Emerging Issues In Entrepreneurship
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PART ONE
The episode showcases the story of Key West Lime Pie Company, which was bought at $1200 ten years ago, at the time of the episode was aired and was transformed into a business that grosses $1.4 million a year. However, with such impressive grosses annually, it has not managed to turn a profit. The episode highlights qualities a successful entrepreneur should possess: first, have personal characteristics such as a vision where an entrepreneur needs to have a clear insight into what they want the future to look like for the business. It will involve identifying areas for improvement, explaining to other workers the vision, and motivating them to achieve the vision while exuding optimism. As seen from the clip, the daily runnings of businesses do not always go as planned because mistakes are made along the way. Therefore, an entrepreneur should accept mistakes and learn from them instead of showing anger, as Brush did when he threw the bottle on the ground as a result of frustration. Secondly, entrepreneurs also require practical entrepreneurial skills such as planning, which will help formulate a business plan that will help forecast financial situations and ensure effective and efficient use of resources for maximum profit. Thirdly, an entrepreneur also needs to show interpersonal skills. For a business to flourish, teamwork is required and to ensure maximum cooperation form, other workers. Their leader needs to motivate them, communicate with them, listen to their opinions unlike Brush, who admitted likes things to be done his way and will only listen to Tammie(CNBC Prime, 2014). Fourthly, entrepreneurs need to demonstrate critical and creative thinking skills, such as recognizing opportunities. For instance, when offered $450,000 for 51% of the company, Brush was quick to refute the offer without weighing the pros and cons of the partnership. He was instead worried about surrendering control of the company.
PART TWO.
I scored 167 on the general profile, and the breakdown is as follows; my motivations play a role in inducing me to act on my entrepreneurial instincts as I scored 67, which is higher than the average of 62. My motivations include my need for achievement, need to compete, ambition where I have a constant need to learn and achieve my goals and desire to lead. My aptitude score stands at 66, with the average being 67, which is slightly below average. The results signify that I need to work on my natural inclinations, competencies, and abilities to be an effective entrepreneur. I need to learn how to handle stress brought about by factors such as ambiguity and work on my persistence levels while trying to achieve a goal and recover after a failure. My attitude score stands at 36, with the average rating being 37, meaning that I need to work on my perceptions and feelings about different aspects of entrepreneurship life. These perceptions include acting upon one’s destiny so that I can be in a position to influence events and others by the actions I take. As a result of the test, I have learned that i possess more qualities of an entrepreneur than I credit myself, including high-risk tolerance and a desire to lead and motivate others to do better. I also learned that I need to work on some qualities such as persistence and to be a successful entrepreneur because entrepreneurship comes stressful situations, and I will need to learn to cope with such situations.
I am looking forward to being an entrepreneur in the future as I anticipate experiencing the benefits of entrepreneurship, such as having a flexible schedule, designing a career that aligns with my aspirations and values, creating employment for others, and satisfying the needs of the society.
References
CNBC Prime. (2014, April 14). The Profit Season Finale: Key West Key Lime Pie Co. | The Profit [Video].YouTube. https://www.youtube.com/watch?v=c59pZOalbqc&feature=youtu.be