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Entrepreneur means "A person who habitually creates and innovates to build something of recognised value around perceived opportunities." (Bolton & Thompson 2003).In this report I am going to put light on the success and failure of an entrepreneur to whom I am Inspired. I will explain his family background, education, journey, opportunity, and challenges he faced during his creation, his network etc. Then I will continue with the Limitations of Barringer's Framework to analyze Entrepreneurial success and other important factors that impact upon the venture creation process. In the last I will identify my strengths and weakness and tells how to make strategies to develop my capabilities.
Steven Paul "Steve" Jobs is an American businessman, currently he is a member of Walt Disney Company's board of Directors and he is a CEO of Apple and founded the Apple Inc in 1977 on 3rd January and Jobs formerly served as CEO ofÂ Pixar Animation StudiosÂ .Steve Jobs was born in San Francisco on 24th February in 1995. His genetic mother was an unwed graduate student, and his genetic father is a political science or mathematics professor, perhaps of Middle-Eastern descent. His mother was young woman faced problems in rising up so she decided to put her child for adoption with the condition that they have to get a higher education like her. Paul and Clara adopted the child when they have promised that they will send him to college. Paul Jobs father was a Midwestern farmer who worked in USCG and later on settled in Bay Area after married to Clara in 1946.
Steve Jobs attended Cupertino Junior High School and Homestead High School in. He was soon hired there and worked with Steve Wozniak as a summer employee. In 1972, he graduated from high school and enrolled in Reed College in Portland, Oregon. He dropped out of Reed College after only one semester but remained at the college taking courses in calligraphy. Steve was very bored at school. In his own words: "I was pretty bored in school and turned into a little terror"
Steve Jobs achievements includes award of the national Medal of Technology in 1985 from Ronald Reagan (president) and he was named as the most powerful person in business by Fortune Magazine on 27th Nov in 2007. He has been ranked 57 on Forbes under the title: The World's Most Powerful People. On 5th December, 2007 Jobs has been inducted into the California Hall of Fame. In August 2009, Jobs was selected the most admired entrepreneur among teenagers on a survey byÂ Junior Achievement.
2.0 Reasons for entrepreneur success
There are many reasons for Steve Jobs to become a Successful Entrepreneur as once he said "Innovation is the distinction between a leader and a follower," Jobs once said. And he has trust on staying ahead of the crowd. He believes in doing things first but rightly rather than being first into the business. For example: before the creation of ipod, the MP3 player market was almost unreal, as most players were of lower quality, and was not much attractive in look. He completely changed that market by looking it and creating a ipod in the market. Steve Jobs doesn't want to be a normal Joe. When he established Apple, he didn't desire to be yet one more company battling for wealth in the Silicon Valley, he wanted to transform the world. This appetite to be known made him as unbeaten as he is today.
Devotion is important, and when it came to the products his company was creating, Jobs was devoted. Steve always made sure that the products being place out looked good, and worked. When it came to Pixar, he made sure that excellence actors were hired for the films, and that the animation was brilliant. Jobs expected this same altitude of devotion back from his workers, which occasionally led to inconsistency.
Most entrepreneurs do not start out with thousands of dollars in capital to start a company. They need to encourage others to invest in their company to get it off the ground. To convince others to invest in his businesses, Jobs had to use his natural charisma. Jobs show off his famous charisma when introducing new products at press conferences. He makes it seem like his product is the best thing since sliced bread.
It wasn't just these characteristics that made Steve Jobs the man he is today. It's as if there is some sort of unidentified recipe that turned an orphan into the greatest and most ground-breaking thinker in the computer industry. A lot of Job's life consisted of luck, but these basic characteristics helped him get to where he is today.
Characteristics of Successful Entrepreneurs
(Source: Lecture notes week 3)
2.1 Passion for the Business
"We started out to get a computer in the hands of everyday people, and we succeeded beyond our wildest dreams."- Steve Jobs, Co-Founder of Apple Computer Inc., 1976
As the above statement tells that how passionate Steve Jobs about his business that he wants everyone with computer on this planet. In 1974 Steve jobs got a job at Atari as a video game designer where he worked for a number of months and obtained enough money to take a spiritual trip to India. After returning from in India in the fall of 1974 Jobs began to attend meetings with the "Homebrew Computer Club" started by one of his friends Stephen Wozniak. During this time Steve Jobs persuaded his friend Steve Wozniak to help him construct a personal computer.
