The Skills And Characteristics Of Successful Business owners Business Essay

You will work as a trainee for a consultancy company whose topic is travel organisations. Your supervisor would like to determine a map of the key factors for small and medium-sized businesses to reach your goals in the travel and travel and leisure industry. She's asked you and the other trainees of her team, to each select a successful entrepreneurial firm in the travel and tourism industry, and research the development of the company as well as the skills of the businessperson.

The college student evaluates the key factors, such as organisational structure, resources, management skills that have made the company successful (e. g. effective use of physical, individuals or technical resources and power of management team, etc. )


In history, entrepreneurs played an integral role in the scientific, economic and sociable development. The word "entrepreneur" and "entrepreneurship" are trusted in economic literature since Richard Cantillon in his publication written in 1755, Essay on the type of Commerce in General used them as terms for the very first time. Today, research on entrepreneurship concerns many areas including finance, management, cognitive sciences and sociology. In monetary literature there is absolutely no clear explanation of entrepreneurship which is due to its dynamic character.

Generally, it could be said that entrepreneurship can be defined as follows (Carton et al. 1998:4):

Entrepreneurship begins with action, it concerns the foundation of any business and everything that is needed prior to the business is established i. e. monitoring environment for finding opportunities, discovering and choose the right opportunity, assess the viability of the home based business etc.

The second sizing of entrepreneurship concerns business performance. Some academics claim that growth is the primary characteristic of your business. Quantitative development is characterized by the size of the business (turnover, added value), profitability and value (stockholder value). Quantitative goals are related to the quantitative ones in order to accomplish business development. Other qualitative goals are competitive position, product quality and customer service. Drucker identified entrepreneurship as a systematic and professional activity presenting therefore, another dimension in entrepreneurship.

Sharma & Chrisman (1999:12) described two sub-concepts of entrepreneurship. The first one is targeted on the characteristics of entrepreneurship (e. g. invention, growth, uniqueness) and the other is targeted on the results of entrepreneurship (e. g. value creation).

Outcalt (2000:1) facilitates that the next three characteristics should be contained in entrepreneurship:

Uncertainty and risk.

Complementary managerial capabilities and

Creative opportunism.

He also shows that none of these characteristics should be dismissed because if they are dismissed business risk is repeated.

The present article analyzes the abilities and characteristics of successful business owners and focuses on Conrad Hilton and Hilton Hotels. Following, there's a do it yourself- appraisal on strengths and weaknesses and strategies to invigorate strengths. The second part of the report presents a brief history of Hilton hotels accompanied by an examination of its key success factors.

Discussion of the abilities and characteristics of successful entrepreneurs

The business owner is the one who takes the risk, s/he is self-motivated and can handle crises.

The businessperson is a leader and can cause creative damage.

The businessperson is someone who undertakes risky opportunities and possesses and abnormal low degree of risk aversion.

According to Johnson (2001) other characteristics of the business owner include: accepting easily new information, be autonomous, make 3rd party decisions, having the ability to determine opportunities in a quick changing and unsecure environment, being prolonged and success focused, have knowledge, personal integrity and reliability, being truly a good organizer and supervisor.

Gartner (1985) says the following six common conducts of business people:

Identifying business opportunities

Accumulation of resources

Marketing of products and services

Production of goods

Setting up a business

Responding to the environment (culture and authorities).

Successful enterprisers control their destiny. They surpass their genetic inheritance and culture plus they understand their uniqueness. They are excellent partners and they easily develop relationships.

Not everyone may become a business owner but s/he can acquire business practices.

Most people when they set up a business are not entrepreneurs. They can be either owners of a little business or these are self-employed.

Their success would depend on how they effectively "exploit" market sections, how much attention they give to customer beliefs and how effective they may be in the creation of an effective business strategy. Business frame of mind is considered as being more important for business success rather than knowledge and skills.

Conrad Hilton comes with an impressive personality and became an "icon" for his time. He purchased unprofitable hotels and transformed them into profitable ones. His "secret" had to do with hotel cost control. He used to ask out of this team directors to analyze their departments' costs and by the end of the month they had to evaluate the actual cost. This is the very first time that hotels performed budgeting to acquire the correct amount of procedures and achieve, at the same time, a maximum gross profit. Maybe it's suggested that all hotel division was behaving as a company unit, handling its specific costs and increase income without harming customer service quality.

