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Entrepreneurship and New Venture Creation Assignment

   

Added on  2020-04-15

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EntrepreneurshipLanguages and Culture
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Running page: Management1Entrepreneurship and New Venture CreationStudent’s NameProfessorCourseDate
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Management2IntroductionEntrepreneurship remains an important aspect of the business that ensures the start andmanagement of the business in a competitive environment. Characteristics of an entrepreneurhighly contribute to the success of the business investment that an entrepreneur starts. There aremany different successful entrepreneurs in Oman that has contributed to the growth of the capitalbase of the country. One example of a successful entrepreneur and investor is Sheikh Khalid binSalem al-Mutani. Clear analysis of an entrepreneur’s profile for successful entrepreneurs such asKhalid al-Mutani shows some qualities that contributed to his success in business withinSultanate of Oman. Khalid al-Mutani has a number of businesses in Oman that contributedirectly or indirectly to the community or the country at large. His investment in the constructionsector through many different projects is creating wealth to people employed directly orindirectly in those businesses. The following paper, therefore, analyses the Oman entrepreneurprofile of Sheikh Khalid bin Salem al-Mutani the chairman of BBH Groups of companies. PART II: Entrepreneurial profile for Sheikh Khalid bin Salem al-MutaniEntrepreneur’s characteristicsKhalid al-Mutani as a successful entrepreneur has some characteristic that contributed tohis success in entrepreneurship. Firstly, Khalid al-Mutani was self-confidence in the investmentand despite limited resources, he was confident that the venture will be successful. He firststarted a business from the hard-earned money as a teacher and this shows how confidence inbusiness Khalid al-Mutani was an entrepreneur. The self-confidence score on PEC is 25.Secondly, Khalid al-Mutani took risk to start his small business and investments that later
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Management3transformed into a larger investment. Khalid al-Mutani controls many businesses due to hisentrepreneurial characteristic of risk taking and this characteristic scores 25 on PEC result(Ervin, Burton, Wood & Zimbelman 2010). Thirdly, Khalid al-Mutani takes advantage of thebusiness opportunity to invest in a business that became successful. Khalid al-Mutani is a personthat does not let business opportunities pass and he strives to build a business in everyopportunity available. The entrepreneur’s business opportunity characteristic score 25 on PEC.Fourthly, Khalid al-Mutani had information that enables him to strategically invest and make adecision on the type of investment. Seeking information as characteristic score 20 on PEC sheet.Fifthly, the entrepreneur is committed to work and this is evident through numerous projects thatthe entrepreneur is currently undertaking. The PEC score for commitment is 20. Lastly, Khalidal-Mutani has maximized his systematic planning and monitoring to bring together people fromdiverse background under his management and this is at score of 20 on PEC sheet. The planningand monitoring skills of Khalid al-Mutani are seen through his capability to manage a group ofcompanies under the umbrella of BBH Group (BBH Group 2019a). Weakness of the entrepreneurDespite the success of the business and contribution of the entrepreneur to the society,there are some areas that act as a drawback for the entrepreneur. Firstly, entrepreneur is notpersistence to marketing of the business as compared to other competitors nearly a score of 5 onthe PEC sheet. Various businesses own by Khalid al-Mutani has limited online marketingstrategies that can ensure that the business reaches many people within the country and aroundthe world. Khalid al-Mutani needs to establish an online presence for his business and this isevident through little information of business available on the company's website. In addition,some vital information on business such as background and history are limited showing little
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Management4information available. Secondly, the business’s high quality and highly luxurious products orservices with limited middle-class products and services available making customer limited. Thequality score is 20 on the PEC sheet. This limits the ability of the business to reach majority ofpeople who are of middle class. Moreover, little consideration of the middle class reduces theimpact of the entrepreneur to Omani citizens as only a few people can afford products. Thirdly,the entrepreneur has little persuasive ability and this is seen on high luxury products leading tofew customer bases as compared to other business. The PEC score for persuasion is 15 ascompared to other characteristics. Lastly, Khalid al-Mutani’s goal setting characteristic requiresome improvement as this core 15 on the PEC result. Currently, Khalid al-Mutani has invested inconstruction, hospitality, healthcare, and logistics. The entrepreneur needs to invest in manymore business portfolios through setting of more goals that will help him achieve his vision(Ramoglou et al., 2016). PEC Results PECScore Opportunity seeking XPersistence X Commitment to Workcontract XDemand for equality andefficiency XRisk taking XGoal setting XInformation seeking X
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