Entrepreneur Assignment

Entrepreneurs in the 21st century not only must be able to see and grab opportunity whenever there is but also must be able and sensitive in analyzing, formulate and taking action towards any opportunities.

Entrepreneurs who grab any chances that they see and make the best out of it are the pre-condition to success. In order to be an entrepreneur who can predict and analyze opportunities, they will not give up on any chances that will bring profit to their organization.Entrepreneurs that have this characteristic or attitude is also known to be an unique person because they can foresee future better than others and aiming towards the opportunities that is going to come. To be a successful entrepreneur shall open eyes to opportunities. Be opportunity-oriented. Successful entrepreneurs are consistently looking for new opportunities. When you’re stuck in a job, you are forced to fear loss – that is, getting demoted or let go.

When you are an entrepreneur, the fear of missed opportunities is more than the fear of loss.Whether you’re looking for discoveries that will allow you to create another source of income, or ones that will allow you to enhance your existing business, keeping a vigilant eye on new opportunities is important to your success as an entrepreneur. Opportunity-oriented entrepreneurs respond to the crisis of change in a totally different way. While seeing the dangers, they view change as a potential advantage to be explored rather than to avoid it. Each day, they assume that new opportunities will appear that will produce even more demanding challenges.When they face unexpected problems, they are able to regain themselves by readjusting with their sense of purpose. They view disruption as a required part of life.

They produce creative ways to manage the implications rather than waste their resources to avoid the disruptions. One of the differences between an entrepreneur and an employee is employees are resource-oriented, while entrepreneurs are opportunity-oriented. For example, a Malaysian entrepreneur, Jimmy Choo, grab the opportunity to enter the Cordwainers Technical College in London although he had to work part-time at restaurants and also as a cleaner at a shoe factory.Creative and Innovative An Entrepreneur shall be creative and innovative. Creative and innovative entrepreneur is a person who is creative in their responses and innovative in their outcomes. Their courage and entrepreneurial pursuits move entire industries to new levels of achievement. Their efforts often result in progressing the economies of their countries.

Creativity and innovation is also the tool of entrepreneurship. Creativity is the ability to make or bring something new, whether a new solution to a problem, a new method or device, or a new artistic object or form into existence.Creativity is also the act of seeing things that everyone around us sees while making connections that no one else has made (Wyckoff, 1991). Besides, creativity is marked by the ability to create, bring into existence, to invent into a new form, to produce through imaginative skill, to make to bring into existence something new (Harris, 1998). On the other hand, innovation is adding something new to an existing product or process. The key words are adding and existing. The product or process has already been created and has worked normally well.

When it is changed so that it works better or for another different purpose, then there is innovation. All innovation begins with creative ideas. Creativity is the starting point for innovation. Creativity is however necessary but not sufficient condition for innovation. Innovation is the implantation of creative inspiration (Friday O. Okpara, 2007). For Example Michael Dell from Dell Corporation with $1,000 and an idea to build relationships directly with computer buyers.

Another example, Steve Jobs is a creative and innovation entrepreneur. The personal-computer industry itself began as an Apple wingding when the Cupertino, California-based company introduced the Apple II in 1977. Ever since, Apple has played the role of generous host, spicing up the festivities with one tasty offering after another. Following the PC, Apple served up many of the features that computer users have since come to take for granted, including the graphical user interface, the mouse, the laser printer, and the color monitor.Yet Apple has been forced to watch the celebrations from out in the alley, its nose pressed longingly to the window as others feast: Today, more than a quarter-century after its founding, it commands just 2% of the $180 billion worldwide market for PCs. Almost everyone agrees that Apple’s products are not only trailblazers but also easier to use, often more powerful, and always more elegant than those of its rivals. Yet those rivals have followed its creative leads and snatched for themselves the profits and scale that continually elude Apple’s grasp.

PersistentEveryone has a dream inside him or her heart deeply. Normally, everyone wish to become a rich man to fulfil their unlimited desires. Hence, they will start to run their own business to earn money. There are certain personal qualities that highly needed to run the business and one of the qualities is persistent. As an entrepreneur, he or she need persistent to run the business continuously no matter how intelligence and talent they have. When entrepreneurs are facing some difficulty problems, they can overcome the problems automatically with their persistent determination.When a person has a strong persistent mind to do a mission, they are willing and able to complete their tasks no matter how tough the missions are because they have high motivation to do it.

They are not give up easily and keep trying to do the mission properly unless they are achieving the purpose that they need. Hence, persistent is something keeps a business running continuously and achieve the purpose goal. For example, Datuk Steven Sim, brand’s founder for the ‘ Secret Recipe’, who made the brand popular ten years ago.Sim and his nephews started their first outlet in SS2 Petaling Jaya, in 1997. Now, this cake cafe had been launched in many countries, they are Singapore, Thailand, Indonesia, Philippines, China, Pakistan Brunei and Australia. To expand a business like this is not easy to achieve it, Sim says, to grow their company always need differentiation, innovation, adaptability, research and development, identity, brand promise and consistency. Besides that, they must be persistent to do every task that had been setup to ensure everything can be control smoothly.

In addition, Sim says, building a sustainable business with a strong brand is not an easy task because they must know what the strength of the brand is, focus on it and develop it consistently, this way only can bring benefits to them. In conclusion, entrepreneurs need persistent to complete every task and mission in their business because persistent is the key to success for everyone. Market focus Market focus refers to the selected customer segments in the market. Customer levels can be divided into geography, demography, psychographic, and behavior.In the geography segment, the market is divided according to location and places that include state, district, and weather condition. Example, winter clothing is a need for four season countries. Second, demography divides the customer market into age, gender, race, family size, ethnic and education.

For an instance, cosmetic products for women. Third, psychographic examines customers personality, culture, and social class. Fourth, for the behavior section, according to the customer’s response to the product that involves daily use and volume of usage.

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