Entrepreneurship And Business Planning †MyAssignmenthelp.com

Question: Discuss about the Entrepreneurship And Business Planning. Answer: Introduction: Entrepreneurship is known as the process to design, launch and operate a business organization (McIlroy 2017). Entrepreneurs usually carry out business venture autonomously. They are considered as risk takers, as it is not easy to operate any business organization individually. He needs to take various challenges while carrying out any business venture. There are many leading entrepreneurs who have bought revolution in the business world by their efficient and effective performance. Harry Triguboff is one of them who have put a strong footprint in the industry by his innovative performance. Harry Oscar Triguboff is an Australian entrepreneur who has started his journey of entrepreneurship as property developer. He is the founder of the Australian real estate company called Meriton, which is known as High-rise-Harry. He has secured the position in the list of Australias richest people by his performance. Harry is the son of builder who used to operate his business in China. He belongs to a well-educated and well-established family. After completing his education and trying his hands in several odd jobs, Harry finally entered in the world of real estate (Johnson and Baker 2015). The following article has concentrated on the entire life and career of Harry Oscar Triguboff. The report has articulated various aspects of his life to provide vivid idea about his growth. Reasons of being categorised as an Entrepreneur: Entrepreneurs are often called self-made person. Entrepreneurship is considered as the willingness of the person to design and developed a business organization. They work as a leader in their organization, not as subordinates. They possess the capacity to run and control their business organization. Entrepreneurship is the combination of few particular skills and qualities, such as- willingness, risk-taking capacity, leadership skills, punctuality and motivational skills, willingness to learn and so on. The efficiency level of the entrepreneurs are measured on the basis these qualities. In this scenario, Harry Oscar Triguboff possesses all such qualities that have led him to become one of the most famous entrepreneurs of the decade. He has leadership skills, risk taking capacity and willingness to learn, which is reflected in his decisions. He has implemented all his knowledge from his previous jobs in his real estate business. Thus, it has helped him to avoid many future risks and obstacles. He is running his organization successfully by his leadership and innovative skill. Thus, it can be stated that the Harry Oscar Triguboff has all the potential to be categorised as entrepreneur (Rutland 2013). Type of Entrepreneurship: There are five types of Entrepreneur, such as- Skeptical Entrepreneur, Copycat Entrepreneur, Research Entrepreneur, Determined Entrepreneur and Accomplished Entrepreneur. The qualities and skills of the entrepreneurs distinguish them from each other. Skeptical Entrepreneur: Skeptical Entrepreneurs are those who always concentrate on the success of other entrepreneurs and try to measure the success and identify the reason behind their success. Skeptical Entrepreneurs always questions the success of other business persons (Bull 2014). Copycat Entrepreneur: Copycat Entrepreneurs are those who follow the footsteps of other entrepreneurs and adopt their skills and qualities. Research Entrepreneur: Entrepreneurs who are willing to learn and often conduct research o gather knowledge about how to run a business organization successfully and what are the key elements of the successful business organization are called research entrepreneur (Haggstrom 2017). Determined Entrepreneur: Entrepreneurs who are determined to achieve their goal and people who are not ready to compromise on the goal are called determined entrepreneurs. This type of entrepreneurs are always ready to go to the any extend to earn their desired target (Fisher 2015). Accomplished Entrepreneur: Entrepreneurs who have reached to their desired position after going through all the phases of becoming a successful entrepreneur are called accomplished entrepreneurs. This type of entrepreneurs concentrate on every aspects of entrepreneurship and figure out what are the key factors that will be suitable for him to earn the desired organizational goal (Birrell and McCloskey 2016). By evaluating various traits of the entrepreneurs, it can be stated that in this scenario, Harry is an Accomplished Entrepreneur who has reached to his desired target after experiencing all the stage of entrepreneurship. From 1963, with the start of his first development, his journey as an entrepreneur has been started. Since then, he has put a strong impact on the world of Entrepreneur by his remarkable performance. He has faced various challenges and obstacles during this period, but his efficiency and hard working capabilities has led him to become the pioneer in the real estate industry of Australia. After 47 years of his career, he has been announced as the Australias Wealthiest Businessman in 2016. Thus, it can be mentioned that he is an accomplished entrepreneur who has put his remarkable mark in every step of entrepreneurship and finally reached to the final destination (Birrell and McCloskey 2015). Skills and Talents: Harry Triguboff preserves many skills and potential those have led him to achieve this target as a successful entrepreneur. He has a strong learning capacity. He is willing to learn and he tries to gather knowledge from everywhere. He has implemented all his previous job experience and learning experience while starting up his business for the first time (Bolleter 2017). On the other hand, he has the leadership quality that is highly required to run any business organization successfully. It helps him to manage his organizational function in this competitive era. He always tries to motivate his subordinates to participate in the organizational function by using his motivational skills. He always maintains healthy relation with his teammates to make sure that they are committed enough towards the organization (Squires and Heurkens 2014). Moreover, Harry has remarkable patience level which is considered as his key success factor. It was not easy for him to establish his own business empire. He has undergone several rough patches to achieve his desired goal (Leigh 2013). Temperament of the Entrepreneur: It is important for every business person to have a good control over their temperament. Otherwise, it will be difficult for them to survive in this competitive era. In this scenario, Harry has high patience level along with a good control over the nerves which influences his growth as a entrepreneur (Rivera Quiones 2013). Entrepreneurial Orientation: Entrepreneurial orientation mainly focuses on three dimensions of entrepreneurship, such as- risk-taking capability, innovation and pro-activeness. In this scenario, Harry