Hilton's tactic of purchasing hotels, renew and redecorate them was called "mining for platinum". Conrad Hilton was not simply a simple successful business owner but also a statesman having impact to global market leaders.

His personal idea was Hilton's corporate motto i. e. "World Tranquility through International Trade and Travel". He believed in friendly relations among nations that could boost tourism and tourist spending.

Hilton Hotels' structures aimed at portion two goals: a) respecting the external environment of the city b) provide high functional efficiency that would make customers delighted.

Conrad Hilton was also a great philanthropist and set up a groundwork but he also made personal presents to people worldwide. He believed in God and he was persuaded that it's a natural obligation to help the destitute.

http://www. ultimatewarrior. com/Media/PDF%27s/CNHBiographylong. pdf

Self - appraisal

I have decided to develop further my command skills. I am a good team player and I like to use others but I find difficult to "impose" my opinion on others.

A general meaning of leadership claims that "a innovator is someone who influences an organization of individuals aiming at achieving a particular goal" (Graen & Uhl-Ben, 1995:227).

3 Ps are related to the word leader i. e. People, Goal and Person. The leader is somebody who is very dedicated to a goal which he employs very firmly even if s/he has no followers.

A head is anyone who has a personal eyesight but needs others to get this to eye-sight become true. A leader must transfer his/her vision so to others that his/her enthusiasts would share it and the goal can be common to all. S/he should be someone that his/her followers can trust. Some individuals can become more important than others. This skill is related to control styles, the leader's personal characteristics and his/her persuasion skills.

The head is somebody who can cause big changes, someone who are designed for effectively big crises. Corresponding to Goleman (2000:57), the control styles will be the following:.

Coercive. It is the less reliable style since it underestimates employees' dignity. The leader terrifies and underestimates employees when they actually the slightest mistake. As a style can be used only in urgent situations.

Authoritative. The leader has a perspective, s/he motivates people by exhibiting them that their work fits the perspective of the organization. This style is not effective when the leader should lead several experts but it is a style you can use in most cases.

Affiliative. The first choice focuses on creating powerful psychological relationships and then s/he obtains the benefits associated with these relations i. e. employee loyalty. This type of innovator offers positive opinions. It is an optimistic style but it ought to be better used when the leader wants to boost communication and raise the moral.

Democratic. Employees take part actively in decision making and in shaping just how they work. It is a confident style when the leader will not know which way to check out and employees can talk to the first choice.

Pacesetting. The first choice is very strenuous and pieces high expectations. Employees feel that they can be under constant pressure. This style should be sparingly used but it is very efficient when employees are highly trained.

Coaching. The leader encourages his/her employees and helps them to recognize their strong factors. This style is very efficient, however, it is used less. This style is very good when employees know their weaknesses but it isn't effective when employees avoid change.

During my studies, I have participated in a variety of teams and in a few of them I needed to be the leader. I then found out that the style I adopted is the democratic one. However, I really believe, that a head should be in a position to improve styles depending on the various situations s/he must face and the staff s/he must manage.

Acquiring leadership skills is vital for entrepreneurship. Therefore, I've decided for the current period to wait leadership seminars, participate in as many clubs as you possibly can and read catalogs on control and self-development.

A brief information of the type of the business and an evaluation of the company's historical development

Hilton belongs to the hotel industry. Conrad Hilton bought his first hotel in 1919. The name Hilton was given in 1924 to the first hotel created in Dallas. In 1947, Hilton became the first hotel company shown in New York Stock Exchange. In 1949 Hilton exposed its Puerto Rico branch and in 1953 opened the first European Hilton in Madrid. Hotel extended its business in casino hotels in 1970 by acquiring two casino hotels in Las Vegas. In 1996 it merged with Bally Entertainment Firm and in 1998 it expanded in gaming procedures.

Nowadays, Hilton has more than 500 hotels internationally. Formerly, Hilton was involved in acquiring small and medium-sized hotels. They have altered its strategy from 1970 onwards. In 2006, Hilton became the largest lodging company of the world. Hilton's recent strategy is franchising.

Key success factors

The key success factors of Hilton Hotels are the following:

Hilton is very customer focused. It offers customers with excellent customer support and focused on get together their needs satisfactorily. The service is provided by flexible and well trained employees and the products offered are of excellent quality.

Regarding people, Hilton reinforces team working and will be offering a pleasurable working environment. By satisfying their customer needs, Hilton enhances steadily its profits. Costs, as stated above, are manipulated but quality is not neglected.

