Assessment Cover Sheet

Complete and attach this cover sheet to your assessment before submitting

Assessment Title

Assessment 1, Part 1

Programme Title:

Market yourself

Course No.:

GSP5203

Course Title:

Electives

Student Name:

Majeda Ali Yusuf

Student ID:

201401171

Tutor:

Eman AlShamlawi

9th of April, 2015

Due Date:

9th of April, 2015

Date submitted:

By submitting this assessment for marking, either electronically or as

hard copy, I confirm the following:
This assignment is my own work

Any information used has been properly referenced.

I understand that a copy of my work may be used for moderation.
I have kept a copy of this assignment
Do not write below this line. For Polytechnic use only.

Assessor:
Grade/Mark:
Comments:

Table of Contents

Date of Marking:

1.0 Introduction....................................................................................................... 3
2.0 Interview............................................................................................................ 3
3.0 Independent research...................................................................................... 4
4.0 Analysis.............................................................................................................. 5
5.0 Conclusion.......................................................................................................... 5
6.0 Reference........................................................................................................... 7
7.0 Appendix............................................................................................................ 7

1.0 Introduction
This report aim to identify the skills and the required competences to be a
successful entrepreneur through a primary and secondary research. It also
includes analysis and comparison between the findings of both. Ultimately,
Page 2 of 8

relating my personal experience, opinion and qualification to the suitability for

being an entrepreneur.

2.0 Interview
A face-to-face interview was conducted with Mr. Khalil Qaheri the founder of
Trexsol Company.
Khalil says that his motive appeared while studying his master, as he found out
that starting a new business is not difficult. As the master studies enable the
students to act like employers by researching, building thesis and proving
hypothesis in certain areas. MBA studies was the reason to startup as he said
if you can, do it. In addition, the real motivation that keeps him working until
now is the thirst of success. As for Khalils responsibilities in the company,
making sure that the tasks for every employee is clear, understood, and then,
measuring the performance of their work and spot weaknesses. Moreover,
planning the success of the business, supply chain efficiency and integration of
all the components of the business. As for qualification, having knowledge in
fields like marketing and accounting is crucial in order for the business to
thrive.

One important trait in the initiator is innovation. Steve jobs said, If you saw all
people working in one way choose the opposite. When an entrepreneur
follows a successful leader, he ends up a copycat of him, however; choosing
the opposite gives uniqueness and innovation.
Khalil said, a business plan is assumptions of the business that even if was
based on facts can never be 100% correct especially under the variable
conditions of Bahrain market due to advanced technologies. Therefore, the
owner is less likely espoused to mistakes in the companys functions. In
addition, it can also be a waste of time instead of starting the real business
work. However, a vision of the companys outlook is required in the business.
When the vision is not only about the money the business will be successful.

Khalil says, as an entrepreneur you look at things differently. For example,

when a worker goes to a restaurant he enjoys his meal while a business owner
Page 3 of 8

looks at it as an opportunity to work with this restaurant and may even

calculate how this owner gains money. Khalil also adds that it is starting a
business is as you risk personal money, opportunities and career.
Kahlil points at failures by saying that this word does not exist in his dictionary.
Not succeeding from the first try is an opportunity to learn from mistakes and it
is a plus one to my experience. In other words, the word failures means the
lessons you take throughout your success journey.
To a person who just started out, Khalil says start today and do not listen to
people who bring you down. Mistakes can be fixed, money can be collected
and information can be gathered only if you started working.

3.0 Independent research

An entrepreneur is a person who has a clear plan of a new business that he
puts his personal money in. Entrepreneur is almost a synonym of the word risktaker. Starting a new business is a risky path from the initiation to ongoing
development. This means giving up the normal steady life and losing the fixed
monthly salary. In addition, jeopardizing the mental health by devoting the
personal time to work and the remaining worrying about work. The risks
associated with a personal business never goes, therefore; a successful
entrepreneur must learn how to tolerate the risk and withstand the fear of
failure. (DeMers, 2014)
Tolerating the risk does not only mean beating it but also raising up after every
fall by finding solutions. Therefore, determination to success is required in
dealing with uncertainty and repeated losses. Definitely, all business owners
went through failures but a person with entrepreneurial skills is able to push on
to victory as once a person commits to his thoughts mentally, the action
follows. Tenacity and resilience allows the recovery from failures as setbacks
only strengthen the owners will. This self-discipline comes from the inner
believe in the business service or product. (Robinson, 2014)
However, in order for determination to work out an entrepreneur must find his
passion. There is always that elemental drive about the business that fuels its
Page 4 of 8

owner with the urge, confidence and passion to accomplish. Therefore, a

committed business owner consider everyday as one-step towards obtaining
his goals no matter the obstacles. Motivation once found can be turn into an
ignited flame that heats the urge to work and lighten the path. In addition,
motivation can also be a transferred positive energy that an owner can pass to
his employees. (Adams, 2010)
Moreover, planning and opportunity spotting are defining entrepreneurial skills.
In business, the ability of anticipating the market needs and identifying the
market gaps is important. In addition, visualizing the future before the future
plays out and with the competence of communicating this vision to customers,
employees and venture capitalist. Planning by making a business plan, clarify
the business objectives and helps keeping track on work. (Smarta, n.d.)
(VANCITY, 2015)

