Report on Entrepreneurship: Nick Molnar and the Afterpay Success Story

This report provides a biographical overview of Nick Molnar, the CEO and co-founder of Afterpay, an Australian e-commerce business offering innovative payment solutions. The report delves into Molnar's background, highlighting his experience in online retailing and his family's history in the jewelry industry. It explores his entrepreneurial traits, including risk-taking, self-efficacy, and an internal locus of control, which have contributed to his success. The report also examines the opportunity recognition and idea development process that led to Afterpay, focusing on the rise of e-commerce and online payment methods in Australia. Furthermore, it analyzes Afterpay's competitive advantages, such as easy credit loans and partnerships with major brands. Finally, the report concludes with recommendations for Afterpay, emphasizing the importance of digital marketing and adapting to market changes to sustain its position. The report highlights Molnar's role in shaping the Australian business landscape and his ability to identify and capitalize on market trends. The analysis also underscores the importance of entrepreneurial traits and strategic decision-making in driving business success.

Running head: ENTERPRENERSHIP
Entrepreneurship
Name of the Student
Name of the University
Author Note

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Table of Contents
Introduction......................................................................................................................................2
Background of the entrepreneur......................................................................................................2
Entrepreneurial traits.......................................................................................................................3
Opportunity recognition and idea development process.................................................................4
Competitive advantages...................................................................................................................6
Conclusion and Recommendations..................................................................................................7
Reference.........................................................................................................................................8

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Introduction
The aim of this current assignment is to provide a biographical Overview of Nick
Molnar, who is currently one of the famous and popular entrepreneurs in Australia. In the year
2014, he established the organization of Afterpay, which is the famous E-Commerce business
firm, offering innovative payment to the customers that can help them to buy online products.
Nick is also currently the CEO of Afterpay.
The Current report will discuss the social and educational background of Nick Molnar
along with his entrepreneur traits. It will also focus on the opportunities that are developed due to
his business ideas along with the competitive advantage that can be gained due to the same.
Finally, recommendations are also provided that can help to improve upon the business ideas that
are developed by his Entrepreneurship traits.
Background of the entrepreneur
Nick Molnar is a young 27-year old entrepreneur with extensive experience in online
retailing. He is the CEO and co-founder of Afterpay Holdings Limited, which is an Australian
retail payment gateway and one of the fastest growing companies. It facilitates bridging between
retail margins and their customers by offering them a new buy take now and pay later service. It
does not require any end-customer by making them enter into an upfront fees payment,
traditional loan system or interests. It is a new payment system where shoppers can buy now and
can pay over months. Currently, after pay has a million customers and retail merchants over
5000. It is listed on the Australian securities exchange in the year 2016 (van Weele et al. 2014).

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Before he established after pay, he launched an American online jeweller website under
the local brand name of iceonline.com.au in Australia. His family has been in the jewellery
industry for past 30 years in Australia, and therefore he was able to combine the knowledge of
local product with online marketing for exploiting the gap in the market. He successfully grew
this business in Australia and became the largest online watch and jewellery retailer. He has also
worked at the venture capital as an investment analyst where he was responsible for the
investments in the growth stage.
During his journey with after pay, he discovered the way to find a niche. Later on, he
could commercially develop the business. The concept of buy now-pay later is famous among
the Australian customers and retailers. He developed a world-class team who invest genuinely
and share the company's vision and views. He is a leading businessperson and listen to your
customers and provide exceptional customer services which have helped him to evolve and
innovative his business. Moreover, Australia offered him many opportunities that helped him to
follow his path to success and to become one of the youngest entrepreneurs (Hendrickson et al.
2015).
Entrepreneurial traits
In the fast-paced Australian business, it is not easy to build an empire from the ground
and efficient and faster route to success; however, Nick Molnar skyrocketed in his career from
jeweller selling to become the managing director of ice online. He has the perfect skill for doing
a successful business in this digital age and listens to the customers and put their interests first.
He can take a risk and gain knowledge and experience from them he got an opportunity while
working in his jeweller business store and from where he emerged as a successful businessman,

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followed his path and finally established Afterpay. Nick Molnar entrepreneurial traits can be
explored through the length of trait theory. There are five characteristics of an entrepreneur.
While exploring Nick Molnar’s Leadership traits, he has the propensity to take risks, self-
efficacious and have an internal locus of control. When these traits combine, it becomes a
person system fit concept (Cavusgil and Knight 2015).
According to the trait theory of entrepreneurship, he has developed specific traits, which
have helped him to generate new ideas and create new Ventures. He has taken the risk to
establish Afterpay and predicted the future, which is efficient farsightedness. This is the most
important trait of an entrepreneur. He has the classical trait of tolerance of ambiguity where he
will stand the fear of potential failure and uncertainty in his business. In the past growing world
business, he has the vision to identify the overlook dishes and put them in front of emerging
fields and innovation He had self-belief that made him establish the concept of buying now pay
later after Pal which shows self-confidence as another entrepreneur iterate in him. He has
changed his business strategies according to the changing days and conditions of the market
which makes him a flexible entrepreneur who depends on adaptation. Concisely he has started a
business that has broken the rules And became a successful young businessman in Australian
retailing.
Opportunity recognition and idea development process
In the current days, The E-Commerce form of business is gaining huge popularity among
the population in Australia. This is mainly because the ecommerce platforms provide the
customer opportunity to choose from a wide variety of products. With the advancement of digital
technology, the popularity of e-commerce business is rising among the society of Australia.

