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Entrepreneurial Thinking

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Ross Crawford

on 9 October 2013

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Transcript of Entrepreneurial Thinking

Entrepreneurial Traits
Lord Alan Sugar
Banner ID:B00240333
Entrepreneurial Thinking Personal Log
James Caan
James Caan is a classic example of a 'self made millionaire'. His entrepreneurial skills and traits have allowed him to become a successful businessman. A key part of his success has been the element of
risk
that he takes with every business decision he makes
One of the reasons for the success that Richard Branson has experienced is through his
leadership
skills. His leadership skills were influential in the development of Virgin
Steve Jobs
Richard Branson
Mark Zuckerberg
Mark Zuckerberg is an internet entrepreneur, he has become one of the world's leading entrepreneurs with the part he played in the creation and development of social networking site, Facebook
Realism
Lord Sugar has shown that a key entrepreneurial trait is to be
realistic
about things and "tell them as it is"

Alan Sugar understands that there is limited time to get things done, and
impatience
has perhaps been a key reason for his success

Video; Lord Sugar discusses how being a realist has helped him become who he is today
Alan Sugar has built an empire by making use of his own entrepreneurial traits, by maintaining
'realist'
attitude and learning from past failures in order to become the successful entrepreneur he is today. His realistic and ruthless traits and attitudes have led him to make quick decisions, which have proven to be an effective way of dealing with certain situations, and have helped him on the way to success
Risk
Risk-taking
has played a key part in
James Caan's success as an entrepreneur. An example of this is when Caan left home for London at the age of 16 with little money and no qualifications. This showed that Caan was willing to risk his career in order to kick-start his own business plans as quickly as possible. Looking back, it shows that Caan had great entrepreneurial
vision
Leadership
“You can’t be a good leader if you don’t genuinely like people” - Richard Branson
Initiative
Mark Zuckerberg showed a key entrepreneurial trait,
initiative,
when he spotted an opportunity and took it upon himself to exploit it
.

This was apparent during the introduction of Facebook, when social networking was at an early stage. He showed great initiative and motivation to delve into an area that had still been in the early stages of development, took his idea forward and helped it develop into a service with over a billion customers
Passion
"We started out to get a computer in the hands of everyday people, and we succeeded beyond our wildest dreams."-Steve Jobs
Steve Jobs was one of the most successful and influential entrepreneurs of recent times. He possessed and made use of several entrepreneurial traits in order to become the entrepreneur he became. His self confidence, vision & passion for Apple allowed them to grow
Passion
is a key entrepreneurial trait, and Jobs had passion in abundance. In order to become a success, you must remain focused and remain passionate about what you are doing
Enterprising Organisations
One of the main reasons for Branson's success as a leader is that he tries to keep people happy. It motivates to reach their full potential and makes being a 'leader' a much more enjoyable experience
Vision
"Facebook's mission is to give people the power to share and make the world more open and connected."
Vision
is another important entrepreneurial trait, and it is another trait possessed by Zuckerberg. It is beneficial for entrepreneurs to have a long term goal for their organisation, and ultimately supports the development of the entrepreneur. Entrepreneurs provide mission statements for their organisation to indicate their intent


An entrepreneur is a person who accepts risks in order to pursue new ventures. Entrepreneurial success often derives from a common group of entrepreneurial traits
Sugar's
realistic
approach shows his understanding that only limited number of tasks can be completed in a short space of time and as an entrepreneur,

and that allowed him to aim high in the short term and accelerated his businesses such as Amstrad. As an entrepreneur, this approach translates to him;

Being aware of
limitations
Striving for
efficiency
and
quality
Succeding in the short term in order to gain long term success
Social Enterprise
There are several different types of Enterprising Organisations, such as Social Enterprises, Public Enterprises and Community Enterprises. Many of these organisations offer new, innovative ideas as well as reaping the financial benefits
Social enterprises range from powerful international organisations to smaller locally based enterprises.
Social Enterprises aim gain income by selling goods and services, rather than through grants and donations and any profit made is put back into the social objective of the organisation
These Enterprises are created with the desire to make a positive impact upon society.

An example of a Social Enterprise is The Big Issue
The Big Issue is an Enterprising Organisation. It is enterprising because it is driven by the social objective of aiding homeless people.
The enterprise was set up in an attempt to help homeless people gain an honest income without committing crimes or begging on the street

The charitable organisation currently supports 2,900 people and the magazine is read by nearly 700,000 people every week (British Broadcasting Corporation 2012)
Innocent Drinks
Since its launch in 1999, Innocent has become a model for enterprising organisations to follow.

The organisation makes fruit smoothie drinks. Attending a music festival in London, three entrepreneurs, Richard Reed, Adam Balon & John Wright set up a smoothie stall and asked the crowd one simple question: if you like our drinks and think we should give up our day jobs, throw your empty cups in the ‘yes’ bin. If you think we’re wasting our time, chuck it in the ‘no’ bin. The 'yes' bin was filled and the 'no' bin remained empty. This shows that even at a very early stage, the founders possessed impressive entrepreneurial abilities
Innocent has become one of the UK's most innovative and enterprising organisations in recent years, largely due to the social contribution the drinks have made, each drink is 100% pure fruit.

