Analysis of an Entrepreneur: Naomi Simson

Introduction

When thinking about entrepreneurs, one hardly thinks about the underlying foundations that make one stand uniquely and outdo others through competitive ventures in the changing business market. Despite the notion that formal education is never necessary for one to skirl the heights of entrepreneurship, it should be understood that at times it takes one to have formal schooling to understand what that person wants in life. Entrepreneurs are able to understand the business they are based on the circle of friends they have together with the connections they are linked in; all the above are attributed to University education (Zhang et al., 2014). As such, it is primary to reshuffle our thinking and value university education in relation to success in entrepreneurship. University education gives one soft skill such as shaping entrepreneurial ideas, making business people understand the world and have a great understanding of major economic as well as political matters. The changing job market needs people who can coordinate others, come up with good plans, solve emerging problems and be flexible to select technological equipment required in a given business (Boh et al., 2016). On that note, an entrepreneur needs to have skills such as being able to network, have good communication skills and think creatively to withstand the competition in the market. Basing on the above attributes, this report analyses Naomi Simson who is the organizer of RedBalloon in Australia (Leigh and Triggs, 2016).

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Background of Naomi Simson

Naomi Simson was born on 22nd February 1964. Venturing in academics, she graduated in 1984 from the University of Melbourne and managed to secure job opportunities in big tech companies in Australia that includes Apple Computer and IBM. As such, Naomi Simson managed to work under the Big Red Group which she developed her networks and links to think about establishing her own venture (Hanke, 2016). Naomi's idea of establishing her own company based on the social change theory by Everett E. Hagen. In theory, traditional societies undergo technical changes which in turn stimulates progress. As evident by the actions of Naomi to establish RedBalloon, she rejects the so-called followers' syndrome and decides to be an entrepreneur. Naomi reflects demand in the social change which goes contrary to the historical background of being an ordinary employee thereby promoting the emergence of a class of entrepreneurs (Boh et al., 2016). As such Naomi, therefore, withdraws her initial position and engages a new status. Being born from a family of business people, and grown on the business culture, Naomi Simson promotes the economic theory since she utilizes the experiences she acquires from IBM and the finances she acquires from her work together with the resources from her Parent working company-the Big Red Group to venture into entrepreneurship (Cooper and Folta, 2017).

Entrepreneurial Traits of Naomi Simson

To ensure that she has a reliable market for her products, Naomi Simson enhanced a good relationship building. She developed a vast network system from her university friends who could supply her with advantageous market ideas. She has over time ensured widening up the network system through making new friends who expose her to new cultures of the globe. Naomi conforms to the psychological theory by ensuring her company stands out on competitive advantage and can face opposition in the same line of production (Butz, 2018).

Moreover, Naomi has ensured improving her communication whereby she could communicate effectively with other staff members, colleague business people, and supervisors to ensure that she has a good relationship with everyone including her customers (Tang, 2015). As such, she stands at a competitive advantage since through communication she admits positive criticisms for the well-being of her business. Naomi Simson is moving miles to extend her communication using a variety of modes, in person, using email and over the entire social media such as Skype, LinkedIn, Facebook, Twitter, and Instagram. Her effective communication allows her to address the demands of her workers in the firm and explore additional business partners for the progress of her company. Such actions are in line with the motivation theory whereby Naomi makes her own efforts to ensure she achieves what she wants in her venture. Making sure that she maintains being affiliated with her friends for purposes of success (McClelland, 2015).

Finally, based on the entrepreneurship innovation model, Naomi Simson depicts to be a creative thinker who can adapt the existing business environmental conditions. Her critical thinking forms the foundation of how entrepreneurialism evolves in her. The knowledge of the business world around her makes her be more innovative (Drucker, 2014). As such she can come up with clear solutions to many arising problems since she has the ideas on existing problems. Whenever situations are not working out, Naomi is in a position to analyze and detect all the possible patterns relating to the matters at hand. Her creativity is attributed to being stimulated by the knowledge she acquired while in the university. As noted by Joseph Schumpeter in the model of entrepreneurship invention, Naomi Simson caries the foresight of RedBalloon, as such she has a responsibility of coming up with a new product, come up with a new method of production and can as well open up a new market to sell the products from her firm (Florida et al., 2017).

