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Unit 9 : Entrepreneurship and Small Business Management Assignment Sample

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Entrepreneurship and Small Business Management

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Introduction

Over some years, the term entrepreneurship has suddenly gained tremendous popularity all over the world. Entrepreneurship is very crucial based on the current context of the world. Entrepreneurs are those people who identify the issues faced by people and find a solution and undertake challenges to start a business (Landström, 2020). It enhances the living standard of the society and creates wealth and this change is driven by creativity, innovation, improvement of products or services (Kokkalis, et al., 2020). One of the most renowned homegrown cosmetic companies of Home Kong is Wult. The company was founded by, Jenn Lam, Tawnia and Christian Leung that promotes positive energy and self among its consumers. The founders were inspired by their beauty therapist mother and gave birth to “Woke up like this look”. “Everything that goes into WULT and Skin Need is vegan-sourced, unlike the petrochemical ingredients from non-renewable sources that most legacy brands use,” explained Leung. This product focuses on natural products and avoids using chemical items.

The complete report has discussed in detail the entrepreneurial attributes and skills that are very much impactful in building the right kind of entrepreneurial personality which helps to take the right action at the right time in the context of cosmetic and personal care company Wult. The research will further discuss the environments that impact the personality building of the entrepreneurs and their influence on the entrepreneurial journey of the Wult entrepreneurs.

1. Characteristics Skills and Personalities of Successful Entrepreneur

Mark Zuckerberg, Jeff Bezos, Bill gates have already inscribed their names among the most successful entrepreneurs in the world (Ali and Kubba, 2020). Some multiple traits and skills assist an individual to become a successful entrepreneur. These skills are the most crucial ones because they will determine the future and growth of a company (Hatthakijphong and Ting, 2019). In three of the entrepreneurs, Jenn Lam, Tawnia and Christian Leung, multiple successful traits have been found, such as,

 Leadership

The quality of a leader is reflected in the standards they set for themselves.” – Ray Kroc

The most prominent trait among all the qualities of an entrepreneur is a leadership skill. A leader plays a crucial part in an organization as a leader helps to enhance the productivity of the workforce by providing adequate guidance and all the necessities to the employees (Musara and Nieuwenhuizen, 2020). Jenn Lam and Tawnia have shown remarkable leadership attributes in their workforce. The leaders have been carefully guiding their employees since its establishment that has resulted in the position of Wult in the Chinese cosmetic and personal care product market.

Risk Management

All the renowned entrepreneurs have inscribed their names among the most successful people in the world for taking the risk that others did not want to face the consequences of the challenge (Dvorsky, et al., 2018). The entrepreneurs of Wult have come up with their product when there were already multiple renowned cosmetic brands that have occupied the Chinese market. But their vision and clear ambition along with the unique selling proposition of the products have brought forward the company in today's market size.

Money Management

Based on the future target of the company an entrepreneur must track and manage their financial statement for achieving the goal of the organisation. Managing money helps an organization to avoid multiple financial risks and collect funds from the investors even before facing various calculated risks (Kerrin, Mamabolo and Kele, 2017.). The founders of Wult have been able to manage their financial statements adequately even after facing multiple challenges in their journey.

Creativity

Creativity enables an entrepreneur to make innovative ideas and strategies to bring out a change in society (Shahzad, et al., 2018). Without the trait of, creativity an entrepreneur can never become successful in their journey. Jenn Lam and Tawnia have always been creative since their childhood. The three entrepreneurs have started their creative experiments at an early age in blending various products and making their formula inspired by their mother who was by profession a beauty therapist. Because of their creative trait, the independent skincare brand Wult has been founded.

2. Reflection of Entrepreneurial Personality on Building Motivation and Mindset of Entrepreneurs

In the present time, entrepreneurs are the most regarded person all over the world as these people are working towards making the world a better place (Byrne, Fattoum and Diaz Garcia, 2019). The entrepreneurs help to enhance the economy of a country, help consumers by solving their needs, create jobs, and build businesses. All the above-discussed traits are crucial in an entrepreneur as because it is considered to be a success factor of an entrepreneur. “Creativity is the mother of invention” this statement displays the importance of creativity among leaders. Because of creativity, Airplane was bought by the Wright brothers, iPhone was brought by Steeve Jobs, and Google was invented by Larry Page and Sergey Brin.

