ENTREPRENEUR REPORT 1
STUDENT NAME:
STUDENT ID:
TOPIC: ENTREPRENEUR TRAITS
DATE: 1-04-2019
Contents
Introduction 3
Background of the entrepreneur 3
Entrepreneurial traits 4
Motivation 4
Creativity 4
Basic ethics 4
Leadership 5
Opportunity recognition and idea development process 5
The opportunity involves new ideas 5
The opportunity involves risk taking 5
Opportunities involve specific purpose 5
The opportunity involves success 6
Psychological entrepreneurship theory 6
Sociological entrepreneurship theory 6
Competitive advantages of Hunter’s Wines 7
Recommendations 7
References 8
Introduction
Entrepreneurship is a process where an individual establishes a business venture and gets engaged in the business with positive attributes. An entrepreneur is the main body with the act of inspiring, innovating, and running a business in a way that ensures success and growth of the business. The entrepreneurial process engages an important part with the qualities and roles that an entrepreneur manages with distinctive success in the common grounds. This is a strategic process through which individuals develop in a competitive society in order to achieve combined results of recognition and strength in the economy.
There are several aspects and qualities that an entrepreneur must pay attention to while developing and utilizing the resources in an optimal manner. It is important that alertness, behaviour, and opportunities of the business be developed in a way that can ensure business success and identify business opportunities with personal traits, experience, and knowledge of the business idea. An entrepreneur explores the business opportunities and focuses on the key success factors for examining and influencing development opportunities.
Jane Hunter is the director at Hunter’s Wines. Jane Hunter was brought up in South Australia. She was interested in animal husbandry and viticulture. Later, she was employed after achieving a degree in Science from Adelaide University. Jane’s shift of interest to viticulture made her choose the winery business with her husband Ernie Hunter. The entrepreneur chose to work as a national viticulturist in Montana vineyards and later operated liquor outlets, business enterprises, and hotels in Christ Church, New Zealand.
Background of the entrepreneur
Jane is a self-employed entrepreneur who was born into a royal family. Jane was brought up in the Australian wine country. Her father grew grapes in Riverland and Barossa Valley in north Australia. Jane changed her area of interest to viticulture after studying animal husbandry (Hunter’s Wines 2018).
She studied agriculture science at Adelaide University and got employed at Montana as a national viticulturist in 1983. In the research and development and contract growers, she met Ernie Hunter who immigrated for research and development to New Zealand.
She was married to Ernie Hunter, who died in a car accident immediately after they got married. She marketed the business and was responsible for the Wine company. She has received awards such as ‘prestigious women in wine’. With multidisciplinary businesses, Jane continues to grow the legacy of her company.
Entrepreneur tool several business operations owned by liquor outlet and hotels. Jane is internationally recognized as leading vintner which is one of the pioneers of Marlborough’s Vintners.
Entrepreneurial traits
Motivation
Jane is a hardworking and motivated businesswoman who gained tremendous success with several turning points in her life. She has adopted a mindset of working through motivation as the best way a person can change his/her life. To be enthusiastic and to bring changes in the business, a positive attitude has helped a number of people work with motivation (Hvide & Panos 2014). Motivation is intrinsic while working on career goals as an internal inspiration works better for achieving desired results. She is passionate and has shown positive changes with a positive attitude in her life.
Creativity
No matter where Jane started her career, she is creative and has the ability to think out of the box. Creativity in ideas and ensuring better ways is the key success factor (Baum & Bird 2010). Important and creative measurements are taken to improve the workflow and to ensure productivity in the business. Jane Hunter has creative ideas in all aspects of the business that she has worked on.
Basic ethics
Basic ethics is essential in business operations and sustainability. There is a common ground of interest and code of ethics that people expect from entrepreneurs as it reflects the life of a person and his journey (Manso 2016). The basic code of conduct ensures invariable results as a successful business individual that works with the highest standards and integrity. Jane has worked as an academician and has an established business flourished through effective leadership.
Leadership
Leadership is an entrepreneurial trait that drives the success of businesses. Working on new ideas and improving business strategies continuously helps foster business growth (Åstebro 2014). Jane has welcomed change in the business while bringing improvements with effective changes and training for the staff. A strong peer network is provided by an entrepreneur who understands the need of the business and ensures a network of contacts with financial and business partners. (Kerr, Nanda & Rhodes-Kropf, 2014) The resources and activities nurture the business with increased productivity. Jane is a good leader and supports his staff while being the biggest challenge with ultimate decisions.
Opportunity recognition and idea development process
The opportunity involves new ideas
With a change of interest from animal husbandry to viticulture, new ideas encouraged Jane to work with Ernie Hunter. She hired a team and with her experience, planted a vineyard and managed it. Opportunities for new ideas and initiatives, resources, time and courage to work on specific ideas will ensure success and convert ideas into money (Ardagna & Lusardi 2010).
The opportunity involves risk taking
The risk of handling the business as an entrepreneur was a step taken forward for Jane Hunter. Jane was brought up in Australia and studying animal husbandry. She changed her interest and specialized in the area of viticulture as she gained a degree in agriculture science. She was working in Montana while she had no idea that she would be able to build a company and engage in her own business enterprise. The risk of shifting from an area of interest to another was a high risk in this case (Arentz, Sautet & Storr 2013).
