Nom Foods Case Study: Entrepreneurial Success Factors

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PROJECT 1
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Contents
Introduction................................................................................................................................3
Essay..........................................................................................................................................4
Conclusion..................................................................................................................................9
References................................................................................................................................10
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Introduction
Nom Foods is the company in the United Kingdom their headquarters present in the region of
the European Union (EU), and this company was founded in 2013. The founder of this
company is Steph Croft-Simon. The company launched the Nom Popcorn in the year 2015
and this is the first organic popcorn brand in the UK. This essay gives brief information about
the Steph Croft-Simon activities and their achievements and how she started their work to
achieve success. Different analysis factors are discussed in this essay to describe the
information about the Nom Foods Company and the launching of Nom Popcorn.
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Essay
Difference between an Entrepreneur and a manager
An Entrepreneur is the one that runs the entrepreneurship and they have some unique
qualities and ideas that helps them for the success in their endeavors. An entrepreneur is an
initiator or the leader and guides their team members on the right path. They always work for
bringing the new business ideas for starting their projects. They are a very responsible person
and they take their responsibility very seriously and responsible for the success and failure of
the ventures. The main aspects of the Entrepreneurs are their leadership qualities which make
them different from other people like the manager of the company and so on (Koudstaal, et.
al., 2015).
A manager is the one which is responsible for the management of the company or the
particular department in the organization. The manager is not the owner of the enterprise and
their job is only to manage the people or the department and ensures that the work is going
smoothly. Also, the manager has some similar qualities as an Entrepreneur has such as
accountability, leadership, determination and many more. This is all about working condition,
qualities, and roles of the Manager and an Entrepreneur that how they manage the
organization and make some profit for the organization (Kulchina, 2017).
There are some of the major differences between the Entrepreneur and Manager:
An entrepreneur has some unrealistic and also they bear all type of financial risks which may
arise during operations on the other hand manager always work for their salary and they also
not have to take any type of risks.
The entrepreneur always focusing on expanding of the business ideas while Manager only
focuses on the daily functioning of the business which is recommended by the Organisation.
For the Entrepreneurs the achievement is their key motivation of work while the manager's
key motivation only comes from their position at which they work.
For Entrepreneurs, the rewards are only the profit that they earn from the company and for
the manager the payment as the salary that they draw from the organization.
An entrepreneur may be in informal or the casual form while managers have to be formal for
approaching every problem.
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Entrepreneurial Characteristics and skills in order to achieve success
Entrepreneurs are the man who is always ready to take the risk at any time and some say they
are the people who are starting their successful business in the market. There are some
qualities of the entrepreneur which were divided into different categories such as in personal
characteristics, Creative thinking, Interpersonal Skills, and Practical skills (Velu, et. al.,
2016).
In Personal characteristics, there are some characteristics which are important for the
Entrepreneur. Optimism is the first point which is a strength and this help the Entrepreneur
to get from the critical times. Second is Vision which is helpful for grasping the big picture
means to the convincing vision for the future and for that vision inspire other people for the
engagement in the vision. The third is Initiative where the Entrepreneurs take the initiative to
start the business. Fourth is Persistence that the people were self-motivated and also
energetic for preparing for the hard work. The fifth is Risk Tolerance this is a major point
for an Entrepreneur for taking the risks while making effective decisions. And at last, sixth is
Resilience here the entrepreneur always take pick up themselves when the things do not go as
they planned for the business (Lee, et. al., 2015).
In Interpersonal Skills, there are some important points as first Motivation and Leadership
because an entrepreneur always motivates others and lead the team and also to deliver their
ideas and vision. The second is Communication Skills an entrepreneur have to communicate
well through which they can easily able to sell their ideas for the future to the investors, team
members and to others. The third is Listening has an active listening quality in the
entrepreneur because make and break of an entrepreneur depend on their listening skills.
Fourth is Emotional intelligent, where Entrepreneur has a higher emotional intelligence may
help to work easily with others in an organization.
In Creative thinking skills, there are some points as first Creative thinking in which an
entrepreneur has to see circumstances from the change of viewpoints and also to come up
with the different ideas. Second is problem-solving, an entrepreneur always coming with the
actual solution for the problems which they are facing in the business. The last point is
recognizing opportunities which are very important for the entrepreneur to see the
opportunities and make the plan according to the situation (Van, et. al., 2016).
In Practical skills, there are some important points which an Entrepreneur have to follow for
the success such as the first point is Goal Setting in this point an Entrepreneur has to make
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the plan which is effective. The second is decision making that is the major point for the
business entrepreneur have to take a decision on relevant information and also be very
confident about the decisions that were made. The last point is planning and Organising this
need talent and skills for achieving the goals an entrepreneur has the skills to develop well-
thought business plan which is very necessary for the growth of the business in the future.
Big-5 Model and Croft-Simon’s Entrepreneurial personality
There is the five Entrepreneurial personalities that helps to describe the Croft-Simons as.
The first Entrepreneurial personality is the Passion because the entrepreneurs basically not
work for the money the main thing is that what they love the most is implemented by the
entrepreneur for the business. Making of the business may take some more time and also hard
work, which means that one has to give extra efforts for the business and if the business is not
loved by the Entrepreneur than they are no longer maintain their business. In the case of
Nom's Food, the Steph Croft-Simons has the passion of doing business and they also generate
some idea such as to make Nom Popcorn in the year 2015 and idea is to make the first
organic Popcorn brand in the United Kingdom (Lu, et. al., 2016).
