relationship with his siblings and parents. What made Zouk a great success is the integration of skills, abilities and experiences of each member of the Bashir family. This has a great influence on the way Zouk is managed. Tayub believes in appreciating the staff and treating them as family. The organizational culture was described as "Relaxed family atmosphere. We make all our employees believe in the brand and they want to see it progress" (Amjad, 2012) Tayub's role model is his Father Amjad Bashir. This shows the influence and experience he has on his son's success. He contributed to the initial source of capital for the enterprise as well. Lastly, education played a significant role in helping Tayub reach his goals in a correct efficient manner.

Entrepreneurial Role

Tayub illustrates this role through his intense schedule, hard work and management. (Hisrich & Peters, 2002) He works sixteen hours a day "Late start at about 9.30 checking my e-mails and then planning my meetings getting results from all the businesses for the previous day." (Amjad, 2012). His job is his priority everything else comes second.

Economic Theory

Tayub Amjad's personality as an entrepreneur verifies the Economic Theory of Entrepreneurship in various ways. Tayub's success partly depends on UK's economic conditions and incentives. (Ynkamat, 2012) The Harvard Business School Economic Theory of Entrepreneurs can be greatly applied in Tayub's case. The combination of internal and external factors has a great influence on Tayub's idea of the enterprise and the running of it. (Chetty, 2010)

Internal factors include Tayub's intelligence and knowledge. He has graduated from Manchester University with a degree in Mathematics. Other than that, his many adventures experiences traveling across the world with his brother have given him the opportunity to visualize the venture and implement it creatively. (Gibb 1987) His intuition of course is a driving force to create such a trendy place and keep on adapting to changes in the environment. (Welsh & White 1981)

External Factors include Political, legal, economic and cultural features. Tayub was able to take advantage of aspects like economic stability and cultural values. Zouk still provides the cultural Pakistani and Indian cuisine. However, it also provides an array of other western combinations. For instance you can order chicken masala along with a raspberry mojito. That is what makes Tayub an innovative flexible successful entrepreneur. (Schumpeter, American School)

During 2006, when the first Zouk was initiated, the economic conditions were suitable to launch a new innovative unique restaurant. Tayub was able to take advantage of the availability of finance, infrastructure and resources. Other than that, the market conditions allowed UK citizens to visit such enterprises and spend their disposable incomes on unique oriental cuisine while enjoying the entertaining experience and stylish settings.

The second Zouk in Manchester on the other hand acquired huge success because of the type of customers it attracts. There are many international students in Manchester that visit Zouk on a daily basis. Tayub was able to acknowledge this market condition and adjust the settings accordingly. The pricing is affordable, food proportions are suitable and the atmosphere is extremely entertaining. (Appendix, 7)

Psychological Theory

Tayub Amjad sets an excellent illustration of the Psychological Theory of Entrepreneurship. (J. Robert Baum, 2006) He holds the essential psychological characteristics supplied by various influences like family, society and culture. He has an insight of future goals, able to face obstacles and has a high need for achievement. (Ynkamat, 2012)

Tayub as a Visionary

Mr. Tayub is the type of person that has a wide imagination accompanied with specific goals, objectives and targets. (Casson) His creative imagination is what influenced his idea of opening a tea-bar and grill. However it is his strategic and technical planning that lead to Zouk's rapid growth and expansion.(Menger, Austrian School) For instance Zouk's locations were determined by planning "After market research and personally getting a feel for the areas in which we operate. Making sure they are part of our brand strategy" (Amjad, 2012)

His future goals for growth show how enthusiastic he is about the enterprise. His ten year goal is to set up an international presence and offer adaptable facilities. Tayub said "Aiming for International expansion and we are starting a new concept for food on the go." (Amjad, 2012) To achieve this goal Tayub has set a new middle management system facilitating control and expansion.

Facing Oppositions

The interview conducted with Tayub shows that he is the type of person that welcomes challenges and faces obstacles. (Hornaday 1982) He made it clear that being an entrepreneur is difficult and requires sufficient amount of time, energy and hard work. He also stated that problems will always occur and a smart entrepreneur is able to face and learn from them. He said "You can't prevent mistakes they make us who we are, but you must learn from each mistake and not do it again." (Amjad, 2012)

Tayub embraces entreprenurial challenges because he simply loves what he does. He said the only thing he would change is that he would start a business earlier. His advice to future entrepreneurs is "Don't be afraid of hard work ". (Amjad, 2012)He said something simply and genuinely when asked about the sacrifices an entrepreneur has to make" Everything and nothing as you enjoy what you do." (Amjad, 2012)

This characteristic proves Rotter's 1966 theory regarding entrepreneurship; internal locus of control. (Rotter, 1966) As illustrated, Tayub does not believe in luck, he believes in working hard and controlling you're actions, decisions and life to become a successful entrepreneur. Throughout the interview, it was obvious that he has high self-confidence and belief. It is an admiring characteristic resulting in his success. (Hornaday 1982)

Need for Achievement

One of the initial traits discovered by entrepreneurial studies is high achievers. (MITCHELMORE, 2012) This trait is found in Tayub's personality. He classifies success as being the best in the field operating in. Relatively, Zouk is considered to be very successful. "Zouk is regarded as one of the best restaurants in the cities we operate. Our food and brand is associated with quality" (Amjad, 2012)

Another significant factor illustrating Tayub's high need for achievement is his participation in challenging entrepreneurial competitions. Tayub Amjad took part in Prince Charles' charity Mosaic, an awards ceremony taking place in London. This Mosaic interacts and mentors the youth in different schools in the UK inspiring them by business men and entrepreneurs. (Welsh & White 1981) After the launch of Zouk in Manchester, Tayub was nominated for this prestigious award. He encountered a panel of experts, where they judged his entrepreneurial experience. Effectively, Mr. Tayub the financial director and originator of Zouk Tea-bar and Grill was awarded the title of Young Entrepreneur of the Year. (Zouk, 2012)

Innovation Theory

Joseph Schumpeter's theory regarding the innovative entrepreneur that has institution and insight is applicable to Tayub Amjad's character. Joseph Schumpeter classified an innovative entrepreneur as a person that introduces new production methods, products, markets, resources or industries. (Ynkamat, 2012) Tayub's innovative nature is exemplified throughout Zouk's wide range of facilities, cuisine and entertainment.