Opportunities involve specific purpose
Converting an idea into work activity and ensuring time and money is the specific reason that is taken by an entrepreneur to gain success. Opportunities build up specific purposes and convert great ideas into innovative measures to sustain the business and acquire leadership position (Ge, Sun, Chen & Gao 2016).
Opportunity involves success
Opportunity recognition is the major concept that an entrepreneur focuses to work on specific criteria. Identifying the opportunity and working on a specific task ensures business success (Hyytinen, Pajarinen & Rouvinen 2015). Jane Hunter had worked with several enterprises and has developed Hunter’s Wines. The necessity of bringing up the business and working with motivated people ensures the success of the business. The leading winemakers are appointed and this involves several strategic measures to be taken to control and ensure success. Jane Hunter is a self-employed woman who has distinct characteristics for managing the business and controlling the events of the business. Necessity has become an opportunity for Jane that enhanced success in business operations.
Psychological entrepreneurship theory
According to Simpeh (2011), Psychological theory consists of personality traits. Personal characteristics of an individual are emphasized in psychological theory that defines entrepreneurship. The locus of control, personality traits and the need for achievement is mentioned with empirical evidence associated with entrepreneur inclinations. Inborn qualities are associated with traits and ensure locus of control with rewards and punishments that are required for accomplishing success in business operations.
Sociological entrepreneurship theory
The sociological theory focuses on the social context while the level of analysis is related to society. The social contexts that are related to entrepreneurial opportunity are social networks, building social relationships and promoting trust and opportunities for people (Simpeh 2011). An entrepreneur should not take advantage of people and should work with societal ethics and values while keeping faith in society. The four social contexts that define an entrepreneur in terms of sociological theory are social context, life course stage context, ethnic identification context, and population ecology that define sociological entrepreneurship theory.
Competitive advantages of Hunter’s Wines
Golden success for Hunter’s
Hunter’s have won two gold medals in the year 2017, which has been a breakthrough for the organization (Hunter’s Wines 2018). The award will help the wine lovers in America while working on preparing the best quality wine. An emerging market in the wine industry has always appreciated the future prospects that brought change in the business scenario in Australia. Hunter’s Marlborough Sauvignon 2016 and Pinot Award 2014 are a few successful awards and recognitions achieved by Hunter’s Wines.
Champagne and Sparkling wine world championship gold
Hunter’s Wines was the only New Zealand winery that was rewarded with gold medals in the year 2013 with Hunter’s MiruMiru 2013.
Recommendations
There are recommendations that the company can implement for successful business operations in the near future.
Celebrity recognition such as brand ambassadors will improve Hunter’s Wines position.
Legal compliances should be analyzed while achieving export quality
Non-alcoholic drinks should be listed in the products that will engage nondrinkers to opt for Hunter’s Wines
Complimentary drinks should be provided for marketing purposes and utilize business promotional strategies for increased sales volume
References
Åstebro, T, Herz, H, Nanda, R & Weber, RA, 2014, ‘Seeking the roots of entrepreneurship: Insights from behavioral economics’, Journal of Economic Perspectives, vol. 28, no. 3, pp. 49-70.
Ardagna, S & Lusardi, A, 2010, ‘Explaining international differences in entrepreneurship: The role of individual characteristics and regulatory constraints’, in Lerner, J. & A. Schoar (Eds.) International Differences in Entrepreneurship, University of Chicago Press, pp. 17-62.
Arentz J, Sautet F & Storr V, 2013, ‘Prior-knowledge and Opportunity Identification’, Small Business Economics, vol. 41, pp. 461–478.
Baum, JR & Bird, BJ, 2010, ‘The successful intelligence of high-growth entrepreneurs: Links to new venture growth’ Organization Science, vol. 21, no. 2, pp. 397-412.
Ge, B, Sun, Y, Chen, Y & Gao, Y, 2016, ‘Opportunity Exploitation And Resource Exploitation’, Internet Research, vol. 26, no. 2, pp. 498 – 528.
Hvide, HK & Panos, GA, 2014, ‘Risk tolerance and entrepreneurship’, Journal of Financial Economics, vol. 111, pp. 200-223.
Hyytinen, A, Pajarinen, M & Rouvinen, P, 2015, ‘Does innovativeness reduce startup survival rates?’, Journal of Business Venturing, vol. 30, no. 4, pp. 564-581.
Hunter’s Wines, 2018, Story of Marlborough wine, viewed 2 April, 2019, <https://hunters.co.nz/>
Kerr, WR, Nanda, R & Rhodes-Kropf, M, 2014, ‘Entrepreneurship as experimentation’, Journal of Economic Perspectives, vol. 28, no. 3, pp. 25-48.
Manso, G, 2016, ‘Experimentation and the returns to entrepreneurship’, Review of Financial Studies, vol. 29, no. 9, pp. 2319-2340.
Simpeh, KN, 2011, ‘Entrepreneurship theories and empirical research: A summary review of the literature’, European Journal of Business and Management, vol. 3, no. 6, pp. 2222-2839.