Entrepreneurial Characteristics and Success: A Case Study of Nom Foods

Verified

Added on  2025/06/23

|14
|2401
|118
AI Summary
Desklib provides solved assignments and past papers to help students succeed.
Document Page
ESSAY
STEPH CROFT-SIMON
1
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
Table of Contents
INTRODUCTION........................................................................................................................3
DIFFERENCE BETWEEN MANAGER AND ENTREPRENEUR.....................................................4
SKILLS AND CHARACTERISTICS OF AN ENTREPRENEUR........................................................5
USING BIG-5 MODEL FOR ANALYSING ENTREPRENEURIAL PERSONALITY............................6
ANALYSING CORRELATION BETWEEN ENTREPRENEURIAL SUCCESS AND CHARACTERISTICS
AND UTILIZING MASLOW'S PYRAMID...................................................................................7
ANALYSING FACTORS WHICH HINDER AND FOSTER ENTREPRENEURIAL SUCCESS..............9
EVALUATING INFLUENCE OF EXPERIENCE AND BACKGROUND OF ENTREPRENEURS........11
CONCLUSION.......................................................................................................................... 12
REFERENCES........................................................................................................................... 13
2
Document Page
INTRODUCTION
Entrepreneurship is the ability to develop, manage and organize the enterprise by taking
and handling the risk for making a profit for the business. Resources, labour, land and
capital are required for establishing an enterprise and making a profit for the business. This
essay will focus on entrepreneurship and the characteristics and skills require in an
entrepreneur to achieve the desired business objectives and success. This essay will be
grounded on Steph Croft-Simon who is a founder of Nom Foods which is situated in the UK.
This will use the Big 5 model for showing her entrepreneurial personality and Maslow theory
for showing the relation between characteristics and success of entrepreneurship. The
following essay shall also emphasize on the factors which hinder and foster
entrepreneurship and evaluate the negative and positive influence of background and
experience of Steph Croft-Simon.
3
Document Page
DIFFERENCE BETWEEN MANAGER AND ENTREPRENEUR
Entrepreneurship: It is the ability to develop, manage and organize the enterprise by taking
and handling the risk for making a profit for the business (Kuratko, 2016).
Manager: She/he is a person who is liable to take the responsibility of the organization for
managing the business surroundings. They have the responsibility to handle the data, tasks
and the employees of the company for attaining the business profit and target (Taneja et al.,
2015).
Entrepreneur: She/he is a person who is the founder of any enterprise and works as a boss
in that company. They are leader and risk-taker who are responsible for the success and
failure of the business (Kuratko, 2016).
The differences are as follows below:
Basis Manager Entrepreneur
Business They works under any
organization
They starts their own
organization
Role Managers are employees Entrepreneurs are owners
Risks They do not take risks of the
business
They are liable to take the risks
of the business
Management Managers manages the
employees and the works
Entrepreneur managers overall
business (Kuratko, 2016)
Reward They get salary based on their
workings (Taneja et al., 2015)
They make an earn profit for the
business
Focus They focuses on current
business operations
They focuses on maintaining
business
4
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
SKILLS AND CHARACTERISTICS OF AN ENTREPRENEUR
Some of the skills and characteristics of Steph Croft-Simon who is a founder of Noms food
and has currently launched popcorn organic brand in the UK.
Appetite: Steph Croft-Simon is energetic to her effort and is not working for acquiring
money. Some of the businesspersons are not scared of performing diligent work as their
primary focus is on earning benefit and accomplishing the organizational targets. She is also
focused around her fantasies and vision to accomplish her own and professional objectives.
Motivation: She is devoted and motivated to her work as she isn't dependent on her staffs
since she has begun her business on her needs and demands. She has enough aptitudes to
deal with and perform her professional things (Kerr et al., 2018).
Positivity: Entrepreneurs have a strong imagination about their industry potential outcomes
for development and openings that they share with their associates and representatives just
as they can forecast the loss of their functions don't coordinate to their wants. Croft-Simon
is an idealistic entrepreneur of a small business venture she realizes that her natural items
can blast in the marketplace and give her prosperity to stay in the focused market (Kerr et
al., 2018).
