Managing Challenges to Growth for Entrepreneur- MyAssignmenthelp

Question: Discuss about theManaging Challenges to Business Growth for an Entrepreneur. Answer: Starting and growing business presents a lot of challenges for the owner of Gilbert Fresh Market, Mr. Gilbert. He had learned that all successful companies faced similar challenges when they were growing. However, there are a few things that set them apart from those companies that failed. This manager appreciates that growth is change, and change is risky. Whenever Gilbert opens a new branch, he ensures none of his stores is weaker than others. Unlike managers who remove their existing staff and shifting them when their organizations reach this stage of growth, he trains his own staff. He believes this is the only way to ensure there is no unbalance in his organization. Another unique thing that Gilbert does is hiring the right people all the time. He understands that the challenges that a company must go through when it is growing require experienced, visionary, and hardworking people. To avoid the risk of failure, he has groomed his children to work in his organization from bottom level and created an atmosphere that enables them to work their way up, acquiring experience in the process. He fosters his own people. By training his own staff and fostering his own people, Gilbert has demonstrated that he has transitioned from a business owner to entrepreneur. According to Grafton, an entrepreneur understands that for a business to grow, the entrepreneur himself must grow fast. When growth begins, the leader quickly learns that he can only do so much and he needs the help of others to meet the needs of customers adequately.[1] To meet these needs, other studies have indicated that the business owner must evolve from being a doer to a manager of employees and then to a manager of managers.[2] Doing this may appear very easy, but Alfredo says that is not the case.[3] He holds that managers often find it difficult to face the fact that they must rely on others to complete certain tasks. However, entrepreneurs go the extra mile and train their employees to be their own managers. After doing this, they can delegate effectively. When Gilbert gets to the point where he is delegating tasks and relying on his employees to drive the business, he must be a leader and coach. Coaching requires that he spends a lot of time getting to know people and understanding their emotions.[4] Gilbert has a good understanding of his children and a few other workers and gives them an opportunity to work their way to the top. By giving them this opportunity, he gives himself the advantage of knowing them and their abilities better. Gilbert also demonstrates that he is an entrepreneur by giving young people opportunity to lead. He believes that people should fail when they are young to develop a high tolerance for failure. Research has shown that entrepreneurs understand that upgrading never ends and growth is a continual process.[5] Failure also young people to learn in the right time that having a smooth-running machine in an elusive dream, so they have good tolerance to failure, take risks, and work hard. By mentoring young people to take over leadership of his business, Gilbert is creating a high-performance family.[6] Through this, he will reduce the amount of time he needs to spend putting out fires and the number of mistakes needing to be corrected every day. Ordinary managers often fail to plan for more growth and put in place better processes.[7] However, Gilbert being an entrepreneur, he is offering the right leadership and his business has great prospects. Bibliography DAngelo, Alfredo. "Theoretical Foundations of International Entrepreneurship: Entrepreneurship Studies." International Entrepreneurship, 2016, 75-95. doi:10.1057/9781137520036_4. Grafton, Melissa. "Growing a business and becoming more entrepreneurial: the five traits of success." Strategic Direction 27, no. 6 (2011): 4-7. doi:10.1108/02580541111135526. Hisrich, Robert D., and Veland Ramadani. "Entrepreneurial Business Planning." Springer Texts in Business and Economics Effective Entrepreneurial Management, 2016, 17-32. doi:10.1007/978-3-319-50467-4_2. Mller, Susan. "Business Models in Social Entrepreneurship." Social Entrepreneurship and Social Business, 2012, 105-31. doi:10.1007/978-3-8349-7093-0_6. Rusnjak, Andreas. "Entrepreneurial Business Modeling." Entrepreneurial Business Modeling, 2014, 81-108. doi:10.1007/978-3-658-03767-3_3. Rusnjak, Andreas. "Framework: Business Model-Poster." Entrepreneurial Business Modeling, 2014, 127-45. doi:10.1007/978-3-658-03767-3_5. Vaihekoski, M. "Book review: Entrepreneurial finance: Concepts and cases." International Small Business Journal 34, no. 6 (2016): 891-92. doi:10.1177/0266242616643881.