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Report on the Fundamentals of Entrepreneurship Martin Symes

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1.0 Introduction

I had to do my ain life and my ain chance! But I made it! Dont sit down and wait for the chances to come. Get up and do them! – Madam C.J. Walker, Godhead of a popular line of African-American hair attention merchandises and America ‘s first black female millionaire.

This citation is said by Madam C.J. one of the universe ‘s celebrated enterpriser. This citation merely states that when chances knock on a individual ‘s door ne’er allow it travel because chances comes one time in a life-time and when it ‘s gone he may repent it.

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Catch them and do the most of it because a individual will ne’er cognize where it will convey him. Nothing will go on if a individual merely sit around and delay for the chance to fall in his lap. It is in the individual ‘s custodies to do things travel the manner he want it to be. Especially for those enterprisers out at that place who are still in the industry and those who are seeking to be portion of the concern universe.

As we all know non all business communities became successful, merely 2 out of 10 enterprisers make it to the top. But what makes these people successful? What pushes them to prosecute their dream even though they know there is a possibility that they might neglect. Well, Lashkar-e-Taiba ‘s face it the concern universe is full competition. Almost every twelvemonth new concerns are being launch but merely few of these are being loved and supported by the populace. Bing an enterpriser is non an easy occupation ; it requires a batch of difficult work and finding. An enterpriser must possess certain characteristic which makes them different and alone from other people.

CHARACTERISTICS OF MARTIN SYMES AS AN ENTREPRENEUR

An enterpriser is defined as a individual who creates a new concern despite of the hazards and uncertainness he might confront for the intent of accomplishing net income and growing by placing the chances and piecing the necessary resources to capitalise on them.

Martin Symes is one of the most celebrated enterprisers of today ‘s coevals. He is one of the laminitiss of the wego web site and now the Chief executive officer of this company. Wego is chiefly a travel hunt engine which gives information and comparing about different air hose menus in different air hose companies, inexpensive hotel, and travel bundle for the specific demands of an person. Wego is non a travel bureau that sells air hose tickets and engagements.

Bing an enterpriser like Martin Symes, there are specific qualities and features that made him different from other people. An enterpriser possesses qualities such as ;

Visionary

It is really of import for an enterpriser like Martin Symes to hold a vision of his ain. Prosecute his dreams even though there is a opportunity that he may non able to accomplish it in the terminal and yet he still strives difficult and believes in his capablenesss. He knows where he wants to be and where he ‘s traveling to be in the following old ages. Bing a visionary is besides being a positive mind. Bing a positive mind is an outstanding feature that an enterpriser must hold. It helps to ease the emphasis that an enterpriser may meet. Like Martin Symes, he has a vision of his ain. He knows what he wants. He is motivated in prosecuting it and with his vision and mission he now has Wego.

OBSERVANT

It is besides of import for enterprisers to be observant. Entrepreneurs must larn from the errors of other enterprisers so that they may non reiterate the same errors. It is non incorrect to detect the moves of other rivals but it gives the concern itself an advantage over the other on how they can better more. Detecting the external factors is another thing because these factors are unstable and unmanageable by the organisations with one incorrect move ; everything can alter and fall apart. Martin Symes is really observant when it comes to his rivals, he makes certain that things are decently arranged and observe the company ‘s failings and strengths how they can better it.

Patience

As a expression goes ; Patience is a virtuousness. Which means all enterprisers must be patient when it comes to their concern because it takes a batch of clip for a concern to win. Particularly when confronting jobs, enterprisers must be patient because it is a test and mistake footing. You may neglect now but there is ever tomorrow to seek once more. Never give up because of one failure. It takes clip to larn things and it is best to larn it by holding errors. Merely hold a small forbearance and this forbearance will take you to your ends. Martin Symes is really patient when it comes to covering with struggles in the organisation. He sees these jobs as a challenge and get the better of it confidently. He ne’er allow these jobs be a hinderance in wining and yet he finds solutions to these jobs.