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With the rise of popularity of e-commerce business, the tendency of people using the online
payment forms is increasing (Davidsson et al. 2011). The online payment is made with the help
of credit and debit cards. The business organization like Afterpay is providing Opportunity to the
customer to make payment for the desired products after the purchase is done through
instalments mode.
The service that is provided by Afterpay has been linked with all major online stores. The
major advantage of using this service compared to another form of financial loans is because
Afterpay helps to provide instant approval for the credit amount (Schaper et al. 2014).
The customers are getting an opportunity to pay through instalment methods, which is
increasing the sales of all types of the products. One of the major opportunities for this type of
business is because they can increase the total sales of the online retails. The Afterpay Company
has form partnership with all types of online retail stores, which has allowed them to raise the
popularity of the business. The online retail stores are also acting as promotional partners of
Afterpay. The major opportunity for the company comes from the use of theory of digital
marketing, which is highly effective in context of the modern day business. They are also
offering credit loans for buying online product category low-interest rate compared to banks and
other financial institutes (Wood and Davidson 2011).
The increase in the total number of online retail stores in the Australian consumer market
is also providing new business opportunities for Afterpay. With the introduction of the financial
assistance service of Afterpay, it has the ability to change the way consumers purchase product
of different categories from online retail stores. The ability of the Company to merge with all
other forms of business is providing them with the opportunity to expand the forms of business.

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It is also relevant to say that due to the financial assistance service introduced by Afterpay, they
can expand the business of other brands. Hence, the company is also acting as mediator to
enhance the sales of products of other brands. This can provide the company with the
opportunity to claim some share of the profit that is earned by other brands with the assistance of
Afterpay payment gateway.
Hence, the idea of Financial Service that is introduced by Nick Molnar have the
opportunity to make the huge profit with the help of Partnership that is formed with all types of
online stores and retailers along with repeated brands of popular products that are used by the
consumers of Australia (Davidsson and Steffens 2011).
Competitive advantages
One of the major competitive advantages of Afterpay compared to other financial
organization or banks of Australia is due to the fact that they are able to provide easy credit loans
to the customer for buying all types of products. The company also charges very less amount of
interest rates compared to other loan providers in Australia. The overall process of getting loan
approval from Afterpay is also one of the major competitive advantages because they are
providing instant approval with very less amount of official documents required in the form of
credit or debit card (Klyver and Bager 2012).
With the help of excellent business skills of Nick Molnar, it is possible for him to form
the business partnership with all major brands that are available in the online retail stores. This
is also one of the major competitive advantages of Afterpay.

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Conclusion and Recommendations
In conclusion, it can be said that the calculated risk-taking ability along with the effective
Entrepreneurship traits of Nick Molnar has helped him to establish Afterpay and take the
company to a popular position in the market.
It is recommended for Nick Molnar and his company Afterpay to make use of the
opportunity of digital marketing that can help to raise the popularity of the brand. It is also
important for the company to make the rapid and fast change in the business policies that will
help them to sustain in the market.

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Reference
Cavusgil, S.T. and Knight, G., 2015. The born global firm: An entrepreneurial and capabilities
perspective on early and rapid internationalization. Journal of International Business Studies,
46(1), pp.3-16.
Davidsson, P. and Steffens, P., 2011. Comprehensive Australian Study of Entrepreneurial
Emergence (CAUSEE): project presentation and early results. In New Business Creation (pp. 27-
51). Springer New York.
Davidsson, P., Steffens, P. and Gordon, S.R., 2011. Comprehensive Australian Study of
Entrepreneurial Emergence (CAUSEE): design, data collection and descriptive results.
Handbook of research on new venture creation, pp.216-250.
Hendrickson, L., Bucifal, S., Balaguer, A. and Hansell, D., 2015. The employment dynamics of
Australian entrepreneurship. Research Paper, 4, p.2015.
Klyver, K. and Bager, T.E., 2012. Entrepreneurship policy as institutionalised and powerful
myths. International Journal of Entrepreneurial Venturing.
Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small
business.
van Weele, M.A., Steinz, H.J. and Van Rijnsoever, F.J., 2014. Start-ups down under: How start-
up communities facilitate Australian entrepreneurship. In Paper to be presented at the DRUID
Conference (pp. 16-18).

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Wood, G.J. and Davidson, M.J., 2011. A review of male and female Australian indigenous
entrepreneurs: Disadvantaged past–promising future?. Gender in Management: An International
Journal, 26(4), pp.311-326.