BS103 Fundamentals of Entrepreneurship: Interview Report Analysis

This report is a comprehensive analysis of an interview conducted with Naomi Simson, the founder of RedBalloon, as part of a Fundamentals of Entrepreneurship assignment. The report begins with an introduction to the nature of entrepreneurship, emphasizing the process of launching and managing new businesses and the importance of entrepreneurs in shaping the market. The report then details the key lessons learned from forming the interview questionnaire, highlighting the broader definition of entrepreneurship in economics and the characteristics of successful entrepreneurs. The report outlines the process of identifying opportunities and the importance of having a clear vision. The report also includes a transcript of the interview, which covers Simson's inspiration for RedBalloon, challenges faced, and lessons learned. Finally, the report concludes by summarizing the key takeaways from the interview, emphasizing the impact of entrepreneurship and the importance of taking initiative in the business market.

Running head - FUNDAMENTS OF ENTREPRENEURSHIP
Fundaments of Entrepreneurship
Name of the student
Name of the university
Author’s note

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Introduction
The nature of entrepreneurship can be described as the process of launching,
designing and as well as running a new form of business in the competitive market. The
nature of the business can either be small or huge, depending on the size of the organisation
which would be created (Kirzner, 2015). The people who create the new form of business are
known as entrepreneurs. Entrepreneurship is basically described as the capability and the
willingness to develop organise and manage it ventures with other organisations. An
entrepreneur should be ready to face any form of risk in order to make profit. Therefore, not a
huge population have the capability of becoming an entrepreneur.
The following report would be discussing about how entrepreneurs shape the world
from their point of you and how they are responsible for providing new business and their
operations into the market. The aim of the research would be designing an interview
structure, and the research needed to be done over the topic which would help in knowing the
capabilities and the possibilities of people becoming an entrepreneur. The questionnaire
which would be made, will be having a brief overview of how entrepreneurs take the risk to
shape the world. The key learning of the recommendation that would be made from the report
would consist of examples of how entrepreneurship could help and also the key lessons of
forming the questionnaire.
Key lessons
The key lessons which have been gathered for forming the questionnaire have shaped
the student’s attitude towards entrepreneurship (Venkataraman, 2019). Before forming and
selecting an entrepreneur, it was necessary for the student to understand what the purpose of
the interview is. While the definition which describes entrepreneurship have typically roamed
around on the fact that it only means running a business. In fact, the term has a wider

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meaning in the field of economics as well as in the field of technology. Entrepreneurship
basically does not means that one will just launched and run a business. There are high
chances that the business started by the entrepreneurs’ may face a situation where there
would be a lack of funding, bad business decisions and economical crisis. Therefore, an
entrepreneur has to be more careful than just launching a business (Kuratko, 2016). It have to
be keep in mind, that it is not just about opening a business, it is about running the business
and sustainably in the competitive market.
While understanding the term entrepreneurship, the student came across a broader
definition of the term, which is used in the field of economics. In this usage, it is seen that the
entrepreneur is the sole entity which particularly has the ability to find and act over the
opportunities in translating inventions into sufficient products and services (Parker, 2018). In
this particular case, it is said that entrepreneurship have also been capturing innovative
activities along the part of establishing firms and also in addition to the similar activities in
becoming a new part of the business (Burns & Dewhurst, 2016).
While finding the appropriate entrepreneur to conduct the interview, the student came
across to the fact that entrepreneurship can be divided into several parts. The cognitive
approach helps that down to fit into many sectors of business. Industries like technology,
technological disruption, model of business income replacement and corporate awesome
typical type of entrepreneurship (Burns, 2016).
Basically entrepreneurship provides the opportunity to the people of being their own
boss. It helps in maintaining your own business without any disruption from a second party.
It has been witnessed that, many individuals want to work for themselves, as it helps them to
realise their potential and the flexibility of their work (Etzkowitz & Zhou, 2017). Basically,
traditional jobs structures which does not only limit the thinking possibility, but also limit the

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person’s capability. While being an entrepreneur, the individual is entitled to reach any
possible limit they want. It helps them pursue independent ideas, which in fact provide them
the opportunity to shape their business and to present their idea. It also helps in persuading
the financial rewards for themselves. The process is dependent on the capability of the
people. One individual can reach the sky with his capability, whereas another individual may
lose their patience while taking a hard decision (Burns & Dewhurst, 2016). In fact,
characteristics of a successful entrepreneurship can be stated as being passionate about the
business, focusing on the products and their fellow customers. It is necessary to face any kind
of failure and finally having proper intelligence and mindset to carry on the business. This
characteristics help in shaping entrepreneur to make further changes into the market (Parker,
2018).
It could be said that entrepreneur doesn’t wait for opportunities, they make them.
Basically, it is upon the entrepreneur to find the right opportunity to leap. The primary
process of making an opportunity is to find the scope of the opportunity first. Recognising the
opportunity is one of the most important step before starting a business. An entrepreneur
should have a clear set of mind for what they want to do with the collected funds (Read et al.
2016). It could be said that, these are the pillars of ideas which are helping an entrepreneur
shaping and providing new directions to the world. It is their alertness and active search
capability, along with their creativity which is helping them to provide business, a new
dimension. Their prior knowledge and social networks have always been appreciated and
acknowledged.
While forming the questionnaire to interview an entrepreneur, the student also have
researched upon how entrepreneurs are capable of creating such new innovative ideas
(Etzkowitz & Zhou, 2017). In the research for the interview, the student tried to investigate
what are the characteristics which makes an entrepreneur stand out from the line. It is the

