Introduction
Entrepreneur can be defined as the individual who is making something new and put the thought into concern. As a enterpriser must be able to confronting the hazard no affair it is already exist or contingent hazard, it must do the best to accomplish the mission of the organisation to spread out the concern to go bigger.
Martin Symes was a win enterpriser in the air hoses market. He was joined WEGO as Chief Executive Officer in March 2006. Before Martin Symes joined WEGO, he has besides a held senior which was worked at British Airways and American Airlines, he about had 15years ago experience in the travel industry and he was win convert an air hose executive to travel into travel e-commerce.
The web site of the WEGO is ( hypertext transfer protocol: //www.wego.com ) . Harmonizing to the research from WEGO web site, it can easy specify what WEGO is in merely three words, “ WEGO is travel hunt engine ” . And the missions of WEGO are “ invariably spread outing our range by incorporating more sites ” , “ implementing our most requested characteristics ” and “ localisation for cardinal travel markets ” .
2.1 Characteristic
Characteristic can be defined as a typical or noticeable quality of person or something. As an enterpriser, it ever shows a few characteristic from themselves such as duty in their work, assurance about their work, and invention.
2.1.1 Vision, passion and feeling in concern
To be a successful enterpriser, the vision, passion and feeling is one of the of import factors to assist people step to the route to success. Equally good as you are involvement in the concern the feeling that from head is clearly show that what you want to be, what you want to make and how much the enthusiasm and energy should set in on. Equally long as a individual has such possible to implement what they love to make, it will inculcate all they do.
Harmonizing to the instance survey, “ Martin Symes descrying a spread in the airfare market within 10 old ages ago before left his calling as an air hose executive and travel into travel e-commerce ” , the information show that he passion on what he traveling to be done, he enjoy managed to last such job in concern, hence he start up a concern by ain from nil and run a long clip ago to show the passion for the travel concern.
2.1.2 Future orientation-serial enterpriser
To go a success enterpriser, it must be able to gauge and understanding what is future demands for the client, what are the merchandise or service can be success and it can be exist in the hereafter market, what are the most of import factors can be impact the hereafter.
Harmonizing to instance survey, “ when Martin Symes work at air hoses such as British Airways and American Airlines, he knew that Asiatic travellers who wanted to compare monetary values and store about for airfares were non good served. ”
Through the instance survey, Martin Symes have a really clearly image, which is the Asiatic travellers will increase in future and the of import things to pull the travellers are monetary value and service provided.. Therefore, Martin Symes believed and gauge these two elements are really of import in the hereafter airlines market. When Martin Symes wanted to get down the concern, this thought became most basic component available for the company to pull more possible client.
2.1.3 Knowledge and experience
Knowledge refers to understanding the information about the topic through their ain instruction, experience and the information that already exists in the minded of people. The demand of cognition for an enterpriser is depend on what industries they involve.
Entrepreneur need to take and pull off the employee, be aftering the undertaking and do the of import determination and confronting the hazard. Therefore, the experience of enterpriser usage to pull off employee, make judgements, prognosis and do determination. The cognition usage to analysis the failing and menaces in earlier to cut down the hazard and place the strength and chance to spread out concern.
Harmonizing to the instance survey, “ before Martin Symes started the concern, he worked at British Airways and American Airlines and the place was Pull offing Director, Asia Pacific. ” Besides that, Martin Symes had MA grade from the Oxford University and MBA from London Business School.
It shows out the experience and instruction degree ain by Martin Symes. He had experience in the air hoses market, this will assist him when he pull off he ain organisation and assist him do the right determination devising. Furthermore, he besides had the MA grade and MBA certification, which mean he had the cognition to do the analysis and come out with concern program.
2.1.4 Invention
Invention can be defined as a procedure which can be better the thought or something that is already exists. To go a success enterpriser, it must be come out with something new which is different with the merchandise or service that already exist in the market to last.
From the instance survey, Martin Symes confesses “ that the concern theoretical account was n’t original ” and “ over clip we have evolved our ain theoretical account to the singularity of the markets that we ‘re truly focused on. ”
Even Martin Symes copied the concern theoretical account from others, he still put the new thought into the concern which is making e-commerce and evolved the concern theoretical account to the unique in the markets. Martin Symes look at the chance of growing in the figure of people who willing booking travel by online and he believed that with the new coevals of computer-literate people in South-East Asia is an chance to develop and spread out the air hoses concern become bigger. But all the win thing was because Martin Symes come out a new thought and implement the thought into scheme for achieve it in the invention method.
