Principles Of Management And Entrepreneurship Homework Consi

3610principles Of Management Entrepreneurship Homeworkconsider An Entr

Consider an entrepreneur you know; could be a relative, friend, or acquaintance. Answer the following questions: What business is the entrepreneur in? What event prompted the entrepreneur to enter his/her business? What motivated the entrepreneur to enter business? In class, we discussed several entrepreneur types.

For each type discussed in class, determine if the entrepreneur represents that type – and explain why or why not. Consider the entrepreneur success traits that we discussed in class. Identify if the entrepreneur possesses each success trait discussed in class. In what ways does the entrepreneur demonstrate having, or not having, each trait? Do you predict success or failure for the entrepreneur’s current business venture?

Considering environmental factors, the entrepreneur’s success traits (from our discussion), and strategy, why do you predict success or failure? Typed, single spaced Include questions (answer on this document if you like) Number your answers Grammar and writing could affect grade. Bullet points are not acceptable. Write in paragraph from Due at the beginning of the class period. No exceptions. You might bring an extra copy with you as we’ll discuss briefly in class. I want the business to be Shell gas stations.

Paper For Above instruction

The entrepreneur I have chosen to analyze is the owner of a Shell gas station—an example of a retail business operating within the fuel and convenience store industry. This entrepreneur entered the business because they recognized a need for accessible fuel stations and convenient services within their community, driven by a personal passion for entrepreneurship and service excellence. The event prompting their entry into the business was their desire to provide reliable fuel and customer-focused services, coupled with opportunities arising from existing gaps in the local fuel market. Their motivation stemmed from a combination of personal aspiration for financial independence and a commitment to community service, aligning with the entrepreneurial traits of ambition and community orientation.

Analyzing the entrepreneur's profile in terms of the different types discussed in class, they primarily exemplify a small business entrepreneur—focused on local market needs and operating within a well-established industry. Unlike high-growth entrepreneurs who seek rapid expansion or innovation-driven ventures, this entrepreneur's drive appears rooted in maintaining steady, reliable service rather than aggressive growth. They do not display traits associated with serial entrepreneurship or corporate entrepreneurship, as their focus remains on their current Shell station rather than multiple ventures or technology-driven innovations.

Regarding success traits discussed in class, the entrepreneur demonstrates several key qualities. They possess a high level of perseverance, demonstrated through managing daily operations despite challenges such as fluctuating fuel prices and competition. Customer orientation is evident in their commitment to providing friendly, reliable service. They exhibit resilience, adapting their services during market changes, such as implementing safety protocols during the pandemic. The trait of risk-taking appears to be moderate; while they are willing to invest in maintaining the station and upgrading facilities, they appear cautious about over-expanding or diversifying too rapidly, which may be a prudent approach given the industry's competitiveness.

However, they seem to lack certain traits such as innovation orientation—most owners of established Shell stations focus on incremental improvements rather than groundbreaking innovations—and a broad network of contacts, which can be advantageous for growth. Nevertheless, their strong work ethic and dedication serve as significant success traits. Based on current performance and strategies, I predict the business will continue to succeed, provided they adapt to environmental shifts like technological advancements and changing consumer preferences.

Considering environmental factors, the industry is influenced by fluctuations in oil prices, environmental regulations, and consumer demand for sustainable energy sources. The entrepreneur’s success traits, such as resilience and customer focus, are advantageous in navigating these challenges. Strategically, maintaining high service quality, adopting eco-friendly practices, and leveraging community relationships will be vital for sustained success. In conclusion, although external factors pose risks, the entrepreneur’s traits and strategic focus suggest a positive outlook for the Shell gas station’s future viability.

References

• Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2017). Entrepreneurship (10th ed.). McGraw-Hill Education.
• Scarborough, N. M. (2018). Essentials of Entrepreneurship and Small Business Management. Pearson Education.
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