Entrepreneur Analysis Paper Example

Introduction

Entrepreneurship in reference to personal trade entrepreneurship can be understood as basically an innovative event with a profit aim. The success of the initiative is determined by the businessperson's dream, innovativeness and danger taking. The success of the business also depends on the management of the five factors of production-land, capital, labor, market, and entrepreneur. Entrepreneurship is the backbone of the business result since it is a risk-taking factor. Establishment of entrepreneurship is geared towards vacant resources, being the personal boss, and self-satisfactory economy. Entrepreneurship is a form of affirmation that individual ideas can be industrialized, and that thought can be transformed and organized into reality programs for businesspersons.

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Entrepreneurs are capable of transforming economic scenarios. The key to having a successful business is motivation to do something of your own, make a contribution to the countries income, and prosperity in the economy (Bujor and Avasilcai 2016). The government is also responsible for promoting entrepreneurship in the country by creating a conducive environment for innovation. Thus a country development in any area is a result of focused human event and entrepreneurship -who schemes out, fancies transformation and as a way of development is ready to take an intended risk-taking conscious of potentials, success as well as the significance of failure (Bujor and Avasilcai 2016). This report focuses on the entrepreneurial journey of an international entrepreneur Mr. Graeme Richard Hart, the owner, and director of Carter Holt Harvey Limited, New Zealand to provide entrepreneur analysis.

Entrepreneur Background

Graeme Richard Hart, (born and currently residing in Auckland New Zealand) is a New Zealand entrepreneur and currently one of the wealthiest individuals in New Zealand (Dann 2017). In the absence of Hart talking about himself and being media shy, there are few details about himself. Hart father was a radiographer. Despite this Hart developed the personality of self-employment (Bloomberg 2019). Reports have it that Hart had a few penalizing word periods, mid-day break on the holidays which he deliberated a treat, saving on cleaning bills and having a long-lasting marriage. During his early years, after completing school at sixteen, he worked as a truck driver and also as a board beater. In 1987, after completing Masters of Business Administration he established Rank Group.

This was a private asset business which took to the public in the same year. Hart research study outlined the plan for Rank as a trivial employment business to develop. The plan depended on utilizing the monetary flow of successful businesses to supply loans, which as it becomes compensated, upsurges the fair value of the original investors (Wealth-x 2019). The business was later delisted from the New Zealand Stock Exchange. This paved the way to another business idea. In 1989, Hart established a printing press and bought Wormald Safety, an expert in the company fire security (Maude 2017). In the following year, Hart purchased the Government Printing Office, which manufactured New Zealand's telephone almanacs, at a less value than the book. Wart is also reported to have bought Whilcoulls Group.

In the context of economic theory, Hart can be seen to be a risk taker. Richard Cantillon founded the theory and portrayed entrepreneurs as individuals who focus mostly on economic circumstances and the chances they generate (Superyatcht Fan 2019). Hart has a culture of purchasing underestimated and underachieving businesses with a stable cash flow which can be transformed around through solid money organization and reorganizing with other companies (Nippert 2015). The idea that the companies Hart buys are underperforming is a risk in itself since he is aware of the consequences of failure.

Resource-based theory emphasis on the way persons influences various forms of resources to generate business labors off the ground. In reference to this school of thought, Hart access to capital helps him to recover the probability of a new venture of underperforming companies (Church 2016). Other resources which the renowned businessman ventures include; social networks and the info they offer and human resource. Hart does not only focus on managing his companies, but he mainly pays attention to funding which is connected to capitalizing the businesses again.

Entrepreneur Traits

A successful entrepreneur has power character traits and intelligence behind their businesses. They are dreamers who are charged with pushing their visions through risks and harsh environments to bring success. Entrepreneurial traits help business people to grab chances, organizer resources to be able to achieve their goals (Washington Post 2010). There are various theories which support the strong connection of entrepreneur traits and business success.

Psychological theory, which is put across by David McClelland, pays attention to both mental and emotional elements which initiate business persons. McClelland believes that entrepreneurs own an essential for accomplishment which energies their events. Hart defines prosperity as a result of his innovations (Romano 1987). He describes himself as a person who does not give his attention to generating money for his own benefit. This is a very huge business trait which drives Hart behavior and influences his businesses success. Hart can thus be described as a compassionate. Thus Hart, values himself and what they produce. In this context, in 2013, Hart donated land to aid in building a new high school in Aukland, New Zealand (Raver 2008). He also sustained Starship, a public group which nurtures finances for children hospitals.

The idea of social attitudes is also embraced by sociological theory. The theory is developed by Paul D Reynolds and centers on social networks and wish for an expressive life, cultural identification and social-political environmental factors (Superyatcht Fan 2019). The thought approaches the query of entrepreneurship by putting it in the setting of culture and investigating how social forces, such as social attitudes, outline both the insight of entrepreneurship and the habits of entrepreneurs.