Hilton engages its newly recruits in being in "customers' shoes" by experiencing the services offered before they start officially working at Hilton hotels. Hilton links workers delivery to customer offering. Hilton focuses on staff training since it wants to obtain well coordinated clubs offering superb customer service.

Hilton employees know they have a specific career path which the business is dedicated in their development.

Hilton is a service company and for service companies the factor "People" is vital thus Strategic RECRUITING is also very very important to Hilton. Hilton International has a three-five years HR plan. In 1998 it possessed launched its successful manager training program "Elevator". This program was aiming at recruiting highly qualified and talented graduates to become general professionals. In co-operation with. Man Factors International (HFI), an HR company, Hilton launched the "virtual psychologist" i. e. the screening process process is done online alternatively than consuming Hilton employees' time.

People recruited got to receive a short month training to make certain that they are highly talented people. Online recruitment has considered be very effective for Hilton.

"Esprit strategy" is another RECRUITING strategy launched by Hilton International. For hotel businesses having satisfied customers is not enough, they have to be delighted. It really is critical for hoteliers to provide high quality services but these cannot be delivered without sufficient staff training. "Esprit" centered on attributing rewards, respect and acceptance to employees.

"Equilibrium" was another initiative that was undertaken. The reason was to ensure that customers relished a peaceful stay and balance their needs on work and leisure.

Apart from customers, Hilton needs to include value to the rest of its stakeholders namely partners, the city, owners, shareholders and team members. For achieving this goal, Hilton has presented some recent strategies. It emphasizes training on brands that is delivered online, centralized web content and other training programs.

Progress is further assessed and reported. Hilton comes with an interior management tool. This tool was expanded in other Hilton properties, therefore, opportunities that can lead creativity and efficiencies.

In addition, the expectations on operation and structure was revised so as guidelines are shared and used among the many properties.

Purchasing insurance policies were also produced to ensure that the cost effective for the money is achieved so as the customers get the best products but also value for owners is delivered.


Modern literature on entrepreneurship steps from entrepreneurial characteristics to the behaviorist level and it is not centered on the type of personality that business people have but on the activities and actions (Timmons 1999: 221).

Morris & Jones (1999:73) think that the business process has behavioral components. Entrepreneurial action involves technology, risk taking and initiative. The main element for achieving the aforementioned is self-efficacy quite simply, the fact that one can organize and execute effectively the necessary steps to attain specific types of performance. This happens because it's been found that there is a positive correlation between self-efficacy and habit and that romantic relationship is causal naturally (Bandura 1978:43).

Regarding advancement and creativity matching to Schumpeter's theory only few business owners and for some time can be impressive. Those are the ones that pave just how for others others.

On the other hand, the issue of imitation has been neglected in the clinical literature of entrepreneurship. Ricoeur's ideas can donate to the analysis of entrepreneurship by presenting a mixture of imitation and creativity. This means that entrepreneurial behavior is based on imitation and repetition looked after has the aspect of imagination.

Being in a position to see entrepreneurship as creative imitation implies that imitation is considered a vital aspect of entrepreneurship. Linking creative imagination with imitation provides impression that the business enterprise process is more accessible to the average everyday person and not simply to a few special people, however not everyone folks is suitable for big business. The key reason why not everyone may become a great business man is not because of the insufficient creative capability or alertness. Since it has been said by Schumpeter "every one of us is an businessperson since s/he can make new combos. "

Ricoeur's theory allows us to reflect broadly on the topic. The amount of creativity and exactly how important it is good for entrepreneurship is not doubted. Some people may become more ready to become entrepreneurs. History experiences have prepared them to become entrepreneurs. One aspect of imitation is due to the association of previous experience with the near future business activities. Ricoeur's theory allows us to check out entrepreneurship from an alternative solution viewpoint where in fact the emphasis is on the role of imagination and imitation.

Some people may be more prepared to become business people. Their past experience have ready them to become entrepreneurs. Taking care of of imitation has to do with the relationship of previous experience with the near future business action. Ricoeur's theory allows us to check out entrepreneurship from an alternative solution viewpoint where in fact the emphasis is on the role of imagination and imitation.

Conrad Hilton was a successful entrepreneur almost a legend. He blended all the above characteristics i. e. technology, risk taking and initiative. However, as Schumpeter said "each one of us may become a business owner".

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