2.1.5 Assurance in their ability to win
Self Confidence is must for a successful enterpriser. Whatever the determination devising can be success or failure at present or at the hereafter, you must believe that your thought is the best. Do n’t listen to what others misguide people say about you thought, no affair they say your thought is bad, illogicalness or rubbish, an enterpriser must maintain traveling believe that your thought is good.
In the instance of Martin Symes, he had says, “ There are a batch of people here that I ‘ve met along the manner who have done some truly cool material and so merely merely had to give up because they ca n’t afford to travel on. ”
Martin Symes stated that the enterprisers who are failure in their concern because they are lack in assurance to continuous even the thought is good. If they can maintain running their thought, continuously better and larn from the error which gained, possibly they can be succeeds in the terminals merely like Martin Symes.
In the apprehension of the group, Martin Symes stated that the enterprisers who are failure in their concern because they are lack in assurance to continuous even the thought is good. If they can maintain running their thought, continuously better and larn from the error which gained, possibly they can be succeeds in the terminals merely like Martin Symes.
2.1.6 Ability to take hazard
Ability to take hazard refers to the capable of a individual when confronting job on the concern, how they traveling to work out and ability to taking the hazard among the little period of clip. Hazard will go on every twenty-four hours across concern activity, it ‘s unable to command and necessitate a speedy determination effectual solve the job, if entrepreneur unable to take the hazard and afraid of taking opportunities when chances strikes, concern might neglect to last.
Example of enterpriser Martin Symes get downing a concern has one piece of advice, which is “ It ‘s traveling to take longer and cost more than you think. ” It convey that cost is of import when run a concern, that because he did non cognize how much the cost will pass, how longer the clip should see and what sort of hazard will be taken in the hereafter.
Martin Symes see the support precedence when start up, the ground is traveling to forestall the finance job in the hereafter. Hazard of finance was portion of job exist in the concern, most concern fail because misreckoning of cost disbursement and deficiency of finance support, so that he strongly see the fiscal aid available and how stable for an enterpriser to get down up a concern, because it might be accompany whole life with an enterpriser.
2.2 Problem facing & A ; Solution
2.2.1 Hazard of start-up new set of market
From instance survey, “ a whole new set of marketsaˆ¦ opened up of people that merely could n’t go before. ” The first job Martin Symes faced the job of how to work a new air hoses market which is cipher has done it earlier. As in the instance “ One of the biggest challenges of puting up an online concern is converting people to make things otherwise to how they ‘re used to making it ” . The hazard when he started the concern is really high, because it was ne’er the thought that the other individual had done, it could be succeeded or failure. The emphasis was excessively high and it can take to doing incorrect determination. Although the thought is advanced, but of the error could be do an enterpriser become failure such as direction error, weak selling attempts or miss in experience
Solution supplier
Martin Symes can use the three of import elements by Michael Porter into the concern. The first component is “ cost leading ” . This scheme refers to command and cut down the cost disbursement by the concern. Cost is really of import to a new company, company can command the cost by cut down the waste in day-to-day operating, selling or budget. In another manner, provide the low cost scheme can cut down the monetary value degree, it helps to fulfill the consumer behaviour to pull more possible client.
In the position of group, Martin Symes was successful and became a succeeded enterpriser. The sentiment of group, Martin Symes could be using the three of import elements inside the concern scheme by Michael Poter.
The first component was the “ cost leading ” . This scheme applies by the concern which is new and it can assist to command and cut down the cost disbursement. Cost control is really of import for new company, welling control the cost can be cut down the waste whatever in operating production, selling or finance. In another manner, provide the low cost scheme for reach satisfaction of the consumer behaviour, so it can pull more possible client.
Second component is “ distinction ” . This scheme is mentioning to the service or merchandise which is supplying to the client must be alone against rivals. As an enterpriser company must be more different with other because the demands of clients are different. Therefore, service provided must be alone to pull more clients. A good illustration from Martin Symes is provided the booking travel online service is new and alone in the air hose market. Customer will travel for the service because it is user friendly to client.
The last component is “ focus ” . It refers to functioning a peculiar section of market and dressed ore in concern activity. As an enterpriser star-up a new concern it must be focus on point of the full concern thing. If it merely halfhearted attempt on that, of class the hazard in failure must higher.
2.2.2 Worked for Multi- subjects
Martin Symes confronting the job which was he needed to worked at different state such as Singapore, Europe and US. Martin Symes admitted that were personal challenges to get the better of when he started concern. Because the needed of different subjects was in equable such as communicating job, different societal and cultural, different political legal, different economic and different instruction. Therefore, it is a large barrier when he do determination or planning schemes for different state because he needed considered all the factors when make determination to accomplish concern aims.
Solution supplier
It is impossible to fulfill the different state client if utilizing the same schemes in different state. The company should come out with different scheme in different state in satisfy different state client.
