Management Innovation & Enterpreneurship
However, as stated In the article, A Test for the Faint-Hearted, “It Is Important for entrepreneurs to agonize that simply surviving is more important than doggedly following its original strategy (Summered 2002). While Sergey may appreciate a well thought out plan it is Important that he Is also quick to recognize when he needs to change course, the mark of a good entrepreneur. Sergey states that his business idea came simply out of the opportunity he perceived. He realized that there is potential for business cooperation between post-soviet countries and China and he believed he had what It took to fill the gap.
He states that all of his decisions need to be made quickly and that “every businessman wants his deals to be sealed yesterday, so to some extent every project Is rushed” (Polytonally 2013). This quote Is very typical of an entrepreneurial spirit, impatience. Sergey business is operated by a group of like- minded, close friends and they all trust each other to make the best decisions. The company currently operates with a low chain of command, which allows a free exchange of ideas that encourage innovation.
Allowing each person in the business he freedom and trust to make their
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The autonomous decision-making has hindered the ability of everyone within the organization to be on the same page. One of his top priorities right now is to standardize this information so that it can be communicated more quickly and to more people. Sergey considers his biggest strengths to be his ability to remain calm In stressful situations and his ability to get along well with other people. This self-assessment matches up well with the ideas in the literature. Specifically, in Investigating the Effect of Emotional Intelligence and
Personality Traits on Entrepreneurial Intention using the Fuzzy DEMETER Method, “researchers suggested that entrepreneurs possess some key psychological attributes or characteristics, and that these in turn produce specific personality traits. Need for achievement, tolerance for ambiguity, risk taking and locus of control were analyzed with respect to entrepreneurial characteristics and were identified as correlates of being or desiring to be an entrepreneur (Olson, 2004). ” Work around the clock. It is clear that entrepreneurs are those willing to work extremely hard to pursue their goals.
It’s important to look past the trendy idea of being an entrepreneur and see the actual hard work that goes into this life style. He also thinks it’s important to note that the client is always right. I personally believe that can be a dangerous mentality to put too much energy into one problematic client rather than cutting your ties and focusing on more lucrative clientele. However, he has been able to keep his business afloat for 2 years so perhaps this strategy is successful for him and his business goals.
This entrepreneur states that his family as given him great moral support which has given him the confidence necessary to take on this risky venture. In addition he states he has a close friend who has encouraged him and is still a trusted advisor. In, A Cross-cultural Approach to Understanding Entrepreneurial Intention, it is stated that “the generally weak influence of social norms on entrepreneurial intentions might also be due to the fact that younger people make entrepreneurial career decisions more based on personal (attitudes and self-efficacy) rather than social (subjective norm) considerations (CB.
Cautious et al. , 2001; Krueger et al. , 2000). ” I think that this seems to be true for the friend I interviewed. You can see that he values the support of his friends, family and his personal attributes as reasons for his success. A few of the top 10 characteristics often attributed to entrepreneurs include perseverance, optimism, need to achieve and versatility. Based on my interview with Sergey I believe that he possesses these traits. He believes that his most successful marketing tool has been word of mouth which plays into his personality trait of being very sociable.
Sergey states that the biggest transition he has had to make as his business has progressed is to finally start delegating tasks and no longer try to control every aspect of the operation. This personality trait, the need for control, is one of the reasons that entrepreneurs are attracted to the field in the first place. However, if they do not learn to cope with this tendency it will hinder their business from progressing past the start up phase. It is an important step that he has taken to start delegating and not becoming so emotionally attached to every decision that is made.