ADVENTUROUS

Adventure is one time in a life clip chance. Once you have the chance to be portion of an unforgettable escapade, catch it because it gives you the experience that will learn you a life ‘s valuable lessons and assist you to go a better person. Entrepreneurs must non be afraid of sing escapades in their concern ; these escapades may convey good or bad in the concern but still it can be an chance for them. Entrepreneurs must non be afraid to take hazards and seek new things. For the old ages that Martin Symes has been in the industry working in different companies he had been adventuresome. He ‘s non afraid to take hazard and adapt to alterations and with that he succeeded and now, Wego has gone far.

NOT MIXING BUSINESS AND PERSONAL LIVES

Business and personal life are two different things that must ne’er be mix. Entrepreneurs must be professional when it comes to concern. And when it comes to personal life, personal jobs must non impact the professionalism of an enterpriser. Entrepreneurs must cognize how to pull off these two things to avoid unneeded struggles between concern and personal life. For Martin Symes, concern is something that must be done professionally. Bing a soft hearted individual will non assist. He makes certain that his personal life will non be affected his concern and frailty versa.

PASSIONATE

Entrepreneurs must be passionate in everything they do. They must love their work and be satisfied about it. Money is non everything. Entrepreneurs must non believe about their net income but think about the people who are profiting in their company. In that manner, they can do other people happy and satisfied. Bing passionate to the things you love to make and being passionate about functioning people will do an enterpriser happy besides holding the net income that they want. Martin Symes is really passionate when it comes to Wego ; he had served this concern for old ages and loved it. And because of that people around him experience really blest because he ‘s passionate when it comes to the things he loves.

Entrepreneurs must understand by bosom the elements of entrepreneurship such as ; cost leading, distinction and focal point. These three things is besides one of the of import facets to look on.

Entrepreneurs must cognize how to pull off the cost of their concern in order to derive their mark net income. They must besides cognize how to distinguish their merchandises to the rivals, in that manner they can hold the advantage of being alone among others. And in conclusion, enterprisers must be focus in their concern. They must take things earnestly and concentrate on the chances, menaces, strengths and failings.

Decision

Entrepreneurs must possess different features that makes them alone such as being ; visionary, observant, patient, adventuresome, must non blend concern with personal lives and passionate. These are merely some of the features that Martin Symes showed. There are other features that one enterpriser must possess. But these features of Martin Symes made him one of the successful enterpriser of this century and with that people around him experience really lucky to be at his side and larning new things. Bing an enterpriser is a batch of difficult work to make. Many of jobs may come to your manner, many people will depend on you, people criticize you and as an enterpriser he must ne’er give up easy. It may take a long route to be where you want to be but if a individual has the passion and desire to make whatever it takes, this individual will hold it. It is merely a affair of clip. Entrepreneur besides learns new things in the procedure. It is a uninterrupted acquisition. It does n’t intend that if a individual is a successful enterpriser this individual know everything. It is better to larn different things from different people whether it is in an easy manner or difficult manner. But ne’er wait for the clip to larn things in a difficult manner because there are certain things that you might repent non making or making it. And ever bear in head that an person can larn from other ‘s errors or their ain errors it merely depend on how a individual takes it and look at it. Sing things in a different position is besides a good thing, it teaches non merely enterprisers but all persons to see things otherwise and how they react to it in a positive mode.

2.0 Introduction

“ The lone thing that will halt you from carry throughing your dreams is you. ” – Tom Bradley.