For case, Martin Symes can use local employee as the director in the different state. The ground is local people know their state cultural and client demands more than the top direction who from different state. The company should besides give the power in brand determination to the state director.
Besides, the company can be after out scheme otherwise due to state economic conditions to do the accommodation in monetary value puting seem like the value of the UK lb were bigger than Singapore dollar ; therefore may put down the airfares monetary value of Singapore cheaper than UK which included calculated harmonizing to the exchange rate.
2.2.3 High season menus and low season menus
As a travel enterpriser, before enter to tourist industry should be recognize that it might be season job. It normally separate into slack season and roar season. Different season have draw up different menus, but it merely appear in a period of clip. Martin Symes knows that have slack season and roar season job, so the airfares might holding accommodation in different season. The slack season is the cardinal factor affect travel concern face job in gross revenues of ticket and on the period clip.
Solution supplier
To cut down the affect of the slack season, Martin Symes can come out with publicity to put up a specialised bundle to promote traveler pass their vacation during slack season. He besides can construct up relation with lower rate hotel reserve convenience for traveller to salvage more money in adjustment fee.
Another solution is cut down the figure of flight to certain non in popular location. Besides that, the company can set the monetary value scheme such as cut down the airfares during slack season to pull more client.
2.2.4 Lack of experience and accomplishments
In point of Martin Symes, he found that the collaborative attack of a start- up company less efficient at times than large corporations. This because new entrepreneur deficiency of experience and accomplishment of the calling, so that new enterpriser likely need to pass more clip to see and measure what determination should do. The enterpriser will besides unable to work out the job in short period of clip. Martin Symes besides will confront deficiency of experience in direction of the company.
Solution supplier
Martin Symes can see job as challenges, construct up a support squad to analyse the job and take some clip discuss the job with other people. Besides that, an enterpriser can do readying before the job occur confronting ability job to manage. Preparation can be a schemes plan to make competitory advantages on the concern, it may carry on larning environment to guidance an enterpriser success in the hereafter. Furthermore, an enterpriser should hold read a batch of book or intelligence to heighten the capableness, take the experiences value from others people, makes the job they are confronting as an illustration in life, see how they are traveling to work out and larning the expertness at the clip. Martin Symes besides can use senior adviser or adviser with a batch experience in the industry to give sentiment in direction and selling of the organisation.
2.2.5 Lack of fiscal support
Most concern confronting failure such as insolvents or shut down because deficiency of the fiscal support and capital non plenty job, particularly start-up ain concern. Martin Symes promote who want to be an enterpriser to start-up a concern should be strongly see fiscal available for the concern. From instance survey, Martin Symes advice, “ It ‘s traveling to take longer and cost more than you think. ”
Most of new concern running on a regular basis would hold take loan with banking or authorities to back up, but some authorities will refer how strong concern and ability to pay back the loan.
Solution supplier
Entrepreneur can make a budget list to budget the income and disbursals of concern, so through cut cost method to salvage unneeded disbursals. For illustration, cut down transit fee on the low season period clip. The concern can use loan from the banking establishment.
` On the other manus, enterpriser besides can use fiscal support such as low involvement rate loan and subsidies from authorities. To acquire aid from authorities, enterpriser can do investing in the states to do them confidence to your concern and demo how stable ability of the concern running. An illustration of enterpriser can purchases assets such as premiss or land in the states, mortgages the belongings to do secure to authorities.
Furthermore, an enterpriser besides can do insurance protection to avoid fiscal hazard appear. When start- up a concern should guarantee that the concern is full protection by insurance, because in a concern might confront the state of affairs unable to be control, such as accident and disablement. If these sorts of state of affairs appear concern can through insurance for claim procedure to cut down the loss of concern.
3.0 Decision
To go a success enterpriser, the individual must hold some of import feature to assist them change over their thoughts to world. These characteristic include vision, passion and feeling to the concern means do the concern that you are interested or know good. Future orientation-serial means the enterpriser can calculate what will go on or what are the demands before it go on. Knowledge and experience besides must to entrepreneur when they make determination and direction the organisation. Invention refers to better the current merchandise to allow it can execute better or more functional. Assurance besides of import when get down a new concern, enterpriser should non easy give up. The last is ability to take hazard, this refer to the ability when enterpriser face job and the ability to work out the job instantly.
When entrepreneur start with new concern, there are a batch of job and challenge. The ways and solution to work out the job is cardinal to traveling to success. The job Martin symes faces are hazard of start-up new set of concern, demand to work multi-nation, the menus of flight, deficiency of experience in direction, and deficiency of fiscal support. Martin symes can work out the job that he faced and go success today.
4.0 Bibliography
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