Finally, even if he got success in his life, he continues to learn some lessons and to improve his company. An entrepreneur has to keep the goal to grow his company. In order to do this, a successful entrepreneur must be visionary. Moreover, an entrepreneur has to be able to take risks without fear of failure. Andrew Hoodwinker, who is the chief executive officer of Beefeater Inc. , should be considered as a successful entrepreneur because he has these characteristics. In the first place, an entrepreneur should be visionary. He supposes to know what have to be done in the future to develop a company in the good way.
With this competence, an entrepreneur continues to attract customers because the company will propose what customers will need or want. When Hoodwinker bought a Beefeater’s stake in 2003, the company ran not well and had been controlling by a lot of people (Nelson par. 4). He became the CEO of Beefeater in 2005 after fourteen months in prison and he saw that the company needed some changes to run better (par. 5). In addition to the vision, be able to take risks to make business is also necessary for a successful entrepreneur. An entrepreneur has to take a lot of decisions for the company, it is a part of the business life.
When an entrepreneur take a choice, risk is always present because he cannot know if this choice will be good or not for the company, but he has to try to know the result. Maybe it will be wrong, but it was important to do it because the result can also be very helpful for the company. At the age of 21 , Andrew Hoodwinker take an important risk by creating his first company Just after graduating his bachelor’s degree (par. 2). Moreover, it was also risked to become the CEO of Beefeater, whereas he came out of prison. People might not want to give money to a former prisoner.
Finally, entrepreneurs have to pep in mind that his visions and decisions can sometimes fail, and they have to tolerate the failure. Andrew Hoodwinker is the perfect example to explain the tolerance of the failure. In fact, he was in prison for fourteen months and he learned about these mistakes. Hoodwinker said, “dealing with a failure showed me that all I can change is where I go from here” (cited in Nelson par. 4). Making mistakes is part of the life. Even if making mistake is not a pleasure, people learn by making them and act better after that. As M.
Hoodwinker is visionary, is able to take risks and has no ear of the failure, he should be considered as a successful entrepreneur. Before Andrew Hoodwinker bought Beefeater, the company ran in poor quality. To revive it, M. Hoodwinker made some changes. He started by investing $23 million to restructure the company (Nelson par. 5). A company needs money to run well. When he bought Beefeater, the company worked badly and has not enough money to make changes, so Hoodwinker decided to invest in it. With this money, he decided to relocate the headquarters to Santa Monica, to “reconnect with Beefeater’s roots” (par 6).
Then, Hoodwinker decided to franchise Beefeater (par. 5). He wanted to develop is company rapidly and he imitated Beefeater’s competitors, such as McDonald’s or Burger King. He knew that a franchise company would to expand rapidly over the country in a first time, and over the world in a second time (“Advantages” par. 3). By this way, Hoodwinker also touched the customers’ loyalty and valued the company (“Advantages” par. 3). Currently, Beefeater possesses more than 150 restaurants in the world, proof that people like the products (Nelson par. 7).
To finish, Widowhood closed unprofitable restaurants to stop losing money (par. 5). A company needs money to run well and expand. Losing money is not a good thing for it. When Widowhood started his work as CEO, he Judged that closing unprofitable restaurants would help the company, and he was right. Now, Beefeater has enough money to buy other companies, and bought Buffalo’s Cafe in 2011 (par. 6). To conclude, M. Hoodwinker made three important changes when he became the CEO of Beefeater because it ran poorly. He invested $23 million, franchised the company and closed unprofitable restaurants.
These changes were beneficial for the company. Since he bought Beefeater, the company opened more than 100 restaurants in 27 countries and has enough money to buy other companies (par. 6). The situation is good when people think that the company needed money when Hoodwinker started as CEO. In addition to be a successful entrepreneur, Andrew Hoodwinker has three qualities that should make him an admired businessperson. This kind of person is intelligent, has important leadership skills, and manages a profitable company. An intelligent businessman knows what to do to lead a company.
That is exactly what Andrew Hoodwinker did when he started as CEO of Beefeater. He made some changes that helped the company to run better, like franchising the company and closing uneconomical restaurants. Thanks to these changes, the company started to earn money. Moreover, an intelligent person knows how to manage his time, and knows the difference between personal and professional life. When a businessman is with his family, he stops thinking about his work and enjoys the time with his family members. Works problems should stay at the company because their place is there, not at home.
Problems will still be there the next day, no need to take them when coming home (par. 7). Hoodwinker understood that because when he is at home, he spends time with his family (par. 7). Equally important, a good businessman manages a profitable company. If the company is not able to make profits, the businessman would not be admired because this is a failure. Beefeater is a profitable company. In fact, the firm aggressively expanded since 2005 by building more than 100 restaurants and starting to conquer the Asian market (par. 6).
Finally, a businessman should have leadership skills. An important way to lead well is to delegate the work. By this way, a businessman can increase his employees’ loyalty and respect (“Why Should You Delegate”). When Hoodwinker decided to franchise Beefeater, he delegated a lot. In fact, each restaurant has its own manager so Hoodwinker does not have to manage all the restaurants. Instead, he Just supervises the operations and has time to do others things that only he can do. Then, by delegating, a businessman also takes care of his employees.
Delegating boost employees’ esteem and they will feel more useful for the company, so they will work better and the company will run better too (“Why Should You Delegate”). Because Andrew Hoodwinker is intelligent, leads a profitable company and has important leadership skills, he should be admired as a businessperson. Even though, he is not resting on his laurels and always tries by different ways to learn about his company and make changes. By articulating in the Undercover Boss TV show, Andrew Hoodwinker learned about the real life of Beefeater’s restaurants as the importance of management, and about himself as a person.
As a result, he made some changes based on those lessons. In the Undercover Boss TV show, Coos go working in their own company undercover to investigate the operation of their firm. Hoodwinker worked in four restaurants. In the first, the manager recognized him, so the experience was a little failure, but he had enough time to note that the manager was very competent (“Beefeater”). In the second, he discovered some management problems. In fact, the manager had robbers managing steak orders, and sometimes there were not enough steak to cook.
The manager told Hoodwinker that she got no training to be a manager, which is a problem. At the end of the show, Hoodwinker solved that by creating a position to train all the managers before they start working. The person who will train them is the great manager of the first restaurant, Hoodwinker decided to give her a promotion. In addition to management problems, Hoodwinker found that the employees had personal problems that affected their work. The manager of the second restaurant lost her car and was looking for a house because she slept with ere two children in her sister’s house.
Hoodwinker help her by buying a car and paying the rent during one year for a house (“Beefeater”). He also met an employee whom the wife had Juridical problems and he paid a lawyer to help them. Because he takes care of his employees and helps them with their current lives, their well being has been improved, and they are more focus when they works. Finally, even though he fixed some problems, there is more to do. In fact, he only helped few people, he should try to help all the employees. Not by giving important sums of money to all, but buy giving them a premium of $500 for example.