Role Of Entrepreneurs In Business Optimization: Traits, Case Studies, And Recommendations

Entrepreneurial Traits for Optimizing Business Operations

The role of the entrepreneurs depends on the approaches that are undertaken by the same in order to bring forth changes in the organizational operations. The different personalities of the entrepreneurs help in understanding the role that is played by the same in order to enhance the operations of the businesses. The discussion will be focusing on undertaking a review of the common entrepreneurial traits and the evaluation of the activities that are undertaken by the same, which helps in optimizing the operation of the business. On the other hand, the research will also focus on identifying two entrepreneurs from Australia and North America respectively and discuss their contribution to the performance of the businesses. Lastly, the research will be enumerating different recommended actions that might be undertaken by the entrepreneurs in order to enhance the operations of the business.

The different traits in the entrepreneurs help the businesses in optimizing the operations and thereby bringing forth modifications in the processes as per the change in the business markets [10]. The major entrepreneurial traits are being discussed in this section of the report in order to identify the operations that might be undertaken by the entrepreneur in order to enhance the business position in the competitive markets.

The vision of the entrepreneur helps the organization in identifying the different objectives for upholding the sustainable functioning of the same in the international markets. The long term vision of the entrepreneur helps in maintaining the efficacy of the performance through sustainable measures [7]. On the other hand, the short term planning that is undertaken by the entrepreneurs is based on the organizational needs of enhancing the profitability of the same.  The vision of the entrepreneur helps in inducing values and thereby designing the processes as per the identification of the organizational sustenance.

The communicability of the entrepreneur helps the same in understanding the issues that are faced by the employees while operating on the objectives of the business. The identification of the issues helps the entrepreneur in mitigating conflicts in the workforce and thereby ensure the smooth functioning of the processes [14]. The different changes that might be planned by the entrepreneur depend on the efficacy of the communication skills of the same, which will help the same in keeping the workforce aware of the needs of the business.

It has been found that motivating the employees and empowering the same through suitable training and recognition programs will be helping the entrepreneur in facilitating the productivity of the enterprise as per the objectives [12]. On the other hand, it has been found that the provisions for training the employees will be helping the entrepreneur in enhancing the operations of the business through enhancement of the skills. Motivating the employees and thereby empowering the same will be helping the organization in enhancing the performance. Therefore, the entrepreneur might undertake steps to a positive organizational culture through collaborative functioning of the departments with the management [13].

Case Study: Elizabeth Anne Holmes, Founder and CEO of Theranos

It has been found stated that knowledge on the processes that are undertaken by the business will be helping the entrepreneur in bringing forth significant modifications in the same. On the other hand, it has been found that suitable knowledge of the processes will be helping the entrepreneur in understanding the issues in specific areas of the process and thereby induce the required modification in the same [2].

It has been found that adaptability of the entrepreneurs helps in maintaining the efficacy of the operations. The different circumstances and risks that are faced by the business while operating in diverse global markets might be mitigated through the adaptable nature of the entrepreneur[8]. The entrepreneurial adaptability will help the leader in undertakinbg operations in the different market structures under varied economic and social circumstances. On the other hand, it has been found that the adaptable nature of the entrepreneur will be helping the same in handling every situation that might be faced by the organization while operating in different competitive markets.

The innovative approach of the entrepreneur helps the organization in maintaining their sustainability while operating in diverse international markets. Innovation in the fields of technology and design of process helps in enhancing the operations of the workforce and thereby helps in enhancing the productivity of the venture [5]. It has been found that the development of the organizations are dependent on the continuous support of the entrepreneur and the upgradation of the processes of the business enterprise. Therefore, the entrepreneur undertakes different assessments of the competitive markets and thereby initiate different changes in the organizational structure and processes in order to support the sustainable functioning of the same.

The entrepreneurs play a major role in shaping the operations of the business enterprises [19]. The key changes that are undertaken by the entrepreneur in the business enterprises are dependent on the identification of the needs of the enterprise and thereby allocating the resources likely.  On the other hand, the different aspects of change in the organizational operation are based on the communicability of the leaders. The enhanced communicability of the entrepreneurs with the workforce helps the same in inducing the values and culture of the business in the same [16]. On the other hand, the transmission of important information to the employees helps the entrepreneur in facilitating the smooth functioning of the processes as per the needs of the business.

