This website uses cookies to ensure you have the best experience. Learn more

Profile Of An Entrepreneur Essay

1410 words - 6 pages

Name: Roderick Smart
ID#: 92058153
Course Title: New Ventures and Entrepreneurship
Course Code: SBCO 6190
Lecturer: Dr. K’adamawe K’Nife
Topic: Profile of an Entrepreneur

Profile of an Entrepreneur
Entrepreneur Mr. Earl Martin CEO and founder of Island Products Manufacturers
Start Date 1992
Industry Manufacturing of Chemical Products
Innovation Sale of household cleaners in bulk quantities

Background
Mr. Martin started his company island products Manufacturers in 1992, with the idea to sell house hold cleaners in bulk, at the time these cleaners could only be purchased in retail amounts no larger than 1 gallon.
Mr. Martin realized that when you buy a gallon ...view middle of the document...

Mr. Martin purchased an idle factory on Ken Hill Drive in 1994 and started manufacturing his own line of household cleaners which he still sells in bulk today.
Mr. Martin through his innovative thinking has revolutionized the household chemical sales business in jamaica, in 1992 no one would sell chemicals in bulk quantities at a tap, today in 2014 bulk chemical sales is a part of most wholesale’s range of products.

Profile

Motivation
Mr. Martin’s motivation to start Island Products Manufacturing Company Limited came from the following:
* The desire to save on his personal purchase of household cleaners.
* A desire to own his own business and be his own boss.
Need Identified:
* In 1992 the household chemicals market was operated by few players and prices were not competitive, there existed a need for a lower cost household chemicals provider and Mr. Martin identified and filled that need.
* The need for a lower cost product created the need for a lower cost way of distributing the cost to the retail client, this was identified by Mr. Martin and was fulfilled by selling household chemicals in bulk to people who brought their own containers and recycled them allowing both Mr. Martin and the customers to save on the cost of containers.
Procurement of resources
* Mr. Martin Financed his new venture totally through personal equity.
* A truck was borrowed from a family friend to use to transport the drums of cleaners and within a matter of months the business was earning enough that mr martin could buy a truck of his own.
Challenges Faced and Overcome
The major challenge faced by Mr. Martin was convincing the wholesale shops that he was selling to, that there would be a market for bleach and cleaners from a tap, IE. That the customers would bring their own containers to the wholesales and purchase the cleaners by refilling there used containers.
* Sensitizing the market to this bulk purchase and container recycling method of purchasing household cleaners.
* Cultural reticence is another challenge faced by Mr. Martin when he actually started manufacturing from scratch his own line of cleaning chemicals.

Financial Performance;
* Mr. Martins bulk chemical sales venture was the first of it’s kind in jamaica and as a market innovator it experienced double and triple digit growth in sales revenue and profits year over year for the first six to eight years of the business.
* As the bulk concept of the business took root in communities, competition entered the market and sales and profit growth have steadily declined since the first ten years.
* Over the last five years the company has averaged six percent growth but Mr. Martin proudly says that he knows that he now produces over Fifty percent of the bleach produced in Jamaica.
Customer Perception of the Business
* On inception Mr. Martins customers which were the wholesale stores, they had a low perception of the business idea.
* The...

Other Papers Like Profile of an Entrepreneur

Entrepreneuship and Innovation Essay

2492 words - 10 pages . UB No: 11017266. Introduction In order to understand why Sean Gilligan became an entrepreneur, there are 3 key elements that revolve around him. His personality or attributes, his background and experience and the skills including how he learnt. In this essay, his personal attributes will only be discussed as this has been of great advantage to his career as an entrepreneur. Entrepreneurship is probably best understood as a process

Avruch, Kevin. 2002. Culture And Conflict Resolution

294 words - 2 pages influences and is experienced differently by different individuals of the same group. Previous definitions of culture included some very limiting Most would agree that entrepreneurs are people who take risks, invest capital, or think up new concepts for products. These different aspects may not all take place in the same situation. An entrepreneur does not necessarily have to do all of these things to be considered an entrepreneur. He or she may

Jan Overbrook

1097 words - 5 pages Jan Overbrooks image as an entrepreneur, and announcing the establishment of a new company. (2) A personality profile of Jan Overbrook and her business acumen and successes (3) her background at the Wellness advocates’ work in the local communities so far, (4) a list of common mis-diagnosed illnesses in the state of New York, (5) a statistic sheet of how many local patients feel confused and unsatisfied by their treatments annually. d. Write

Term Paper

1082 words - 5 pages Questions: 1.) Define entrepreneurship? Atleast 2 definition. 2.) What is entrepreneur? 3.) Characteristics of entrepreneurship. 4.) Advantages or Benefits of becoming an Entrepreneur. 5.) Disadvantages of becoming an Entrepreneur. Answer. 1.) Entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. An

