The Skills And Characteristics Of Successful Entrepreneurs Business Essay
You are working as a trainee for a consultancy company whose niche is travel administrations. Your supervisor wants to set up a map of the cardinal factors for little and moderate-sized concerns to be successful in the travel and touristry industry. She has asked you and the other trainees of her squad, to each select a successful entrepreneurial house in the travel and touristry industry, and research the development of the company every bit good as the accomplishments of the enterpriser.The pupil evaluates the cardinal factors, such as organizational construction, resources, direction accomplishments that have made the company successful ( e.g. effectual usage of physical, human or technological resources and strength of direction squad, etc. )
In human history, entrepreneurs played a cardinal function in the technological, economic and societal development.
The word “ enterpriser ” and “ entrepreneurship ” are widely used in economic literature since Richard Cantillon in his book written in 1755, Essay on the Nature of Commerce in General used them as footings for the first clip. Today, research on entrepreneurship concerns many countries including finance, direction, cognitive scientific disciplines and sociology. In economic literature there is no clear definition of entrepreneurship and this is due to its dynamic nature.
By and large, it could be said that aˆ‹aˆ‹entrepreneurship can be defined as follows ( Carton et Al. 1998:4 ) :Entrepreneurship starts with action, it concerns the foundation of a concern and everything that is needed before the concern is set up i.e. monitoring environment for happening chances, placing and choose the right chance, assess the viability of the new concern etc.
The 2nd dimension of entrepreneurship concerns concern public presentation. Some faculty members suggest that growing is the chief feature of a concern. Quantitative development is characterized by the size of the concern ( turnover, added value ) , profitableness and value ( stockholder value ) . Quantitative ends are related to the quantitative 1s in order to accomplish concern development. Other qualitative ends are competitory place, merchandise quality and client service.
Drucker defined entrepreneurship as a systematic and professional activity giving hence, another dimension in entrepreneurship.Sharma & A ; Chrisman ( 1999:12 ) defined two sub-concepts of entrepreneurship. The first 1 is focused on the features of entrepreneurship ( e.g. invention, growing, singularity ) and the other is focused on the consequences of entrepreneurship ( e.
g. value creative activity ) .Outcalt ( 2000:1 ) supports that the undermentioned three features should be included in entrepreneurship:Uncertainty and hazard.Complementary managerial capableness andCreative self-interest.He besides suggests that none of these features should be ignored because if they are neglected concern hazard is repeated.
The present study analyzes the accomplishments and features of successful enterprisers and focal points on Conrad Hilton and Hilton Hotels. Following, there is a self- assessment on strengths and failings and schemes to inspire strengths. The 2nd portion of the study presents a brief history of Hilton hotels followed by an analysis of its cardinal success factors.
Discussion of the accomplishments and features of successful enterprisers
Harmonizing to Kaufmann & A ; Dant ( 1998 ) the characteristics of a successful enterpriser are the undermentioned:
The enterpriser is the 1 who takes the hazard, s/he is self-motivated and can decide crises.The enterpriser is a leader and can do originative devastation.The enterpriser is person who undertakes hazardous investings and possesses and unusual low degree of hazard antipathy.Harmonizing to Johnson ( 2001 ) other features of the enterpriser include: accepting easy new information, be independent, do independent determinations, being able to happen out chances in a speedy changing and unsecure environment, being relentless and success oriented, have knowledge, personal unity and dependability, being a good organiser and director.
Gartner ( 1985 ) states the undermentioned six common behaviours of enterprisers:Identifying concern chancesAccretion of resourcesSelling of merchandises and servicesProduction of goodsPuting up a concernReacting to the environment ( society and authorities ) .Successful enterprisers control their fate. They surpass their familial heritage and civilization and they understand their singularity. They are first-class spouses and they easy develop dealingss.Not everyone can go an enterpriser but s/he can get concern wonts.
Most people when they set up a concern are non enterprisers. They are either proprietors of a little concern or they are freelance.Their success is dependent on how they efficaciously “ exploit ” market sections, how much attending they give to client values and how effectual they are in the creative activity of a successful concern strategy.
Business attitude is considered as being more of import for concern success instead than knowledge and accomplishments.Conrad Hilton has an impressive personality and became an “ icon ” for his clip. He purchased unprofitable hotels and turned them into profitable 1s. His “ charming expression ” had to make with hotel cost control. He used to inquire from this section managers to cipher their sections ‘ costs and at the terminal of the month they had to measure the existent cost. This was the first clip that hotels performed budgeting to get the right sum of commissariats and accomplish, at the same clip, a maximal gross net income. It could be suggested that each hotel section was moving as a concern unit, commanding its single costs and increase net incomes without harming client service quality.
