Bsc Banking And Finance Commerce Essay

There are infinite successful elements impacting our lives so greatly that are simplyaˆ¦ indefinable. We all think that we know what entrepreneurship is. However, what we fail to recognize is that we merely acknowledge who entrepreneurs are. Assorted theories by rational bookmans try to make a standing point to basically specify entrepreneurship. In order for a precise, complete and accurate definition to be constructed, there needs to be integrating between these theories and the existent features of bing enterprisers. This essay will show the rudimentss of entrepreneurship by discoursing the assorted entrepreneurial theories and comparing them with the traits of UK ‘s 2010 Young Entrepreneur of the Year, Tayub Amjad. ( Appendix 5 )

The Enterprise

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Zouk foremost initiated in Bradford, October 2006. It has received multiple admired acknowledgment and awards for its exceeding culinary art. The tea-bar and grill is managed by a passionate and intimate household. Zouk would non be the same without the touches of Amjad Bashir and his lawful kids Tayub, Mudasar and Habiba. Amjad ‘s 30 old ages restaurant experience along with his kids ‘s dedication, enthusiasm and invention have created one of the best eating houses in the UK.

The thought of Zouk was visualized by Tayub and Mudasar in 2006. Their escapades across India and Morroco inspired them to supply a different and alone touch of oriental nutrient with manner! Their male parent Amjad was pleased with the thought of a new coevals eating house.

The enlargement of Zouk was by making a two 100 40 place eating house located in Manchester, 2009. This topographic point is highly popular today and the topographic point to travel in Manchester. Further enlargement is planned for a new Zouk in Liverpool. ( Zouk, 2012 )

Tayub Amjad as an Entrepreneur

After the interview with Mr. Tayub and a long confab sing his personal and work life ; it is clear that he is classified as an timeserving enterpriser ( Smith 1967 ) . He is a in-between category educated single with a BSc grade in Mathematics. He participates in many activities being charity events and others across the state. He mentioned that one of the most rewarding experiences he had as an enterpriser was “ Working with under privileged childs and giving them vision. ” ( Amjad, 2012 )

As mentioned above, the thought of Zouk was a consequence of the going experiences Tayub had with his brother. However, the determination to really implement this thought was a consequence of careful long-run planning. That is what makes him a clear timeserving enterpriser. It was besides obvious that Tayub has excellent verbal and societal accomplishments.

Entrepreneurial Influences

Tayub Amjad was influenced greatly by three chief factors ; household, function theoretical accounts and instruction. ( MITCHELMORE, 2012 ) He was brought up in a really household oriented environment. He has a great relationship with his siblings and parents. What made Zouk a great success is the integrating of accomplishments, abilities and experiences of each member of the Bashir household. This has a great influence on the manner Zouk is managed. Tayub believes in appreciating the staff and handling them as household. The organisational civilization was described as “ Relaxed household atmosphere. We make all our employees believe in the trade name and they want to see it come on ” ( Amjad, 2012 ) Tayub ‘s function theoretical account is his Father Amjad Bashir. This shows the influence and experience he has on his boy ‘s success. He contributed to the initial beginning of capital for the endeavor every bit good. Last, instruction played a important function in assisting Tayub make his ends in a right efficient mode.

Entrepreneurial Role

Tayub illustrates this function through his intense agenda, difficult work and direction. ( Hisrich & A ; Peters, 2002 ) He works 16 hours a twenty-four hours “ Late start at approximately 9.30 look intoing my electronic mails and so be aftering my meetings acquiring consequences from all the concerns for the old twenty-four hours. ” ( Amjad, 2012 ) . His occupation is his precedence everything else comes 2nd.

Economic Theory

Tayub Amjad ‘s personality as an enterpriser verifies the Economic Theory of Entrepreneurship in assorted ways. Tayub ‘s success partially depends on UK ‘s economic conditions and inducements. ( Ynkamat, 2012 ) The Harvard Business School Economic Theory of Entrepreneurs can be greatly applied in Tayub ‘s instance. The combination of internal and external factors has a great influence on Tayub ‘s thought of the endeavor and the running of it. ( Chetty, 2010 )

Internal factors include Tayub ‘s intelligence and cognition. He has graduated from Manchester University with a grade in Mathematics. Other than that, his many escapades experiences going across the universe with his brother hold given him the chance to visualise the venture and implement it creatively. ( Gibb 1987 ) His intuition of class is a driving force to make such a voguish topographic point and maintain on accommodating to alterations in the environment. ( Welsh & A ; White 1981 )

External Factors include Political, legal, economic and cultural characteristics. Tayub was able to take advantage of facets like economic stableness and cultural values. Zouk still provides the cultural Pakistani and Indian culinary art. However, it besides provides an array of other western combinations. For case you can order chicken masala along with a raspberry mojito. That is what makes Tayub an advanced flexible successful enterpriser. ( Schumpeter, American School )

During 2006, when the first Zouk was initiated, the economic conditions were suited to establish a new advanced unique eating house. Tayub was able to take advantage of the handiness of finance, substructure and resources. Other than that, the market conditions allowed UK citizens to see such endeavors and spend their disposable incomes on alone oriental culinary art while basking the entertaining experience and fashionable scenes.