Triguboff is the combination of these three dimensions (Mintrom, Salisbury and Luetjens 2014). His risk taking capacity has led him to establish his own organization with little knowledge about the real estate sector. Although, his father was a builder, he has not taken any kind of help from his father while setting up his business. He was aware of the fact that he might face various challenges in this path. However, it does not put any impact on his decision. He has taken various notable steps in his career that influences his growth (Foley and O'Connor 2013). Innovation is another key word of the success of Harry Oscar Triguboff. He has taken several innovative steps in his career that plays major role to establish him as one of the renowned name in the business world. He is the creator of the World Tower, which is considered as the tallest building of Sydney. He has taken various initiatives to participate in the community development, which have helped him to maintain healthy relation with the local community and people around the organization. He is associated with Wests Tigers since 1988, which has grabbed the attention of the large number of consumers (Collins et al. 2016). Pro-activeness is highly required for every entrepreneur. As entrepreneurs are the only leaders of their business, it is their responsibility to protect their organization from any kind of future threat. Thus, in this scenario, it can be stated that Harry is capable of identifying future risks, which worked as a major strength of his business organization. He has started his journey as a builder with single apartment. He has assumed that people who have small families often look for single apartments and small houses, which has led him to build small apartments and reach to his target market (Salignac, Galea and Powell 2017). Motivating Factors: There is a single factor that has motivated him to start his own business venture. He is mainly motivated by the negative approach of a builder, who has been hired by him to establish but buildings for him. However, this decision soon turned into a major failure of his career due to disagreement between the builder and Harry. Harry has learned a strong lesson from this failure and decided to start his own business as a developer. Thus, it can be stated that this factor works as a motivation for Harry Triguboff (Fisher, Maritz and Lobo 2014). Surprising Factors: Although, Harry is son of a renowned builder, he has never wished to become builder or entrepreneur. He has done various jobs. After facing several challenges and issues, harry has finally decided to become an entrepreneur. Confirmed and Contradicted Idea about Entrepreneurship: It is a confirmed concept about entrepreneurship that entrepreneurs must have risk taking capabilities. Otherwise, they will not be able to manage their business autonomously. Contradicted idea about entrepreneurship is that entrepreneurs face various challenges in their personal and professional life while establishing their business. It is not easy for them to survive. Importance of Teamwork: Harry considers teamwork as one of the key factors for the organizational success. He always maintains healthy and interactive relation with the employees and other stakeholders of the company. He makes sure that they are aware of the organizational mission and they are willing to work as a team to achieve the organizational goal (Hougaz 2015). Challenges: While starting up the business, Harry has faced many hindrances. It was not easy for him to design and carry out business venture individually without any guidance from anyone. There were many rival companies who were giving threat every now and then to Meriton. He has faced some financial challenges as well at the initial stage. However, by using his skills and potential, Harry has successfully overcome all the obstacles and established his business in an appropriate manner (Marques, Yigitcanlar and da Costa 2015). Mistakes: Harry has not made any kind of major mistake in his career, but he has appointed a builder while holding a real estate business, which has led him to face an awful consequence. However, he has learned from his mistake and shaped his career accordingly. Importance of Networking: Networking is an integral part of Property Business. The success of the business is highly dependent on the networking capacity of the business owner (Black and Yasukawa 2016). In this scenario, Harry preserves good networking capacity that has helped him to reach to his target market. In order to earn huge profit and promote the brand name to every corner of the world, Harry has used his networking capacity. Tools of Trade: Harry Triguboff is using communication as a tool for his trade. He maintains strong and interactive relation with the internal and external stakeholders of his organization. It helps him to understand the market trend and structure and requirement of his consumers. Communication plays crucial role within modern business organization. Thus, Harry has paid special attention o the communication structure of his business organization to provide quality service to the consumers (Hougaz 2015). Supportive Factors: The determination and patience level of Mr. Triguboff has supported his growth as an entrepreneur. He was determined to achieve his goal, which helped him to ear desired position and gain trust and respect among the industry. Another major supportive factor of His behaviour is his patience level. It has helped him to overcome many challenges in his career (Fisher, Maritz and Lobo 2014). Information from the Study: The study has enriched the knowledge by providing many relevant information about entrepreneurship and its various aspects. The study has enlightened various traits of successful entrepreneur that is highly beneficial to enhance knowledge about entrepreneurship. On the other hand, it has provided vivid idea that obstacles are faced by every entrepreneur and it is not an easy task to carry out. Conclusion: As per the previous discussion, it can be concluded that Entrepreneurship is a combination of some key traits, such as- risk taking capacity, innovation, creativity, determination and patience level. These traits play crucial role in the success of the entrepreneur. In order to design, launch and operate an autonomous business organization and serve consumers with quality service, it is important for the entrepreneur to have these skills, which will help him to put strong impression in the business world by his efficient and effective performance. Harry Oscar Triguboff has brought revolution by taking several notable and innovative initiatives. It has helped him to become one of the pioneer in the world of real estate. References: Birrell, B. and McCloskey, D., 2015. The housing affordability crisis in Sydney and Melbourne Report One: The demographic foundations.Victoria, Australia: The Australian Population Research Institute. Birrell, B. and McCloskey, D., 2016. 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