In this assignment I will be exploring the extent to which
determination and initiative are important qualities for a business to succeed.
I will be carrying out market research such as primary research, I will be designing
a questionnaire for my local entrepreneur to ask how these qualities have
helped him/her for their business and how it has made them get where they are
today. For my secondary research I will be finding other successful
entrepreneurs such as; Richard Branson, Alan Sugar and Bill gates to find out
what qualities and skills helped them to succeed.
Determination is considered an important entrepreneurial
skill because it indicates that individuals are motivated to succeed, which
translates to them getting tasks done and accomplishing goals. For example;
Malala Yousafzai – fearless and brave from a young age Malala Yousafzai wrote
under a pseudonym for the BBC to talk about girls’ education in
Taliban-controlled Afghanistan. When the Taliban heard of it, a gunman boarded
her school bus, asked for her by name and when identified he shot her three
times. She survived and far from falling into public silence she became even
more determined and rose to global prominence for rights for girls and women.
In addition to my primary research
the local entrepreneur I had based my questionnaire on was a man who worked at
‘Sira Cash and Carry’ in Southall. This business sells Fruits and Veg, food,
drinks, oils etc. He thinks that determination helped him mostly to get his
business successful as when he had started the business it was failing as many
of his customers were going to Quality Foods, next door to the cash and carry.
If he had no determination and just gave up his business he wouldn’t have got
to where he is today. He gained customers as he started to sell more products
that quality foods didn’t sell also he lowered some of his prices this had
gained him more customers which gained him more capital.
On the other hand determination has its downsides and
consequences as if you over estimate your company you may lose it and be
disappointed you may put all your determination in a business that once you
fail you’re not going to want to start again as you are going to be put off
that you are going to fail again – so you should prepare yourself for the worst
before the best.
To conclude I don’t
think determination is the most important skill in my opinion knowing your
vision is the most important as if you don’t have a vision and have no plan
then easily you will find lots of downsides.
Initiative means doing something
independently without being told or without anyone’s help. My entrepreneur used
it when he began to set up his off license. This has now helped him as he has
the most popular cash and carry in Southall, before he started his family
thought he wouldn’t be able to cope with the money he had to pay to rent it out
however he managed. In my secondary research Barak Obama had stated “The
Internet didn’t get invented on its own. Government research created the
Internet so that all the companies could make money off the Internet. The point
is, is that when we succeed, we succeed because of our individual initiative,
but also because we do things together.” He’s trying to say that the
entrepreneurial world didn’t just begin and create itself but it was people and
their initiative and their quick thinking that contributed to success. The
disadvantage of having and taking too much initiative in your business can lead
to a lack of confidence and or your confidence being knocked down. Sometimes,
it’s really hard to find that courage to take initiative over something. So
when you get let down in business it’s hard to come back up and will have a
very negative impact on the business which therefore leads to a decrease in
sale. In addition to having a lack of confidence you end up grasping for
initiative that isn’t there which can lead to failure in the business.
To conclude, in my opinion having initiative has definitely
helped my entrepreneur to be successful as without this skill he wouldn’t have
fulfilled his ambition of owning his own business. My entrepreneur has taken
initiative, he’s aware of the different changes going on around him in his
business which has therefore increased sales, given great reviews, built a
strong reputation for him and has finally helped him to grow more