Entrepreneur Leadership

In: Business and Management

Submitted By lexi2012
Words 1615
Pages 7
Assignment 1: Entrepreneurial Leadership
BUS508

Question 1: Determine how Five Guys’ philosophy sets it apart from other fast-food chains.
In 1986, the Murrell family began Five Guys Burgers and Fries in Arlington, VA, with the mission statement, “We are in the business of selling burgers.” ; simple and to the point (Byrne, 2008). Their beginning philosophy, which still fuels their business today, is to serve simple quality food that will meet the needs of their customers. The focus will not be on fast food but on quality food (“Grand Opening”, 2011). Five Guys’ determination to give fresh quality products has gained them lots of success over the last two decades. The 80/20 beef used in the burgers come from the same vendor that the Murrell family has used since the inception of the business. The Murrell’s also chooses to use Idaho grown potatoes for their fries because they are grown slower, rather than faster, cheaper grown potatoes from Florida and California. Burgers are hand formed every morning, and fries are hand cut every day. The buns used for the company are baked fresh daily just as when the store first opened in 1986 (Welche, 2009).
By sticking to their belief in quality burgers fries that are made with freshest ingredients possible, Five Guys has been able to surpass their competition as a burger place. All food is cooked to order. The company believes that a quality product is made no matter what the cost to the company may be. By thriving on made to order burgers and fries with fresh quality ingredients, Five Guys has accrued various awards for top burger especially in the DC Metro area.
Question 2: Analyze the original values for the start-up company and how it remains strong today.
It is evident that the last two decades have proven to be very successful for Five Guys. Their original company values have proven to be successful as the…...

Similar Documents

Entrepreneur:

...OF AN ENTREPRENEUR: An entrepreneur is one who: 1. Scans the environment for business opportunities 2. Evaluates the these opportunities in the context of personal capabilities, strength and weakness 3. Arranges the capital and obtains the necessary licenses required to start an enterprise 4. Acts as Guaratar for the financial institutions 5. Acquires or develops technical know-how 6. Starts and runs the unit SUCCESSFUL ENTREPRENEURs ARE THOSE WHO: 1. Have identified goals 2. Are willing to risk time and money 3. Have ability to manage i.e. plan, organize and control 4. Are willing to put in efforts to develop good relations with the customers, employees etc. QUALITIES REQUIRED TO BECOME ENTREPRENEUR: 1. Risk taking ability 2. High level of motivation 3. Business acumen 4. Innovator 5. Self confidence 6. Leadership Qualities 7. Communication skills 8. Flexibility 9. Managerial competence 10. Able to accept challenges 11. Problem solving ability 12. Able to digest failures and learn from experience CLASSIFICATION OF ENTREPRENEURS: 1. STAGE OF DEVELOPMENT: a) First generation entrepreneurs: Those who start an industrial unit by means of their innovations. Typical innovators who combine different technologies to produce a marketable product. b) MODERN ENTREPRENEUR: One who undertakes the business ventures which will get along with changing market needs and undertakes projects in those areas of current market trend. c) Classical entrepreneur: One......

Words: 345 - Pages: 2

Entrepreneur

...Entrepreneur: Entrepreneurs built and create the future and that they are to be found in every walk of life and in every group of people.”A person who habitually creates and innovation built something of recognised value around perceived opportunities”. In this definition there is some key word s to define. ‘A person’ can be a group of a people, a organization. ‘Habitually’ is an important characteristic of entrepreneurs. The true entrepreneurs just cannot stop being an entrepreneur habitually. ‘Creates’ is used to describe that an entrepreneurs are start from the scratch and develop new thing. Entrepreneurs are creator first and builders second. ‘Innovate’ means to build something new. For entrepreneurs every problem is aa new opportunities. ‘To build something’ describe the outcome. ‘Perceived opportunities’ is important to provide direction and focus. (Bill Bolton and Jhon Thompson) Characteristics of an entrepreneur: According to the Bill Bolton and Jhon Thompson entrepreneurs has some key Characteristics.  Ability to take the calculated risk  Need to achieve  Initiative and taking responsibility  Orientation to clear goals  Creativity  Honesty and integrity  Independency Entrepreneurial attributes: Attributes are being considered as the best predictors of an intention to a particular behavioral act. The model is based on psychologists Fishbein & Ajzen (1980) to explain human action is a part of behavior. 1) Clarity of vision......

