Entrepreneur Analysis of Andrew Forrest | Report
14 Pages3770 Words187 Views
Added on 2019-11-25
Entrepreneur Analysis of Andrew Forrest | Report
Added on 2019-11-25
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Executive summaryThis report represents the theoretical approaches to entrepreneurial theories and approaches and links them to Andrew Forrest as a successful, visionary and risk-taker entrepreneur. His type, approach and growth journey as an entrepreneur are discussed. Various aspects as skills, talents, leadership, challenges he could overcome and philanthropic activities are discussed. 1
ContentsIntroduction......................................................................................................................................3First: Andrew Forrest as an entrepreneur and his entrepreneurial orientation................................31.1 Entrepreneurial approaches..................................................................................................31.2 Entrepreneurial orientation...................................................................................................41.3 Factors that support the entrepreneurial orientation of Forrest...........................................5Second: Andrew Forrest major entrepreneurial characteristics.......................................................52.1 Andrew Forrest major talents as an entrepreneur.................................................................52.2 Andrew Forrest temperament................................................................................................62.3 Andrew Forrest tools of trade................................................................................................62.4 Andrew Forrest surprising behavior......................................................................................72.5 The importance of teamwork to Andrew Forrest...................................................................72.6 Andrew Forrest networking orientation................................................................................7Third: Andrew Forrest motivators to pursue entrepreneurial opportunities....................................83.1 Opportunity exploitation........................................................................................................83.2 Hurdles Andrew Forrest could overcome..............................................................................9Fourth: The reflection of this study on my knowledge of entrepreneurship...................................94.1 Personal reflection.................................................................................................................94.2 Confirmed /contradicted issues revealed in the study of entrepreneurship...........................94.3 The new insights emerged from this study...........................................................................10Conclusions....................................................................................................................................10References......................................................................................................................................112
IntroductionEntrepreneurship attracted the organizations and academia, especially the entrepreneurial orientation (EO) that states the quality of the firm through various behavioral dimensions. The one-dimensional approach of Miller (1983), as cited in Martens et al. (2016), is evaluated from the innovativeness, proactiveness, and risk-taking dimensions. According to Lumpkin and Dess (1996), as cited in Martens et al. (2016), the multidimensional approach adds competitive aggressiveness and autonomy.Leitch (2006), as cited in Chell (2013), argues the high importance of investigating the skills and qualifications of the entrepreneurs. Skills are considered as multidimensional constructs that include the cognitive and emotional expression. Qualifications include the knowledge-content that could be quantified and measured. According to Darling et al. (2012), entrepreneurship is the means by which the entrepreneur could link the innovative discoveries with people needs through the filling the needs gap that, for example facilitates peoples' life and adds to their income. The successful entrepreneurial leadership practice is fulfilled through new creative developments. Accordingly, this report will consider Andrew Forrest as an example of a highly successful entrepreneur. He is a mining magnate, acted as the CEO of the Fortescue Metals Group (FMG) and currently, he is the non-executive chairman of the group. In 2015, Forrest was ranked the 847 on the Billionaires List of Forbes, his wealth counted for US$ 2.2 Bn. and the richest man in Australia in 2008 [ CITATION Suc18 \l 1033 ].The following section provides the theoretical foundation of entrepreneurship withan application on Andrew Forrest as an entrepreneur.First: Andrew Forrest as an entrepreneur and his entrepreneurial orientation1.1 Entrepreneurial approachesThere are three main approaches that describe the individual approaching new opportunities, these approaches were produced by three leading economists Cantillon, Kirzner, 3
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