Entrepreneurial Business Planning - Report on Anthony Pratt's Success

This report provides a comprehensive analysis of Anthony Pratt, a prominent entrepreneur in the manufacturing sector, focusing on his entrepreneurial behavior and business planning strategies. It examines his family's packaging and recycling business, Pratt Industries, and the factors contributing to its 8% annual growth rate. The report delves into Pratt's innovative approaches, competitive tools, and his ability to navigate the market. Key aspects of his entrepreneurial success, including planning, work orientation, personal efficacy, business acumen, dynamism, achievement motivation, market knowledge, innovativeness, and social networks are analyzed. The report also explores Pratt's temperament, orientation, motivation, and behavior, along with the importance of teamwork and networking in his business endeavors. It further discusses mistakes made, hurdles overcome, and the tools of trade employed by Pratt. The report concludes with a reflection on entrepreneurship characteristics, achievements, and their relation to existing literature, offering insights into Pratt's journey as a successful business leader.

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Entrepreneurial Business Planning
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Executive Summary
The selected entrepreneur Anthony Pratt & family in Manufacturing is involved in the family
packaging and the recycling business with attaining growth rate of 8% each year that positioned
the entrepreneurs a successful business owner. The report revealed that in attaining the leading
position for his family business Pratt Industries in Australia, Anthony Pratt was observed to
employ innovative and competitive tools of trade that has ensured his increased exports from its
Trumpet paper mill. It has also been realized that certain factors that are observed to support his
entrepreneur behaviour towards attain exceptional business growth are planning and work
orientation, his personal efficacy along with his business acumen, dynamism, achievement
motivation, internal control market knowledge, innovativeness in developing marketing
strategies and social networks.

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Table of Contents
1. Introduction..................................................................................................................................3
2. Reasons for Categorizing as Entrepreneur..................................................................................3
3. Type of Chosen Entrepreneur......................................................................................................3
4. Entrepreneur’s Major Talents and Shortcomings........................................................................4
5. Description of Entrepreneur Temperament.................................................................................4
6. Description of Entrepreneur Orientation.....................................................................................5
6.1. Pro-Activeness......................................................................................................................5
6.2. Risk Taking...........................................................................................................................5
6.3. Innovativeness......................................................................................................................5
7. Motivation of Entrepreneur to Pursue Entrepreneur Opportunities............................................5
8. Entrepreneur Behaviour...............................................................................................................6
9. Conformation about Entrepreneurship and New Insights Gathered............................................6
10. Importance of Teamwork for Entrepreneur...............................................................................6
11. Mistakes Made and Hurdles Overcame by Entrepreneur..........................................................7
12. Importance of Networking for Entrepreneur.............................................................................7
13. Tools of Trade used by Entrepreneur........................................................................................7
14. Factors Supporting Entrepreneur Behaviour.............................................................................8
15. Personal Reflection on Knowledge of Entrepreneurship...........................................................8
16. Arguments on Entrepreneurship Characteristics and Achievements Relative to Literature.....8
17. Conclusion.................................................................................................................................9
References......................................................................................................................................10
Appendices....................................................................................................................................12

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1. Introduction
Entrepreneur is considered as a person that can add value and creating something
valuable for the business success. The selected entrepreneur Anthony Pratt & family in
Manufacturing is involved in the family packaging and the recycling business with attaining
growth rate of 8% each year that positioned the entrepreneurs a successful business owner
(Australian Financial Review. 2019). The motivation of the entrepreneur in establishing this new
business is belief that innovation depends on people with advanced skills that have ideas in
producing clean energy from non-recyclable waste. The entrepreneurs US based Pratt Industries
grew by 25% based on which he established a million dollar paper mill in Ohio (Australian
Financial Review. 2019). Anthony entered United States for expanding his company during
which the entrepreneur acquired several corrugated companies and positioned the company as
one of the largest privately owned paper, packaging and recycling business globally. His
motivation of setting business in US is based on his motivation of ensuring that 70% of the
consumers are in the food and beverages sector (Australian Financial Review. 2019). The
objective of the report is to summarize the learning and insights that has been gathered from
carrying out secondary research on the selected entrepreneur (Anthony Pratt &family
Manufacturing). Based on the findings of the secondary research patterns, differences along with
similarities between the entrepreneurship theory and the entrepreneur mindset, orientation and
behaviour will be analysed.
2. Reasons for Categorizing as Entrepreneur
The reasons based on which Anthony Pratt is categorized as a successful entrepreneur
includes his creativity to develop a corporate business, passionate about learning, ideas of the
entrepreneur to be unconventional and his passion to change the world through creating jobs
along with conditions for flourishing society. The entrepreneur is observed to attain success in
establishing his new business through his exceptional understanding of perusing his own vision
and observing his sense of pride and fulfilment in accomplishing things (Ferreira et al. 2017).

