Task One: Jack Ma is one of the richest man in the world and top one in china, jack ma is the founder and a chairman of Alibaba, Ma’s worth is estimated to be 25$ billion which divided into Alibaba stake and Alipay service, jack history is one of the inspiration history and a motivation toward success. Jack ma also known as Ma Yun was born in 1964 and grew up in a poor community in china, in 1972 Ma hometown hangzhou became a tourist place after the president of united state Richard Nixon visited the city, as a young man with ambition jack started waking up early and visit the main hotel in city, offering visitors and tourist tours around the city in exchange for English lessons. Without money or any connection jack Ma thought the only way he could go ahead is through education, after he finished his high school he applied to enter college but twice he failed the entrance exam, and finally in a third try he passed and attend Hangzhou teachers institute and during that period jack tried to apply for Harvard’s university but he received ten-time rejection from the university. In 1988 Ma graduated from college and started applying jobs as many as he could, but he received rejections dozen’s time including police and KFC, finally after so many try’s Ma was hired as an English teacher in a local university. In 1995 was the first visit of jack in USA works as a translator, where he gets used and know about internet, and the first online search of jack was “beer” but he got surprised that none of chines beers shows up in the results, after then he decides to found an internet company for china. Jack Ma gathered 24 of his friends and told them that he decides to establish a company called internet in china and after 2 hours of discussion, none of them could understood him and 23 of his friends were against him except one who gave him a support. Meanwhile he started his company with his wife and a class mate without knowing anything about computer or coding and with only one thousand dollars. 1 In 1999 Jack Ma with his 18 friends launched company called Alibaba, for only few years Alibaba became one of the largest company worldwide and historical company in New York stock exchange when the first time the company was listed with $150 billion IPO, and this made jack one of the richest man. Task two: ( A) core and desirable attribute in an entrepreneur: Core attribute: ➢ Commitments and Desirable attribute ➢ capacity to inspire determination ➢ Leadership ➢ value ➢ Tolerance of risk ➢ health, energy and emotional stability ➢ Creativity self-reliance and ➢ creativity and innovativeness adaptability ➢ Ambiguity and uncertainty ➢ intelligence 1-creativity and innovativeness: For being successful entrepreneur, you must be able to be different somehow with all others in the market, and this can be done in many difference ways like taking existing product to a next level, or offering a unique service that is not in the market, however this is up the choice. In this point an entrepreneur have to set himself apart and think out of the box where he can attract customers on a creative’s ways to successes on his business. 2-tolarance of risk: Starting a business at a first time is always risky as there is a chance that the business won’t survive, however not only about failure also may have to take other risks over the course of expanding and growing the business. If the entrepreneur is hesitating or afraid to take a risk and jump with both feet’s he might end up with nothing. 2 3-Intelligence: is the ability and how well the entrepreneurs is understanding what his doing and always looking forward for improvement and how he uses his own skills and intelligence to manages difficulties he faces. 4-Leadership: is personal ability that work to achieve challenging goals and objective, and inspire and motivating his employee as a one team to perform well. 5-Values: the values that an entrepreneur add to his business must follow the culture, society, and religion as the idea of the business should not be against them, that might add the value and wealth of the business idea as its suitable in overall society. My personal competencies and attribute for being entrepreneurial is as follow: 3-Working hard: Once own business is set; the success and failure is fully upon an entrepreneurial himself. An entrepreneur has to work hard to get his business off the ground, and not letting himself fall behind the business or stop in charging himself into it, mean he/she has to be ready to work as much harder as they can. 4-Management of money and people Being an entrepreneur means having best idea but the idea won’t be successful unless you know how to make that creative idea profitable and running a business, also its important to know the practicalities and ways of managing a business, set a budget, set a business plan, hire employees as well motivating employee to work more efficiency. 5-Passion of what they am doing: Since running a business need extra effort, entrepreneurs have to be passionate of what they are doing, as always good result in a business need some time to exist. Passion is the only strength key will drive an entrepreneur’s business and allow him/she to connect with the customers and do important things, if they aren’t excited about the ideas that will make their business success, they will never be successful entrepreneurs. For me I always believe that am a hard worker as always am thinking and planning of achieving my goals, I grow in a business family as my father his business man in east Africa while he has some other investment here in Oman which I have a twin brother and we are oldest so all we have is to look forward of our family business which this made me to become hard worker 3 Secondly since I am an accounting student and managing some certain business this increased my knowledge and skills of managing money and people that we are working with however am always trying of not giving up for something I wish to, I just work hard, stay passion until I achieve my goals. And I find this is the only way of surviving. Task 2: B There are various factors that can influences start-up. We can categorize them into few categories. Below are various startup influences: 1-Situational factors: •Employment •Unemployment •Immigration •Economic opportunity 2-Antecedent influences: •Family •Ethnicity •Gender •Education •Previous employment •Religion •Social group •National culture 3-Personal character traits: •Need for independence •Need for achievement •Internal locus of control •Ability to live with uncertainty and take risk 4 Entrepreneurs only: • Opportunistic • Innovative • Self confident • Proactive and self motivated • Visionary with flair • Ability to live with uncertainty and take greater risks Person shaped by Antecedent influences like individual’s history, environment where they grew up, family, or ethnicity. We can say that culture of the country where they grow up also can be important influence. As we know that entrepreneurial activity can be vary from country to country because their belief, value, attitudes are different. People react different in different situation as per their belief or the environment where they grow up. Situational factor like positive economic- opportunities that can attract people for startup. We can say that country or economy that positively support can attract more entrepreneurs. Or there can be negative effect like unemployment can lead to startup their own business. All above factors influence the decisions on whether to start-up a business and whether to grow it. If all the factors are favorable the volume of start-ups should increase. Some culture may encourage entrepreneurial activity or some culture may discourage it so it may the most influence for a person to startup. Owner-manager has a certain identifiable set of character traits and entrepreneurs have an additional set. Owner-manager and entrepreneurs have a high need for autonomy and independence. For example once you start your own business than you will not like to work under anyone else. Ability to live with uncertainty and take risks- some people willing to take risk and live with uncertainty that is the trait of Owner-manager. For startup we can say that uncertainty about income is the major cause of stress which can influence individual. 5 Entrepreneurs seek opportunities to make profits, they can create, discover or recognized the opportunities. Entrepreneurs see opportunities while other may see that as a problem. As per my view I can say that antecedent influence and culture of the society have more influence on individual as individual character traits developed based on their culture. For me most motivated factor is personal character traits like need for achievements or need for independence to startup. As I like to be more independent and I always want to achieve which is by my own work and commitment. I like to doing things differently for fulfilling my own potential. 6
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