Hilton ‘s maneuver of buying hotels, renew and redecorate them was called “ excavation for gold ” . Conrad Hilton was non merely a simple successful enterpriser but besides a solon holding influence to planetary leaders.His personal doctrine was Hilton ‘s corporate slogan i.e.
“ World Peace through International Trade and Travel ” . He believed in friendly dealingss among states that would hike touristry and tourer disbursement.Hilton Hotels ‘ architecture aimed at functioning two ends: a ) esteeming the external environment of the metropolis B ) provide high operational efficiency that would do clients delighted.Conrad Hilton was besides a great altruist and put up a foundation but he besides made personal nowadayss to people worldwide. He believed in God and he was convinced that it is a natural responsibility to assist the destitute.hypertext transfer protocol: //www.ultimatewarrior.com/Media/PDF % 27s/CNHBiographylong.
pdfSelf – assessmentI have decided to develop farther my leading accomplishments. I am a good squad participant and I like to work with others but I find hard to “ enforce ” my sentiment on others.A general definition of leading provinces that “ a leader is person who influences a group of people taking at accomplishing a specific end ” ( Graen & A ; Uhl-Ben,1995:227 ) .3 Ps are related with the word leader i.e. Peoples, Purpose and Person.
The leader is person who is really dedicated to a end which he follows really purely even if s/he has no followings.A leader is person who has a personal vision but needs others to do this vision go true. A leader must reassign his/her vision in such a manner to others that his/her followings would portion it and the end will go common to all. S/he should be person that his/her followings can swear. Some people can be more influential than others.
This accomplishment is attributed to leading manners, the leader ‘s personal features and his/her persuasion accomplishments.The leader is person who can do large alterations, person who can manage efficaciously large crises. Harmonizing to Goleman ( 2000:57 ) , the leading manners are the undermentioned: .Coercive. It is the less efficient manner since it underestimates employees ‘ self-respect. The leader terrifies and underestimations employees when they do the slightest error.
As a manner can be used merely in pressing state of affairss.Authoritative. The leader has a vision, s/he motivates people by demoing them that their work matches the vision of the organisation. This manner is non effectual when the leader should take a group of experts but it is a manner that can be used in most instances.Affiliative.
The leader focuses on making powerful emotional dealingss and so s/he receives the benefits of these dealingss i.e. employee trueness. This type of leader offers positive feedback. It is a positive manner but it should be better used when the leader wants to better communicating and raise the moral.Democratic. Employees participate actively in determination devising and in determining the manner they work.
It is a positive manner when the leader does non cognize which way to follow and employees can confer with the leader.Pacesetting. The leader is really demanding and sets high criterions.
Employees feel that they are under uninterrupted force per unit area. This manner should be meagerly used but it is really efficient when employees are extremely qualified.Coaching. The leader encourages his/her employees and helps them to place their strong points. This manner is really efficient, nevertheless, it is used less.
This manner is really good when employees know their failings but it is non effectual when employees resist alteration.During my surveies, I have participated in assorted squads and in some of them I had to be the leader. I found out that the manner I followed is the democratic 1. However, I believe, that a leader should be in a place to alter manners depending on the assorted state of affairss s/he has to face and the forces s/he has to pull off.Geting leading accomplishments is really of import for entrepreneurship.
Therefore, I have decided for the current period to go to leading seminars, take part in every bit many squads as possible and read books on leading and self-development.A brief description of the nature of the company and an analysis of the company ‘s historical developmentHilton belongs to the hotel industry. Conrad Hilton bought his first hotel in 1919. The name Hilton was given in 1924 to the first hotel constructed in Dallas. In 1947, Hilton became the first hotel company listed in New York Stock Exchange. In 1949 Hilton opened its Puerto Rico subdivision and in 1953 opened the first European Hilton in Madrid.
Hotel expanded its concern in casino hotels in 1970 by geting two casino hotels in Las Vegas. In 1996 it merged with Bally Entertainment Corporation and in 1998 it expanded in bet oning operations.Presents, Hilton owns more than 500 hotels globally. Originally, Hilton was involved in geting little and moderate-sized hotels. It has changed its scheme from 1970 onwards. In 2006, Hilton became the biggest lodging company of the universe.
Hilton ‘s recent scheme is franchising.Key success factorsThe cardinal success factors of Hilton Hotels are the undermentioned:Hilton is really client oriented. It provides clients with first-class client service and focused on run intoing their demands satisfactorily. The service is provided by flexible and good trained employees and the merchandises offered are of first-class quality.Sing people, Hilton reinforces squad working and offers a pleasant working environment. By fulfilling their client demands, Hilton increases steadily its gross revenues and net incomes. Costss, as mentioned above, are controlled but quality is non neglected.Hilton engages its newly recruits in being in “ clients ‘ places ” by sing the services offered before they start officially working at Hilton hotels.
