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Entrepreneurship Along with the Uncertainties and Scaling to Gain Profits

University: Prifysgol Bangor University

  • Unit No:
  • Level: High school
  • Pages: 13 / Words 3178
  • Paper Type: Assignment
  • Course Code: M5X01926
  • Downloads: 706
Question :

This assessment will cover following questions:

  • Steph Croft Simon is the founder of Nom foods which made energy bars and popcorns which were free from food allergies. Briefly analyse the theoretical knowledge of entrepreneurship.
  • Use the methods and techniques which are to be critically reviewed, consolidate, extend and use their knowledge and understanding to initiate and carry out a business plan.
  • Briefly examine the current and emerging entrepreneurial themes, and through an investigation of specific market with the production of professional business plan.

 

Answer :

Entrepreneurship

Entrepreneurship refers to the ability and act of developing a business and run the enterprise along with the uncertainties and scaling it to gain profits. In the modern world entrepreneurship is used as a wider concept, it is more related to solving big problems, transforming changes like creating a new and innovative product, introducing a life changing solution or creating need for a product etc. An entrepreneur is the person who has the ability and desire to start something new and has the courage to take up risks and aims to make a profit. This essay talks about the Steph Croft Simon, who is an entrepreneur and the founder of Nom in 2013. It includes the motivational factors that influenced her to be an entrepreneur and start Nom and also covers the relevant characteristics that she possess to be a successful entrepreneur.

Steph Croft Simon is allergic to various food products so after conducting a proper research to find the link between the food we eat and health she founded Nom. As there were very less products available that are suitable for the allergic person, so she created products which are beneficial for such people, it includes energy bars, popcorns that are free from major allergens which includes dairy and gluten etc. Through all these award winning products, she has shown that even dietary restrictions can settle on good taste (Nambisan, Siegel and Kenney, 2018). To identify the motivational factors behind the success of the Steph Croft Simon, the model of entrepreneurship motivation is used. This model states the factors that motivated leaders to start a new business and even motivate others. The decision behaviour of the entrepreneurs are influenced by the characteristics, which are, personal characteristics, personal environment, personal goals, business environment and business idea. In first, personal characteristics, It refers to the capability of the person to take the right decision. Steph have always been fascinated by the products and its nutrition that can positively impact the lives of the people (Wagner, 2017). She even stared asking feedback whether they have any allergy and wanted to see their reaction. Based on this feedback, she took decisions which has made her successful. Next is personal environment, it refers to the personal surrounding of the person such as family, friends, status etc. It also includes individuals role model like family member, teachers, mentors and any public figure. The real inspiration behind Nom is her own health issues. When she was in studying she suddenly developed severe food allergies and diagnosing it took a couple of years. The reason behind this allergy was her carelessness to gain proper nutrition (Hills and Morris, 2018). All this inspired her to start something new which will help her and others in dealing with such situations. Third is personal goals, every entrepreneur have different set of goals, these goals are set in such away that helps in enhancing the internal motivation. Steph always strive to innovate something new which meet the challenges faced by the people and makes life easy. This factor motivates her achieve her goals and then again set anew goal with the changing needs. Fourth is business environment, it refers to the environment within which a business is existed and complete with others (Entrepreneurs: A Proposed Research Model of Motivation of Entrepreneurs. 2016). The major factor that may affect the business of Steph is the availability of resources and the market needs and situation, customers expectation etc. Steph has already identified the needs for food products that can be used by allergic people to make their life easy. The biggest obstacle for her was the get funding for growing the business and finding out a manufacturer who can carefully prepare the products exactly the same way that she used to do it in her kitchen. The last is business idea, it is the purpose of business and an successful entrepreneur always finds an innovative way of growing and creating a difference.

After identifying the all these key factors come process of planning and implementation. Steph has carefully create plan which includes all the sources of funding, location, quantity required etc. and implemented it. Next is the outcome and comparing it with the expectation. Finding the factory to produce was the hard part in the planning process and also getting licenses for making organic and gluten free products. Steph decided to go for crow funding method to get funds for her business. After the successful implementation of plan, it come s the time of analysing the results and it came as a shock that Steph's products are loved by the people, not only because it is made especially made for their allergic needs but were also good in taste which inspired them to stick to the product (Garud, Gehman and Tharchen, 2018). The very next step after this is entrepreneurial strategic management. This strategy phase is important for every entrepreneur in their start up stage. It includes costing, outcomes, pricing etc. Steph has implemented the business strategy with different managerial behaviour which has lead to the positive performance outcome and made her huge. So, this model has depicted the the entire success of the entrepreneurs and also highlighted the factors or motivators that has resulted in the coming up of Nom. The Steph Croft Simon has taken her interest to the next level. She got herself motivated to give anew start to her life which made her successful.