Customers have caught onto the health benefits that it brings and this has ultimately been of benefit to Innocent
Innocent's ability to interact with the consumer is another way in which it is shown to be an enterprising organisation.

Part of the attraction of Innocent is the quirky nature that comes with it, customers tend to prefer the fresh, upbeat approach that Innocent has adopted, as opposed a more bland, corporate style of advertising. Innocent's style has been a game-changer in the drinks industry and this is highlighted by the £320m company valuation in February 2013
Apple is another enterprising organisation, whose innovations have led to them becoming a world leader in technology. The company has grown from a household idea from Steve Jobs and Steve Wozniak to a company generating over £156 billion
Entrepreneurial Behaviour in TV Shows
The Apprentice
The Apprentice is a reality TV show based in the United Kingdom. The show is about entrepreneurs showcasing their business skills in order to gain employment under Sir Alan Sugar
Whilst the show appears to be an ideal platform for often inexperienced entrepreneurs to earn a lucrative salary, working under one of the UK's most successful entrepreneurs, there is lots of disappointment and controversy behind the scenes.

An example of this was the case of Stella English, who took Sugar to an employment tribunal for wrongful dismissal in 2012 after Lord Sugar failed to extend her contract, which was the show's prize of a £100million salary. This shows that the public can be mislead about what really happens behind the scenes at the show.
Apple Inc.
"It will go down in history as a turning point for the music industry. This is landmark stuff. I can't overestimate it!"
-- On the iTunes Music Store (iTMS), Fortune, May 12, 2003
http://www.independent.co.uk/news/uk/home-news/an-untrusting-and-suspicious-person-lord-sugar-tells-tribunal-his-side-of-the-story-about-apprentice-winner-stella-english-8522706.html
“Apple was founded by computer engineers who broke from IBM in Silicon Valley in the 198os, forming little democratic circles of twenty to forty people with their laptops in each other's garages.”
David Graeber, Debt: The First 5,000 Years
Apple have led the way in modern day technology, and the introduction of the iPhone and iPad changed the landscape of mobile technology.
Dragons Den
Dragons Den is another UK based reality TV show. The show is similar to the The Apprentice and it offers entrepreneurs the opportunity to promote their products and ideas in front of seasoned business people, a panel of 5 self made millionaires have the chance of investing in the entrepreneurs if they are impressed by the products.
A success story from Dragons Den is sculptor, Guy Portelli, who managed to secure 3 'Dragons' and a £70,000 investment in return for 25% of his company.
http://news.bbc.co.uk/1/hi/england/kent/7582686.stm
The Apprentice USA
The Apprentice USA is a reality show. It is the American version of the UK show.

Like the UK version, it offers enthusiastic entrepreneurs the opportunity to show Donald Trump, that they are capable of handling a high profile job with a high salary effectively.

An shining example of entrepreneurial success in the show is Bill Rancic, who showed over 12 weeks that he had the business acumen to become a partner of Donald Trump. He won the first Apprentice USA show and earned a years' salary, and his contract has since been extended by Trump, who was extremely impressed. This shows that Entrepreneurial TV shows can provide a platform for people to progress their careers
References & Articles
http://www.nbc.com/nbc/The_Apprentice_2/where/index.shtml
Many entrepreneurs apply to TV shows in order to either get expert opinion on their ideas, or to get more exposure for their products. The idea of entrepreneurial TV shows has both pros and cons.

Going on a TV show allows entrepreneurs to gain publicity, both for themselves, and for their products. If someone watching the show is impressed, then they might go on to purchase the product. The shows can also persuade panelists to invest in the entrepreneur, either financially or mutual advice from experienced business people.
Participating in the shows can also have a negative effect. A person's reputation and business potential can be harmed if they are taken apart by one of the Dragons.
Dragons Den participants use their entrepreneurial skills to try and convince the Dragons that they are the right people to invest in. However, the show does not display the full extent of the entrepreneurs pitch. The pitches go on for a lot longer than the 3 minutes that the public watch, and this can be mentally draining on the entrepreneurs and has often led to them making incorrect decisions.
http://www.nytimes.com/2011/10/08/business/how-steve-jobs-infused-passion-into-a-commodity.html?pagewanted=all&_r=0
Branson, R (2012). Where did it start? Available: http://www.virgin.com/richard-branson [Accessed: 18 March 2012]
Mawson, A (2008). The Social Entrepreneur: Making Communities Work
However, with the continued development of Microsoft, and the quick development of Android touch phones, Apple face many challenges. Their reputation of being able to come up with innovative, enterprising ideas in order to beat off competition will be the focus again
"Bill has done an incredible job in the past year working for me. He's so talented that I thought he might want to go out on his own and make millions. We're lucky to have him back for another year and I can rest assured that my Chicago project is in the best of hands."

Donald Trump
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