Hilton links forces bringing to client offering. Hilton focuses on employee preparation since it wants to hold good coordinated squads offering brilliant client service.Hilton employees know that they have a specific calling way and that the company is dedicated in their development.Hilton is a service company and for service companies the factor “ Peoples ” is really of import therefore Strategic Human Resources is besides really of import for Hilton. Hilton International has a three-five old ages HR program.
In 1998 it had launched its successful director preparation plan “ Elevator ” . The plan was taking at enrolling extremely qualified and talented alumnuss to go general directors. In cooperation with. Human Factors International ( HFI ) , an HR company, Hilton launched the “ practical psychologist ” i.
e. the showing procedure is done online instead than devouring Hilton employees ‘ clip.Peoples recruited had to have a short month preparation to do certain that they are extremely gifted people. Online enlisting has turned to be really efficient for Hilton.“ Esprit scheme ” is another Human Resources scheme launched by Hilton International. For hotel concerns holding satisfied clients is non plenty, they have to be delighted. It is imperative for hotelkeepers to supply high quality services but these can non be delivered without equal employee preparation.
“ Esprit ” focused on imputing wagess, regard and acknowledgment to employees.“ Equilibrium ” was another enterprise that was undertaken. The intent was to guarantee that clients enjoyed a relaxed stay and equilibrate their demands on work and leisure.Apart from clients, Hilton wants to include value to the remainder of its stakeholders viz. spouses, the community, proprietors, stockholders and squad members. For accomplishing this end, Hilton has introduced some recent schemes. It emphasizes developing on trade names that is delivered on-line, centralised web content and other preparation plans.
Advancement is farther measured and reported. Hilton has an internal direction tool. This tool was expanded in other Hilton belongingss, hence, chances that could take invention and efficiencies.
In add-on, the criterions on operation and building was revised so as best patterns are shared and adopted among the assorted belongingss.Buying policies were besides formulated to guarantee that the best value for money is achieved so as the clients get the best merchandises but besides value for proprietors is delivered.DecisionModern literature on entrepreneurship moves from entrepreneurial features to the behaviourist phase and is non focused on the type of personality that enterprisers have but on their activities and actions ( Timmons 1999: 221 ) .Morris & A ; Jones ( 1999:73 ) believe that the concern procedure has behavioural constituents. Entrepreneurial behaviour involves invention, hazard pickings and enterprise.
The key for accomplishing the above is self-efficacy in other words, the belief that one can form and put to death successfully the necessary stairss to accomplish specific types of public presentation. This happens because it has been found that there is a positive correlativity between self-efficacy and behaviour and that this relationship is causal by nature ( Bandura 1978:43 ) .Sing invention and creativeness harmonizing to Schumpeter ‘s theory merely few enterprisers and for some clip can be advanced. Those are the 1s that pave the manner for others others.On the other manus, the issue of imitation has been neglected in the scientific literature of entrepreneurship. Ricoeur ‘s thoughts can lend to the survey of entrepreneurship by showing a combination of imitation and creativeness.
This means that entrepreneurial behaviour is based on imitation and repeat and it besides has the component of creativeness.Bing able to see entrepreneurship as originative imitation implies that imitation is considered a critical component of entrepreneurship. Associating creativeness with imitation gives the feeling that the concern procedure is more accessible to the mean mundane individual and non merely to a few particular people, nevertheless non everyone of us is suited for large concern. The ground why non everyone can go a great concern adult male is non due to the deficiency of originative ability or watchfulness. As it has been said by Schumpeter “ each one of us is an enterpriser since s/he can do new combinations.
”Ricoeur ‘s theory allows us to reflect loosely on the subject. The grade of creativeness and how of import it is for entrepreneurship is non doubted. Some people may be more prepared to go enterprisers. Past experiences have prepared them to go enterprisers. One facet of imitation has to make with the association of anterior experience with the hereafter concern actions.
Ricoeur ‘s theory enables us to look at entrepreneurship from an alternate point of position where the accent is on the function of creativeness and imitation.Some people may be more prepared to go enterprisers. Their past experiences have prepared them to go enterprisers. One facet of imitation has to make with the association of anterior experience with the hereafter concern action. Ricoeur ‘s theory enables us to look at entrepreneurship from an alternate point of position where the accent is on the function of creativeness and imitation.Conrad Hilton was a successful enterpriser about a fable. He combined all the above features i.e.
invention, hazard pickings and enterprise. However, as Schumpeter said “ every one of us can go an enterpriser ” .