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Entrepreneurship Case - Characteristics of a Successful Entrepreneur

Essay by   •  November 14, 2011  •  Essay  •  1,700 Words (7 Pages)  •  1,215 Views

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IDEA GENERATION:

Ideas are an essential part of the business without which, Mr. Hamdani believes, it cannot survive, so he has to come up with new ideas frequently. And through Brainstorming with his friends he came up with the idea of starting this advertising agency. Since, at FivebyFive Communications, they are into creatives, graphics, and also creating strategies for clients, media productions, so they have a very informal communication at work so everyone is welcome to pool in their ideas when they are developing a strategy for any client.

Since, Mr. Hamdani is a risk taker which can be determined by the fact that he started his own business, quitting his job and going against his family who was not willing to let him start his own business by quitting his job, therefore, he took the decision of this start up the business. Considering his risk taking character he plans to stick with his ideas and keeps coming up with newer ideas and only abandons them if he finds any flaw in the ones being implemented at that time.

CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR

There are four main characteristics that successful entrepreneurs have, and these have been taught in our entrepreneurship course and after listing down all of them, Mr. Hamdani believed that all four are important for an entrepreneur to have, and he has all these in him. Firstly, it was passion for the business that have brought them to this level and slowly and gradually they have possessed the rest of the characteristics because if any was lacking they wouldn't be where they are today and also along with those there are some that we determined out of his response. All these characteristics have been listed as following:

1. Passion for the business:

This is one of the characteristic that most of the entrepreneurs possess because it's the passion that drives a person to start up a business in their field of interest and experience. All the member of FivebyFive Communications, including Mr. Hamdani had the passion to start up this business. Mostly when we talk about having passion for the business this is when the entrepreneurs believes that the work he's doing benefits the society as a whole. Since they all were extremely passionate about it, they had to and have shown their commitment towards it. Not only that they've shown their passion about work but they tend to hire people who have interest and creativity in this field whose hard work can bring success to the business.

It is the passion for business that helps self-employed people to create the business they want and deserve. Mr. Tabay Abbas Hamdani was passionate about his business and worked in and out to reach his aims and objectives. It was his passion to do his own thing and be successful at it.

2. Product/Customer Focus:

Mr. Tabay always considered product/customer focus as a technique for identifying the customers, services, quality characteristics, and performance measures which are most important to their business unit. Now Mr. Tabay is obsessed with providing people with all sort of advertising solutions.

They believe that their clients are the ones that have played a great role in their success. Since it's a one on one relationship with the client, they prioritize them by doing things how their clients want them to do so that they can maintain a healthy relationship with them and expand simultaneously. They make sure that their clients are satisfied because if they don't have the capability to satisfy their customers than there is not point for their existence. Since it's a service industry that they belong to they have to prioritize their clients rather than anything because it's the customer that are running the show when the product itself is not tangible. They make ads and provide other advertising services that would satisfy their clients as well as the audience because they go hand in hand.

3. Tenacity Despite failure:

Mr. Hamdani believes that in order create a successful company there are many failures, but all failures should be a learning process and that instead of giving up on things one should keep trying hard, keep trying to find effective ways to reach success, and that never let failures stop one to work hard and give up.

Since there is an ongoing technological advancement and challenges from the competitors there is always a high rate of failure because they are consistently trying out something new. They have to always be ahead of the game and for that they are always ready to face the challenges and try to overcome the failures.

4. Execution Intelligence:

This is the ability to mold a solid idea into a viable business. This characteristic is often the determining factor that decides whether a business fails or succeeds. It involves being able to figure out how to do things, often for the first time and the stakes are usually high. You must be able to produce and develop a business model and a business plan. Mr. Hamdani along with the heterogeneous team of friends who started the business has actually turned out to be a positive ground for FivebyFive Communications. This is why their execution of the business idea has shown a great success in their work. It takes a lot of steps in order to execute a business

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