It has been found that the innovative approach and the long term vision of the entrepreneur helps in inducing sustainability in the operation of the enterprise. On the other hand, the assessment of the position of the organization in the respective markets helps the entrepreneur in understanding the different changes that might be induced in the processes. The entrepreneur also undertakes steps to empower the workforce through different reward and recognition programs [11]. It will be helping the entrepreneur in facilitating the smooth functioning of the organizational operations as per the needs of the same.  People management practices that are undertaken by the entrepreneur through empowering the workforce by training will be helping the same in enhancing the performance of the business. The proper management of the workforce will be helping the entrepreneurs in enhancing the operations of the business.

Dave Buttner: An Experienced Automotive Industry Leader

Elizabeth Anne Holmes was the founder and former CEO of Theranos,  a company that specialized in pathological solutions to the patients through innovative blood tests. The blood test that was undertaken by the organization was known for the little amount of blood collected during the samples [7]. The research was made primarily through the utilization of diverse bioscience research fields and medical practices. However, the organization faced different legal issues relating to fabrication of the service proposition of the business.  In a research, Holmes was acclaimed to be the youngest and wealthiest female billionaire in America as her company held the valuation of around $9 billion. Holmes was born in Washington, D.C. and attended the St. John’s School in Houston. Later she applied to Stanford University and studied chemical engineering. The specific knowledge of the processes helped Holmes in founding the innovative concept of using technology for collecting lesser blood samples for initiating the blood tests. The effectiveness of the measures and her management skills has helped her in enhancing the operations of the organization [2]. However, the legal bindings and the accusation of fraudulent activities affected the organization.

Holmes performed as a self-sufficient entrepreneur while focusing on the short term objectives of profitability through fabrication of the service propositions. It helped Holmes in gaining a competitive advantage for Theranos. The organization aimed at proposing a procedure of drawing lesser amount of blood in order to undertake the diagnosis. However, the processes that were planned by Holmes affected the organizational structure. On the other hand, fabrication of the innovative approach affected the organization and resulted to dysfunction of the same [1]. Holmes had a clear idea of the processes that the organization might undertake in order to enhance the operations of the same. She also understood the needs of the patients relating to the pain that are faced by the same w3hile undertaking serried of blood tests. However, the inappropriate design of proposition that was planned by the entrepreneur affected the business performance. The discovery of the fraud not only disrupted the goodwill of the organization but also resulted to dysfunction of the business systems and seizure [15]. Lack of proper decision making and long term planning has affected the organizational capabilities of sustaining in the competitive markets.

Dave Buttner is a highly experienced automotive industry leader who was appointed as the CEO of GM Holden. Dave was previously associated with the executive team of Toyota Motor Corporation Australia. The high communicability and leadership skills of Dave has helped in the gradual development of his career. On the other hand, the skills of a charismatic leader is ingrained in the personality of Dave, which has helped in ye gradual development of his managerial skills [18].  The different innovations that are made by the entrepreneurhave helped in enhancing the operation of his former organization, Toyota. Dave was in La Trobe University where he studied economics. The management skills of Dave and the knowledge of the automotive industry has helped him in gaining a prestigious position in Australia. The experience and adaptability of Dave has helped in enhancing the operations of the businesses while operating as per the specific entrepreneurial needs [14]. Collaborative activities that are undertaken by Dave have helped the same in enhancing the business operations through maximization of involvement of the employees in the enterprise processes. On the other hand, the suitable communicability of Dave has helped in enhancing the industrial relations with the different stakeholders and supply chain and logistics managers. The clear vision of the changes that might be articulated and induced in the business model has helped Dave in maintaining the spontaneous workflow in the organizations [18].