This citation merely explains that no affair how large a job is there is ever a solution behind it. The lone thing that stops a individual from carry throughing his dreams is him. Sometimes people think in a different and negative manner, that when they face jobs they think that it is the terminal of the universe and no 1 is at that place to assist them. Well, in world, no 1 is truly at that place to assist or to steer you but yourself. Peoples are ever at that place to draw you down and knock your every move. A individual must to stand up for their ain and be the adult male that can confront challenges. All entrepreneurs face different sorts of job in their day-to-day lives whether it is in concern ; like get downing up a concern, running the concern and keeping the concern itself and sometimes personal affairs. Like, Martin Symes, the CEO of the Wego Company he besides encountered jobs and still meeting jobs, when it comes to his Wego concern. The job may non be all about its operation or fiscal facets but sometimes the people that he handles became portion of the jobs excessively. The solutions and schemes are handled by the proprietor or the direction itself. As an enterpriser, Martin Symes must hold the cognition and accomplishment when running the concern. With this cognition and accomplishments, a concern will be more efficient and productive.

2.1 PROBLEMS FACED BY MARTIN SYMES AND SOLUTIONS TO THESE PROBLEMS

Some of the jobs faced by Martin Symes in his Wego Company are ;

Competition

Martin Symes ‘s Wego Company is non the lone travel hunt engine in the industry. Another 2 companies provide the same services like Wego are Qunar in China and Ixigo in India. The competition between these 3 companies is really tight. So, as an enterpriser, Martin Symes must put up and be after the schemes on how he can be competitory and derive an advantage with his rivals and how he can busy most of the market portion.

With this sort of state of affairs, our group suggests that ; one of the solutions that can assist Martin Symes is to supply the best service to the client. E-commerce concern is hard to keep and get down ups are really mussy. For illustration, Martin Symes can better the Wego web site by bettering the layouts, the attack to the clients. It must be user friendly and apprehensible so that people utilizing this web site will experience at easiness and comfy. Another is by supplying the latest information about the air hose menus and bundle Tourss because every twenty-four hours the currency alterations in different states so it is appropriate to update the latest monetary value and other necessary information available. Another is besides by holding client service office so that the client with many enquiries can travel to this office and settle his/her programs. Another is to supply a tourer usher service to the client, particularly for those clients who are holding a bundle circuit. And in conclusion, he can besides supply a specializer to function the client by learning them how they can utilize a cheaper budget to go. With these solutions, Martin Symes can hold a competitory advantage to his rivals.

POPULARITY, GOODWILL AND BRAND NAME

Most of concerns today are popular because of their trade name and its image to people. As an enterpriser, Martin Symes must happen ways on how he can construct the image of Wego and be known to people. When get downing up the Wego Company, no 1 knows what sort of services they provide and what is it all about. At first, people may believe that Wego Company is all about selling air menus and bundle Tourss online in different air hoses but it is non. Therefore, Martin Symes need to happen out the solution to work out this job and doing the concern known to people.

With this sort of state of affairs, our group suggests that ; Martin Symes can better the advertizement to back the Wego Company. He can do the advertizement through the telecasting, wireless, coach, or cyberspace pop up pages to assist the company go more popular. In making the advertizement, Martin Symes must clearly explicate the services provided by the company because it can assist the client to understand it to the full. And besides, Wego Company must construct up the good relationship with the client every bit good as the direction. The best manner of constructing up a company ‘s name is to hold an effectual advertizement and productive services so that clients will be satisfied in their concern.

Inefficiency

First of all, Management refers to the procedure of taking and directing all portion of the organisation. Martin Symes must keep the efficiency of his concern. Though it is an E-commerce concern, and he additions gain every clip people click to his web site. As an enterpriser he needs to hold strong and efficient direction to assist the company run expeditiously. The employees are one of the of import elements of the direction.

With this sort of state of affairs, our group suggests that ; In order to work out this job, Martin Symes must engage employees that possess higher cognition, accomplishment, creativeness and good attitude. He must engage IT experts. After that, Martin Symes can besides give preparations to his employees in order to better the accomplishments of the employees or supply loans to employees that have the potency in this industry to go on their instruction. With this, Martin Symes can construct up a strong direction and besides satisfy the demands of employees.