Another that can be applied is the McClelland's theory of needs. This theory states about the process of motivation which is derived from the needs. This theory explains the approach to used to identify the needs. The theory revolves around the three things, that is, achievement, power and affiliation. First is need for achievement, it urges people to achieve something. It can be considered as a need which drives a person to work. People with high need for achievement always works to excel in their work. The same happens with Steph Croft Simon, as she has attained the high level achievement needs which has motivated her to accomplish her goals and move further. Next is need for power, it refers to the desire a person has to attain the position of power and authority (Sonia Kukreja, 2020). These people are strong leaders with high need of power , they usually wants to enhance their self esteem and reputation and wants to make their decision or ideas accepted by others. Steph Croft Simon has this power to influence people to view and accept her ideas and opinion. She possess the qualities of a good leader also. The last is need for affiliation, it refers to the urge of the person to maintain a interpersonal and social relationship with other people. Such people looks for the opportunity to work in a group or team which creates a friendly environment and to be loved by others. Such people stick to one thing and do not desire to change and even no such needs arises. Steph Croft Simon wants to be affiliated but she has always been flexible in her working terms and was never dependent upon a team to carry out the work. So, it can be said that Steph Croft Simon, has actually motivated herself in the positive aspected which has helped her in been a good entrepreneur and has proved herself as an inspiration. She has efficiently identified the needs that are required to attain success.

Successful people have many traits or qualities that are mostly common with one another. Self starters are very confident and optimistic. These people are open to all the challenges or idea that comes to their way. Entrepreneurial characteristics that made Steph acquired or gained that has pave the way for success are stated below.

Entrepreneur

Characteristics

Yes

Evidence

Steph Croft Simon

Original Thinker

Yes

She is the original thinker of her business by connecting and comparing her life with other people who faced the same challenges and has came up the idea.

 

Risk Taker

Yes

Starting this business was a huge risk as it requires lot of funding to get the right resources.

 

Takes responsibility of her own actions

Yes

She has learned the lesson from her life with respect to her medical issues and how it changed her life because of her carelessness she has came into this situation.

 

Competent

Yes

Steph is very competent as she all on her own decided about this unique idea and get it practical.

 

Capable

Yes

She is highly capable of doing this business and her capability is can be seemed by looking at her passion to so something in life even after getting such misery that has affected her life and studies.

 

Creative

Yes

She is very creative as she can meet with the needs of the customers in a very creative way.

 

Innovative

Yes

Steph is innovative which can clearly be seen by looking at her business. She has catered to the allergic needs of the people and others in dealing with their health issues and resolving these issues with proper organic products.

 

Able to position themselves in new market

Yes

Steph has actually positioned herself in the market and has become a public figure and an inspiration for others.

 

Create new products

Yes

She keeps on innovating new products. She actually got these ideas from Pinterest, magazine, Instagram etc. She also keeps on innovating with respect to the feedbacks gathered from the the customers and their emerging needs.

 

Create new processes

 

She keeps on updating its customers about the new ways to manufacturing her products and its benefits.

 

Influenced by family life whilst young

Yes

When she was studying BSc in Sociology at Bristol University, she developed some allergies and it took couple of years to the diagnose the same. After getting recovered, she researched about the these allergies and got the idea to start her own organic business catering to the needs of other allergic people.

 

Demands excellence

Yes

Steph is very focussed and demands perfection in her work which makes her products lovable by everyone.

 

High achiever

Yes

Her ambition of becoming an entrepreneur and achieving such huge success makes her big achiever.

 

Independent

Yes

She has everything independently without any help from outsiders. She researched about the link between health and food we eat and its effects on the our metabolism.

 

Self confident

Yes

Steph is highly motivated and confident. She has shown this by coming back to her normal life after being hospitalized and left her studies in between.

 

Persistent

Yes

Steph has continued her life like before without any depression or bad thinking about her life. She was persistent enough to make changes in her life and even others.

 

Goal setting

Yes

She created goals to achieving success from her start up and also made strategic planning to accomplish those goals.

 

Hard working

Yes

She is really very hard working. She has become a known public figure which is all because of her hard work and dedication. To grow her business she has continuously conduct research to understand the changing trends and needs and other hard ships faced by the people related to health which she can resolve.

 

Flexible

Yes

Steph is very flexible in terms of her thinking processes and business perspective. She even changes her methods of producing the products as per the changing scenario which helps her in providing quality product and services.

 

It can be stated from the above that Steph Croft Simon has covered all the major characteristics that is essential to be possessed by an entrepreneur which is important for achieving success in the business. Successful entrepreneurs, initially only wants to know what it likes to be at the top and after achieving it, their only desire is to go further and beyond it.

It can be concluded from the above that Steph Croft Simon has inspired everyone and changed the perspective of how to looking at life and business. For being successful entrepreneur, requires a motivating factor that persuades everyone to achieved their goals. This factors needs to be identified in time as done by Steph Croft Simon. The entrepreneurship motivation model has been applied, to identify the factors that has helped in achieving success of the business.

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