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3. Type of Chosen Entrepreneur
The chosen business owner has is considered as a manufacturing entrepreneur as the
person has positioned itself as the Australia’s renowned packaging and recycling business
organization through employing his skills of anticipating production trends, opportunities along
with future organizational challenges. The educational background of the entrepreneur includes a
Bachelor of Economics honours degree after which he joined McKinsey and Co that was a
consulting company. After attaining experience in that organisation, the person became joint
general manager of Pratt Industries after his father’s death. Anthony Pratt’s family is the
wealthiest family in Australia as his father was a business leader in the manufacturing industry.
Anthony Pratt is referred as a manufacturing entrepreneur as he has exceptional innovation skills
through which he has successfully launched packaging and recycling products in an efficient and
economical manner (Gupta and Dutta 2016).
4. Entrepreneur’s Major Talents and Shortcomings
The entrepreneur Anthony Pratt’s major talents were observed to have talents mentioned
within Big 5 personality trait model (Conscientiousness, openness to experience, agreeableness
and Neuroticism) that facilitated the business owner to drive its business success within
Australia. Major talents observed in the entrepreneur are his skills of persistence, hard work and
his motivation in accomplishing growth objectives of the organization (Hosseini, Dadfar and
Brege 2018). However, certain shortcomings have also been observed in the entrepreneurship
behaviour of the business owner that is in the form of his failure of neoliberals that cause
because of his affected ability to remain emotionally stable in uncertainty conditions.
5. Description of Entrepreneur Temperament
The entrepreneurs Anthony Pratt’s temperament impacts his activities to attain success
for his family business and has also facilitated him in improving business relationships and attain
life goals. The business owner involved in the packaging and recycling business in Australia is
observed to have a ringmaster temperament that is fairly extroverted and is highly creative
(Judge and Zapata 2015). The business owner of the packaging and recycling business is
observed to be sensitive and thoughtful and having such traits has made him efficient in
maintaining public relations, communication and marketing fields.

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6. Description of Entrepreneur Orientation
6.1. Pro-Activeness
The entrepreneur Anthony Pratt which attained great success in establishing, operating
and expanding his family’s packaging and recycling business is deemed to have the trait of being
pro-active through which he attained the ability to attain control over a situation by causing some
progress to take place rather than waiting for responding to the situation after it has already taken
place. A pro-active entrepreneur has the ability to be action in order to influence environmental
changes and based on such trait he has successfully tapped on the opportunity to attain high
earnings in its US based Pratt recycling industry (Mthanti and Ojah 2017).
6.2. Risk Taking
Risk taking is considered to be one of the most prominent entrepreneurship traits that also
involve a substantial capital investment. Anthony Pratt’s business successes in the Australian and
in the Chinese market were supported by his exceptional risk taking skills. Anthony Pratt is a
calculated risk taker that has made him develop skills of being highly creative in expanding and
attaining growth in his family business (Peters and Kallmuenzer 2018).
6.3. Innovativeness
Anthony Pratt has the trait of innovativeness through which he has been capable to
expand his family business of packaging and recycling for producing new ideas, offering better
solutions along with pioneering new products. The entrepreneur is highly successful through
preaching perfection and practicing progress in an attempt to expand his family’s business and
attain high market shares in Australia (Sorić, Penezić and Burić 2017). In addition, he also have
a great understanding of the creative process based on which he has successfully innovated ways
of manufacturing new products from the recycled items. Through following his personality trait
if being highly innovative the entrepreneur was able to establish developments in his company’s
performance in terms of profitability and growth.
7. Motivation of Entrepreneur to Pursue Entrepreneur Opportunities
The entrepreneur Anthony Pratt was observed to be highly motivated in becoming a
leader and be able to take his own decisions, build own teams and attain success by going
through high-pressure business situations. The business owner is also driven by the need to