The 2nd Zouk in Manchester on the other manus acquired immense success because of the type of clients it attracts. There are many international pupils in Manchester that visit Zouk on a day-to-day footing. Tayub was able to admit this market status and adjust the scenes consequently. The pricing is low-cost, nutrient proportions are suited and the ambiance is highly entertaining. ( Appendix, 7 )

Psychological Theory

Tayub Amjad sets an first-class illustration of the Psychological Theory of Entrepreneurship. ( J. Robert Baum, 2006 ) He holds the indispensable psychological features supplied by assorted influences like household, society and civilization. He has an penetration of future ends, able to confront obstructions and has a high demand for accomplishment. ( Ynkamat, 2012 )

Tayub as a Visionary

Mr. Tayub is the type of individual that has a broad imaginativeness accompanied with specific ends, aims and marks. ( Casson ) His originative imaginativeness is what influenced his thought of opening a tea-bar and grill. However it is his strategic and proficient planning that lead to Zouk ‘s rapid growing and enlargement. ( Menger, Austrian School ) For case Zouk ‘s locations were determined by be aftering “ After market research and personally acquiring a feel for the countries in which we operate. Making certain they are portion of our trade name scheme ” ( Amjad, 2012 )

His hereafter ends for growing show how enthusiastic he is about the endeavor. His 10 twelvemonth end is to put up an international presence and offer adaptable installations. Tayub said “ Aiming for International enlargement and we are get downing a new construct for nutrient on the spell. ” ( Amjad, 2012 ) To accomplish this end Tayub has set a new in-between direction system easing control and enlargement.

Confronting Resistances

The interview conducted with Tayub shows that he is the type of individual that welcomes challenges and faces obstructions. ( Hornaday 1982 ) He made it clear that being an enterpriser is hard and requires sufficient sum of clip, energy and difficult work. He besides stated that jobs will ever happen and a smart enterpriser is able to confront and larn from them. He said “ You ca n’t forestall errors they make us who we are, but you must larn from each error and non make it once more. ” ( Amjad, 2012 )

Tayub embraces entreprenurial challenges because he merely loves what he does. He said the lone thing he would alter is that he would get down a concern earlier. His advice to future enterprisers is “ Do n’t be afraid of difficult work “ . ( Amjad, 2012 ) He said something merely and truly when asked about the forfeits an enterpriser has to do ” Everything and nil as you enjoy what you do. ” ( Amjad, 2012 )

This characteristic proves Rotter ‘s 1966 theory sing entrepreneurship ; internal venue of control. ( Rotter, 1966 ) As illustrated, Tayub does non believe in fortune, he believes in working difficult and commanding you ‘re actions, determinations and life to go a successful enterpriser. Throughout the interview, it was obvious that he has high assurance and belief. It is an look up toing characteristic ensuing in his success. ( Hornaday 1982 )

Need for Achievement

One of the initial traits discovered by entrepreneurial surveies is high winners. ( MITCHELMORE, 2012 ) This trait is found in Tayub ‘s personality. He classifies success as being the best in the field operating in. Relatively, Zouk is considered to be really successful. “ Zouk is regarded as one of the best eating houses in the metropoliss we operate. Our nutrient and trade name is associated with quality ” ( Amjad, 2012 )

Another important factor exemplifying Tayub ‘s high demand for accomplishment is his engagement in disputing entrepreneurial competitions. Tayub Amjad took portion in Prince Charles ‘ charity Mosaic, an awards ceremonial taking topographic point in London. This Mosaic interacts and wise mans the young person in different schools in the UK animating them by concern work forces and enterprisers. ( Welsh & A ; White 1981 ) After the launch of Zouk in Manchester, Tayub was nominated for this esteemed award. He encountered a panel of experts, where they judged his entrepreneurial experience. Efficaciously, Mr. Tayub the fiscal manager and conceiver of Zouk Tea-bar and Grill was awarded the rubric of Young Entrepreneur of the Year. ( Zouk, 2012 )

Innovation Theory

Joseph Schumpeter ‘s theory sing the advanced enterpriser that has establishment and penetration is applicable to Tayub Amjad ‘s character. Joseph Schumpeter classified an advanced enterpriser as a individual that introduces new production methods, merchandises, markets, resources or industries. ( Ynkamat, 2012 ) Tayub ‘s advanced nature is exemplified throughout Zouk ‘s broad scope of installations, culinary art and amusement.

