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The following questions are all based on the Zambrero article published in Australia Unlimited. Basing your arguments on the topics that you have studied in the first five weeks of this unit, write a report addressing the following two questions:
- Entrepreneurs have been identified as having certain traits and characteristics. Discuss the extent to which Zambrero founder Sam prince exemplifies these traits and characteristics. Justify your response with reference to academic sources (e.g. academic journal articles, textbooks, etc.).
- The article clearly outlines what we might consider ‘social entrepreneurship’, whereby an entrepreneur establishes and/or leads an organisation or initiative engaged in social change. Outline three current trends that illustrate the social entrepreneurship movement. Again, you should be looking to use academic sources as the foundation of your review. Wikipedia or web blogs are not considered as ‘sound’ academic source
Entrepreneurship has become an important class of business. It's about launching and running a new business with limited resources in order to make a profit. The massive success of many big companies like Microsoft, Dell, etc. have made this stream very attractive. Entrepreneurship has its own set of challenges and opportunities. The main challenge is the stiff competition given by well-established companies with large resources. The marketing strategy, for instance, relies on creativity and effective use of their limited resources rather than on a heavy budget marketing stint. Marketing determines the fate of most entrepreneurial ventures as the market response determines their success. They need to focus on how to enter the target market, how to launch their product and how the offers would be communicated to the market. One important aspect is that despite their humble start, entrepreneurs grow at a very fast pace and become big quickly as opposed to traditional small businesses being content with staying small This report highlights the current trends in social entrepreneurship and traits of an effective entrepreneur.
The basic traits which differentiate an entrepreneur from an ordinary businessman, are his temperament, talent, and technique. These are further subdivided into certain 'FACETS'. The characteristics are Focus, advantage, creativity, Ego, Team, and Social.
Focus takes into account the real desire of the entrepreneur to get on with things. It focuses on the implementation aspect. Creativity is the source of ideas, whereas the advantage of the strategic element.
As per case, Sam Prince saw the rising popularity of Mexican grill food in the US and decided to open a gourmet Mexican restaurant Zambrero in Canberra. He capitalized on his characteristics of being 'focused' by successfully implementing his idea, as well as 'strategic advantage' by finding a unique offering which would appeal to the market.
The advantage or the strategic element looks at which opportunities to grab. An effective strategy enables an entrepreneur to not waste resources on unproductive projects. Ego trait manifests as the desire to make a significant difference. Team trait is that entrepreneurs are champions of change and they can recognize an employee who can make a difference.