Question

QUESTION 1:      

People are sometimes puzzled by the fact that entrepreneurs who have made millions of dollars still put in 60- to 80-hour a week helping their companies innovate and grow.

Required

i. In your view do you think entrepreneurs do not face any challenges? Justify your answer       

ii. Why do you think millionaire and multimillionaire entrepreneurs still carry out their work responsibilities every day?            

iii. If you were one of these entrepreneurs, do you think you would take the same hands-on approach? Why or why not?   

Answer 1

i.

Challenges are a part of business. Each and every entrepreneur faces challanges during the implementation of his/her business to achieve success and become a millionaire or multimillionaire business. Business is an activity which is made up of challenges. Every area of a business including Technology, HR, Production, Designing, Sales, Marketing, Operations, Finance etc. face challenges everyday in a new venture. However, it is the creativity of the entrepreneurs which enables them to find a disruptive way to overcome those challenges in the business.

Example - OYO faced an operational challenge in India where, the quality of services provided by the hotels were not up to the mark and customers were loading complaints. However, the entrepreneur took to decision to launch various different service categories which were ranked and priced according to the services being provided by the hotels. Also, a rating system was implemented in which customers could rate the services and a higher rating was the milestone for a better price.

ii.

Change is inevitable. Our world is a dynamic place in terms of technology and disruptions due to it. Creating blue oceans using disruption is easier while maintaining sustainability is tougher because copying the disruption is easier now. Every new disruption has their own set of competitors in their ocean and they are fighting for the market share. And hence, it becomes necessary for the entrepreneurs to keep working with complete enthusiasm and passion as during the implementation of the startup.

Example - OYO Hotels would not have survived if the entrepreneur "Riteish Agarwal" stopped working with enthusiasm after achieving the multi-millionaire dream. There were a lot of competitors in the market which followed OYO Hotels in India. However, the disruption made by OYO was maintained with hard work and enthusiasm.

iii.

As i see, the world changes everyday. There are new technologies and a plethora of ideas which enables businesses to grow and create markets for the new products and services. Learning and growing are two important and inevitable steps to develop yourself. Same is the case with the businesses. If i were the entrepreneur, i would have taken a similar approach to work the week out and grow everyday with the world implementing new ideas and technologies to sustain the disruption created by my start up.