Words: 1615 - Pages: 7

Entrepreneur

...Becoming an entrepreneur is definitely a goal of mine. I would like to develop a business in the future that will allow me to become successful and earn a lucrative income. Entrepreneurs enjoy an increased level of flexibility and independence and can choose tasks that are both rewarding and profitable. It is critical for entrepreneurs to select a new business venture that interest them. Also, gaining an in-depth knowledge of subject matter pertaining to business is extremely critical. Entrepreneurs must do their homework before starting a new business venture. Entrepreneurs can also help others individuals become successful and achieve goals. The ability to motivate and empower others is a vital characteristic that entrepreneurs must possess. I certainly would love to become an entrepreneur, hopefully in the near future. I am not exactly sure what new business venture I would like to start, but I am certain that becoming an entrepreneur is my number one professional goal. Being an effective leader is extremely important for an entrepreneur. Entrepreneurs. must have the ability to lead individuals and get the best out of them. Entrepreneurs must also be effective communicators. The must be able to individuals to work together to achieve specific tasks. Entrepreneurs must create a vision and must share that vision with the employees. Entrepreneurs must also be able to select and recruit individuals that are competent and knowledge about their tasks. Entrepreneurs must......

Words: 656 - Pages: 3

Entrepreneur

...Bestlink College Of The Philippines 1044 Brgy. Sta Monica , Quirino Highway , Novaliches Quezon City Philippines “A COMPILATION OF 15 FILIPINO ENTREPRENEURS” Submitted By: Carolina Lopezbaños Submitted To: Introduction Entrepreneurship isn’t for everyone. But when it’s right, it’s the most satisfying career path a person can pursuit. We might be thinking what is the suitable path for us to be a successful person in future. Regardless of our definition of success, there are a great number of common characteristics that are shared by successful entrepreneurs. Even if you don't have these characteristics, don't fret. Most can be learned with practice and by developing a positive attitude, especially if you set goals and produce a strategic long term planning. Entrepreneurship brings the meaning of the willingness to develop , to organize and to manage a business venture along with its risk to in order to make profit and to produce a successful business. There are a few local Malaysian entrepreneurs that are well known in the global business market which are listed by Forbes. HENRY SY Henry Sy’srise to the top is a feel good story for the ages. In 1936, at the age of 12, he immigrated from mainland China to help run his father’s grocery in Manila, often sleeping on display counters because he had no place to sleep. The spartan life he lived probably played a big part in molding Sy’s character as...

Words: 5098 - Pages: 21

Entrepreneur

...Entrepreneurs are born and not made An entrepreneur is ‘a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome.’ So are entrepreneurs born? Or made? There have been many debates from businessmen to academics alike on whether entrepreneurs are born or made, but is it as straight forward as that? In this essay I will evaluate arguments both for and against this statement and conclude it with my own personal observation. The argument for this statement that entrepreneurs are born is a scientific one, with the questions being are there specific entrepreneurial genes and/or chromosomes. Some of the characteristics credited to entrepreneurs include extroversion, risk taker, persistence, independent, innovative, opportunistic and the need for achievement. These skills are the reason many believe they are from nature as they go above and beyond those of an ordinary office manager. Many believe that these are skills are innate in a person, that they are born with them and they are skills and characteristics that cannot be taught. (Scott Shane, wall street journal) ‘40 percent of the variation in the tendency to be an entrepreneur is inherited.’ Some people say that not anyone can become an entrepreneur; they have to have the right innate qualities from birth alongside the external influences for their talents to be recognized in business. “If the environment is not conducive then entrepreneurial......