4.0 Analysis
The interview and the research both show that the startup a business is risky in
terms of personal finance, health, time, effort, resources and career. In
addition, both findings show that motivation is what makes a successful
entrepreneur as it fuels him to keep going. Another similarity area is the trait of
strong well that setbacks cannot effects the entrepreneur urge to succeed.
Business planning is the point where the findings differ as it is a debatable
issue. Khalil in the interview said that a business plan is not a good choice for
an entrepreneur. Which means that he support business model canvas. It is a
flexible and up-to-date planning tool that works with the rule plan-do-checkact. While a business plan takes away the time, effort, resources, money and
focus from other endeavors. In addition, it is more often that the cost exceeds
the value benefited of it especially if the company has poor implementations.
In fact, business plans never made sense. If the business is not represent well
in figures and facts that does not mean it will not grow because uniqueness is
often a disguised element of success. However, findings in both are similar that
a vision of the company in the future is important. (Gartenstein, n.d.)
Another differing point is innovation. Khalil insists on being unique to succeed
while the research does not provide such information. This because Khalil
Page 5 of 8

speaks out of experience but the research is only based on figures and facts.
Repetitive business are less likely to succeed as there are many competitors,
therefore; innovation must be applied to the products and services offered as
well as the method used. For example, McDonald's business backbone is not
selling burgers; it is selling its real-estate properties. When buying a land to
open a new branch, the company buys also the land surrounded to sell it
afterwards when the prices raise because McDonald's restaurant location.
Therefore, the uniqueness in the cheap price of the meals appeared because of
innovation of the method. (McGrath, n.d.)

5.0 Conclusion
Initiating a business requires a lot of experience rather than qualification. In my
case, I just finished school almost year ago, therefore; I do not have the
sufficient knowledge to take such a remarkable step in my life. However, after
six or seven years from now I will have my bachelor aside with other beneficial
certificates and gained experience in different workplaces.

As for abilities and skills, although I still have to develop in areas like
commitment, I believe that I have it in me. For example, back in school I have
always been the chosen one to lead the group due to their knowledge of my
sense of responsibility, fairness and guidance. In addition, I am the type of
person who puts a plan for the whole day and works upon it. I have also a
critical thinking as I always find different approaches to solutions. This will help
me to be innovative and discover new opportunities. I am a bit shy and this
made me miss many opportunities, however; I am getting rid of this trait by
socializing, engaging in volunteer groups and working in a part time job aside
of my studies.
It has been always my dream to open my own business. Being the boss of
myself, taking decisions on my own and feeling independent is what keeps me
interested in this job.

Page 6 of 8

6.0 Reference
Adams, J. (2010, September 27). 10 Qualities of a Successful Entrepreneur. Retrieved
from Under30CEO : http://under30ceo.com/10-qualities-of-a-successfulentrepreneur/
DeMers, J. (2014, October 13). 7 Risks Every Entrepreneur Must Take. Retrieved from
Entrepreneur : http://www.entrepreneur.com/article/238319
Gartenstein, D. (n.d.). The Disadvantages of Business Planning. Retrieved from
Azcentral: http://yourbusiness.azcentral.com/disadvantages-business-planning11116.html
McGrath, J. (n.d.). How McDonald's Works. Retrieved from How stuff Works:
http://money.howstuffworks.com/mcdonalds2.htm
Robinson, J. (2014, January 10). The 7 Traits of Successful Entrepreneurs. Retrieved
from Entrepreneurs: http://www.entrepreneur.com/article/230350
Smarta. (n.d.). What makes an entrepreneur? Retrieved from Smarta:
http://www.smarta.com/advice/starting-up/starting-your-own-business/whatmakes-an-entrepreneur/
VANCITY. (2015, FEBRUARY 12). 9 ESSENTIAL TRAITS OF SUCCESSFUL
ENTREPRENEURS. Retrieved from Small Business BC:
http://smallbusinessbc.ca/article/9-essential-traits-successful-entrepreneurs/

Page 7 of 8

7.0 Appendix
The interview questions are
1. What motived to start a new business?
2. What one important trait every entrepreneur should have?
3. What is the reason behind your success?
4. What are your responsibilities as a business owner?
5. After you were an employee, how do you find being an employer?
6. Was putting your personal money to startup this business risky?
7. How can creating a business plan drives the business toward success?
8. How do you handle failures?
9. What is your least favorite part about having your business?
10.

What is your greatest worry as an entrepreneur?

11. What entrepreneurial skills have you developed until you became
who you are today?
12.

What famous entrepreneurial advice you agree with?

13. If you could give one piece of advice to a person who just started
out, what would it be?

Page 8 of 8