Analysis of Entrepreneurship Zambrero

Question: Discuss about the Analysis of Entrepreneurship Zambrero. Answer: Introduction: The term entrepreneurship refers to a process of establishing and running a small and new business organization (Lewis 2015). The term entrepreneurship has been coined in the year of 1920. The people who run such individual autonomous organizations are called entrepreneurs. The word entrepreneur is originated from French in 1723 (Lisetchi and Brancu 2014). The concept of entrepreneurship has changed the scenario of the business world in last few decades due to globalization. Entrepreneurs are often considered as the risk takers. They are the only responsible person for the success and failure of their business organization. They need to be prepared for all the future risks. Many economists claim that entrepreneurs are the people who possess the capability to bear the risk of any new initiative for future benefits. The following article has analysed the concept of entrepreneurship. It has enlightened every aspect of entrepreneur traits. It has discussed about all the obstacles and challenges that are often faced by entrepreneurs. Analysis of Entrepreneur Traits: According to some economists, entrepreneurship is an important element of every society to influence the economic growth and establish a strong financial infrastructure for the country. Small businesses are considered as the primary source of job creation. It increases the net income of the society helps to reduce the poverty margin (Howaldt, Domanski and Schwarz 2015). It has been witnessed in last few decades that governments are also willingly providing their supports to the entrepreneurs. It has fostered the development of the society. As opined by Business and Industry Advisory Committee to the Organization for Economic Cooperation and Development in 2003 that it is important to enforce the policies to influence the growth of entrepreneurship for job creation and to change the economic scenario of the society. Government must encompass some policies to motivate the entrepreneurs to take the risk of new ventures. Thomas. A. Garrett has stated that government government policies c an be classified as active and passive. Active policies refers to the tax break, help any particular form of business and passive policies refers to create friendly atmosphere for the entrepreneurs to help their business to flourish. The world has witnessed some outstanding entrepreneurs in last few years who has has left no stone unturned to bring revolution in the business world and set milestone for the future entrepreneurs, they are- Steve Jobs, Bill Gates, Mark Zuckerberg, Lary Page and many more. Their efficiency, intelligence and risk taking capacity have paved the path of their success. Many people have been attracted towards entrepreneurship due to some specific advantages, such as- entrepreneurs are the first and only person to take any decision about their business, they are the person in charge of everything, they decide whom they want to business with (Phillips et al. 2015). There is a conflict between some economists about the concept of entrepreneur. There is no specific definition to describe the quality of a successful entrepreneur. Entrepreneurs can come in various ages and various age groups. As seen in the case study, Dr. Sam Prince is an Australian doctor who runs Mexican restaurant chain. He was only 21 years old when he started his first restaurant Zambrero Fresh Mex Grill (Zambrero.com, 2017). Being a student of medical school, he had a full time job of doctor. However, this pressure could not stop him to chase his dream to become an entrepreneur. According to some researchers, all the successful entrepreneurs of the world share some common traits. They are as follows: Creativity: Creativity is the basic quality of any entrepreneur. It influences the development of new ideas for business. It is considered as the driving force of revolution. It makes people think out of the box. Dedication: Dedication is the most required quality for any profession in this world, especially for the entrepreneurs. This leads them to work hard to achieve their target. Every entrepreneurs need to work hard at initial stage. His dedication will motivate him to beat all the obstacles to pursue his dream. Determination: Entrepreneurs are expected to be determined towards their dreams. It will help them to easily overcome all the rough patches of life and learn something positive from all the experiences. Determination can only bring success to the entrepreneurs. Success is the main motivation for every entrepreneur not money. Money is the award (Baruah and Ward 2015). It is evident in the given case study. Determination towards the goal makes Dr. Sam Prince to run 17 restaurants. In spite of being a successful doctor and associated with several social work, he pursued his dream to become an independent and successful owner of Mexican restaurants. Determination makes it happen. Flexibility: Entrepreneurs always need to be open and flexible to implement new technologies and strategies in their business. Buyers are the key elements of every organization and the main motive of every businessperson is to satisfy their