Angela's Small Business Growth Strategies

This assignment focuses on assisting Angela, a new small business owner, in developing effective strategies for growth and success. It analyzes her current situation, identifies key areas for improvement, and offers specific recommendations covering market research, networking, social media utilization, planning, and learning from competitor activities. The goal is to provide a comprehensive roadmap for Angela to navigate the challenges of entrepreneurship and achieve sustainable business development.

BUSINESS TRAITS IN ENTREPRENEUR

Table of Contents
Introduction................................................................................................................................1
Background of the Entrepreneur................................................................................................1
Entrepreneurial Traits and Characteristics.................................................................................1
Opportunity Recognition and Idea Development Process.........................................................3
Recommendations......................................................................................................................4
References..................................................................................................................................6

INTRODUCTION
There is a question which challenges every to-be entrepreneur and several actual
entrepreneurs each day – how do I know if I have the abilities to become a successful
entrepreneur? There are several tricks, ideas, and tips everywhere on the internet,
motivational books from which people can take cues. However, reading about some real
successful entrepreneur gives motivation and an understanding of what it really takes. The
present report talks in detail about one such Australian entrepreneur Angela Vithoulkas.
BACKGROUND OF THE ENTREPRENEUR
Angela Vithoulkas' is the entrepreneur chosen for this study. She is an Australian
entrepreneur who owns Vivo Cafe, a home to a radio booth. This has something unusual
about its front corner. Vithoulkas was running Eagle Waves Radio from here. Angela
Vithoulka has been a small business owner throughout her life. She has always lived and
breathed small businesses. Her attention has always been towards small enterprises or
businesses. She worked very hard to bring changes in the small business and moreover her
focus was a lot on advocacy (McMullen and Dimov, 2013). She made her own radio station
and brought the content out for small businesses as there was nothing there. She is the
daughter of Greek Migrants to Australia. Angela Vithoulkas couldn't speak a word of English
when she first started school. Now she is not only local councillor for the City of Sydney but
also an owner of small business.
Vithoulkas runs the Vivo Cafe with turnover between $2 million and $4 million. She
was involved in the production of the nine shows on Eagles Waves Radio which are reaching
180,000 small business owners. She also spares her quality time for the decisions, being a
councillor for the City of Sydney (Gupta, Chiles and McMullen, 2016).
ENTREPRENEURIAL TRAITS AND CHARACTERISTICS
There are following nine characteristics one must possess while starting or to run their
own business:
Motivation
Entrepreneurs have skills of enthusiasm and positivity. They have the belief that they
will succeed, entrepreneurs are risk bearers as, and they risk their resources to generate more
profit. They contain a high level of energy but are sometimes eager. They mostly engaged in
their business management, in how to raise their market share etc. According to Carnell,
1

successful entrepreneur is one who is very passionate and enthusiastic in pursuing their own
dreams, venturing new ideas and which finally helps in the success of their business. Angela
personifies passion and enthusiasm for work which makes her a successful entrepreneur
(Fisher, Maritz and Lobo, 2014). The enthusiasm and her drive to be victorious has benefited
small businesses and made her very successful in her career.
Creativity and Persuasiveness
An entrepreneur who succeeds in running their management have the creative ability
to know and drive opportunities. They have the strong skill of selling their skills in which
both are persuasive as well as persistent. Angela has been trying her hand at entrepreneurship
since a very young age. She keeps coming with some new and innovative ideas and
implements them in her business and drives them toward growth (Kirzner, 2015).
Versatility
Company’s employees depend upon staff to offer support or services. Being an entrepreneur,
they are required to start their business as a solopreneur that means that you will be on your
own for a while. Thus, the entrepreneur will finish off these by having different elements,
including bookkeeper, secretary and so on. While taking this step mental preparation is
required. She re-builds or starts businesses from scratch that are facing ruin, and that’s
Vithoulkas' forté. This has kept her constantly in start-up mode and is incredibly rewarding
(Navale, 2013).
Superb Business Skills
Entrepreneurs by nature are able to set up their internal systems, actions and processes, which
are vital to run a business. They keep an eye on sales, cash flow and revenue over time.
Mostly successful entrepreneurs depend on business skills and tools. They are required to
evaluate their existing talents and expertise network lines. Anglea has owned and sold 17
businesses. Vithoulkas, new project or her newest baby is Weddings and Events of Australia
which provides advice and support to businesses in the wedding industry (Putta, 2014). She
has a very smart business sense and knows where to invest and which sector can reap the
maximum benefits.
Risk Tolerance and Flexibility
An entrepreneurial enterprise establishment is risky to set up, so entrepreneurs must
be able to consider risks. They can make a reduction in risk by thorough research and
concepts, marketplace and industry. They can also examine their ideas and concepts on
2