Steve Jobs is also passionate about his consumers and he's not scared to put on that passion on his sleeve. During a appearance in 1997 he concluded by saying, "Some people say you have to be a little crazy to buy a Mac. Well, in that craziness we see genius and that's who we make tools for." Cultivate is sense of mission. Passion, feeling and eagerness are attractively underestimated ingredients in certified business communications and yet they are influential ways to encourage others. Steve Jobs once said that his goal was not to pass on the richest man in the graveyard. It was to go to bed at night thoughts that he and his team had done something amazing. Do something amazing. Make your product position for something having an important effect.He was equally unconvinced about Google's verdict to develop Smartphone software. Seven years ago, Google bought a small start-up called Android , and a team of developers is now putting the finishing touches on an open-source Smartphone operating system designed to rival both the iPhone and Microsoft's Windows Mobile software.
2.2 Product / Customer Focus
There are wide ranges of products which are providing by the Steve Jobs like AppleÂ iMacÂ ,Â PowerBook G3. IBook, QuickTime TV andÂ AirPortÂ wireless service. Mac OS X, iPod, Xcode, Mac miniÂ andÂ iPod Nano, FirstÂ Intel-basedÂ Apple computer, theÂ iMac Core Duo,Â iPhone, Mac Book Air,Â iPhoneÂ 3G, and second generation aluminium 13"Â Mac BookÂ and 15"Â Mac Book ProÂ notebooks., iPod TouchÂ 3rd generation, the 5th generationÂ iPod Nano, and multi-colourÂ iPod shuffles, Â iPad. All above products are Apple products, the Next computer and the Pixar animated image computer etc.
The key focus of Steve jobs to recognize target customers and identify customer segments with the most possible value for the businessÂ and stay focussed no matter what the rough sea ofÂ businessÂ throws at you. And have the ability to achieve beyond customer expectations. Their main focus is to build up products which are customized to their target users, which are easy and instinctive to use; these products may not be as bendable as others on the marketplace, but the good reports is they work, and work truly well, as the proverb goes "Less is more". The company keeps bringing out more iconic and user-friendly products than its competitors.
2.3 Tenacity Despite Failure
Steve Jobs never give up even after his failures. It was a disaster, when there was a disappointing sale for apple, Even though his attempts to persuade board members, including Apple-cofounder Mike Markkula, to support him and oust Sculley, Steve lost the concluding battle. At that time every member of board votes against him for the removal from the company. He was just 30 only when publicly out. What's wrong happened to his adult life and he doesn't have any idea what to do. Later on, he met with David Packard and Bob Noyce and tried to make an apology for screwing up so badly. At the moment, he was public failure for him and he even thought about running away from the dale. But he didn't looked back in fact getting fired from Apple was the best thing that could have ever taken place in his life. He said "I'm pretty sure none of this would have happened if I hadn't been fired from Apple. It awful tasted medicine, but I guess the patient needed it." (www.presentationmagazine.com).Changes has been made to Mac team as well after the failure of both Apple III and Lisa, all the company's eyes were bowed to Steve's project. The team had lost its innocence of the early days and grown into a much larger division. It looks as if his failures at NeXT have made him gain more maturity and modesty.
"Do you want to sell sugared water for the rest of your life or do you want to come with
me and change the world?" (quoted from Triumph of the Nerds)
"Perseverance is not just limited to the beginning phases of a person's career. In fact, failure can often occur after a long period of achievement." (www.ezinearticles.com/?The-Importance-Of-Perseverance-In-Entrepreneurship&id=1025103)
The two above phrases directly related to the Steve Jobs because he took his failure as a challenge and move on and reach to the success. When he was fired, he found himself unemployed rather than considering this as a curse, Jobs treated it as a liberty to pursue new project. In fact, Jobs afterward stated that being fired was one of the best things that ever happened to him, since it provided him with the opportunity to think more creatively and to start a new company.
2.4 Execution Intelligence
Execution Intelligence plays a very vital role in any business or entrepreneur success from its performance, objective and activities. Now we can observe from the above findings that Steve Jobs is the only responsible person for the success of three companies Apple, Next and Pixar serving as a CEO. He had performed all duties very well with execution Intelligence even facing many failures and he never give up, always have power to make his company successful. As mentioned above Steve Jobs is known as turnaround expert because he has that quality with intelligence which he has proven. He had a good knowledge about the market like what customer wants and demand and he worked upon that only so that he can easily develop his products to earn a good image and place in his customer's minds and hearts. How easily he has changed the meaning of computer and animations industry and increase the market share in short period of time.
