Entrepreneur Interview & Personal Analysis Essay - 1

Entrepreneur Interview & Personal Analysis - Essay Example The opportunity is at the center of the process, however, the identification opportunity and its realization depends upon the personality of the entrepreneur and his team. Other important elements of Timmons’s model are technical expertise and experience required to cash on the identified opportunity. The finance and other resources are placed at the last of this model of entrepreneurial process. (Lebherz, 2010, p.16-20) Specific questions were articulated to gain Mr. Hudson reaction on each element of the Timmons’s model. Clutching an opportunity requires a vigilant eye on current issues and openings. First three questions are focused to gain some knowledge of innovative thoughts that help Mr. Hudson to conceive the idea of the Edge Technologies. Because Mr. Hudson is not a descendent of an entrepreneur family, the enterprise realization is a display of his leadership and managerial qualities. The second question is targeted to gain his input on early strategic plannin g he did to minimize risks and enhance the chances of his success being an entrepreneur. Early shocks of business are a sheer test of entrepreneur courage and character. Third question is aimed at learning about the things that went wrong and posed a challenge to the existence and continuation of corporate operations. This might be very helpful in the assessment of an entrepreneurial character and can provide important insights into the strength of strategic plans laid down in early phases of enterprise establishment. The next section of the interview is aimed at understanding some personal attributes and characteristics of Mr. Hudson personality. This includes his concept of a successful entrepreneur and personal independence, which serves as lighthouse to guide rest of the entrepreneurial activities and forms the basis of other principles. Bygrave & Andrew (2010, p. 52) observes, â€Å"It does appear that entrepreneurs have a higher internal locus of control, than non-entrepreneu rs, which means that they have a stronger desire to be in control of their own fate.† The success of an entrepreneur is characterized by his attitude, ambition, confidence, knowledge, skills and experience. A variable mix of these personal attributes defines the future direction of the business and decides the way corporate objectives are pursued. Among all the attribute of an entrepreneur that contributes towards the success, the most significant is the knowledge of personal strengths and weaknesses. It is important for an entrepreneur to know exactly what shortcomings he needs to avoid and where he can zoom into his strengths. Some of the questions were designed to gain a professional and technical insight into the business. Despite of the over whelming influence of the entrepreneur on the enterprise, an efficient team is required to materialize and achieve corporate goals. This team marks the difference how risks and financial challenges to the enterprise are interpreted an d responded. Moreover, Mr. Hudson’s response on policymaking in the enterprise was sought to catch on his corporate philosophy and decision-making process. The concern of an entrepreneur for his society in this age is considered very important towards the fulfillment of corporate responsibility. Towards the end of Mr. Hudson interview, a question was targeted to get his input on social awareness. The last question was

Consumers and Markets Coursework Example | Topics and Well Written Essays - 2000 words

Consumers and Markets - Coursework Example Table of Contents Executive Summary 2 Table of Contents 3 Introduction 4 PRESTCOM Analysis 5 Political 5 Regulatory 6 Economic 6 Social 7 Technology 7 Competitive 8 Organisational 8 Marketing 9 SWOT Analysis 10 Strength 12 Weaknesses 12 Opportunity 13 Threat 13 Conclusion 14 References 15 Bibliography 16 Introduction The computer games market in the entire world is worth about 27 billion USD in a year and it is experiencing a rapid growth. Sony entered into gaming market in the year 1994. The concept of PlayStation was originally discovered by joint partnership of Sony and Nintendo in late 1980s. However, when they wanted to announce their new hardware, Nintendo re-read the earlier contract and found the agreement to be unsatisfactory. Thus, Sony Corp. began working on their previous research and developed the PlayStation. Hardcore gamers are the major customers of PS3. The PS3 targets customer, who are usually 15 to 30 years. As the PS3 support the Blu–ray, secondary customer s are also interested in PS3 because of its HD video quality (Brainmoats, 2008). PRESTCOM Analysis PRESTCOM analysis of Sony will help in analysing the external factors of their business. It helps to understand the new legislation and regulation of government, various business restrictions, and laws relating to tax, VAT, social change and technological factors. It is also used for market analysis. This will help the company to run the business properly. Company can develop new strategies according to the changes in business environment and develop productivity as well. The company can advertise their products and promote their brand. PRESTCOM analysis helps the company to predict the near future condition of business by using political, regulatory, social, economic, technological, competitive, organisational and marketing factors (Maqsood, 2010). Political Political factors consist of the laws of government and pressure group. It affects the company and company’s business in a provided market environment. The policy and rules of government can affect the productivity of Sony Corp. Sony Corp. must need to take permission from the government of a country where it is manufacturing its products. Sony Corporation must develop new innovations to stay ahead of its competitors. Many global policies and laws can affect the company’s regular operation. Government of any country can change or enact various trade restrictions which can make it difficult for products of Sony to survive in the industry. It can change the way Sony works. Government can raise various tax rates such as VAT, Sales tax, Income tax, minimum wage rates, which can hamper the company’s sales. Therefore, the company must prepare for any kind of circumstances (Maqsood, 2010). Regulatory There are various rules and regulations which can affect the company’s productivity. These are: Trade and Business restriction, Returning of product and Warranty regulations. Employment law is also an important factor. It can determine the cost of the product in a specific country. Appreciation of currency plays a significant role in company’s business. For example Sony’s hardware sales decreased because of appreciation of