New Products

Zouk was always famous for its core product (Indian and Pakistani Cuisine). However, when Zouk was launched in Manchester, the wide range of Arab students visiting the place suggested that they should provide Shisha. It is some sort of water pipe with a variety of fruity minty flavors. This product is fairly common and popular in Arabian countries. Tayub has an excellent outgoing relationship with all his customers. And so, he made a deal with them to supply the shisha materials from Bahrain and test the demand for it in Zouk. Fortunately, this innovative idea is one of the driving factors for Manchester Zouk's huge success. The Arab students were extremely happy to have a place to smoke shisha and eat good food; instead of going to Rusholme road. Other than that, the British citizens also seem to enjoy this new product. If you visit Zouk today, there is an outdoor stylish setting where customers can sit smoke shisha and eat at the same time. The interesting thing is that, it integrates all sorts of people from all kinds. Now Tayub supplies the Shisha materials on his own, from Arabian countries and allows his Arab staff to operate them. It is an excellent example demonstrating his entrepreneurial insight and creativity. (Appendix, 7)

Tayub is also offering a new service "Zouk's Cookery School". It is relatively small scale, in which it is a half day cooking lessons. Students will learn to cook Zouk's dishes having a home guide as well. Tayub came up with this idea by also listening to his customers. They enjoy eating the curries and would like to cook for their families and friends. The cooking school seems to be successful in which visitors from Scotland, London and Cumbria join the classes. A trained chef is able to teach students from all levels. (Zouk, 2012)

New Production Method

Tayub has taken Zouk to the next level by producing its fabulous cuisine to serve the need for catering and event management. (Hisrich & Peters, 2002) They provide small scale and large scale services by creating a great event. They have set a team of expert chefs and event party planners to carefully design and implement the occasion. The chef provides a menu of extraordinary cuisine taking into consideration the customer's preferences while the event planner sets the settings tailored to the occasion and customer's requirements. This new method will allow Zouk to grow in a rapid pace and extend to newer exciting levels. (Zouk, 2012)

New Market

As mentioned earlier, Tayub wants Zouk to have an international presence in the coming years. He mentioned briefly about his plans to move Zouk to the Middle East precisely in the Gulf region. He has visited Bahrain, Qatar and Kuwait recently. Depending on market research, demographic analysis and his personal feel of the places the decision to grow on a global basis will be made. For the time being, Tayub wants to expand domestically, by opening Zouk in Liverpool and soon in London as well.

Acquired Needs Theory

According to theorist McClelland people need achievement, power and affiliation. (Ynkamat, 2012). In Tayub's case, the need for achievement was presented earlier in the essay. The need for affiliation is also illustrated through Tayub's admirable relationships with stakeholders like customers, employees, suppliers and other business men. The need for power is presented through his strong personality and self-confidence. He believes that one of the best parts of being an entrepreneur is being able to seize opportunities as with competence and personal desire.

Need for Autonomy

Tayub does not fit the Bolton Report (1971) for being anti-social and a loner. (MITCHELMORE, 2012) However, he does like the fact that he can work for himself and not for others. (Gibb 1987) His favorite part of being an entrepreneur is "The self-control and ability to see your ideas grow" (Amjad, 2012)

Risk-Taking Theory

Cantillon, Mill/Knight, Herbert and Link's theories regarding the distinguishing trait of uncertainty in entrepreneurs is proven by Tayub's adventures nature. They believe that an entrepreneur needs to be able to take risk combined with innovation. (MITCHELMORE, 2012) Any manager can have traits like need for achievement, good planner, face obstacles. However, they are not forced to take risk or take a leap and start something new and creative. (Knight, American School) When Tayub was asked to differentiate between entrepreneurs and employees he said 'The ability to see opportunities and take risks" (Amjad, 2012) Tayub took risk when he first initiated a tea-bar and grill offering oriental cuisine in the UK. He also takes risks on a daily basis planning for future growth and expansions. Also, his innovative product, management operational methods involve a certain degree of uncertainty. Moreover, he seems to enjoy the thrill and excitement making him such an effective entrepreneur.

Conclusions Recommendations

To conclude, the character analysis of Mr. Tayub Amjad portrays several theoretical entrepreneurial studies. He is an opportunistic entrepreneur with a high tolerance of risk, strong locus of control and a massive need for achievement. The economic and psychological theories were demonstrated in the essay by his personality and business management. It is easier for us to define entrepreneurship when we have someone to base the studies on. Of course other entrepreneurs will have different studies that apply to their lives and experiences.

It is recommended that he works on the international presence of Zouk from now, to avoid missing any opportunities. He should open a Zouk in Bahrain in which it is already popular due to UK student's word of mouth.

It was a pleasure analyzing such a successful, enthusiastic and inspirational entrepreneur like Tayub Amjad.

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