The trait of creativity has helped Jenn Lam and Tawnia to initiate their creative product Wult in the market. Their trait has enabled the company to continuously innovate and introduce the environment-friendly skincare brand Wult (Localliiz, 2020). Another significant factor of entrepreneurs is Communication ability. The power of communication helps to persuade a consumer and close a deal easily (Sumathy and Velmurugan, 2019). The power also determines the impact of delivering a marketing message to its consumers. The Cosmetic brand Wult has undoubtedly shown its success story through its marketing message that has delivered their brand motive.

The company has focused on enhancing self-love and in that mission, the brand promotes well being and empowers its consumers (PRESTIGE, 2020). They have encouraged green beauty and used clean ingredients along with environment-friendly boxes. Apart from all these attributes, motivation is crucial for driving a company successfully. Motivation enables an entrepreneur to stand up during hard times and maintain the best performance among their workforce.

This Hong Kong based cosmetic company was counterattacked due to their new product launch in the name of “Dream like Anne”. This had created several outrages among the people and people started protesting tremendously against it. The main reason behind this outrage was naming the Jews girl in their product and using her name in their marketing purpose has infused tremendous outrage all over the world (News 18, 2020). After this issue, The Company has apologized for their miscommunication on Twitter. Without the help of motivation, the trio founder would not have been able to face and overcome this hard time and stand back again in the Chinese market.

3. Influence of Background and Experience on Entrepreneurship

3.1 Cultivate Entrepreneurship

Government Funding: One of the most essential associating factors for entrepreneurial practice is government funding. The government applies various tax incentives, subsidiaries for a huge amount of resources required for the entrepreneurial process (Ahmed et al., 2019). Apart from this government also provide various support programs for funding the entrepreneurs that help the government to enhance economic development.

Education among the People: Entrepreneurship is education itself. To encourage young people to become entrepreneurs, it is necessary to spread entrepreneurial culture and encourage innovation among the people (Tahmasebi et al., 2017). Surveys recommend that around 15-20% of students who involve themselves in mini-company programs are seen to open their own business after completing their academics. The trio founder, Jenn Lam, Tawnia and Christian Leung, has been encouraged to experiment from their mother’s experiment in hair care that has definitely helped the organization to grow and build.

Supporting Environment: Innovation enables economic development and increases the standard of living of a society. Supporting innovation among the entrepreneur will encourage them to take initiative to open their own small and medium-sized enterprises that will surely develop the economy of a country (Ahmed, et al., 2020).

3.2 Obstruct Entrepreneurship

Government Laws

Various policies like taxation, import and export policies, the policy of licensing can destroy the spirit of entrepreneurs. This can deter the entrepreneurs to initiate their journey as the process will be more complicated and costly (Kwapisz, 2019). If the government provides basic facilities to the entrepreneurs, like transportation, raw materials, water and banking that will work as a supporting and encouraging factor for the entrepreneurs.

High Competition

High competition in a market will obstruct an individual to initiate their journey as in high competition starting an entrepreneurial journey will be excessively challenging and risky. A healthy competitive market encourages entrepreneurs to start their businesses (Khairullina, et al., 2018).

Social Factors

There are multiple social factors that directly and negatively impact the development of entrepreneurship. These factors are the tradition of society, education, family behaviour, personal attitude, other circumstances, castes, ethics etc (Abdullah and Othman, 2021).