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succeed and control his own business decisions (Stajkovic et al. 2018). Through following such
motivation he has been able to attain skills of perusing growth opportunities in other markets and
growing his earnings gradually. He also tapped the opportunity if a business situation where
China’s recycling ban decreased waste paper price that turns into new products.
8. Entrepreneur Behaviour
Anthony entered United States for expanding his company during which the entrepreneur
acquired several corrugated companies and positioned the company as one of the largest
privately owned paper, packaging and recycling business globally. His motivation of setting
business in US is based on his motivation of ensuring that 70% of the consumers are in the food
and beverages sector (Australian Financial Review. 2019). From analysing the business owner’s
entrepreneur behaviour in ensuring success of packaging and recycling business success in
Australia it has even observed that he has behavioural trait of being self-confident, calm, and
relaxed as well as even tempered. Having such entrepreneur behaviour has supported Anthony
Pratt in being highly self-confident as well as resilient within the stressful situations of
experiencing capital expenditure of spreading business in other nations such as China and in
Ohio.
9. Conformation about Entrepreneurship and New Insights Gathered
From carrying out secondary research on the entrepreneurship behaviour of Anthony
Pratt, it has been confirmed that for attain exceptional business growth a business owner has to
have skills explained within the big five personality trait model (Urbano, Aparicio and Querol
2016). Moreover, new insights gathered from analysing the entrepreneurship behaviour of
chosen business owner includes that entrepreneurs are prone to cognitive biases in the form of
overconfidence and representativeness bias that enhances their opportunity recognition skills and
also motivates them to peruse business growth ideas that increases profitability of business.
10. Importance of Teamwork for Entrepreneur
Anthony Pratt being the entrepreneur of the packaging and recycling business is involved
in maintaining strong teamwork in encouraging the growth of the employees working within his
company. Through carrying out secondary research on the team working skills of the business

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owner, it has been gathered that Anthony Pratt make sure that the employees working within his
family business are contended with their work and feel themselves as a part of the company.
Through ensuring same, the entrepreneur attains higher group profit each year (Urbano, Aparicio
and Querol 2016). By attaining support of his team and motivating employees to attain business
growth goals, Anthony Pratt has been capable to invest profitably in developing paper mills in
Ohio and growth warnings for his family business.
11. Mistakes Made and Hurdles Overcame by Entrepreneur
It has been revealed that Anthony Pratt the entrepreneur of Pratt Industries in Australia
made certain mistakes initially related with his business decision making in China in which he
put local person in charge and failed to realise opportunities existing in the external environment.
In dealing with such concerns, the entrepreneur employed his problem solving skills such as
creative thinning, persistence and identified issues related with his capital expenditure that
supported his reinvesting decision and ensured profit growth (Urbano, Aparicio and Querol
2016).
12. Importance of Networking for Entrepreneur
Anthony Pratt is observed to hold 1st rank in operating business successfully in Australia
getting involved in the manufacturing of recycling and packaging goods. This has been possible
because of his exceptional skills of networking in which his communication and presence with
strength served as exceptional ways through which Anthony Pratt build strong relations with
other entrepreneurs and president of Australia. Maintaining such communication and strong
relations with the president has supported him in attaining corporate tax benefits and granting
instant asset write-offs on all his capital expenditure (Australian Financial Review. 2019).
13. Tools of Trade used by Entrepreneur
In attaining the leading position for his family business Pratt Industries in Australia,
Anthony Pratt was observed to employ innovative and competitive tools of trade that has ensured
his increased exports from its Trumpet paper mill. Through carrying out secondary research it
has been gathered that tools of trade that were successfully used by Anthony Pratt in ensuring
business growth includes business model development through organizing nine major aspects of

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business which can be regularly tested and evaluated. Other tools of trade employed by him also
include minimal viable product and consumer delivery and validation (Urbano, Aparicio and
Querol 2016).
14. Factors Supporting Entrepreneur Behaviour
Anthony Pratt attained 1st rank in the Australian business rich list for 2019 being the
business owner of Pratt Industries and this has been possible because of several supporting
factors guiding his successful entrepreneurship behaviour. Certain factors that are observed to
support his entrepreneur behaviour towards attain exceptional business growth are planning and
work orientation, his personal efficacy along with his business acumen, dynamism, achievement
motivation, internal control market knowledge, innovativeness in developing marketing
strategies and social networks. These factors guided his success oriented entrepreneur behaviour
that has made him develop a sense of satisfaction at the time of accomplishing business goals
(Ferreira et al. 2017).
15. Personal Reflection on Knowledge of Entrepreneurship
From analysing the entrepreneurship behaviours indicated by the owner of the Pratt
Industries in Australia, Anthony Pratt I have realized that specific entrepreneur orientation,
behaviour, teamwork along with problem solving skills can support a business owner to ensure
organizational growth. I have also attained an understanding that experiential learning is vital for
developing entrepreneur skills along with encompassing a series of transactions to attain business
growth experience. I have also attained a detailed knowledge regarding the fact that it is
important to attain entrepreneur competency of identifying an opportunity and developing better
ideas to tap any growth opportunities.
16. Arguments on Entrepreneurship Characteristics and Achievements Relative to
Literature
From carrying out secondary research on the entrepreneurship behaviour of Anthony
Pratt, it has been confirmed that for attain exceptional business growth a business owner has to
have skills explained within the big five personality trait model. Research carried out by Judge
and Zapata (2015) also confirmed that the major entrepreneur characteristics that are known to

