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Bus508

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In the world there are a lot of people with all different types of characteristics. Some of those people open their own businesses, provide services and make money in doing so. Entrepreneurs of all different business industries carry a lot of the same types of characteristics. In fact, it is probably why they become successful in the first place, but people are motivated by different things which are what drives them in the first place. Some people are motivated by pure profits. Donald Trump is an example of this type of entrepreneur. He entered a business that he was very comfortable with in order to tap the market and make money. The other type of entrepreneur is one that makes money while serving their community. Oprah Winfrey is a perfect example of this type of entrepreneur. Her goal is to be socially responsible and puts her community service in front of money making. Although both of these people are rich and share similar characteristics, their business principals and leadership strategies are very different. Donald Trump was born into the real estate business. His father raised him in the lifestyle and prepared Trump with the tools he would need in order to be successful. When it comes to business Trump has a pretty straight forward out look on things. If it made him money he would dive in full force and once he took on a project there really was no stopping him until her reached his goals. Trump’s style was based off of his own intuition and charisma. “He has mastered the art of defining the core values of his brand equity to appeal to a wide customer base,” (Rein). It was Trump’s ability to connect and read people that gave him edge in the market. People were being sold off ofTrumps name and reputation. Donald Trump carries a variety of different characteristics that has made him successful in business. Trump is a big thinker. Being a big thinker has given Trump the mind set that there is no such thing as impossible and given him the confidence and drive to go after big money deals and be successful. Combine his knowledge and passion together and you have a strong money making machine. The knowledge gave him the power to identify money making opportunities and his passion enabled him to pursue the things he desires. Taking Risks and indulging himself did not always pay off for Trump. He has lost a lot through his career and has filed for bankruptcy more than once. One of the characteristics of a great entrepreneur is their ability to tolerant failure. “They also view setbacks and failures as learning experiences and are not easily discouraged or disappointed when things don’t go as planned,”(Boone, Kurtz). Trump was always able to get out of debt and rebuild from nothing every time. But it does go to show you that risky business and reckless principals can bring you way up in success, but also bring right down just as fast. Trump was a go getter that relied on instinct for business deals. He was knowledgeable, passionate and charismatic. He lead by doing and acting on ideas no one wanted to touch. He was able to fail and try again until it worked. He made decision based off money value and made success his goal. He was in your face, over the top and always went against the tide. All these attributes and characteristics and made him rich and more popular than ever. Oprah Winfery is also a very successful entrepreneur. She brought herself out of poverty to become the head of a huge media company and the host of her own talk show that she produces herself. Winfery differs from Trump in a few different ways. She chooses to be a leader of social responsibility. Social responsibility is defined as “a business’s consideration of society’s well-being and consumer satisfaction, in addition to profits,” (Boone, Kurtz). She has become a role model for women all over the country and has extended her reach to other countries that are living in poverty. Her leadership skills are based off her ability to demonstrate her opinions in an effort to reach as many people as possible. Winfery’s approach to business is based off of real hard emotions. “Deeply empathetic, she had difficulty distancing herself from her work, often having to fight back tears while reporting stories that touched her”, (http://www.entrepreneur.com). Winfery has had to suffer though trials and tribulation to get to where she is now and it is her real emotion that draws in people. It is also the reason she works for the sole purpose of helping others. Everything that she does is a careful thought out plan to better the world around her. Winfery is honest. She uses her emotions and past to drive her for her success and her main focus is to help as many as she can. I do not think that I could identify with either or of these approaches alone. I would have to say that my initial approach would be based of making money. I would want to find an opportunity that I was able to make money and a lot of it. I would be able to indentify with Trump in the means jumping in full force and taking full advantage of an opportunity that I found to be a money maker. On the other hand I would want to be real. I would want to stay true to my emotions and make real long lasting relationships with people. In order to make a real difference socially I would want to be able to have the money first and then give back to the community in larger doses. In the end I am a little bit of both. I would want all the traits to show and give back what I could. The Small Business Administration and Score are agencies that provide support to entrepreneurs and small businesses. They provide loan lending programs, mentoring programs, workshops, support and business development programs. The Small Business Administration grants SCORE funds to oversee approximately 350 chapters of volunteers to provide free mentoring and counseling to small business and entrepreneurs a like. If I were to pick out 3 tools to help me they would be the business development program, mentoring program and workshops. The business development program that is offered through the Small Business Administration is mainly used for people that have a disadvantage socially or economically. They try to gear it towards minorities and women. In this program you can learn how to write a solid business plan, prepare your finances and learn about laws and regulations that might apply to you and your business. I think that this would be important because in order to make sure that I am covering all of the aspects I need to in order to start a successful business. It will give me a guideline to follow and be confident in my choices. Unlike Trump and Winfery, that would be an area that I lacked in. Mentoring programs offer help to guide you in the right direction. They are there to give you advice and to help you reach your goals. I think that it is important to have someone to bounce ideas off of and for someone to be able to point out opportunities that you might not have seen on your own. Having a mentor will enable you to feel comfortable with decisions and make you feel you have support or back bone. Workshops are designed to be informational. They usually cover topics like ethics, marketing, business plans, web design and many more. They are like taking short little classes that give you information on a topic you are interested in finding out about. I think that this would be helpful because the topics of the workshops are specific and you will be able to choose what you want to learn and will be able to ask question and work with someone live who would be considered an expert. In conclusion there are a lot of different types of people in the world and they all carry different characteristics. Some of these characteristics are what makes people successful. These characteristics also impact how people practice business and helps in determining what is important to a person. A person like Donald Trump is focused on money making while Oprah Winfrey is focused on socially responsibility. Each one is successful, but is different in terms of leadership style. There are a lot of tools and resources to help people looking to open their own business. As far as me, I don’t know if owning my own business would be what I would want to for myself. If it were though I would confident in knowing that I could get support and help easily.

Works Cited

Author unknown.”Genuine Business Lessons From Donald Trump”, Forbes. 05/04/2009. Magazine Articles. 10/20/2011.http://www.forbes.com/2009/05/04/donal-trump-marking-leadership-image.html.

Author unknown.”Donald Trump’s ideas and Strategies for Making Money and Success”.Sucessprincipalsonline.10/20/2011.http://www.successpricipalsonline.com/business-management/Donald-trump.html. Author unknown.”Oprah Winfrey.Enrepreneur.10/22/2011.http://www.entrepreneur.com/article/printhis/197558.html

Boone, Louis E. and Kurtz, David L.. Contemporary Business 13th Edition.NJ, Hoboken, 2011. John Wiley & Sons…...

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