Reduction Cost

Cost refers to the estimated sum of money needed to bring forth a merchandise or to execute a service and is related with the net income. Wego Company is a type of E-commerce concern. Establishing an E-commerce does n’t necessitate that much of money but a batch of attempt and clip direction. When it comes to advertisement the cost additions.

With this sort of state of affairs, our group suggests that ; one of the solutions to cut down the cost is to hold cost leading scheme into the company. Cost leading scheme refers to how low you can maintain your cost low without cut downing the operation. Wego Company can utilize high tech engineering so that the concern can run 24 hr non-stop.

In that manner, the company does n’t necessitate to engage many employees to supervise the concern from clip to clip. The high tech engineering can replace the labour force. Therefore, the Wego Company can cut down the cost from the labour force while keeping its operation.

IMPROVING Services

E-commerce concern is sometimes non efficient and effectual because of proficient jobs. So, how can Martin Symes avoid this job and better their service quality. When a company came to a point whereas they can fulfill the client ‘s demand and supply good service. It builds up the good relationship among the client and client will experience really satisfied.

With this sort of state of affairs, our group suggests that ; one of the solutions is that by holding feedback from the client. In that manner, the company knows which country to better on. The company will besides cognize failings and the client ‘s demands and wants. Another manner to work out this job is by placing the SWOT analysis so that the company knows which country they are weak and strong. SWOT analysis refers to the internal and external factors impacting the concern such as its strength, failing, chances and the menaces. When the company identified all of these they will cognize what to make and how to near this sort of affair.

MISCOMMUNICATION AMONG CUSTOMERS

Wego Company is making an cyberspace concern and most of the clip it is utilizing web page to direct information to client. Sometimes system mistake happens and possibly it can direct incorrect information to client, which can do a client unsated. This is non face to confront communicating with the client which makes it hard. For illustration, a client has personal enquiries about the concern and yet he/she ca n’t inquire the company instantly even though he sends a personal message he/she wo n’t hold the reply instantly compare to confront to confront communicating.

With this sort of state of affairs, our group suggests that ; the best manner to work out the job is to utilize face to confront communicating with client. Like constructing up a little client service office in which there are employees who can assist clients instantly. Another is to hold a 24 hr hotline in which clients can name anytime and inquire for enquiries. In that manner clients will experience that concern is dependable and fast. Another manner to work out this job is ; Wego must maintain on updating the information every twenty-four hours because if non, it will take to client ‘s ailment and dissatisfaction. For illustration, when the client is booking the hotel and the monetary values that were posted is incorrect, the client will experience that the service is bad and the concern is a cozenage.

Decision

As a drumhead, these are some of the jobs encountered by Martin Symes in set uping the Wego Company. Even though it is merely an E-commerce concern it still faces different sorts of jobs such as ; competition, popularity, good will and a trade name name, inefficiencies, cut downing the cost, bettering services miscommunication among clients. What more if it is a large corporation, deeper and serious jobs will be encountered. For Martin Symes, he ‘s a great enterpriser. He may non be one of the top enterprisers in the universe but still he is seeking and still endeavoring hard. Entrepreneurs must ever retrieve that in every job there is a solution. Entrepreneurs may non calculate out the solution instantly but in clip they ‘ll merely cognize it. Take these jobs as a challenge. Challenges that will alter an person and the universe as a whole.

Mention

hypertext transfer protocol: //entrepreneurs.about.com/od/famousentrepreneurs/a/quotations.htm

hypertext transfer protocol: //thinkexist.com/quotation/don-t_be_pushed_by_your_problems-be_led_by_your/15046.html

Cite this Report on the Fundamentals of Entrepreneurship Martin Symes

Report on the Fundamentals of Entrepreneurship Martin Symes. (2017, Jul 10). Retrieved from https://graduateway.com/report-on-the-fundamentals-of-entrepreneurship-martin-symes-essay/

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