Free Creating Entrepreneurial Organizations Essay Sample
Operating and owning a successful entrepreneurial organization is one of the satisfying ways of earning a living, as well as becoming self-reliant financially. However, before starting a business one must carefully look at measures of factors that look after success and reduce failures. Entrepreneurs, who succeed in operating their own business, always get a high mark in certain attributes. These attributes include: having a strong desire to become self-reliant, gaining and enjoying the satisfaction after working on the business, focusing on a specific product or service that satisfies current needs of consumers, having prior hand on experience in the field of business, and lastly, having basic knowledge on accounting and control of cash flow (Cartwright, 2002).
CHARACTERISTICS ASSOCIATED WITH THE ENTREPRENEURIAL PERSON
An entrepreneur is a person whose work is to organize, manage, and assume various risks that an enterprise or a business has. He or she fulfills and perceives need in the market in order to gain profit. An entrepreneur is described as innovative and creative since he, or she is an expert in growing and running an enterprise. He or she should also be innovative, willing, and dedicated to spending many hours, making a business successful (Mcgrath & Macmillan, 2000).
There are attributes and traits that make people more suitable in running an entrepreneurial organization that is successful than others. There are seven qualities that are highly ranked, and are said to help entrepreneurs gain success in business. These qualities are the willingness and desire to take an initiative, perseverance, creative, a strong want to achieve, competitiveness, innovative, excellent physical health, self-confidence, and self-reliance.
It is not shocking to find all these qualities in entrepreneurs since a successful person, who is an entrepreneur, is always self-confident and self-reliant. There are some of entrepreneur characteristics that are considered least necessary when aiming for success. These characteristics are strong need for money, need for power, well organized, and patience, especially, when ranked first in the list (Mcgrath & Macmillan, 2000).
OUTCOMES OF SUCCESSFUL ENTRPRENEUR
An entrepreneur with suitable attributes is a leader that is goal-oriented, and many are the times he achieves his set goals and objectives. Entrepreneur has a strong influence on the organization. This implies that it is necessarily for an entrepreneur to be reliable and trustworthy. This will ensure that the team and the organization secure under that leadership. With the good attributes in an entrepreneur, eventually, respect will be earned and efficiency in the performance of duties and responsibilities will be enhanced. Gradually, the organization will be reaping the benefits as the goals of optimization are achieved (Cartwright, 2002).
In an organization, for example, a company or corporation, the entrepreneurial team acts as agents of the owners. They are bound together by the principles of agency theory. Therefore, the all the entrepreneurs will need to have right attributes. On the other hand, they will need to act as trustworthy individuals. This will ensure that there is a smooth running in the activities of the firm. It will also ensure that they are no misunderstandings that are bound to damage the image of the corporation (Morris, Kuratko, & Covin, 2011).
Team work in an entrepreneurial organization entails the encompassing of different range of individuals in an organization. These differences range from age, gender, education, experience, personality, ethnic group, organization functions and race among others. Therefore, it is vital for the human resource department in an organization to ensure that they effectively manage team work within an entrepreneurial organization (Mcgrath & Macmillan, 2000).
ROLE OF ENTREPRENEURIAL TEAMS IN CREATING ENTREPRENEURIAL ORGANIZATION
Entrepreneurial teams can result in increased adaptability in the organization. This is because encompassing different individuals from diverse backgrounds presents diverse talents and experiences. This plays a crucial role in running of firms especially when faced with a variety of difficulties. When faced with certain difficult situations, it is likely that one of the employees would be in a position to get a solution to the stalemate that the firm could be facing. By doing this, firm is able to adapt quickly to the fluctuating consumer demands and fluctuating markets (Morris, Kuratko, & Covin, 2011).
Teamwork in creating an entrepreneurial organization also plays a huge role in enhancing globalization. In the world, today, almost all businesses have ventured into the global market. This has been enabled by the increased advancements in technology. Thus, have team work force plays a major role in ensuring that a firm is able to meet the needs of global customers. This attributed to the fact that these employees could be from ranging races and ethnic groups. This implies that they would be able to understand the needs of customers from their ethnic group or race. Therefore, enhancing diversity in the work place becomes largely beneficial to the business and leads to increased customer base and profits (Cartwright, 2002).