starting a business on a small-scale. At the same time, entrepreneurs require a persistent
mission and vision. Entrepreneurs must be ever ready to drive any primary plans or strategies.
By following this path, new and improved ways will come along this. So, entrepreneurs are
required to be flexible yet open-minded in facing changes. Given the number of businesses
Angela has built, acquired and sold, she is clearly a lady of strong mettle (Leyden and Link,
2015). This shows how flexible she is in taking risks and does not mind investing in a
business where the opportunities of growth irrespective of how risky it is initially.
Drive and vision
The entrepreneur must be proactive and positive in all the aspects they consider.
Entrepreneurs must first consider that they will be doer someone willing to take the reins or
else they will outsource. The key responsibilities of a leader of own company are to decide
the path of business, for this aspect vision is required. Without this, the Titanic (business) will
sink in the sea. Further, entrepreneurs must consider everything in a big picture. Angela is a
visionary because at a very young age she envisioned that small businesses are the lifeblood
of the economy and that developing a brand in small business is as crucial as building it for a
big one (Chell, 2013). This vision has made her a success story.
Decisiveness
There is no room for procrastination or hesitancy in the house of entrepreneur. This not only
pauses progress, but also business can miss opportunities that could move you toward success
(Ward and Sobek II, 2014).
OPPORTUNITY RECOGNITION AND IDEA DEVELOPMENT
PROCESS
At present era, Entrepreneurship is said to be the rapidly growing field in the seeing of
contemporary economic era. Opportunity perception drives entrepreneurship, as it is all based
on the knowledge of entrepreneur and identifying business value of goods and services to be
put on sale in a new market at proceeds (Storey, 2016). Similarly, the opportunity is
considered as a detailed and thorough plan to convert the concept of business into reality.
Basis Known Explored Performed
Demand or supply There is
reorganization of
supply and demand
Only demand is
known
Both of the supply
and demand are
unknown
3

Information
assumption
Availability of
complete
information
No perfection in
distribution of
information
Availability of
Insignificant
information
opportunity Effective use of
resources
Creation of new
means to attain ends
Creation of new
ways and ends
Success Statistical attainment outlast failures Mutually agreed
accord
Management of risk systematic
diversification
By experimenting By effectuation
Figure 1 process of generating idea in product development
RECOMMENDATIONS
Recommendation 1 – Drive perfection in the preparation. Be completely sure about the
business, where will it get profitability, which business sector will be beneficial and so on. In
order to get successful startup for any business entrepreneur, Angela is recommended to be
familiar with each and every aspect of business properly. An efficient business strategy is
generally designed and planner earlier. All the potential issue or problems must be considered
by her for her future endeavours (Chaston, 2017).
Recommendation 2 – Angela should never ever hesitate, having a perspective idea, it’s never
too early or late to start working on it. Therefore, once the business plan work is finished, it is
an appropriate time for realizing the idea (Storey, 2016).
4
Identifying
Opportunities
Opportunity
Analysis Idea Genesis
Idea
Seelection
Idea
Development

Recommendation 3 – Ensuring the new business model is working effectively. While running
a new business, it is possible that Angela doesn’t recognize how much time and efforts are
needed to wait for results. By considering this aspect, it is mostly recommended to make an
investment of fewer amounts. In case a business idea fails, the losses are minimal and can be
minimized by time. For her future ventures, at times it is very important to stop at a time
(Kuratko, 2016).
Recommendations 4 - Explore and study competitor to enjoy a competitive edge. By
performing this, Angela must make necessary improvements in their business strategies and
plans. By doing study and research on other company’s activities, she will get to know new
business ideas and further there will be more chance of success (Drucker, 2014).
Recommendations 5 - Make use of social media, blogs, microsites etc. as social media
is trending these days in the business environment, it is that part every small business owner
like Angela must explore. If business targets market and audience by using social media in
daily activities, it makes complete sense to be there too (Hans, 2017).
Recommendation 6 - Planning is significant; as everybody says, if there is a failure in,
there is planning to fail. New businessman often considers every step that their business
takes. The CEO of Transform Your Business, Anthony M Turner has laid five basic
guidelines that if taken care of properly, then it can ensure the success of ANY business
(Golden and et al., 2017):
5

REFERENCES
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship (pp. 1-24). Springer
International Publishing.
Chell, E., 2013. Review of skill and the entrepreneurial process. International Journal of
Entrepreneurial Behavior & Research, 19(1), pp.6-31.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fisher, R., Maritz, A. and Lobo, A., 2014. Evaluating entrepreneurs’ perception of success:
Development of a measurement scale. International Journal of Entrepreneurial Behavior &
Research, 20(5), pp.478-492.
Golden, S., Daron, J., Schumacher, J. and Thomas, E., 2017. Illuminating Entreprenuership.
Gupta, V.K., Chiles, T.H. and McMullen, J.S., 2016. A process perspective on evaluating and
conducting effectual entrepreneurship research. Academy of Management Review, 41(3),
pp.540-544.
Hans, V., 2017. Redefining Entreprenuership: Impact on Gender Differences.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Leyden, D.P. and Link, A.N., 2015. Toward a theory of the entrepreneurial process. Small
Business Economics, 44(3), pp.475-484.
McMullen, J.S. and Dimov, D., 2013. Time and the entrepreneurial journey: The problems
and promise of studying entrepreneurship as a process. Journal of Management
Studies, 50(8), pp.1481-1512.
Navale, A.B., 2013. Developing entrepreneur skills for corporate work. Research
Directions, 1(4).
Putta, S.S., 2014. Improving entrepreneur's management skills through entrepreneurship
training. Journal of Commerce and Management Thought, 5(3), p.459.
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
6

Ward, A.C. and Sobek II, D.K., 2014. Lean product and process development. Lean
Enterprise Institute.
7