In reference to opportunity based theory, Hart excels in his businesses as a result of is innovative and optimistic nature. Peter Drucker, the professor behind the theory believes that entrepreneurs become successful as a result of taking advantage of potentials created by social, technological and cultural changes (Church 2016). For example, established a packaging empire using leveraged buyouts. He finds an opportunity in buying companies when they are doing bad and sees a chance of re-establishing them before selling them for a profit.

In 2003, Hart said that he is motivated by business to wake up in the morning. In fact, he considers business as his hobby. He compared himself to a mountaineer or an athlete, where if he was any of those he would spend all his day doing the best of his ability (Raver 2008). This brings us back to sociology theory- the emotional aspect of passionate about your ability- is what makes Hart successful. This is a special kind of trait of passionately maximizing monetary return on every cash that he trades doing business deals. And that is why is considered the richest person in New Zealand.

Entrepreneurship Idea development and Competitive Advantages

Schumpeter's theory of entrepreneurship as an improvement of the quality of an existing product, innovation of a new production method, discovery and development, and implementation of a new way of organization or exploitation of a niche in the market. In 1989, Hart fruitfully bought the Government Printing Office (GPO) (Washington Post 2010). This was the initial treaty which paved the way to other deals which aided his minor companies taking absolutely on liability superior aims.

The value and rapports were contentious; however, Hart was proposing for a higher figure than his competitors. In 1991 Hart reiterated the technique of purchasing and acquiring the Whitcoulls for $71 million. Hart had $50 million loans from a bank and A GPO money acquisition which he used in funding the project. Hence in the mid-twenties Rank had an equity ratio (Nippert 2015). Hart develops his companies by organizing new ways of generating cash flow. During this time Hart said the cash flow was strong in reference to relation and repaying the loan. In 1992, Wart featured on the National Business Review Rich List, appreciated at $60 million (Church 2016). Whitcoulls developed fast, enabling Hart to purchase retails of businesses to fleetingly be the fifth main seller of books globally. He then acquired the Auckland property, including the Queen St Site which serves as Whitcoulls' storefront.

Later Hart vexed to venture in the New Zealand Progressive Enterprises, however, Australia's competitions watchdog denied him. This made him change his technique by making Whitcoulls private and later vending the organization. At the time it is reported that Hart supposed turning goods values made it hard to go for financing from a bank (Bujor and Avasilcai 2016). In entrepreneurship, the theory of creativity deduce is business is often the love of opinion and person like-creativity. Harts, the idea of reconstructing companies is very creative and as he says 'the next step is a secret'.

Recommendations

Today world there are a lot of new business trends. Merging, acquisition and selling companies are some of the popular trends in the market which has served to the interest of the company and the owners of the business. These techniques make organizations stronger. With the economic prospects looking up, Hart could be in a great position in obtaining a competitor or even making strategic acquisition to boost himself and his company for the future. Purchasing another business is merely a funding transaction. It comes with a lot of hard work such as employing. Given the change in operational, financial and strategic challenges in the digital era, to lead a successful business there is a need to embrace acquisition.

References

Bloomberg. Graeme Richard Hart. 2019. <https://www.bloomberg.com/research/stocks/private/person.asp?personId=8683263&privcapId=875316>.(accessed 25 March 2019)

Bujor, Adriana, and Silvia Avasilcai. "The Creative Entrepreneur: A Framework of Analysis." <https://www Procedia - Social and Behavioral Sciences 221, no. 1 (2016): 21-28>. (accessed 25 March 2019)

Church, Steven. NZ's richest man Graeme Hart puts US car part maker in bankruptcy. June 3, 2016. <https://www.stuff.co.nz/business/world/80702217/nzs-richest-man-graeme-hart-puts-us-car-part-maker-in-bankruptcy>. (accessed 25 March 2019)

Dann, Liam. Liam Dann: Why is Graeme Hart so rich? December 31, 2017. <https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11823978>. (accessed 25 March 2019)

Maude, Simon. Kiwi billionaire Graeme Hart sets sale: $265m superyacht Ulysses snapped up. 2017. <https://www.stuff.co.nz/business/97880323/kiwi-billionaire-graeme-hart-sells-his-265m-superyacht>. (accessed 25 March 2019)

Nippert, Matt. Graeme Hart: the undercover billionaire. June 2015. <https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11471103>. (accessed 25 March 2019)

Raver, Anne. The Grass Is Green on Both Sides. September 7, 2008. <https://www.nytimes.com/2008/09/18/garden/18garden.html>. (accessed 25 March 2019)

Romano, Lois. The Unprivate Life of Gary Hart. April 13, 1987. <https://www.washingtonpost.com/archive/lifestyle/1987/04/13/the-unprivate-life-of-gary-hart/f4d5f0a6-7d91-4652-953f-a78338840404/?utm_term=.804cbb1d3a39>.(accessed 25 March 2019)...