The second Entrepreneurial personality is Motivation because all the entrepreneurs are
devoted to their work and they do not depend on their manager or team members to push near
to the goals. Entrepreneurs always try to motivate their team members. Croft-Simons know as
well that how to communicate with their dreams and also to inspire others for joining in their
journey of new business.
The third Entrepreneurial personality is Optimism, Entrepreneurs are optimistic for the
future and they are always looking forward, they have a clear vision which they share it with
others. The team members with the entrepreneurs also understand the goal and their
respective work and role in the success path. An entrepreneur is always goal-oriented and
they plan and also make efforts for reaching that goal. Here in the case of Croft Simons, the
idea was build according to the present market and they take it as the opportunity and make
something different which is really loved by the customers.
The fourth Entrepreneurial personality is Creativity because the Entrepreneurs always do not
think in the way that every person think they always think differently and their creative ideas
make them different from the other people. All the business depends on the big and creative
ideas and this all comes from creativity. Croft Simons also think differently about making the
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organic Popcorn which is really different from the others in the market. The normal Popcorn
may harm the health of the people but the Popcorn which were made by the Nom's Food are
truly made up of organic material. This is the new way of doing their business and stand
outside of the box (Sajilan, et. al., 2015).
The fifth and the last Entrepreneurial personality is Risk Takers because taking the risks is
the part+ of the business but this does not scare any Entrepreneur. This is very necessary for
all the Entrepreneurs to achieve the goals and all they are understand this. If the Entrepreneur
does not take any type of risks for some time then they never get anywhere. The
Entrepreneurs always see challenges and risks as opportunities and not only as of the
problem. Croft Simons also look at new challenges as an opportunity for the future and the
company tries to make something different from the market. New ideas also depend on the
demands of the customers that what they want in the present time and work accordingly to
achieve success.
Maslow’s Pyramid and the correlation between Entrepreneurial characteristics and
Entrepreneurial success
The Maslow's Hierarchy was first to introduce in the year 1943 for the paper named as the
Theory of Human Motivation. At the lowest level of the pyramid, it is made up of the basic
needs and the most important and difficult needs are at the top of the pyramid. In the lowest
level, there are the needs which are very basic in life such as water, food, sleep, and also
warmth. When this needs may fulfill than the people goes to the next level which is known as
the security and safety level and when this need gets fulfilled the people goes to the other
level which is love and friendship after that the level comes with personal esteem and other
feelings of the people. At last the level complex level come with self-actualization this is the
level of growing and development of the individual.
The Entrepreneurial characteristics and Entrepreneurial success are correlated with each other
because the success of the Entrepreneurs is defined by their characteristics if the good
characteristics are made by the entrepreneurs than they definitely make the success and easily
achieve their goals with creativity and hard work.
Other factors which are foster the Foster or hinder the Entrepreneurial success
Culture and Education are the factors that foster the Entrepreneurial success because the
organization establishes the different culture of education that is tolerant of the new ideas that
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are accepting some of the risks and also encourages employees of the organization to think
outside of the box. The culture and innovation is the best way for Entrepreneurial success
because it helps to build a relationship and teamwork environment in the organization
(Cherry, 2017).
Financial Status is also effecting the Entrepreneurial success because some of the ideas need
financial help and some want only a great idea to implement which is come from the
opportunity from the present status of the market.
Demographic factors such as Influencing of the income on the business, Age variables,
Geographic variables and also other factors are responsible for the Entrepreneurial success.
Critical Evaluation
Entrepreneurs are the people who are different from others because they have the ideas and
creativity to build a business and make a profit for the organization. But most of the time the
Entrepreneurs are facing failure due to lack of awareness of the project and understanding
their plans are not match with the needs and the requirement of the people in the market.
Entrepreneurs have to think safely and by considering all the available resources.
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Conclusion
Nom Foods is the company which is situated in the United Kingdom their headquarters
present in the region of the European Union (EU), and this company was founded in 2013.
The main idea that was built by the Croft Simons is to make the Nom's Popcorn which is
made up of organic materials and this Popcorn is not harming the health of the people. There
are also characteristics that were discussed in context with Entrepreneurs and managers.
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References
 Cherry, K., 2017. Maslow’sHierarchy of Needs. Dursun, A.(2011). Dede Korkut
Hikâyelerinde Halk Hukuku. Electronic TurkishStudies, 6(4).
 Koudstaal, M., Sloof, R. and Van Praag, M., 2015. Are Entrepreneurs more
Optimistic and Overconfident than Managers and Employees?.
 Kulchina, E., 2017. Do foreign entrepreneurs benefit their firms as
managers?. Strategic Management Journal, 38(8), pp.1588-1607.
 Lee, S.M. and Lee, B., 2015. Entrepreneur characteristics and the success of
venture exit: an analysis of single-founder start-ups in the US. International
Entrepreneurship and Management Journal, 11(4), pp.891-905.
 Lu, M. and Pan, H., 2016. Entrepreneur and enterprise development: human
capital, political capital and decision-making style. In Government-Enterprise
connection (pp. 39-60). Springer, Singapore.
 Sajilan, S., Hadi, N.U. and Tehseen, S., 2015. Impact of entrepreneur's
demographic characteristics and personal characteristics on firm's performance
under the mediating role of entrepreneur orientation. Review of integrative
business and economics research, 4(2), p.36.
 Van Ness, R.K. and Seifert, C.F., 2016. A theoretical analysis of the role of
characteristics in entrepreneurial propensity. Strategic Entrepreneurship
Journal, 10(1), pp.89-96.
 Velu, C. and Jacob, A., 2016. Business model innovation and owner–managers:
the moderating role of competition. R&D Management, 46(3), pp.451-463.
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