consumers. Entrepreneurs must be concerned about the changing needs of their customers and they need to apply new tactics and strategies according to the market demands (Daskalaki, Hjorth and Mair 2015). They must be flexible enough to bear the risk of any kind of loss. As seen in the given case study, Dr. Sam Prince was flexible to embrace new changes. Passion: Passion is one of the key features of every successful entrepreneur. It increases the capacity to convince other about their dreams. It helps the entrepreneurs to stay focused on their goal and achieve success. Zambrero Mex Fresh Grill is one exemplary example of passion. Dr. Sam Prince was so passionate towards his dream that no obstacles could stop him to turn his dream into reality. Rules and Objectives: Being an independent businessperson, every entrepreneur has to set his own rules and objectives. He must be very careful while constructing rules for his own organization and follow the rules appropriately to achieve the goal. Self Confidence: Self-confidence comes from the ability to take risk and planning. It helps people to take challenges and overcome difficulties. It helps to take smart and efficient decisions. It is evident in the case study of Dr. Sam Prince. Dr. Prince has planned to open 30 more branches of his restaurant. He is aware of the fact that it is risky, but he is completely confident about his risk taking competence. Smart: Smartness is the combination of intelligence, common sense, efficiency, effectiveness. Entrepreneurs must consist of these qualities. It will help them to take a smart move for the betterment of their organization (Stuetzer et al. 2013). As per the case study, it can be stated that smart and intelligent decision making plays very crucial role in the success of every organization. This quality of Dr. Sam Prince helped him to run a successful restaurant chain. It is not necessary that every entrepreneur have to posses all these qualities, he can appoint someone who has the capacity to deal with the difficult situation. Challenges in Social Entrepreneurship: The concept of social entrepreneurship has become immensely popular in the modern society. There are various definitions about social entrepreneurship that describe the idea of social entrepreneurship. The common term used in every description of social entrepreneurship is the problem solving nature. There is a conflict about the concept of social entrepreneurship and corporate social responsibility. A huge difference lies between corporate social responsibility and social entrepreneurship. Corporate social responsibility signifies the effort of any corporate organization for making profit through some ethical activities. On the other hand, the main motive of social entrepreneurship is to reach to the needy people (Hicks 2013). Social entrepreneurs often have trouble in the path of achieving their goals. They are as follows: Funding: Social enterprises are mostly run as non- profit organization. Some of them generates sufficient amount of money by selling their products or services but most of them faces the issue of funding. The main capital for the enterprises comes from the investment of the government or donation (Espritu-Olmos and Sastre-Castillo 2015). It is not easy to approach the financiers. Most of the time government does not provide any support to the entrepreneurs. Such behavior from the investors leads the organization to face the financial crisis. Communicating the Objective: The objective of social entrepreneurs is hard to measure. It is the social values that influence the entrepreneurs to take the risk of new ventures (Gough, Langevang and Namatovu 2014). As the these values are hard to explain, entrepreneurs often face difficulties in communicating their objective for such initiatives to the investors. They fail to obtain the faith of the stakeholders due to the lack of the capacity of effective interaction. Loyalty towards the Mission: Entrepreneurs must be loyal and determined towards their mission. It is frequently evident that people shift their focus from the actual goal to other things. Such behavior tends to lead the organization and the entrepreneur to face some undesirable consequences (Mortan et al. 2014). They need to be focused on their goal and review their strategy frequently to avoid the risk of awful occurrences. Strategy and Long-term Focus: Every enterprise requires well-planned strategies and long-term focus to be established. However, it is seen in many cases many enterprises meet deadly conclusion due to lack of strategy. Conclusion: As per the previous discussion, it can be concluded that entrepreneurship is highly responsible for growth of economic condition of the country. The idea of entrepreneurship has drawn the attention of many people, especially the youth in this era of globalization. Although it has some disadvantages, young and talented people often are influenced by enormous advantages of entrepreneurship. Every aspiring entrepreneur must possess some specific qualities such as- smart, intelligence, flexibility and so on. These qualities will help the entrepreneurs to achieve the desired target. References: Baruah, B. and Ward, A., 2015. 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