Entrepreneur & Entrepreneurship

5553 words - 23 pages an Entrepreneur 1.6 Innovation 1.7 Risk and Uncertainty Bearing 1.8 Organization 1.9 Functions Performed by an Imitator Entrepreneur 1.10Entrepreneur vs. Manager Relationship 1.11 Summary 1.12 Glossary 1.13 Self-Assessment Questions 1.14 Further Readings 1.0 INTRODUCTION Do you know that there are millions of unemployed youth in the country and by the time you graduate, this number would have increased substantially? Do you want to be part of that

Entrepreneurship

543 words - 3 pages 'Entrepreneurship' Meaning An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Concept Entrepreneurship can be defined as the process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential. Entrepreneurs identify an innovation to seize an

What Excites You Being An Enterpreneur

1570 words - 7 pages 10 Reasons You Should be an Entrepreneur by Bamidele Being an entrepreneur can be one of the best decisions you will ever take in life but you don’t just jump into things without knowing why, this post will be listing 10 reasons why you should be an entrepreneur. 1. Be Your Own Boss. Nothing can be more frustrating than taking orders from the same person all the time. Even if taking orders is okay, what happens if your life depends on taking

Entrepreneur

2163 words - 9 pages a. Name and description of the company/business and the background of the entrepreneur prior to starting the enterprise Professional Clippers is the chosen business for analysis. This is a Barbershop situated downstairs a local plaza, Cacique Street Princes Town across the road from pennywise. It was founded in 2000 by Damian Philip, sole owner of the shop. After an interview with Mr. Philip, it was related that in his school days he always

Hostel Management System

648 words - 3 pages   BLUECREST COLLEGE NAME: SAMUEL OWUSU DANSO COURSE: SMALL BUSINESS MANAGEMENT & ENTREPRENEURSHIP LEVEL: 300 SEMESTER 2 PROGRAM: BACHELOR OF SCIENCE IN INFORMATION  TECHNOLOGY(BSc.IT) ASSIGNMENT I AN ENTREPRENEUR  INTERVIEW  BIOGRAPHY OF THE ENTREPRENEUR Mr. Gabriel Takyi is a young man of thirty six (36) years old  born at Abura Dunkwa a district in the  Central Region of south Ghana. He is married for the past six(6) years with his

Entrpreneurs Who Are Born Or Made

1300 words - 6 pages Introduction Entrepreneurs are born. This statement by Professor James V. Koch from Old Dominion University, Virginia, USA reflects that entrepreneurs have entrepreneurship skills that are part of a person’s innate traits one must be born with (Kuratko 2014). Entrepreneur who is born is the entrepreneur that has a family business. The entrepreneur inherits their parent’s business. Inheritance can make a person to be an entrepreneur. Matter

Geography

1025 words - 5 pages Description of the Business The intended entrepreneur intends to do sweet an salted plantain chips shop, which will be name sweet an salted plantain chips. It will be a sole trader business. It will be effective an efficient in in producing quality plantain chips and it will be sold at a very affordable price. Justification of Location The business will be located at lot

Related Essays

Become An Entrepreneur Essay

1040 words - 5 pages   What is entrepreneur? Is someone who starts a business or organization. Also who manage their business. But who organizes the stuff of organization. And assume the responsibility of the enterprise. A loanword (entrepreneur) it is defined as an individual who organizes or operates a business or businesses. How to become an entrepreneurship? You can become an entrepreneur by having an idea what you want in the business industries and the

Characteristics Of A Successful Entrepreneur Essay

1726 words - 7 pages . PROFILE OF AN ENTREPRENEUR David McClelland (1961), the entrepreneur is primarily motivated by an overwhelming need for achievement. He has a strong "urge to build". Bird (1992) sees entrepreneurs as Mercurial, that is, prone to insights, brainstorms, deceptions, ingeniousness and resourcefulness. They are cunning, opportunistic, creative, and unsentimental. Busenitz and Barney (1997) claim entrepreneurs are prone to overconfidence and over

Major Parts Of A Business Plan (Copied From The Internet)

833 words - 4 pages MAJOR PARTS IN A BUSINESS PLAN What is a Business Plan? The Business Plan is perhaps the most important document an entrepreneur can create. The business plan helps guide the direction of the start-up company's first several years, as well as giving potential investors an idea of the company structure, goals and future plans. What are the parts of a Business Plan? The following information is taken from the "Business Plan Development

Entrepreneurship Essay

634 words - 3 pages Questions: 1. What is an Entrepreneurship? 2. Who is an Entrepreneur? 3. Distinguish Entrepreneur from manager. 4. Give at least 10 characteristic of an Entrepreneurship. 5. What are the benefits that one can get from being an Entrepreneur? Answers: 1. -Entrepreneurship is the act of being of being an entrepreneur, which can be defined as one “who finance and business acumen in an effort to transform innovations into