The Process of Opportunity Recognition and Idea Development

When creating any business venture, it is crucial to recognize an opportunity. Here, an entrepreneur has to initiate a new business or advance the current business. To recognize an opportunity, one has first to perceive the idea, then discover it well and finally create the business depending on the available resources. One the opportunity is identified then the idea has to be exploited into an opportunity. As such, the entrepreneur has to act in mobilizing resources to develop the idea. By evaluating the idea, the business person will be able to change the idea into a successful business from the unknown idea. By so doing, the business person conforms to the high achievement model by McClelland by making decisions on uncertainty (McClelland, 2015).

Naomi Simson's Redballoon Firm's Modest Advantage

RedBalloon stands at a competitive advantage since by engaging direct suppliers to address the sensitive market that checks on the prices of commodities. More so, the firm adds client value to their loyal buyers such as the American express to forester a good relationship with them. By doing so, the company outdoes its competitors such as Intime Retail, SHOP.CA, and Macy's, Inc. Marketing and numerous advertisements, RedBalloon's products reach a wider audience whereby they are convinced to buy. Finally, coming up with the first sale service makes RedBalloon stand at a competitive advantage at the expense of its competitors like Intime Retail, using designed websites for the company has enabled Simson to reach her corporate customers fast (Meyer et al., 2017).

Naomi Simson depended on the experiences and the links she acquired from University to develop and advance her firm RedBalloon, the skills she acquired from University shaped her firm into a competitive company.

Recommendations

Naomi Simson should come up with other firms under RedBalloon in other parts of the world to expand and widen up the market opportunities available.

It is essential to engage the consumers in the company affairs through the launching of company fairs and exhibitions to engage them directly as a form of creating more customer loyalty.

At some points, the company has to establish promotional programmes such as discounts to customers.

Finally, the company has to ensure coming up with products that are healthy friendly and do not pollute the environment (Hitt and Duane, 2017).

References

Butz, M.R., 2018. Chaos and complexity: Implications for psychological theory and practice. CRC Press.

Boh, W.F., De-Haan, U. and Strom, R., 2016. University technology transfer through entrepreneurship: faculty and students in spinoffs. The Journal of Technology Transfer, 41(4), pp.661-669.

Cooper, A. and Folta, T., 2017. Entrepreneurship and hightechnology clusters. The Blackwell handbook of entrepreneurship, pp.348-367.

Drucker, P., 2014. Innovation and entrepreneurship. Routledge.

Florida, R., Adler, P. and Mellander, C., 2017. The city as innovation machine. Regional Studies, 51(1), pp.86-96.

Hanke, A., 2016. Rethinking business. Books+ Publishing, 95(4), p.16.

Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, pp.45-63.

Leigh, A. and Triggs, A., 2016. Markets, monopolies, and moguls: The relationship between inequality and competition. Australian Economic Review, 49(4), pp.389-412.

McClelland, D.C., 2015. High Achievement motivation theory. Chair in human resources at the State University of New York-Buffalo and was faculty director of the Center for Entrepreneurial Leadership there. Previously he was Research Professor of Management at Georgia State University. He has written over fifty books and over 135 other publications., p.46.

Meyer, G.D., Neck, H.M., and Meeks, M.D., 2017. The entrepreneurshipstrategic management interface. Strategic Entrepreneurship: Creating a new mindset, pp.17-44.

Tang, J., 2015. Future reading. Books+ Publishing, 95(2), p.10.

Zhang, Y., Duysters, G. and Cloodt, M., 2014. The role of entrepreneurship education as a predictor of university students' entrepreneurial intention. International entrepreneurship and management journal, 10(3), pp.623-641.