Custom «Entrepreneurial Psychology» Essay Paper Sample
Just as a company’s practices and strategies are bound to change continually so is an individual. Core principles, which are the combining feature of any enterprise, define a company and individual’s unchanging nature. It is something discovered by carefully evaluating your inner being and cannot just be invented. (Jeanie, 1993) It has two basic parts that include core values that guides the way a company is run. They do not need any peripheral validation, and for this reason, core ideology should be nurtured for personal gain and not necessarily for exploitation of business opportunity.
It is necessary to realize that a person can lead a new or an already existing company by looking for new markets or customers. This is necessary to improve credibility of one’s core values. In a few years time, I envision myself as an expert proprietor of the company currently run by my father. This is because I am career-oriented and derive pleasure from other people’s happiness. I intend to apply the basic core values to make the company much better than it already is.
A core purpose is the most basic reason for a person to be able to maintain a company. It reveals people’s optimistic passion for doing the company’s work. (Schaffer, &Thomson, 1992) For example, the primary objective of Walt Disney’s leading animation manager is to bring enjoyment to people and not just do cartoons. This has been contributed by his respect for individuals. In turn, it has largely contributed to a massive sale of his work due to his focusing on making people happy rather than just producing cartoons.
For a vision to have the desired effect, it must be based on the concept of BHAG, or Big Hairy Audacious Goal. These excellent strategies give a boost to the entire group and individuals. They usually require 10 to 30 years’ work to achieve. Lively descriptions paint a picture of the likely results after implementation of BHAG. They are known for making the ambitions exciting, appealing and substantial.
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For instance, the target set by Sony Company in the 1950s was to be well-known for changing the poor quality of Japanese-made products. Therefore, it makes the BHAG flamboyant by adding some more years. (Schaffer, &Thomson, 1992) The wine-importing company currently run by my father has to apply the BHAG theory. This is going to make the company well-known in a few years’ time. The repercussions of a respected company are a tremendous increase in sales and continuity of the brand.
Companies that are always successful have their core values and purposes that remain unchanged. On the other hand, their business practices and strategies change with the changing world. This strategy will have to be applied for that company when my time comes. By this, I suggest that all the core values operating now will remain intact, while the practices and strategies will grow with the changing world. (Kotte, 1996) They decide what values are to be preserved, though not necessarily being liked by humans. Maintaining the core value while still invigorating the development is crucial. This is the main reason why many companies are able to upgrade and achieve better long-lasting performances. Therefore, employees of such companies are aware that implementing changes in operational practices, cultural norms and business strategies does not mean losing focus on the company’s direction.
A case study has shown that well-performing companies understand the difference between what can never change and what is open for change. The ability to manage continuity and change develops a plan that provides instruction in proper running of a company.
As an entrepreneurial-minded person, I intend to take over my father’s legacy that deals with the importation of Italian wine. I understand that a leader’s mission is to determine the direction of change by visualizing a bright future of the company (Kotte, 1996). This inspires and energizes the employees. For the company to follow the desired direction, I have to create an effective and envisioned future that will require a certain level of irrational courage and commitment.
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In Bulgaria, there are many brands of wine produced and imported by various companies. To fit in the market, I will proceed on the premise that high quality wines will dominate the market in the future. This I will achieve by doing massive campaigns. The audacity of the goal does not matter much, it is the level of commitment that is vital.
During my mission, I hope to achieve incredibly high goals, just as Boeing became a prominent commercial aircraft company. Analysis carried out shows that inspired companies displays a remarkable ability to fulfill their impudent goals (Jeanie, 1993). They achieve this not by setting basic goals but immensely difficult ones. Their leaders were not exceptionally talented but ordinary. The vision I have in mind for this wine company is to promote the Bulgarian culture. Providing the highest quality product and doing the impossible to obtain the best is my plan for the future of this company. In addition, encouraging my employees to utilize their expertise and innovation will be part of core value exercised.
The main objective will be to experience the absolute joy of innovating new product to the pleasure of the public. (Jeanie, 1993) We also look forward to becoming the most popular company for the purpose of changing the obvious quality of wine in the country. The company will deliver wine that will become invasive in the whole country and be the only with a brand name which is well-known.
A natural process of practicing many things and working with whatever is appropriate will be more beneficial than working out a properly designed strategic plan.
The prosperity of this company will entirely depend on building its strengths as the main way of building the future. Many companies in the past did exceptionally well because they went a step ahead of their competitors. For example, Boeing became the leading aircraft-producing company in the world due to its outstanding manufacturing and marketing agency (Schaffer &Thomson, 1992). It is precisely this dominance that helped the company implement its 747 project.
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Researchers have discovered that settling on the “we have arrived” syndrome leads to the downfall of the company. This happens when an organization has accomplished one BHAG and never substitutes it with another. An example of a company that suffered from this syndrome is Ford, and this was when it successfully democratized the automobile and failed to establish a new objectivel. This provided General Motors an opportunity to take the lead in the 1930s. Newly-established companies are the hardest hit by this syndrome. This happens after they go public or reach a position where survival is no longer an issue in question. Having learned from these mistakes made by such companies, I hope to be extra careful and will make sure that my father’s company is successful. To make the company prosperous (Jeanie, 1993), I will have to practice effective management and leadership. Management deals with complexity and leadership with change. As the leader of the company, I will have to set the direction of change and implement strategies to achieve it. Identifying the crucial business challenges that change programs for the senior management is relevant for linking them up with the vision.
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Management is expected to focus on the activities and not the results (Kotte, 1996). Therefore, they focus on achieving these improvements within a few months. BHAG is not realized overnight, as I have discovered that laying the groundwork is crucial and it at times takes many years to complete
Every working company has its core values and purposes that must be followed and practiced. My father’s company is not an exception, and when I am in charge, these values will not change. I will be sure to follow all the business regulations, and I believe that in a few years’ time the company will be the main Italian wine distributor. This I will gain by maintaining the company’s core values because I understand the importance of doing it.