Conclusion

The following report has discussed deliberately the traits and skills of entrepreneurs. These straits are significant it defines the future growth of a company. Entrepreneurial trait helps to stay motivated and encouraged to go further and take right decision in a hard time for an organization. In the further section, the researcher has highlighted the impact of entrepreneurial traits on the successful operation of the Wult Company. A reflection has been drawn out to recognize the impact of the personality of the entrepreneurs on developing entrepreneurial mindset and motivation. The final part has concluded discussing the different environment that helps to create entrepreneurially or and destroys the entrepreneurial spirit. Along with this, the complete research has critically analyzed the traits of the founder of Wult cosmetic brand and discussed the impact of the traits on their activities.

References

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Akhmetshin, E.M., Kovalenko, K.E., Mueller, J.E., Khakimov, A.K., Yumashev, A.V. and Khairullina, A.D., 2018. Freelancing as a type of entrepreneurship: Advantages, disadvantages and development prospects. Journal of Entrepreneurship Education21(2), pp.1528-2651.

Ali, A. and Kubba, H., 2020. The Unfair Advantage: How You Already Have What It Takes to Succeed. Profile Books.

Al-Kwifi, O.S., Tien Khoa, T., Ongsakul, V. and Ahmed, Z.U., 2020. Determinants of female entrepreneurship success across Saudi Arabia. Journal of Transnational management25(1), pp.3-29.

Anjum, T., Ramzani, S.R., Farrukh, M., Raju, V., Nazar, N. and Shahzad, I.A., 2018. Entrepreneurial intentions of Pakistani students: The role of entrepreneurial education, creativity disposition, invention passion & passion for founding. Journal of Management Research10(3), pp.76-100.

Belás, J., Smrcka, L., Gavurova, B. and Dvorsky, J., 2018. The impact of social and economic factors in the credit risk management of SME. Technological and Economic Development of Economy24(3), pp.1215-1230.

Byrne, J., Fattoum, S. and Diaz Garcia, M.C., 2019. Role models and women entrepreneurs: Entrepreneurial superwoman has her say. Journal of Small Business Management57(1), pp.154-184.

Hatthakijphong, P. and Ting, H.I., 2019. Prioritizing successful entrepreneurial skills: An emphasis on the perspectives of entrepreneurs versus aspiring entrepreneurs. Thinking Skills and Creativity34, p.100603.

Kerrin, M., Mamabolo, M.A. and Kele, T., 2017. Entrepreneurship management skills requirements in an emerging economy: A South African outlook. The Southern African Journal of Entrepreneurship and Small Business Management9(1), pp.1-10.

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Kwapisz, A., 2019. Do government and legal barriers impede entrepreneurship in the US? An exploratory study of perceived vs. actual barriers. Journal of Business Venturing Insights11, p.e00114.

Landström, H., 2020. The evolution of entrepreneurship as a scholarly field. Foundations and Trends® in Entrepreneurship16(2), pp.65-243.

Localliiz (2020). 7 home-grown Hong Kong beauty brands to know. [online] Localiiz. Available at: https://www.localiiz.com/post/living-beauty-home-grown-local-beauty-brands-know-hong-kong [Accessed 5 Aug. 2021].

Musara, M. and Nieuwenhuizen, C., 2020. Informal sector entrepreneurship, individual entrepreneurial orientation and the emergence of entrepreneurial leadership. Africa Journal of Management6(3), pp.194-213.

News 18 (2020). Hong Kong-based Beauty Brand Gets Schooled for Naming Blush after Anne Frank. [online] News18. Available at: https://www.news18.com/news/buzz/hong-kong-based-beauty-brand-gets-schooled-for-naming-blush-after-anne-frank-2896201.html [Accessed 5 Aug. 2021]. 

PRESTIGE (2020). How Indie Brands WULT and Skin Need are Disrupting the Beauty Industry. [online] Prestige Online - Hong Kong. Available at: https://www.prestigeonline.com/hk/beauty-wellness/beauty/how-woke-up-like-this-and-skin-need-are-disrupting-the-beauty-industry/ [Accessed 5 Aug. 2021].

Sumathy, M. and Velmurugan, R., 2019. Skill Sets for Rural Entrepreneurs Sustainability in Central District of Tamilnadu. International Journal of Disaster Recovery and Business Continuity10(1), pp.75-80.

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