Words: 322 - Pages: 2

Entrepreneur

...also. Mr. A.K Azad does not think the initiative of commerce and industry only based on profit; he considers it the best way for resolving the unemployment problems also. It seems to him if the private entrepreneurs are not coming forward to industrializations, the country might lag behind and the rate of unemployment people could have been increased many folds. Recognition Mr. A.K Azad is one of those who have been playing a pivotal role to make an industrialized Bangladesh. A very young, energetic and sincere industrialist is the Chairman & Managing Director of Ha-Meem Group of Companies, one of the leading business conglomerates of the country. Under the dynamic leadership of Mr. A.K Azad, this group has been contributing significantly in a bid to expand RMG sector to a great extent. It is worth mentioning that once this country was famous for textile industry and especially for Moslin’, this country was very well-known elsewhere in the world. But later on the British rulers and their allies hatched conspiracy to destroy the famous Moslin’. Mr. A.K Azad is one of them who saved this industry during its bad days. Many entrepreneurs of RMG sector were scared about the post cota free situation but during these periods Mr. A.K Azad along with his fellow entrepreneurs moved forward with strong determination and faced the situation boldly. Now meeting the local demand the Bangladeshi RMG products are being exported to many countries across the globe including Europe......

Words: 667 - Pages: 3

Entrepreneur

...the ideas that most often lead to successful business first must be something the entrepreneur is truly passionate about. Idea multiplication and its exemplification of IDEO is one of the most useful processes that helps entrepreneur moving from the seed of an idea to something that is robust, exciting and powerful. There are four basic steps in this process: (1) gather stimuli, (2) multiply stimuli, (3) create customer concept and (4) optimize practicality2. Second, the idea is a strong opportunity as measured on the opportunity checklist. To be sure of having strong opportunity, entrepreneurs need a deep understanding of their customer, preferably knowing the customer by name. Better opportunities will have bigger market size and potentially growth in the future. Furthermore, these customers will buy the product frequently and pay a premium price for it (strong margins). Thus entrepreneurs need to be students of the marketplace, learning what trends are converging, and how do these shape customer demand today and into the future3.In order to prevent customers from shifting their attention to competitors, entrepreneurs need understanding competitive dynamics so that entrepreneurs can shape their opportunities to each the customer better than the competition can. This trend results in the attributes of holistic and fluid for entrepreneurial environment. Besides, it is necessary for entrepreneurs to know the way they source their raw materials and what government regulations......

Words: 262 - Pages: 2

Entrepreneurs

...INTRODUCTION Entrepreneurs are unquestionably not like most of us.Entrepreneurs are one who creates their own product.Nevertheless,the truly successful entrepreneurs are focusing on their opportunities and proceed them with great dedication.Among the most popular properous entrepreneurs on the earth surface,Steve Jobs and Bill Gates are those who have successfully built their own label.Steve Jobs was an American entrepreneur that find out something new,marketer and CEO of Apple Inc.Apple Inc product now are popular use in worldwide while Bill Gates is the cofounder and the chairman of Microsoft Corporation,has been astonishingly successful in many thing.The characteristics of these both successful entrepreneurs are they are similar in learnt from their mistakes and both of them have their own ability to be outstanding. BODY PARAGRAPH 1 Firstly,both of them are similar characteristics in learnt from their mistakes in all thing that they do. Sub-Point a: Both of them not easily down when encountering any problem. Evidence1:Heller(2008) describes the Gates regarding his mistakes: Remember that there is no such things as perfection in the management and mobilization of knowledge –and Gates and Microsoft do make mistakes.But as Gates demonstrated in his annual memo listing the company’s great mistakes,you can always learn to do better.(p.45). ...