3.0 Limitations of Barringer's Framework to analyse Entrepreneurial success and other important factors that impact upon the venture creation process
Till here we are talking about Steve Job's success in relation to Barringer's 'four primary characteristics of successful entrepreneurs'. We can't deny the fact that these characteristics are not sufficient to describe or become a successful entrepreneur. Moreover, there are many other factors as well which influence the achievement of any entrepreneur.
It applies same for the Steve Jobs as well as we can see there are lots of other factors which involved into his success. Other success factors include socialism as well. How much is your entrepreneur is socially responsible person. Yes, Steve Jobs has the quality of being a social by taking part in various programmes which are for the welfare of the society and always motivate his employees and other members by giving speeches.
To be a successful entrepreneur one has to go outside the Barringer's four characteristics. Steve Jobs active contribution in social activities and events such as charities has also led to his success. Steve's 12 rules of success also play a very important role in becoming successful entrepreneur and creating new ventures. These are Unlocking Your Inner Power, The Four Most Deadly Words, Self-Motivation, The Power of Optimism, The Thought-factor in Achievement, The Low of Forced Efficiency, Entrepreneurial Creativity, Entrepreneurial Leadership.
A successful entrepreneur is self developed. He/she has to be focused and determined towards its mission of being successful entrepreneur.
4.0 Conclusion on factors for Entrepreneurial success
After finding and analyzing Steve Jobs success we can get the feeling what an incredible man he is and why he is worth the building of a website! An orphan raised in a modest background, his flair for business and passion for technology have allowed him to reach fame and fortune in his early 20s. Some people denied his ability to envision the future of technology and have attributed his success to mere luck, or being at the right place at the right time; others said it was all because of his silver tongue; yet he has proved them wrong many times over with Macintosh, Pixar, the digital hub strategy, the iPod, and now the iPhone.
His most highly disapprove of flaws are also his strongest possessions: his drive for rightness, his refuse of negotiation with products as well as workers, his unquestionable business skills, his feel affection for aesthetics. He has left an unforgettable mark on every one of the three companies he's founded: one has failed, the two others have become monster successes and corporate icons, but all are known as being at the edge of modernism in their own fields. He has changed the worlds of computing, computer animation, music, and communications forever. Steve has also learned from his failures and has gained maturity. Isn't it ironic that it is the enfant terrible of Silicon Valley - as he used to be called - who never graduated from college who was honored to pronounce the Commencement Address at Stanford at age 50?
5.0 Personal Entrepreneurial Skills
One of the keys to being successful is to identify your strengths and weaknesses. It's easier to move forward, when you know where you already are. So to find out above these things I went through an Entrepreneurial test online there are two options available in the form of A and B.
After taking test I found that I have a natural talent of developing relationships which will allow me to make customer/client base very easily. I am capable of organizing tasks and potential to be detail-oriented will assist me to pay attention and keep going on the task well before and without any difficulty. From my result I found that I have decision-making technique which often helps me when it's time to make those tough decisions that affect the bottom line.
I usually get angry very easily; as I am planning to start with small business I should maintain good contacts with my other group members to avoid any conflict with them. Sometime I take some decisions on basis of selfishness. Sometime I feel lack of confidence.
I have a good opportunity as I know the business in India in Automotive Industry and I have wide information of UK as well now so as I have good knowledge about marketing prospects on the other hand lots of MNC's investing in India.
Competitors have more idea because they might be strong at some points. Even existing can easily manipulated the market.
6.0 Â Strategy for Developing my Capabilities
I am agreeing with the result of my online entrepreneurial test, I found that I can easily make good decisions in any situation even nothing is planned. But I will improve my weakness by trying to give more time to others to correct themselves if they made any mistake rather shouting on them. And try to avoid selfishness by taking others values and respect into consideration. I wish that I would do the same what Steve Jobs had done in his life.I want people to admire me for what I have done as an entrepreneur in my life. I am really working hard to develop my self confidence. I usually attend meetings and seminars and try to expose myself as much as I can towards others. I need to give extra time to develop my skills in comparing which I am giving at the moment. I have a goal in my life to get successful like Steve Jobs and everyone knows me by my work in this world. I will develop my skills by listening to others because if I don't understand others then I can't satisfy my customers in business in future.I want to make my career in marketing area and I have an interest in Automotive Industry. I hope I will become successful like Steve Jobs and fulfil my dreams.