Creativity and Entrepreneurship: Analysis of Afterpay and CEO Nicholas Molnar

Running head: CREATIVITY AND ENTREPRENEURSHIP
CREATIVITY AND ENTREPRENEURSHIP
Name of the Student
Name of the University
Author Note

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Introduction
As discussed by Adebayo et al. (2017), entrepreneurship can be defined as the process
that is implemented for the designing, starting and then running a business organization in a
successful manner. The entrepreneurs are mainly able to start a business that is quite small.
The individuals who have the ability to create the businesses are termed as entrepreneurs
(Brem, 2017). Entrepreneurship can also be defined as the willingness and capacity related to
proper development of the business ventures that are able to operate in the industry. The
entrepreneurship definition is mainly focussed on establishing and running the operations of
business operations in various industries (Audretsch & Caiazza, 2016).
The essay will be mainly based on the analysis of the activities that have been
performed by a particular entrepreneur in the ways by which business operations can be
continued. The entrepreneur who has been taken into consideration for study in the essay is
Nicholas Molnar, the CEO of Afterpay (Coulson-Thomas, 2017). The challenges that have
been faced by the entrepreneur in development of operations of the organization will also be
discussed in the essay in detail. The proper usage of creative ideas, collaboration and
imagination is a major part of the discussion related to the entrepreneur. The essay will also
provide details based on the analysis that has been made with respect to the potential and the
actual customers of Afterpay in the industry (Coulson-Thomas, 2017).
Afterpay Touch Group Limited is a financial technology based company of Australian
origin. The organization has its operations in the United Kingdom, New Zealand, Australia
and the United States. Afterpay and another organization named Touchcorp had merged their
operations in the year 2017 in order to develop the organization named Afterpay Touch
Group. The company has then emerged as a leader in terms of services that are provided
under the concept of “buy now pay later” (Afterpaytouch.com. 2019).

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(a) Personal context, story, challenge, passion and skills
Nicholas Molnar and Anthony Eisen had together implemented the concept of “buy
now pay later” or BNPL in order to develop the concept of 'invest early, get paid later'. Nick
Molnar is an entrepreneur who has extensive experience in the industry of online retail. Nick
has established the operations of Afterpay along with Anthony Eisen in order to form the
innovative retail payments and become fastest growing fintech organization (Dino, 2015).
The organization mainly facilities commerce between the end-customers and the retail
merchants who are able to provide help based on retail purchases that are made by the
customers. Molnar had started his business operations by selling the jewellery and watches on
the website of eBay in Australia. The entrepreneur has been able to combine his business
operations with the innovative payment options that are offered to the customers in retail
purchase based industry (Dogan, 2015).
The operations of Afterpay has been recently launched in the United States with the
proper collaboration that is developed with the major brands and retailers who are a part of
the industry. The collaboration has also allowed the shoppers to purchase various products
based on the interest-free instalments. Molnar has been able to navigate change and
implement the various organizational processes with the support that is provided by the
customers. The buying habits of millennials have also been taken into consideration by
Molnar in order to manage the ways by which cashless facilities can be provided to them
(Dubina & Carayannis, 2016). The credit-free and cashless facilities are considered to be an
important aspect of the operations that have been developed by Afterpay. The launch of
Afterpay by Molnar was mainly based on the shift in payment methods that have been
developed in the millennials. The preferences of debit cards had increased and on the other
hand credit cards are not being used by the customers in an extensive manner. The
characteristics of millennial customers had been able to provide major levels of motivation to

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Molnar to start a credit facility providing organization like Afterpay. Molnar had formed a
partnership with his neighbour in order to start the operations of Afterpay by providing credit
facilities to the customers (Elia et al., 2017).
(b) Original creative ideas, imagination and collaboration
The major ideas that have been provided by the CEO of Afterpay Nick Molnar was
based on the ways by which millennial customers can be tapped and fulfil their needs based
on payments that are to be made for the retail products. The CEO was quite sure that the
millennial customers will be interested in paying for the products with the help of instalment
and credit based facilities. The conversations that had been made by Molnar had been able to
depict that the millennials had an aversion towards the use of credit cards. The new
technologies that have been used by Afterpay are able to support the processes of the firm
(Faggian, Partridge & Malecki, 2017). The customers are also provided with an opportunity
to use the easy credit based facilities in order to purchase the products that they require. The
customer-centric services that are provided by Afterpay to the Millenials are also considered
to be major factors that is able to support the growth of the company. The concept related to
the operations of Afterpay is mainly based on the methods by which the company is able to
attract the millennial customers and to provide them with the major payment related options
(Kuratko, 2016).
Afterpay has been able to develop concept based on which the company pays to
retailers for various services and products and the customer has make the payments with the
help of equal instalments. Afterpay has mainly developed its operations with respect to the
concept that the customers need to have flexibility in the payment process so they are able to
purchase the desired products. Afterpay has been successful in attracting more than one
million customers and around 12000 retailers with the help of payment services that are