Entrepreneurial Characteristics and Skills of Steph Croft-Simon

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ESSAY
Steph Croft-Simon
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Table of Contents
LIST OF FIGURES.......................................................................................................................3
INTRODUCTION........................................................................................................................4
DIFFERENCE BETWEEN A MANAGER AND AN ENTREPRENEUR............................................5
ENTREPRENEURIAL CHARACTERISTICS AND SKILLS..............................................................5
ANALYZING ENTREPRENEURIAL PERSONALITY BY USING BIG-5 MODEL..............................6
ANALYZING CORRELATION BETWEEN ENTREPRENEURIAL SUCCESS AND CHARACTERISTICS
BY USING MASLOW’S PYRAMID THEORY.............................................................................8
ANALYZING FACTORS WHICH HINDER AND FOSTER ENTREPRENEURIAL SUCCESS..............9
EVALUATING THE INFLUENCE OF BACKGROUND AND EXPERIENCES ON STEPH CROFT-
SIMON................................................................................................................................ 10
CONCLUSION.......................................................................................................................... 12
REFERENCES........................................................................................................................... 13
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LIST OF FIGURES
Figure 1: Big Five Personality Traits Model...............................................................................7
Figure 2: Maslow’s Pyramid Theory.........................................................................................8
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INTRODUCTION
Entrepreneurship is the capacity of developing, managing and organizing the venture
including handling the risk and aspiration to make a profit. It is a combination of land,
resources, labor and capital for producing a profit. This essay will lay emphasis on
entrepreneurs and entrepreneurship with their entrepreneurship characteristics and skills
helps in achieving the business objectives as well as success. This will be based on Steph
Croft-Simon and show the entrepreneurial personality by using Big 5 Model and show the
relation between entrepreneurial success and characteristics by using Maslow’s Theory. This
will also focus on the factors which hinder or foster entrepreneurial success and also
evaluate the positive and negative influence of the entrepreneur’s background d and
experience.
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DIFFERENCE BETWEEN A MANAGER AND AN ENTREPRENEUR
Manager: A manager is a person who tends to manage the overall business environment.
He gets hired as an employee by the HR manager of the company and has the responsibility
to manage the organizational tasks and focus on the achievement of the business target and
profit (Taneja et al., 2015).
Entrepreneur: An entrepreneur is a businessman who works for himself and the boss of the
company. He is a risk taker, a leader or an initiator and a responsible person as he is the only
person who is accountable for the failure and success of his firm (Schumpeter, 2017).
Their differences are:
Basis Entrepreneur Manager
Business Establish business by their
own (Schumpeter, 2017)
Work for someone else in
the business
Role They are owner They are employee
Risks Takes the financial risk of the
business
Risks are taken by the
owner, not by the manager
Reward They earn profit They work for a salary
Management Manages business and staff
members (Schumpeter,
2017).
Manages business and staff
members (Taneja et al.,
2015)
Focus Stating business Continuing operations
ENTREPRENEURIAL CHARACTERISTICS AND SKILLS
Steph Croft-Simon is a founder of Nom food which was launched as the first organic brand
of Popcorn in the year 2019 in the UK (Steph Croft-Simon, 2019). She is an entrepreneur and
her characteristics and skills are as mentioned below:
Passion: Steph Croft-Simon is passionate towards her work and isn’t working for earning
money. Most of the entrepreneurs are not afraid of performing hard work as their main
focus is on earning profit and achieving the organizational objectives. She is also focused on
her dreams and vision to achieve her personal and professional objectives (Kuratko, 2016).
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Motivation: She is motivated and dedicated towards her work as she is not reliant on her
employees because she has started her business on her demands and needs and have
enough skills to handle and perform her business stuff (Kuratko, 2016).
Optimism: Entrepreneurs have a clear vision about their business possibilities for growth
and opportunities which they share with their colleagues and employees as well as they can
predict the loss if their workings do not match up to their mark (Wang et al., 2016). Steph
Croft-Simon is an optimistic entrepreneur of small business she knows that her organic
products can boom in the market and provide her success to remain in the competitive
market (Kuratko, 2016).
Convincing skills: Entrepreneurs have skills in convincing their customers by introducing
their products with creativity in the market. Steph Croft-Simon has the quality of bringing
out the new and innovative food items for the benefit of the customers for their health
purpose and to maintaining the trust of the customers on her products and services
(Kuratko, 2016).
