Timmons, Wickham and other contributors to the literature, have attempted to summarize the personality characteristics of "successful entrepreneurs" and to also categorize and measure these characteristics (often between innate ones and those which can be acquired). Discuss with criticality entrepreneurial characteristics that you believe can be acquired and developed by individuals and the problematic issues that arise from attempts to measure these characteristics. (1,200 words with adequate references)
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The response addresses the queries posted in 1229 Words, APA References.
Business Innovation & Entrepreneurial Characteristics
Innovation is the vital component of any business, which provides competitive advantage to the business. In the present competitive business environment, it is essential for the business organizations to follow innovation tactics for coping and preventing the business from stagnancy. Business innovation induces change in the business practices of an organization. Innovation can be in form of new ideas or changes in the current business portfolio. For business innovation, the ability to manipulate new and innovative ideas into successful outcomes is necessary. Business innovation can be effectively done by establishing innovative channels of communication, finance and business models (Use innovation to grow your business, 2009).
Business innovation improves the efficiency and productivity of the business organization in the market. The business entrepreneurs should focus on the development of the capabilities of the business by increasing the synergy and efficacy for the creation of new and innovative business approach. The entrepreneurs become successful in their businesses because they implement their innovative ideas of conducting business in practice, within the business standards. For becoming a successful entrepreneur, a person requires various personality traits and characteristics (Bennett, Lance & Woehr, 2006). The paper will provide a detailed description about the acquirement of the essential traits and qualities of the successful entrepreneurs and the issues that come into existence while acquiring these characteristics.
Personality Characteristics of Successful Entrepreneurs
Entrepreneurs are the individuals who take risk in their business ventures and have optimistic capabilities towards solving the problems. Every entrepreneur possesses some personality traits and characteristics for becoming successful in the competitive business environment. The personality traits and characteristics of the entrepreneurs can be innate or acquired. Successful entrepreneurs focus on taking risk in their business ventures and maintaining positive attitude towards the condition of business (Albertson, 2008). The main characteristics of a successful entrepreneur can be described as follows:
Ø Optimistic behavior: It tends the entrepreneurs in finding the best opportunities out of the business situations.
The response addresses the queries posted in 1229 Words, APA References.
Organizational Chart - International Business Management
Healthcare in Taiwan
Our company will be a small niche medical company located in Taiwan. The company will employ about 60 people. These employees will consist of operations personnel and company staff such as Medical Doctors, Occupational Medical Director, Registered Nurses, Employee Health Safety staff, and Benefits Advisor. The building itself will have three floors with the main floor being for prescription drug storage, customer service, and offices, while bottom floor contains more offices is primarily for rehabilitation for the elderly and the upper floor will be used for laboratory research and development and diagnostics
The products that the company will hold are products that are affiliated with the ongoing health issues in Taiwan such as, heart disease, cancer, and rehabilitation. The product that will be held for heart disease will consist of Accupril, Inspra, and Norvasc. These medicines are the most prescribed brand name high blood pressure medicines worldwide. They help to treat high blood pressure, heart failure, and easy blood flow through arteries. Cancer products will consist of Aromasin, Camptosar, and Ellence. These medicines are used for the treatment of breast cancer, colon cancer, and the rid of any tumor cells in the body.
With the continuing health concerns in Taiwan the National Health Insurance program accounts for more than 60 percent of all health costs. Taiwan is also very advanced in technology and with that technology used for research and development our company seeks to make substantial profits.
The company will like to expand internationally for various reasons. Taiwan's economy is ranked among the 20 largest in the US. And at the same time, Taiwan also has an increasingly growing population which is spending a big amount of their income on healthcare. There is strong demand in Taiwan for numerous medial products and services. Some of which include those related to orthopedics, rehabilitation, cardiology, and diagnosis particularly pertaining to cancer. Additionally, due to increased male and female life expectancy in Taiwan, the demand for medial products for senior citizens continues to grow. In part, the United States has exported approximately USD 161 million in medial products to Taiwan in 2003 1. For this reason, a distributor in Taiwan can assist US exporters with the process.
Taiwan's market offers ample opportunities for US firms to profit from a strong and growing demand for advanced medical supplies. They have an aging population together combined with other factors such as high population density. In 2004, the average per capita expenditure on healthcare was US$847 of a total per capita GDP of $13,529 2.
Our company will profit from the sales of medial products for the elderly, more specifically for heart disease and cancer patients, two of the leading causes of death in Taiwan. In Taiwan, the overall medical device market is projected to grow at a rate of 3-5 percent per year while implantable devices grow at an annual rate of 6-10 percent2.
The Taiwan market for implantable devices has been growing rapidly as a result of their growing elderly population and patients increased awareness of new implant technologies. One of our company's major forces for improving the healthcare of Taiwan's population are the new innovations in medial devices. Cardiovascular and hear diseases are the two leading causes of death in Taiwan that have highly contributed for the demand of heart implants. The Taiwan market's demand for implantable medical devices was forecasted to reach approximately US$123.4 million in 2005. The market demand grew 29.5 percent from its previous years2. For years the US supplies 90% of Taiwan's vascular grafts, 80% of ACID and artificial heart valves and 70% of intraocular lenses2. Taiwan's economy continues to grow steadily and our company is looking forward to expanding internationally to Taiwan.
Taiwan is the seventh largest trading partner of the US with over US$50 billion in two-way trade . The region is an excellent market for many types of products and services and our company will take advantage of this opportunity. In conclusion, we will provide medical products that will improve the healthcare technologies sector.
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