Recommended Actions for Entrepreneurs to Enhance Business Operations

The performance of the organizations is based on the functions and approaches that are considered by the entrepreneurs. Dave has an enhanced communicability, which has helped the same in maintaining the efficacy of the operations that are undertaken by GM (General Motors). The enhanced communication with the employees has helped Dave in understanding the different issues that are faced by the people and thereby frame mitigation strategies [3]. On the other hand, the  enhanced communicability of Dave has helped the same in working closely with the dealer network which assisted the business in maximizing the customer base. The interconnectedness of the people in the organization helps in enhancing the performance relating to productivity. On the other hand, it helps the organizational management in holding suitable relations with the different stakeholders, which results to the smooth functioning of the enterprise.

The influential role that is played by Dave has helped the organization in keeping the employees motivated and focused on the different operations that are planned by the executives [6]. The influential role has assisted Dave in empowering and motivating the workforce in order to facilitate the smooth functioning of the business processes. On the other hand, the continuous innovative approach that is undertaken by Dave has helped the business in supporting the sustainability of the same while operating in competitive market situations [5]. The long-term vision of the entrepreneur helps the organizations in maintaining their sustainable functioning in the competitive markets. Dave induced different activities as per the identification of the needs of the organization. It has helped the organization in maintaining their efficacy and performance while operating in different competitive markets [5].

The experience of the entrepreneur in the field is one of the chief factors that assists the organization in shaping the activities. The experience of the entrepreneur helps the organization in understanding the definite trends that are being encountered by the market. Dave is an experienced manager who has vast knowledge of the different changes in the automotive industry. It has helped the organization in designing the required steps in order to adhere to the changing trends and needs of the people in the market [7]. Experienced personnel help the organization in identifying the uncertainties that might be faced by the same whole operating in diverse international markets. Therefore, Dave’s experience will be  an asset for the concerned organization as it will be helping the same in understanding the different risks that might be faced by the business while operating in diverse international markets [4].

Adaptability and flexibility of operations are the two most essential qualities in an entrepreneur, which helps the same in enhancing the operations of the business in different market conditions. The fluctuations in the economic status of the nations have affected the business markets. However, the adaptability of the entrepreneur helps the organization in surviving different economic fluctuations in the different international markets. Dave’s adaptable nature has helped the organization in undertaking different steps in order to enhance the operations of the same. The different changes in the organizational performance are based on strong relation with the stakeholders. In this connection, the enhanced communicability of Dave will be helping the organization in enhancing the stakeholder relations of the business. On the other hand, the better communicability of Dave will also help the organization in identifying the different issues that are faced by the organization and mitigate the same in order to undertake the smooth functioning of the business.

The recommended actions that might be undertaken by the leaders in order to enhance their management skills are being stated in this section of the research.

Long term planning of the organization will be helping the entrepreneur in maintaining the efficacy of the operations. As per the case of Holmes, long term planning would have helped the organization in maintaining the sustainability of the same while operating in diverse competitive markets. The long term planning would have helped Holmes in assuming the different uncertainty of operations. On the other hand, the long term vision would have helped Holmes in rectifying the objective of the business and thereby bring forth significant changes in the process designing phase.

The identification of the different issues and conflicts that are faced by the organization in the internal and the external environments will be helping the entrepreneurs in facilitating the sustainability of operations. Holmes could have taken steps to develop relevant assessment methodology in order to enhance the identification of the issues that are faced by the business and thereby mitigate the same. Mitigation of the issues help the organizations in undertaking the smooth functioning of the processes.

Proposition of fair service helps the organization in building on the loyalty and trust of the customers on the processes of the organization. Avoiding fabrication of the proposition helps business in building a positive brand name. Holmes could have avoided the fabrication of deliverables of the business in order to avoid the situation of failure.

Conclusion

Therefore, from the above analysis it can be stated that the proficiency of the approaches that are undertaken by the entrepreneurs helps in the smooth functioning of the businesses. The research aimed at unraveling the leadership style of two entrepreneur and the relevant impacts of entrepreneurship on the organizational performance. 

References

[1] Real JC, Roldán JL, Leal A. From entrepreneurial orientation and learning orientation to business performance: analysing the mediating role of organizational learning and the moderating effects of organizational size. British Journal of Management. 2014 Apr;25(2):186-208.