New Merchandises

Zouk was ever celebrated for its core merchandise ( Indian and Pakistani Cuisine ) . However, when Zouk was launched in Manchester, the broad scope of Arab pupils sing the topographic point suggested that they should supply Shisha. It is some kind of H2O pipe with a assortment of fruity minty spirits. This merchandise is reasonably common and popular in Arabian states. Tayub has an first-class outgoing relationship with all his clients. And so, he made a trade with them to provide the hookah stuffs from Bahrain and prove the demand for it in Zouk. Fortunately, this advanced thought is one of the drive factors for Manchester Zouk ‘s immense success. The Arab pupils were highly happy to hold a topographic point to smoke hookah and eat good nutrient ; alternatively of traveling to Rusholme route. Other than that, the British citizens besides seem to bask this new merchandise. If you visit Zouk today, there is an out-of-door stylish puting where clients can sit fume hookah and eat at the same clip. The interesting thing is that, it integrates all kinds of people from all sorts. Now Tayub supplies the Shisha stuffs on his ain, from Arabian states and allows his Arab staff to run them. It is an first-class illustration showing his entrepreneurial penetration and creativeness. ( Appendix, 7 )

Tayub is besides offering a new service “ Zouk ‘s Cookery School ” . It is comparatively little graduated table, in which it is a half twenty-four hours cooking lessons. Students will larn to cook Zouk ‘s dishes holding a place usher every bit good. Tayub came up with this thought by besides listening to his clients. They enjoy eating the curries and would wish to cook for their households and friends. The cooking school seems to be successful in which visitants from Scotland, London and Cumbria join the categories. A trained chef is able to learn pupils from all degrees. ( Zouk, 2012 )

New Production Method

Tayub has taken Zouk to the following degree by bring forthing its fabulous culinary art to function the demand for catering and event direction. ( Hisrich & A ; Peters, 2002 ) They provide little graduated table and big graduated table services by making a great event. They have set a squad of adept chefs and event party contrivers to carefully plan and implement the juncture. The chef provides a bill of fare of extraordinary culinary art taking into consideration the client ‘s penchants while the event contriver sets the scenes tailored to the juncture and client ‘s demands. This new method will let Zouk to turn in a rapid gait and widen to newer exciting degrees. ( Zouk, 2012 )

New Market

As mentioned earlier, Tayub wants Zouk to hold an international presence in the coming old ages. He mentioned briefly about his programs to travel Zouk to the Middle East exactly in the Gulf part. He has visited Bahrain, Qatar and Kuwait late. Depending on market research, demographic analysis and his personal feel of the topographic points the determination to turn on a planetary footing will be made. For the clip being, Tayub wants to spread out domestically, by opening Zouk in Liverpool and shortly in London every bit good.

Acquired Needs Theory

Harmonizing to theorist McClelland people need accomplishment, power and association. ( Ynkamat, 2012 ) . In Tayub ‘s instance, the demand for accomplishment was presented earlier in the essay. The demand for association is besides illustrated through Tayub ‘s admirable relationships with stakeholders like clients, employees, providers and other concern work forces. The demand for power is presented through his strong personality and assurance. He believes that one of the best parts of being an enterpriser is being able to prehend chances as with competency and personal desire.

Need for Autonomy

Tayub does non suit the Bolton Report ( 1971 ) for being anti-social and a lone wolf. ( MITCHELMORE, 2012 ) However, he does like the fact that he can work for himself and non for others. ( Gibb 1987 ) His favourite portion of being an enterpriser is “ The self-denial and ability to see your thoughts turn ” ( Amjad, 2012 )

Risk-Taking Theory

Cantillon, Mill/Knight, Herbert and Link ‘s theories sing the separating trait of uncertainness in enterprisers is proven by Tayub ‘s escapades nature. They believe that an enterpriser needs to be able to take hazard combined with invention. ( MITCHELMORE, 2012 ) Any director can hold traits like demand for accomplishment, good contriver, face obstructions. However, they are non forced to take hazard or take a spring and get down something new and originative. ( Knight, American School ) When Tayub was asked to distinguish between enterprisers and employees he said ‘The ability to see chances and take hazards ” ( Amjad, 2012 ) Tayub took hazard when he foremost initiated a tea-bar and grill offering oriental culinary art in the UK. He besides takes hazards on a day-to-day footing planning for future growing and enlargements. Besides, his advanced merchandise, direction operational methods involve a certain grade of uncertainness. Furthermore, he seems to bask the bang and exhilaration doing him such an effectual enterpriser.

Decisions Recommendations

To reason, the character analysis of Mr. Tayub Amjad portrays several theoretical entrepreneurial surveies. He is an timeserving enterpriser with a high tolerance of hazard, strong venue of control and a monolithic demand for accomplishment. The economic and psychological theories were demonstrated in the essay by his personality and concern direction. It is easier for us to specify entrepreneurship when we have person to establish the surveies on. Of class other enterprisers will hold different surveies that apply to their lives and experiences.

It is recommended that he works on the international presence of Zouk from now, to avoid losing any chances. He should open a Zouk in Bahrain in which it is already popular due to UK pupil ‘s word of oral cavity.

It was a pleasance analysing such a successful, enthusiastic and inspirational enterpriser like Tayub Amjad.

Plants Cited

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Chetty, P. , 2010. Theories of Entrepreneurship. [ Online ]

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Dale, S. , 2012. @ Zoukteabar. [ Online ]

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J. Robert Baum, M. F. R. A. B. , 2006. The Psychology of Entrepreneurship. London: Society for Industrial and Organizational psychological science.


Ynkamat, 2012. Theories of entrepreneurship andentrepreneurial motive. [ Online ]

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