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Entrepreneur Characteristics and the Entrepreneurial Process of a Venture Idea
The entrepreneur (Is Todd the right guy? Does he have the right staff?)
The case study shows that Todd has characteristics of entrepreneurs. Despite any negative action, the ability to keep trust and commitment to a certain idea is one of the key attributes of any entrepreneur (Gartner, Jennifer, and Subodh 221). The case study illustrates that Todd is the right guy . He applied wisdom when managing his finances. This is confirmed by the fact that he takes delivery of razors from his suppliers in order to avoid tying his capital in inventory. He does not have the right staff. This is because he hires employees on an as-needed basis (Kawasaki 117).
The venture idea (Is this a good idea? How would you know at this point?)
The venture idea can be regarded sound because Todd conceptualizes his business idea effectively in terms of the industrys business operations. This is further evidenced by the media, which mention that his vision led to the increased revenues and market share of his company. He also develops an effective business plan which enables him to compete in the market (Kawasaki 145).
The resources (Does Todd need more money or people? How is he handling his resources?)
Todd needs money, not people. This will encourage deployment of information technology systems that will automate the Head-Blades business operations. It would also enable him to integrate the best technologies that could improve his supply chain management. He is not handling his resources well. Financial resources would support processes of research and development of products, enabling him to test, integrate, and custom-build his business model to achieve growth and innovation.
The process (Is this how you would start a business? Is he doing everything in order and in a timely manner?)
Developing a comprehensive plan for transforming the venture idea into a successful and sustainable enterprise is essential for a new business (Gartner, Jennifer, and Subodh 217). Todd has failed to follow the process of starting a business effectively. He has not followed the right steps of starting a business. He has not started his venture idea by writing a business plan. This implies that he has failed to develop strategies, priorities, and action plans in time. These would have helped him gain a competitive advantage. He has not also sought for business assistance and training in time. This would have enabled him to build strong and resilient alliances to compound the forces that denied him success in his venture.
The environment (Is the competition too strong? Is the economy conducive to starting a business like this?)
The current economic conditions are conducive for the launch of Todds start-up. This is because the interest rates have decreased, the rate of unemployment also becomes lower, and the productivity within the economy is increasing. Competition is also strong in the current environment.
Write a short paragraph (3-4 sentences) about each of the above factors. Is each one a strength or weakness? Would you do anything differently?
The company deals with aggressive competitors that have large market shares and enough financial resources to compete in the market. In order to gain a competitive edge, Todd should develop solid market tactics and strategies and incorporate them in the business. Todd makes an effort to identify his competitors by analyzing and defining his target market carefully. I suppose that the business plan, which he has drawn with his business partner and client, offered him an insight into the strengths and weaknesses of his competitors.
I would start the entrepreneurial process of my venture idea by analyzing several market forces comprehensively. This will help me determine my chances of success and improve my business.
Is Todd Greene too impulsive?
Todd is too impulsive as he does not make thoughtful decisions.
Works Cited
Gartner, William, B., Jennifer A. Starr, and Subodh Bhat. Predicting new venture survival: An analysis of Anatomy of a start-up. cases from Inc. magazine. Journal of Business Venturing 14.2 (1999): 215-232. Print.
Kawasaki, Guy. The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything. New York: Penguin Group, 2004. Print.
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