Words: 662 - Pages: 3

Entrepreneur Leadership

...Entrepreneurial Leadership Nina Quarles Strayer University Instructor:  Janet Durgin The Business Enterprise April 24, 2011 Common elements found in the thinking of Case, Kouzes, and Drucker  It seems that Drucker, Kouzes and Case for the most part have the same theories. Drucker said that in order to reach your on the goal you have to focus on the or effort or passion.  Case states that a leader should have people passion and perseverance in the right balance for the business.  He used the 3 P's to help guide his direction and goals.  Kouzes said that a leader must focus and use motivation by sharing the vision of the passion.   My Philosophy As a manager, my philosophy is to have a good working relationship with my employees in order to help them improve their ideas. I am a believer in that my employees are not just "my employees", they are people. They are people with functioning brains with very good ideas.  I think that when you take the time to really listen to them, you will find a whole host of creative ideas. When they come to me as their manager, they are looking for constructive feedback to make their ideas better. My belief is to first speak to them as a person with care and respect so that when they walk away, they feel that I truly listened to them. Having regularly scheduled meetings is of high importance so that they know that what they have to bring to the group is going to be heard. I think that helping them to......

Words: 1244 - Pages: 5

Entrepreneur

... Entrepreneurs are born. Entrepreneurs are actually born. People are born with many inherent qualities, if they concentrate on that qualities then only that particular qualities would sharpen. Some qualities we would get from education & experience. Even if we concentrate on those particular qualities we would grow some level, but surely not grow to the entrepreneurship level. Though some, may be a few people who have been associated with people from the entrepreneurs level from long span of time, would learn & grow to that level. Learning is also an art with some people born with it.  They are indeed born. Like in other areas like sports, technology etc. there are certain inherent skills needed to be ingrained in a person for him/her to succeed in their chosen field. If it was easy to acquire skills and become an entrepreneur the whole world would have turned to that and we wouldn’t have a recession or other such problems. To be an entrepreneur, one needs to have a certain amount of killer instinct and risk taking ability. A man went into a great city and asked an old man, where are these leaders born? The old man replied no leaders are born here only babies are born.  BORN - According to me, attitude is the most important personal characteristic, and one that cannot be trained. The attitude of the entrepreneur affects the early success of the venture; the same attitude needs to be present in the firm’s employees to continue the entrepreneurial energy that......

Words: 1316 - Pages: 6

Entrepreneur

...As for my first assignment for entrepreneur’s subject, I would like to discuss about the criteria and how the entrepreneur should think. First and foremost the entrepreneur character can be build, can be groomed from experienced and some are born with the DNA in their blood!. Who is the entrepreneur? Entrepreneur is someone can see opportunities and situation in which new goods, services, raw materials and organizing methods can be introduced and sold at greater than their cost of production. Someone with the character of entrepreneur will always see problems, challenges and uncertainties as an opportunity for them. The only job that don’t have any qualification to apply is an entrepreneur. Anybody can be an entrepreneur, once they sustain in this field over failure because failure is the only thing guaranteed. How they respond to failure determines their success. Successful entrepreneurs are paid for their high tolerance for stress and pain. Setbacks, obstacles and challenges are painfully common elements of entrepreneurship. Most people react to these hurdles with stress and pessimism, with an attitude that obstacles are negative experiences that only hinder progress. As an entrepreneur, they encounter so many challenges they simply can’t afford to react this way. Instead, successful entrepreneurs view challenges as opportunities. Each challenge or setback reveals a key opportunity to grow -either to improve upon an existing weakness or take measures to avoid experiencing a...

