Task 1-2

Scenario

In enterprise we learn that those who take the biggest risks generally gain the highest rewards. But we also know that for every successful entrepreneur there are several others who have failed. There are very few overnight success stories when it comes to new businesses being set up.

Back in 1999, Richard, Adam and Jon started Innocent with a simple aim: to make it easy for people to do themselves and others some good. They pledged that Innocent would always give 10% of its profits to charity; a promise fulfilled in how Innocent does business today, ensuring that the more good stuff the company sells, the more good it does. Today their products are widely available and the business is constantly evolving.

All successful modern enterprises started with ideas, visions and the motivation to succeed in spite of the difficulties faced. What characterises the successful ones is often the refusal to take no for an answer when faced with obstacles and barriers along with the personal and entrepreneurial skills to overcome these.

Task 1:

Select either Innocents entrepreneur, or another successful entrepreneur, and research the skills, capabilities and mindset that has led to the success of the enterprise.

Your research should cover the type of enterprise, how the enterprise meets customers needs and aspirations, the types of risks facing the enterprise and the skills, attributes and mindset displayed by the entrepreneur.

Using this research, prepare a written report that analyses and evaluates why the enterprise has been successful and the importance of the skills, attributes and attitude to risk of the entrepreneur.

Task 2:

As we can see in the scenario above the motivation for starting a new enterprise is more than just a bright idea although this might be the starting point. The motivation may involve the desire to go it alone, take on new challenges and opportunities as well as financial and family reasons.

You will need to research these motives and reasons along with the obstacles and barriers met when setting up the new venture. These may include product or service viability, cash and other financial constraints as well as the need to acquire new skills and experience. You will also need to consider legal and other regulatory requirements. Your research must include how these obstacles and barriers were overcome. The final part of your research includes how enterprises contribute to the local and national economy in different ways. This may include wealth creation, jobs as well as innovations to improve efficiency and raise living standards.

You now need to produce a written report that evaluates the motivation for your chosen entrepreneur when starting out on this venture. The report will also include a discussion of the obstacles and barriers met and overcome. You will need to include an evaluation of what contribution your chosen enterprise has made to the local and national Oman economy.

The report will be comprehensive; it will be professionally presented with a logical structure and will be well written making use of the correct business and financial terminology.

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