Convincing abilities: Entrepreneurs have convincing skills which help them in convincing
their consumers by offering their foods with inventiveness in the market. Steph has the
nature of drawing out the fresh and inventive nourishment things to help the consumers for
their wellbeing and to keep up the belief of the consumers on her services and products
(Kerr et al., 2018).
Relational abilities: This is a significant skill or characteristic which must be in any individual
or an entrepreneur for carrying their perspectives and issues successfully to other people.
Steph Croft-Simon can pass on her beliefs and advancement ideas to the staffs so that they
can deliver viable products according to her guidelines and maintain the connection with
her. This supports in keeping up the relationship inside an organization which effects in
5
Document Page
inappropriate activities and effective outcomes for coming to towards the objectives of the
organization (Kerr et al., 2018).
USING BIG-5 MODEL FOR ANALYSING ENTREPRENEURIAL PERSONALITY
The model used for describing the entrepreneur's personality as the Big 5 model is the
multidimensional approach to measure OCEAN which involves various types of personalities
that influence positive and negative impact on business (Wang et al., 2016).
Figure 1 Big Five Personality Traits Model
(Source Wang et al., 2016)
Openness to experience: This renders the creative mind, depth, broadness, complexity and
innovation in mental and experimental life of an entrepreneur. Steph has these skills for
adapting fresh stuffs and experiences for attaining success. She is imaginative and centered
around confronting all difficulties throughout her life (Wang et al., 2016).
Conscientiousness: This renders drive control on public activity which encourages the
conduct of an entrepreneur to the objective and task direction. Steph invests her time and
energy in cooking food and focuses towards her actions adequately and plans her workings
after finishing her tasks cautiously (Wang et al., 2016).
Extraversion: It shows a functioning methodology towards the social and material world and
includes characteristics of an entrepreneur grounded on their friendliness, activities,
6
Document Page
assertiveness and positive emotionality. Steph has high companionable which inclines her to
acquire energy in feeling energized and stimulated in each circumstance (Wang et al., 2016).
Agreeableness: It differentiates a publicly and ordinarily coordination to others with dislike
and contains characteristics like philanthropy, humble and trust. Steph Croft-Simon has an
agreeable nature where she participates with her assistants and representatives to make
great food and to gain success (Wang et al., 2016).
Neuroticism: It compares temperedness and emotional strength with emotionality like
impatient, tense, nervous and miserable. Steph Croft-Simon is constant and has experienced
a ton of worry in her life because of this occasionally she feels discouraged and disturbed
but this characteristic helps her in staying stable (Wang et al., 2016).
7
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
ANALYSING CORRELATION BETWEEN ENTREPRENEURIAL SUCCESS AND
CHARACTERISTICS AND UTILIZING MASLOW'S PYRAMID
Maslow's Hierarchy of Entrepreneurial Needs model helps the entrepreneurs in getting to
be effective by satisfying the requirements of the entrepreneurs and the working of
employees for accomplishing the hierarchical objectives and goals (Abraham, 2019).
Figure 2 Maslow's Pyramid Theory
(Source Abraham, 2019)
Getting pay for creating something: this stage refers to the formation of anything which
helps in satisfying an entrepreneur's physiological needs and a certain amount is required
for their survival. These needs involve food, water, rest and shelter which need be delivered
to the workers and the entrepreneurs fulfill these needs for efficient working (Abraham,
2019).
A business that supports itself: the needs of this stage are required to be fulfilled after the
entrepreneurs become successful in their business. These needs start with a sense of
supporting in providing safety and security for healthy existing. The desire of entrepreneurs
for attaining success in their lifetime is possible by taking a risk in their life without sitting
safely (Abraham, 2019).
8
Document Page
Business relationships: this involves belongingness where the entrepreneur maintain a
friendly business environment for the employees and give proper time to their family also as
due to gaining success the entrepreneurs sacrifices love of their family and enjoyment with
friends. So, at this stage has started giving time to their employees, family and friends for
gaining fulfillment to their workings and for fulfilling psychological needs (Abraham, 2019).
