Introduction
This report is based on the interview of Douglas Orr, one half of the partnership within the independent opticians, Orr and Simpson Eye Care. The Ayr based company promise to continuously offer the best solution on the market, providing “world class” eye care and vision correction. Qualitative research techniques from a semi-structured interview were used to find out how Orr accessed the resources needed to start and grow the venture, whilst comparing these comments to literature and theory. The report will conclude with guidelines of how an entrepreneur should access resources for a new venture.
Analysis
Effective entrepreneurship requires tangible and intangible resources; however, it is the quality of the entrepreneurial
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Capital is synergistic, the value is more than each individual part (Brigham and Houston, 2012). Human capital is unique to entrepreneurs, although key for the progression and development of individual’s performance (Thomas, Smith and Diez, 2013). With eight and twenty years of experience, the company is based on professional talent with an extensive skill set. These perceptions expand cognitive abilities, increasing productivity and efficiency (Becker, 1964). (Goleman, 2000) indicates that successful entrepreneurial leaders do not rely on just one leadership style, they utilise all to deliver distinctive effects on the company and financial performance. The additional experience entrepreneurs develop, the greater the inclination to develop social capital. Orr used the combination of definite and potential resources to his benefit through their extensive experience within the industry, met through their efforts at establishing and sustaining relationships (Bourdieu, 1986). The company make use of bridging by extending reach across networks, …show more content…
Initially investigating into opening somewhere new, reducing competition, Orr decided he was confident enough to risk everything and open somewhere saturated, using a different approach and taking advantage of the market. This lead to one of their main hurdles, effective marketing. Primarily advertising via local press, Orr realised no start-up can outspend high-end opticians such as Specsavers. After switching predominately, they now rely on word of mouth and social media with Google Ads to require intimate data and understandings of customers and the market, allowing identification and validation of opportunities, improving the odds of venture success (Crane, 2013). Orr and Simpsons symbolic capital may be reputable, although they may benefit from exploiting the AIDA model, making customers aware of the product, convincing them the company meet their interests, creating a desire, and finally taking action. This would allow the promotion of the unique selling point, access to new markets, increase sales, eventually leading to new openings (Lamb, Hair and McDaniel,
The company began in 2014 with a small group of entrepreneurs. Our founder’s vision is to empower, educate and energize new business owners so they can create and sustain a successful business through marketing and branding efforts. This is a home-based business with most operations done online. There are no employees and the services offered enable us to have minimal investment into special equipment. The cases we take on at TopLine are all handled by the managing partners. Some third-party contractors are brought in for complex cases but there are no other employees.
The characteristics discussed in the article is important to possess in order to be entrepreneurial.
Social capital is about the worth of social networks, bonding similar people and bridging between diverse people, with norms of reciprocity. (Jenkins, 2002). The existence of a network or connections is necessary in order to maintain useful relationships that can provide material or symbolic profits.
any other business of this size, they need positive publicity to effectively turn more and more
Social capital, however, inheres in the structure of their relationships. Thus to possess social capital, a person must be related to others and it is those others, not himself, who are the actual source of advantage. In order to address this question I will firstly compare and contrast the definitions of social capital... ... middle of paper ... ... how this situation can be improved.
However, it is an unwritten rule that in spite of all the knowledge that you may acquire, it is not always about “what” you, but “who” you know. This your professional growth also requires a great deal of social capital, which refers to “who” you know. Baker (2000) says that the “social” aspect sheds light on the size, quality and diversity of your personal and business networks (p. 2). Moreover, it also extends to the network of people who you don’t know and how that indirect relationship is created through social capital as well.
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
Effective entrepreneurship recognizes potential business opportunities. Superior to a great many people, they concentrate on circumstances rather than issues and attempt to gain from disappointment.
This paper examines the myths associated with what it takes to be an entrepreneur, the profiles and the common characteristics among these successful entrepreneurs.
Entrepreneur's should have a strong drive to successes and overcome obstacles. Confidence and strong will are must. An entrepreneur should be sharp and always think of ways to run their business flexibly .Another important quality of a successful entrepreneur is being adaptable to
indicated that social capital (e.g., well connected networking) was as important as financial
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.