Communication skills: This is a very important skill which must be in any person or an
entrepreneur for conveying their views and issues effectively to others (Wang et al., 2016).
Steph Croft-Simon has the ability to convey her thoughts and innovation ideas to the
employees so that they can produce effective products as per her instructions and enhance
the relationship with her. This helps in maintaining the relationship within a company which
results in proper workings and effective results for reaching towards the goals of the
company (Kuratko, 2016).
ANALYZING ENTREPRENEURIAL PERSONALITY BY USING BIG-5 MODEL
The Big-5 model is used for defining the personality of the entrepreneur as it is a
multidimensional approach for measuring OCEAN (Kerr et al., 2018). This involves different
types of entrepreneurial personalities of an entrepreneur which impacts negatively and
positively on the business venture (Klotz and Neubaum, 2016).
Openness to experience: This describes the imagination, depth, breadth, complexity and
originality of an entrepreneur's experimental and mental life. Steph Croft-Simon has this
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characteristic of learning new things and experiences for gaining success. She is creative and
focused on confronting all the challenges in her life (Klotz and Neubaum, 2016).
Figure 1: Big Five Personality Traits Model
(Source Klotz and Neubaum, 2016)
Conscientiousness: This describes impulse control on social life which facilitates behaviour
of an entrepreneur towards goal and task orientation. Steph Croft-Simon spends her time in
preparing food and pays attention towards her doings effectively and plans her works after
conceding about others finishes her tasks carefully (Klotz and Neubaum, 2016).
Extraversion: It indicates an active approach towards the material and social world as well
as involves traits of entrepreneurs based on their activities, sociability, positive emotionality
and assertiveness. Steph Croft-Simon has high extraversion which tends her to gain more
energy in feeling excited and energized in every situation (Klotz and Neubaum, 2016).
Agreeableness: It contrasts a communally and prosaically orientation to others with hatred
and contains traits like tender-mindedness, altruism, modest and trust. Steph Croft-Simon
has a cooperative nature where she cooperates with her helpers and employees in order to
make good food and the way of gaining success (Klotz and Neubaum, 2016).
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Neuroticism: It contrasts emotional strength and temperedness with adverse emotionality
like feeling nervous, anxious, tense and sad. Steph Croft-Simon is emotionally stable and has
experienced a lot of stress in her life due to this sometimes she feels depressed and irritated
but this trait helps her in remaining stable (Klotz and Neubaum, 2016).
ANALYZING CORRELATION BETWEEN ENTREPRENEURIAL SUCCESS AND
CHARACTERISTICS BY USING MASLOW’S PYRAMID THEORY
Maslow’s Hierarchy of Entrepreneurial Needs theory helps the entrepreneur in becoming
successful by fulfilling the needs of themselves and the employees working for achieving the
organizational goals and objectives (Einstein et al., 2016).
Figure 2: Maslow’s Pyramid Theory
(Source Einstein et al., 2016)
Getting pay for creating something: This is the first stage which includes the creation of
something that helps in fulfilling the basic physiological needs of an entrepreneur and some
amount of money is enough for them to survive. The physiological needs are water, food,
shelter and rest which must be provided to the employees and taken by the entrepreneur to
work effectively (Einstein et al., 2016).
A business that supports itself: Once an entrepreneur gets successful in earning money, the
need for this stage starts supporting in giving the sense of security for creating a healthy
living. The passion of the entrepreneurs for achieving success in their life does not allow
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them to sit safely and do their work, for becoming successful it is necessary to bear the risk
and work for success (Einstein et al., 2016).
Business relationships: This includes love and belongingness with the employees by creating
a friendly environment of business and with family by spending time with them as by
creating business successful they forget to spend time with their family and friends and at
this stage they want to make relationships with others for gaining motivation and
satisfaction towards their success and in order to fulfill psychological needs (Einstein et al.,
2016).
Excellence in business: Every businessman wants to get success in the business which has
become an esteem need for the entrepreneurs that helps them in thinking out of the box
(Van der Zwan et al., 2016). At this stage, the entrepreneur wants accomplishment and
prestige for creating something new and innovative because of the sense of doing
something different in an optimistic way (Einstein et al., 2016).