[2] Brush C. International entrepreneurship (RLE international business): the effect of firm age on motives for internationalization. Routledge; 2013 Jan 4.

[3] Ucbasaran D, Shepherd DA, Lockett A, Lyon SJ. Life after business failure: The process and consequences of business failure for entrepreneurs. Journal of Management. 2013 Jan;39(1):163-202.

[4] Shinnar RS, Giacomin O, Janssen F. Entrepreneurial perceptions and intentions: The role of gender and culture. Entrepreneurship Theory and practice. 2012 May;36(3):465-93.

[5] Sánchez JC. The impact of an entrepreneurship education program on entrepreneurial competencies and intention. Journal of Small Business Management. 2013 Jul;51(3):447-65.

[6] Bae TJ, Qian S, Miao C, Fiet JO. The Relationship between Entrepreneurship Education and Entrepreneurial Intentions: A Meta–Analytic Review. Entrepreneurship theory and practice. 2014 Mar;38(2):217-54.

[7] McGowan P, Redeker CL, Cooper SY, Greenan K. Female entrepreneurship and the management of business and domestic roles: Motivations, expectations and realities. Entrepreneurship & Regional Development. 2012 Jan 1;24(1-2):53-72.

[8] Sciascia S, Mazzola P, Astrachan JH, Pieper TM. The role of family ownership in international entrepreneurship: Exploring nonlinear effects. Small Business Economics. 2012 Jan 1;38(1):15-31.

[9] Armstrong SJ, Cools E, Sadler?Smith E. Role of cognitive styles in business and management: Reviewing 40 years of research. International Journal of Management Reviews. 2012 Sep;14(3):238-62.

[10] Vandekerkhof P, Steijvers T, Hendriks W, Voordeckers W. The effect of organizational characteristics on the appointment of nonfamily managers in private family firms: The moderating role of socioemotional wealth. Family Business Review. 2015 Jun;28(2):104-22.

[11] Chen Y, Wang Y, Nevo S, Jin J, Wang L, Chow WS. IT capability and organizational performance: the roles of business process agility and environmental factors. European Journal of Information Systems. 2014 May 1;23(3):326-42.

[12] Boons F, Lüdeke-Freund F. Business models for sustainable innovation: state-of-the-art and steps towards a research agenda. Journal of Cleaner production. 2013 Apr 1;45:9-19.

[13] Loorbach D, Wijsman K. Business transition management: exploring a new role for business in sustainability transitions. Journal of cleaner production. 2013 Apr 1;45:20-8.

[14] Turró A, Urbano D, Peris-Ortiz M. Culture and innovation: The moderating effect of cultural values on corporate entrepreneurship. Technological Forecasting and Social Change. 2014 Oct 1;88:360-9.

[15] Estrin S, Mickiewicz T, Stephan U. Entrepreneurship, social capital, and institutions: Social and commercial entrepreneurship across nations. Entrepreneurship theory and practice. 2013 May;37(3):479-504.

[16] De Clercq D, Lim DS, Oh CH. Individual?level resources and new business activity: The contingent role of institutional context. Entrepreneurship Theory and Practice. 2013 Mar;37(2):303-30.

[17] Alegre J, Chiva R. Linking entrepreneurial orientation and firm performance: the role of organizational learning capability and innovation performance. Journal of Small Business Management. 2013 Oct;51(4):491-507.

[18] Ahlin B, Drnovšek M, Hisrich RD. Entrepreneurs’ creativity and firm innovation: the moderating role of entrepreneurial self-efficacy. Small Business Economics. 2014 Jun 1;43(1):101-17.

[19] O’Connor A. A conceptual framework for entrepreneurship education policy: Meeting government and economic purposes. Journal of Business Venturing. 2013 Jul 1;28(4):546-63.

[20] St-Jean E, Audet J. The role of mentoring in the learning development of the novice entrepreneur. International Entrepreneurship and Management Journal. 2012 Mar 1;8(1):119-40.