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Entrepreneurship.

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Introduction

'An entrepreneur is a person starting a new company who takes on the risks associated with starting the enterprise, www.moneycnn.com. According to Wickham 2001 'Entrepreneurship is then what the entrepreneur does. Entrepreneurial is an adjective describing how the entrepreneur undertakes what he or she does. The entrepreneurial process in which the entrepreneur engages is the means through which new value is created as a result of the project: the entrepreneurial process' I have interviewed Allen Smith and he gave me details about his life career and hobbies so far. I have also observed some of is personality traits as well and asking him about his personality. We discussed the business he runs and the strategy used in the running of the business on a day to day and long term basis. He is not the sole owner of the business, the business PST Supplies is run as a partnership. Allen left school at the age of sixteen and a half upon leaving school he looked for jobs and finally settled on taking and apprentaship. The company he joined was a forge factory that was owned and run by one man, the owner had lots money but run the business as a hobby to keep him self busy. ...read more.

Middle

The pension offered by the Ministry of Defence is only calculated as one 80th of the person's salary for each year of service. As Allen had only worked there for 28 years and could only collect that retirement pay he and his wife to live on. He commented that this gave them a huge quality of life gap where they would be living beyond there means. Thought they do have savings they decided that they did not want to dip into them and that was when Allen decided that he needed to continue working. He looked into his options of jobs he could take during this time he contacted a friend who was also at the time looking for work though he is younger than Allen by a few years he became interested in the initial idea of starting a new business. They spent time deciding what business to start looking to use there experience and contacts. The main reason was to maintain the quality of life they were used to and the same for his partner is also in the same situation. ...read more.

Conclusion

They rely mainly on networking and word of mouth for advertising. They do advertise in the management directory and locally but they have gained customers form around the country where people have met and seen products. For example they have a customer in Scotland who saw another companies tie at a conference and took PST supplies number off the label on it. PST Supplies prides themselves on quality reliability and service. Allen is of the opinion that you can sell person rubbish once but they won't want to buy form you again so they treat each customer well and maintain their custom. They do get challenging orders for example they have one company with 400 branches the have to coordinate all the stationary so that each branch gets the correct amount and address on their supplies. Allen admits it can be difficult however they get everything sorted ad don't find it a major problem. Allen has a flamboyant character and is externally orientated he is proactive when it comes to the business workings. They help the customers choose to suit there image. The Characteristics of a successful entrreprenurr hard work, self starting, relisiliance, confidence, receptivceness of new ideas, assertiveness, information seeking, eager to learn. Attuned to opportunity, receptiveness to change, comitmrent to other peoploeand comfort with power. ...read more.

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