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ensure their success include creativity, professionalism, risk taking, passion, planning,
knowledge, social skills and open-mindedness. Opposing to such views of the researcher,
Mthanti and Ojah (2017) revealed that entrepreneur can attain great success if he has high need
for achievement personality as it is considered to be vital to ensure entrepreneur satisfaction
through his persistence. Such need for achievement characteristics can be characterised as a
competitive behaviours that is observed in the personality traits of Anthony Pratt which
increased his standard of excellence.
17. Conclusion
The objective of the report was to summarize the learning and insights that has been
gathered from carrying out secondary research on the selected entrepreneur (Anthony Pratt
&family Manufacturing). The report revealed that the reasons based on which Anthony Pratt is
categorized as a successful entrepreneur includes his creativity to develop a corporate business,
passionate about learning, ideas of the entrepreneur to be unconventional and his passion to
change the world through creating jobs along with conditions for flourishing society. Moreover,
it was also revealed that by attaining support of his team and motivating employees to attain
business growth goals, Anthony Pratt has been capable to invest profitably in developing paper
mills in Ohio and growth warnings for his family business.

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References
Australian Financial Review., 2019. AFR Rich List, Australia’s wealthiest people of 2019.
[online] Available at: https://www.afr.com/rich-list [Accessed 25 Aug. 2019].
Ferreira, F.A., Jalali, M.S., Bento, P., Marques, C.S. and Ferreira, J.J., 2017. Enhancing
individual entrepreneurial orientation measurement using a metacognitive decision making-based
framework. International Entrepreneurship and Management Journal, 13(2), pp.327-346.
Gupta, V.K. and Dutta, D.K., 2016. Inquiring into entrepreneurial orientation: Making progress,
one step at a time. New England Journal of Entrepreneurship, 19(2), pp.7-12.
Hosseini, M., Dadfar, H. and Brege, S., 2018. Firm-level entrepreneurship and international
performance: A simultaneous examination of orientation and action. Journal of International
Entrepreneurship, 16(3), pp.338-368.
Judge, T.A. and Zapata, C.P., 2015. The person–situation debate revisited: Effect of situation
strength and trait activation on the validity of the Big Five personality traits in predicting job
performance. Academy of Management Journal, 58(4), pp.1149-1179.
Mthanti, T. and Ojah, K., 2017. Entrepreneurial orientation (EO): Measurement and policy
implications of entrepreneurship at the macroeconomic level. Research Policy, 46(4), pp.724-
739.
Peters, M. and Kallmuenzer, A., 2018. Entrepreneurial orientation in family firms: The case of
the hospitality industry. Current Issues in Tourism, 21(1), pp.21-40.
Sorić, I., Penezić, Z. and Burić, I., 2017. The Big Five personality traits, goal orientations, and
academic achievement. Learning and Individual Differences, 54, pp.126-134.
Stajkovic, A.D., Bandura, A., Locke, E.A., Lee, D. and Sergent, K., 2018. Test of three
conceptual models of influence of the big five personality traits and self-efficacy on academic
performance: A meta-analytic path-analysis. Personality and Individual Differences, 120,
pp.238-245.

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Urbano, D., Aparicio, S. and Querol, V., 2016. Social progress orientation and innovative
entrepreneurship: an international analysis. Journal of evolutionary economics, 26(5), pp.1033-
1066.

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Appendices
Figure 1: Entrepreneur Selected for Secondary Research
(Source: Australian Financial Review. 2019)

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Figure 2: Big Five Personality Trait Model used in Analysing Entrepreneurship Behaviour
(Source: Urbano, Aparicio and Querol 2016)