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keen desire and knowledge which makes an entrepreneur capable of providing new ideas and
seeing the problem from a different point of view (Burns & Dewhurst, 2016). Basically, it
came to the notice while conducting the research that entrepreneurs have their own set of
skills and their own ways in developing an idea and applying it into reality. The entrepreneurs
have a keen sense of viewing the problems from a different angle. It is not very easy to come
up with a new idea in a limited timeframe. Therefore, having a new idea would help in
creating new tools which would eventually take the people into a new dimension. Various
methods are used by entrepreneurs to have a creative mind. Tools like brainstorming green
writing and Gordon method is classified as some of the most common tools used by
entrepreneurs. These tools helps them to have a clear mindset and help them in creating new
ideas. Before forming the questionnaire, it was hard for the students to choose a suitable
entrepreneur (Etzkowitz & Zhou, 2017). However, with thorough analyses and research, the
result came to a conclusion. The chosen entrepreneur to conduct the interview was Naomi
Simson, the creator of RedBalloon. It was with only $25,000 and a small room which gave
Samson the idea in creating RedBalon (Burns & Dewhurst, 2016). Without proper experience
in business, it was hard for Simpson to start what is now a multimillion company. It would be
hard to believe that RedBallon is an online experience retailer which actually sells experience
to people in exchange of money. Therefore, do having a rough start in the beginning,
RedBalllon is making over $60 million in revenue per year. Naomi Simson had a clear vision
in her mind which helped her achieve her dream.
Conclusion
Thus, the report could be concluded by providing the brief overview of
entrepreneurship and critical traits of becoming an entrepreneur. After the conduction of the
interview, it could be seen that and positive attitude was delivered by the interviewee while
the conduction of the interview. It was also seen that how the entrepreneur describe the

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processes of entrepreneurship, and how people should vote vote from themselves rather than
working for others. The report also provides a brief understanding on the concept of
entrepreneurship, how it is applicable to modern era. The report states that entrepreneurship
has a deep impact in changing the world and how people should take steps in shaping the
reality of business market.

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Appendix
Interview questions
1. How did you get your idea or the concept of doing the business?
2. What are the context of the situation that you face while conducting the business which
you enjoyed the most?
3. What are the first three things you would do while performing the role of an employee?
4. What are the situations in which a panicked the most?
5. What was the last thing you learn from your past experience in the business?
6. When was the last time you totally lost control over yourself because your business were
not doing well?
7. How much of the interaction you actually need with your employs while working on a
project?
8. How would you measure success in your role?

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Transcript
Answers of the interviewee
Answer 1.
Well, the actual idea of my business came from an inspiration which I got from my
friends. They had some problem of not having suitable experience for a particular job. Me,
myself did not have as much of experience in the business field. However, it made me think
about what is experience could begin in exchange of money. Therefore, I got the idea from
there.
Answer 2
While conducting the business there are many situations which I had to face which
was not favourable all the time. Although there was one moment which I enjoyed the most
when we couldn’t get enough of marketing. At that time I get to motivate my tears which I
enjoyed a lot.
Answer 3
The first three things which I would be doing if I wear an employee, would be,
producing new ideas to my supervisor, helping my fellow employees and trying to provide as
much as I could for the organisation I am working.
Answer 4

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While conducting the business, there have been many situations where I panicked.
Among them, the most memorable one would be the first time our company head and
revenue of $25 million.
Answer 5
The last thing which I learnt from my experience over the business would be that, it is
the support of the employs which make a business run not the boss or any creative idea alone.
With the corporation of my fellow peers, I could achieve anything.
Answer 6
At a time when the market was completely down, I literally lost myself due to lack of
self-motivation. Although, it was my employees who helped me get back my self-confidence.
Answer 7
While working on a project with my fellow employees I would be needing to know all
my fellow employees and my tears before working on a project. It helps me know the
strengths and weakness of the people with whom I am working with and also help me
understand how the project should be done accordingly to the strong points of my employees
Answer 8
At present, I measure success by seeing a smile on my peers and on my fellow
employees. Their satisfaction makes me believe that I have achieved success.

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References
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan
International Higher Education.
Etzkowitz, H., & Zhou, C. (2017). The triple helix: University–industry–government
innovation and entrepreneurship. Routledge.
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.
Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.
Read, S., Sarasvathy, S., Dew, N., & Wiltbank, R. (2016). Effectual entrepreneurship.
Routledge.
Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In Seminal
Ideas for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing
Limited.

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