Excellence in business: Every entrepreneur is ambitious towards their doings and achieving
objectives which become esteem needs for them that help in thinking different from others.
The entrepreneurs want to innovate something for doing something new in a positive way
(Abraham, 2019).
Purpose & legacy: this involves achieving self-actualization by attaining potential actions for
creating money by the entrepreneurs which help them in becoming self-motivated and
obsessive to their works for accomplishment success in their business. This also aids in
altering the organization for commencing something new for getting the highest peak of
entrepreneurial desires pyramid (Abraham, 2019).
9
Document Page
ANALYSING FACTORS WHICH HINDER AND FOSTER ENTREPRENEURIAL SUCCESS
HINDER: it reflects the hurdles faced by an entrepreneur in his/her life for becoming
successful and the factors which influence the results and success of entrepreneurship
(Gallucci et al., 2015). Some of the factors are as follows:
Less capital: for becoming successful an entrepreneur has to face many challenges in
his/her life like less capital, resources, funds etc. while starting a new business.
Customer need: the entrepreneur has to follow the market trend before starting or
commencing the business of a particular product for identifying the demands of the
customers for enhancing the demand for the company's product.
Societal attitude: this involves that the rich people and society influence the small
businesses as they become a hurdle in the life of the small entrepreneur for showing their
innovativeness in the market.
FOSTER: it reflects the support to the entrepreneurs in their creativity and innovativeness
which helps in the growth and development of the business. Some of the factors are as
follows:
Experience: it helps in becoming successful after taking much risk in life for becoming an
effective entrepreneur (Brettel et al., 2015).
Education: it also fosters entrepreneurship as it helps in grooming the capabilities by
enhancing ideas and interest in commencing a business.
Family background: friend and family help in fostering the entrepreneurial skill for starting a
business and for becoming successful (Brettel et al., 2015).
For example, Steph Croft-Simon is one of the entrepreneurs of SMEs of the UK who is the
founder of Nom food which was launched as the first natural brand Popcorn of Nom food in
the UK. Personal experience of Steph Croft-Simon aids her in attaining the entrepreneurial
progress for getting to be fruitful, backing from family and companions is similarly as it
enables the businessperson in battling with the defects and troubles in the begin to up of
10
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
the industry and gives her strengths as well as inspiration for leading to generate profit for
becoming a successful female entrepreneur (Steph Croft-Simon, 2019).
11
Document Page
EVALUATING INFLUENCE OF EXPERIENCE AND BACKGROUND OF ENTREPRENEURS
The experiences and backgrounds of the successful entrepreneurs influence their skills of
entrepreneurship as they get inspired from their background helps in becoming successful
and to satisfy the demands of the family as well as for fulfilling their own needs. Example of
a successful entrepreneur:
Steph Croft-Simon is an originator of Nom food and studied human science and instructs
humanism to individuals at University. She belongs to London and she has a small family in
London as well (Tarling et al., 2016). While she was studying and teaching, she was
experiencing medical problems then she develops the motivation to make natural and solid
products. Further, she has established Nom Foods after identifying food sensitivities and
skin issues due to unhealthy food items. This was her experience which causes her for
building up a small company after identifying the issues of people and in concern of their
health. Personal experience of Steph aids her in attaining the entrepreneurial progress for
getting to be fruitful, backing from family and companions is similarly as it enables the
entrepreneur in battling with the defects and troubles in the begin to up of the industry
(Gallucci et al., 2015).
She has experienced many ups and downs in her life with suffering from very much of
sacrifices in her life to become successful and gain her position in the market of the UK.
Steph Croft-Simon sacrifices her salary, love from family etc. for working efficiently. She had
tackled other problems like funding and manufacture that can help her in preparing organic
foods items. She has qualified that people are more liking and attracting towards purchasing
healthy and organic products for looking beautiful and fit where she got inspired and helped
her in becoming effective after crossing many hurdles in her life (Allen and Truman, 2016).
12
chevron_up_icon
1 out of 14
circle_padding
hide_on_mobile
zoom_out_icon
[object Object]