Management

Question 2: Review

2.1 Analyse the story below of an unsuccessful
entrepreneur and identify at least 2 qualities that were lacking and 2
important skills that were evident.

Story:

To begin with, we were
incredibly successful, and I’m sure this is due to the timing of our
launch. This is one of the most important factors I have since taken
forward with any venture – timing is everything. Although timing is key
to our initial success, a lack of passion was responsible for the
decline of the company. When I first started the company, I was very
motivated and enjoyed managing a small team, even if I wasn’t entirely
interested in debt collection, I was interested in being my own boss and
heading a company. However, I underestimated just how exhausting this
actually is and started becoming less and less motivated, before
eventually burning myself out and shutting our doors for good. What I
realised here is that even if you have done everything possible to
prepare, starting a company is an enormous task and is made even harder
if you don’t have the passion to drive you.

Qualities lacking

Skills
evident