Entrepreneurship is an important factor in many businesses today. “Entrepreneurship” is “The innovatory process involved in the creation of an economic enterprise based on a new product or service which differs significantly from products or services in the way its production is organized, or in its marketing. “(Curran and Burrows 1986, p. 269, in Morrison 1998, p. 1/2) While the entrepreneur is “a person who attempts to profit by risk and initiative” (Oxford English Dictionary)”I am often asked what it is to be an entrepreneur and there is no simple answer.
It is clear that successful entrepreneurs are vital for a healthy, vibrant and competitive economy. If you look around you, most of the largest companies have their foundations in one or two individuals who have the determination to turn a vision into reality” (Richard Branson, in Anderson 1995 p. 3, in Morrison 1998, p. 4). And today, there are many entrepreneurs do exist, for example, Peter Mann and David Lane. Peter Mann, who graduated from Strathclyde University and now, he is the Managing Director of “It’s Not Rocket Science.
Com” while he describes the company as “a content entertainment portal with an e-commerce backbone Peter Mann starts a business instead of working for someone else. It is because he said that he had the right people to do with it and he could not have done this on his own. He would like to communicate with others and hear what people think. He enjoys the team leadership rather than being authorative as he treats his people as the most important resource in his company.
However, Peter Mann likes to do things on his own way sometimes as he said that he would rather make the rule instead of being told what to do.
When Peter Mann describes the way of his business runs, he said that as they are not a huge company in terms of numbers, so everybody has an input into minor decision-making. It is a good decision-making approach to me as I think that everyone can contribute to the company. Peter Mann is also a good leader in the company in my opinion as I can see it in his sales and marketing strategy, which is “Be positive to everybody about your company and so just make sure everyone knows what you’re doing That’s marketing, that’s word of mouth”.
His approach to negotiation is good as well because his company did not have enough money to employ people and to reach major clients, so they went out and managed to get venture capital. And it is also important to have a good negotiation skill if they want to reach the major clients successfully. However, the making-decision process of comparing and evaluating alternatives does not appears in Peter Mann’s approach as he said that “When I think we started to get just a little bit conceited about how we picked what we did.
Basically, we had an idea and we went for it; we hired contractors, we signed contracts to get the work done, and then afterwards did the research on it and found that we’d made some fundamental miscalculations about the value of this product and the competitive environment of the product. That was a waste of a serious amount of cash. ” In this aspect, I suggest that using the decision-making process- doing the full research and then compare and evaluate with others will be improved this problem. Money is one of Peter’s aims but he said that it is not his main aim.
Another entrepreneur who I am going to introduce is David Lane. Sir David Lane graduated at University College, London and he carried out Post Doctoral Research at the Imperial Cancer Research Fund. He also set up his own laboratory at Imperial College, London, moved to the ICRF laboratories at Clare Hall before moving to Dundee to help establish the CRC laboratories there. He is co-author of the successful guidebook, “Antibodies”. Professor Sir David Lane is the Director of the Cancer Research Campaign’s Cell Transformation Research Group at the University of Dundee.
He is also the Founder and Chief Scientific Officer at Cyclacel, a company developing drugs for treatment of Cancer. Sir David is well known for his speaking to non-specialist groups and for his clarifying reviews. He was the second most highly cited Medical Scientist in the UK in the last decade and was knighted in this year’s honours list. Sir David Lane starts up his because he felt he wasn’t able to achieve the objectives he wanted with the existing organisations he had worked, by starting his own company, he could able to bring intense focus to what he wanted to achieve and to shepherd those things through and make them happen.
When Sir David Lane describes the way of his company runs, he said that it was run in a pretty strictly organised way that is, keeping track of how money spent and how they are convincing their shareholders that they are doing the right thing. They are also tracking back every piece of the work, so it creates a very different environment, a very different culture. But he said that he find that many people find it very satisfying because their work as a team is so much recognised as a team. Sir David Lane also describes himself as a friendly sort of person and he like people, he like to inspire people and he like to get people to achieve.