Purpose & legacy: This is the stage of gaining self-actualization of the entrepreneur by
achieving potential activities by doing and creating money. The entrepreneurs are self-
motivated and passionate towards their workings which help them in getting success in their
life (Van der Zwan et al., 2016). This also helps them in modifying the business for starting
something new to get the highest point in the pyramid of entrepreneurial needs (Einstein et
al., 2016).
ANALYZING FACTORS WHICH HINDER AND FOSTER ENTREPRENEURIAL
SUCCESS
Hinder: Hindering entrepreneurship provides hurdles in the life of an entrepreneur like
lacking resources, customers, education, utilities, access, security and increase in corruption.
These are the factors which affect entrepreneurial success and results in loss and unreliable
in the market of the same kind of products and services (Gallucci et al., 2015).
Foster: Fostering entrepreneurship supports an entrepreneur in his/her innovativeness and
creativity for the development of the business. It helps in accessing the funds from the
government in order to grow the small business. It helps entrepreneurs in becoming risk
takers and also works for the safety of the environment (Gallucci et al., 2015).
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Steph Croft-Simon was born in London and her family lives in London and belongs to a small
family. She has studied sociology and teaches sociology at University (Allen and Truman,
2016). She passed out in 2004 from Headington Girls School and completed a degree of
Bachelor of Science from the University of Bristol. While she was studying at University,
unexpected allergies get developed which caused many problems in eating (Gallucci et al.,
2015). Due to working and stress in her life, she has founded Nom foods after suffering
from food allergies and skin problems. Her demographic and education fosters her
entrepreneurial skills, as well as challenges, hinder her entrepreneurial success like
competitors, government laws, rules and regulations etc. (Gallucci et al., 2015).
Steph Croft-Simon is running a small business of organic products in the UK where it was
started by homemade creations and now she is serving to all over the UK (Allen and Truman,
2016). Personal background of an entrepreneur affects entrepreneurial success as for
becoming successful support from family and friends is just as it helps the entrepreneur in
fighting with the flaws and difficulties in the start-up of the business. Her family has
supported her in setting up the business and provided her effective and resourceful
resources for the enhancement of the business and its growth (Gallucci et al., 2015).
EVALUATING THE INFLUENCE OF BACKGROUND AND EXPERIENCES ON
STEPH CROFT-SIMON
Steph Croft-Simon is one of the small entrepreneurs of the UK who is a founder of Nom food
which was launched as the first organic brand Popcorn of Nom foods in the UK. She has
studied sociology and teaches sociology to people at University (Steph Croft-Simon, 2019).
She was born in London and her family lives in London and belongs to a small family. When
she was teaching and studying she was suffering from health issues then she gets inspiration
to make organic and healthy products (Tarling et al., 2016). Further, she has founded Nom
foods after suffering from food allergies and skin problems. This was her background which
helps her for establishing small business after concerning about the health of other people.
Personal background of Steph Croft-Simon helps her in achieving the entrepreneurial
success because for becoming successful, support from family and friends is just as it helps
the entrepreneur in fighting with the flaws and difficulties in the start-up of the business
(Steph Croft-Simon, 2019).
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She had experienced many challenges in her starting career growth and a lot of sacrifices for
becoming a successful entrepreneur like not taking salaries, less seeing family and friends at
working hours (Tarling et al., 2016). Another problem she had faced about the funding and a
manufacturer for creating organic products which are made by her own. She also
experienced that people love to be fit and glorious and their buying behaviour is based on
healthy products (Kerr et al., 2018). These are the experiences of her which have helped her
positively in becoming successful and crossing the hurdles in life gives her strength and
motivation to learn from them and lead to generate profit and success (Steph Croft-Simon,
2019).
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CONCLUSION
By concluding this essay, it gets started that the entrepreneurs must have a positive mind
and effective personality for achieving the success for which this essay has laid emphasis on
entrepreneurs and entrepreneurship with their entrepreneurship characteristics and skills
helps in achieving the business objectives as well as success. This was based on Steph Croft-
Simon’s and showed the entrepreneurial personality by using Big 5 Model and have shown
the relation between entrepreneurial success and characteristics by using Maslow’s Theory.
This has also focused on the factors which hinder or foster entrepreneurial success and also
evaluated the positive and negative influence of the entrepreneur’s background and
experiences.
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