ENTREPRENEURSHIP

Entrepreneurship

Analytical Report on Entrepreneurship

Introduction

The purpose of this analytical report is to analyze and evaluate an interview conducted with a business owner who is an entrepreneur. For this purpose, a small flour mill owner named Harry Chrysler was selected who is an uncle of the interviewer. Since Mr. Chrysler is a busy man therefore, interview was conducted with him on Sunday afternoon at his home. The duration of the interview was around 45 minutes in which he gave detailed answers of almost all the questions. The interview was recorded on a voice recorder and afterwards, interviewer copied the interview on a paper as it is, in order to analyze and evaluate it properly. The interviewer made sure during the interview and making the report, not to involve his personal relationship with Mr. Chrysler and analyze his entrepreneurship capabilities in a professional manner.

Discussion

According to Bhattacharyya (2006), entrepreneur is defined as a person who starts his personal and new business on a small scale therefore, Mr. Chrysler is an entrepreneur because he started this business 24 year back with only six people involved at the initial stage. When he was asked regarding his motivation to start his own business, he said that he wanted to become a businessman from a very young age because he was good at managing his work in an organized manner and this motivated him to start his own business where he will be able to manage effectively and at the same time making more money for himself. Sadler-Smith et al. (2003) stated that various skills, styles and techniques are required by entrepreneurs in order to manage their people however, using particular style can lead to successful leader and behavior related to entrepreneurial management is essential to adapt in this competitive and fast paced environment.

When he asked regarding how he started this business, he said he was working in a large flour mill after his college where he used to look at the overall operations of that mill. When he got his share from his father's property, he decided to make his own flour mill in order to make more revenue by utilizing his exceptional managing skills. According to Khanin (2007), not every business represents entrepreneurship and it should be taken into consideration that a true entrepreneur does not attempt to establish different businesses many times and failing to make a single business successful. Mr. Chrysler has a complete business plan when he started his business and he knew that different techniques that will take his business to a new height. The entrepreneurs must have a vision statement and employees should be given complete freedom so that they are able to achieve this (Lee & Chang, 2006, pp. 218-223). Mr. Chrysler said that currently there are around 12 people working for the management and 20 people working as a labor in the mills therefore, this is a small size business as the companies having less than 100 employees working are considered to be small-sized business (Sergiovanni ...