Teamwork in creating an entrepreneurial organization also implies that there could be diverse opinions on how to carry out certain business activities. This enhanced variety of ideas could be greatly beneficial as each person contributes from a different point of view based on their diverse experiences. This implies that the firm is able to make choices from a pool of many ideas. This means that the decision arrive at is greatly sourced and that it is likely to increase the firm’s profits and sales or clientele. It also ensures that the strategies implemented by the firm are greatly sourced and, therefore, lead to achievement of the set goals and objectives. Thus, the firm is able to meet the needs of the customers more effectively (Cartwright, 2002).
NECESSARY ABILITIES THAT ASSIST AN ENTREPRENEURIAL ORGANIZATION OPERATE SUCCESSFULLY
According to research, carried out by an institute concerned with entrepreneurship called the Bank of Montreal, there are six factors that lead to success when planning to create an entrepreneurial organization. These factors are self-motivation, marketing skill, industry and business knowledge, management and organization capabilities, vendor and customer relation, and vision (Morris, Kuratko, & Covin, 2011).
Additionally, it is necessary for successful entrepreneurs to have management and organizational abilities. This is because they will be able to satisfy many customers and clients and have many opportunities to work in big revenue agencies, which look at such abilities when looking for employees. Therefore, when one is interested in creating an entrepreneurial organization that is successful, one need to be an expert in money management, management of people, business planning, directing sales, marketing operations and directing operations of the business. Basics from business management help one learn the management of the aspects of opening a small business (Light, P. C. 2008).
These management and organizational abilities are determined by excellent communication skills provided to customers. This means that communication must be enhanced both within the organization and in the external environment. The internal environment necessitates the need to enhance both vertical and horizontal communication. The inclusion of social media and networking is one of the tools adapted by companies in their quest to enhance effective communication. This implies that social networking provides the solution to the problem of effective communication within the organization and even across the external environment. It ensures that consumer needs are communicated to the management of the organization (Salama, 2011).
NETWORKING IN AN ENTREPRENEURIAL ORGANIZATION
In the world of business, it is very important to keep up with the upcoming trends in order to attain competitive advantage. This has necessitated businesses to open fun pages on a variety of social networks, for example, on facebook, twitter and MySpace among others. This is because they usually want to ensure that they are able to be in constant communication with its customers. This implies that they are able to adapt to any changes in consumer tastes and preferences. This also ensures that they are able to conform to the consumers’ needs. It enhances the possibility to be in constant communication with the target market. Using social networks to communicate with its consumers is creative and cost effective method that creates a room to enhance quality service provision (Fayolle, 2010).
Successful communication between the various departments of an organization is crucial. The reason behind this is that they work in the same environment, and lack of good communication between team members could lead to lack of fulfillment of the set goals and objectives. Therefore, it is extremely vital that effective communication exists within the internal environment of the organization. This means that there should be effective communication between the juniors and seniors. Essential communication between the two ensures clearing out any misunderstandings that may exist between the two (Olsen, Erica. 2011).
Social networking comes in handy in ensuring that the issues of effective communication are enhanced. This is because co-ordination is enhanced both in the internal and external working environment. Communication in a business plays an extremely crucial role. This implies that the management must implement strategies that enhance effective communication. This means that communication must be enhanced both within the organization and in the external environment. The inclusion of social media and networking is one of the tools adapted by companies in their quest to enhance effective communication (Light, P. C. 2008).
As a result, the management is able to conform to the consumers’ needs and, hence, increasing the consumer satisfaction levels. This is all made possible by using social networking as a marketing strategy. Enhanced consumer satisfaction implies that consumers are likely to be loyal to the organization. Eventually, the organization will be able to have its own pool of customers and, therefore, a large market share (Fayolle, 2010).
In conclusion, creating an entrepreneurial organization can be a big event that is life-altering since an entrepreneurial organization that is successful requires deep desire and commitment. Therefore, in order achieve success in the organization; one has to work effectively and efficiently at that business. When one is the appropriate person to come up with a concrete plan, creating an entrepreneurial organization is the most exhilarating and satisfying experience in life.