Entrepreneurship Assignment – Interview project.
TASK
Proving that the Owner of Gilbert’s Fresh Market is indeed an Entrepreneur.
TOPIC
Managing Challenges to Business Growth for an Entrepreneur.
Control – Balancing control and participation
Responsibility – create a sense of responsibility
Tolerance of failure – as opposed to punishment for failure
Change – retaining an innovative and opportunistic posture
The goal of the report is to PROVE that the owner of Gilberts Fresh Market is indeed an entrepreneur and not just a manager. In 600 words please talk about the challenges to business growth for an entrepreneur.
Below is a list of things that Mr.Gilbert does and some values he possess as an individual that allows him to manage the growth of his company ;-
1) Trains own staff to avoid unbalance
When he opens a new branch- he doesn’t remove existing staff and shifts them, he hires new and skilled workers, to avoid one store being weaker than the other
2) Hiring the right people, through good business sense developed by experience
He has groomed his kids to work in his stores from the bottom level and work their way to the top, to create a long-lasting sense of responsibility. Ie FOSTERING HIS OWN PEOPLE.
3) Fail when you are young.
-His mindset is to fail when you are young and keep trying, ie never give up.
4) He believes an entrepreneur must take risk, ie ‘take the plunge’ and must listen to his ‘gut’ feeling. IE the concept of Hueristics, while facing challenges of growth.
5) He believes in having good tolerance to failure
Please Use this points to write a report on ‘Managing Challenges to Business Growth for an Entrepreneur’ while always aiming to proving that Mr.Gilbert is indeed an entreprenuer.
EXAMPLAR
! this is just an example from another topic (strategic planning). Please do not use this topic. Our topic is Challenges of managing growth!
Theory -During the interview, Mr Gilbert advised thatwhen he commenced his business venture, his approach to strategic planning was very
informal. This was mainly due to his lack of knowledge of the strategic planning process. As
the business started to grow, he realised there was a need for more formal planning to help
engage his employees with the vision he had for the firm. This transition from informal to formal
strategic planning links well with Xxxx’s (2008) and Yyyy et al.’s (2012) research that found that
entrepreneurs find the need to undertake more formal strategic planning as the business
becomes more complex to run. Entrepreneurs find formal strategic planning is necessary to
engage key stakeholders with the business (Yyyy et al. 2012)
Linkage- MrGilberts’s transition from informal to formal planning in order to engage his employees aligns well
with Yyyy et al.’s (2012) research findings since employees are key stakeholders of the business.
Construct the report like that.
600 words. 7 references.
Chicago.