Words: 1434 - Pages: 6

Entrepreneurs

...Entrepreneurs An Entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit. An entrepreneur is motivated by a lot of things mainly being money and fame. However some also are motivated by ethic because it is what they believe is the right thing to do. Although many may think that money is the main motivation for entrepreneurs some entrepreneurs have said that they are more driven by personal achievement although money does give them that financial stability. The skills that an entrepreneur needs to have is that they have to be a risk taker and have a vision and belief for what they are doing. They must be creative and create something original and different from other products as people will not have a reason to buy from them if it is the same. They have to work a lot of hours and put in a lot of pre-production in order to start up their business because at the start they won’t have staff and in order to get everything done and started up they will need to put in a lot of their own time. They must also ensure that they get the right people on board and have good communication skills so that they can persuade people on why they should use their product. The different leadership styles used in businesses are autocratic, Bureaucratic, Laissez-faire, democratic, and others. Leadership styles may change over time because the company may become bigger and the demand may be bigger than when they started so more production will...

Words: 848 - Pages: 4

Entrepreneur

...• An entrepreneur is someone who can take any idea, whether it be a product and/or service, and have the skill set, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product and/or service that people want or need," • Most people think being an entrepreneur is all about coming up with an idea, but that's just one part • entrepreneurship entails recognizing the right opportunity, finding resources — such as funding and tools — to pursue the opportunity and creating the right team to do so . • Although there are no specific traits all entrepreneurs share, there are certain characteristics that most successful entrepreneurs possess • Ability to plan: Entrepreneurs must be able to develop business plans to meet goals in a variety of areas, including finance, marketing, production, sales and personnel. Communication skills: Entrepreneurs should be able to explain, discuss, sell and market their goods or services. Marketing skills: Good marketing skills, which result in people wanting to buy goods or services, are critical to entrepreneurial success. Interpersonal skills: The ability to establish and maintain positive relationships with customers and clients, employees,......

Words: 948 - Pages: 4

Entrepreneurs

...Entrepreneurial Leadership Contemporary Business BUS 508 Thomas Edison, Saying “I never perfected an invention that I did not think about in terms of the service it might give others… I find out what the world needs, then I proceed to invent.” (This leadership entrepreneurial approach is profit oriented). During the research on Thomas Edison I found in 1868 he came up with his first invention, “known as the “Electrical Vote Recorder.” This application was signed on October 11, 1968 (Thomas Edison’s Inventions, 2011). He put together what he knew about electricity with what he knew about gas lights and invented a whole system of electric lighting. This meant light bulbs, electricity generators, wires to get the electricity from the power station to the homes, fixtures (lamps, sockets, switches) for the light bulbs, and more Edison made up the pieces as well as fitted them together. In 1869, Edison comes up with a Boston steamship, landed in New York City. This project left him poor and penniless, and in debt. Today with Thomas Edison electrical invention we now have the ability to have electricity to turn appliances on and off like dishwasher, washers and dryers. According to Anita Ruddick, founder of the hugely successful fair trade outlet The Body Shop’ said, “Nobody talks of entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking. Innovation plays a large role in the study of entrepreneurship and the two ideas are closely......

Words: 1103 - Pages: 5

Entrepreneurs

...then says that this was also one of the best decisions he ever made. I believe that any decision he makes will end up working out because he believes in himself. He says you can’t connect the dots looking forward, only looking backwards afterwards, so you have to trust that they will connect. You have to trust in something; your gut, karma, destiny, something. He believed in something whatever that something was. Steve Jobs said he used to walk downtown to receive one good meal a week. He slept in his friends dorms every night. He made the sacrifice, he took the risk, never settled, and he never gave up. He did what he loved and did “great work”. Every characteristic of an entrepreneur I can think of, Steve Jobs has it. As a future entrepreneur, this video inspires me to make sacrifices. Every good entrepreneur must make some sort of sacrifices in their life to do what they love and truly believe in. Whether that’s living off ramen noodles for a couple years, sleeping on the floors of your friends dorm room, or giving up social life sacrifices must be made in order to succeed. “If you live each day as if it were your last, someday you’ll most certainly be right.” This is a funny quote, but at the same time it is powerful. Far too often I find myself being lazy and not how I would want to live my life. He said he’s looking in the mirror every morning and said, “if today were the last day of my life, would I want to do what I’m about to do today.” This is something that I......

Words: 1046 - Pages: 5