Professional Documents
Culture Documents
weakness.
2.
Jean Paul Getty(Oil Tycoon): Test the Limits- Big Wins demand Big Risks
3.
4.
5.
6.
7.
power
8.
Donald Trump: To be Big, Think Big-Real Big
9.
Jeffrey Bezos(Amazon.com): Avoid Instant Gratification
Investment-
economy. Economic progress will much depend upon his or her contributions. Any
entrepreneur will invest in products and services which the people need. His or her invest
will ensure a better life for the people. More goods and services will be at their disposal.
2.
EmploymentAn entrepreneur by setting up various businesses and
establishments is generating employment in the country. People need jobs. This is a
major contribution that an employer can make to provide income to an employee who
can meet his or her needs.
3.
4.
are in
quipping entrepreneurs and firms with the ability to select effective strategies to secure
scarce resources outside a sponsored environment. Additional research is therefore
warranted focusing upon this theme (Flynn,!993; Westhead and Storey, 1995 ; westhead
and Bats tone,1999). Once the opportunity has been identified and information relevant
to the venture has been obtained, the next step for the entrepreneurs(or the team of
entrepreneurs) is to acquire new resources or effectively manage existing resources, in
order to exploit the opportunity. Research developments in these aspects of the
entrepreneurial processes are discussed in the following section.
likely to be its key resource (Storey, 1994; Westhead, 1995; Bate, 1998). Further, the
owner(s) may be the key constraint on resource acquisition (Brown and Kirchhoff,
1997). Resources and assets (both tangible and intangible) are accumulated throughout
entrepreneurial careers (Katz, 1994; Teece, Pisano and Shuen, 1997) , foe example,
human, social, physical, financial and organizational capital (Cooper, Gimeno-Gascon
and Woo,
Although resources are crucial to the performance of a venture, resources alone are not
sufficient to achieve a sustainable competitive advantage. It follows that entrepreneurs
must develop skills and select competitive strategies to make better use of the resources
that are accessible to them. Based on the resource-based theory of the firm, Chandler and
Hanks (1994) suggested that business should select their strategies to generate rents
based upon resource capabilities. They argue that when there is a fit between the
available resources and the ventures competitive strategies, firm performance should be
enhanced. Additional firm level studies are required to explore the relationship between
entrepreneurship resources (and their acquisition and management) and the competitive
strategies pursued by organisations (Zahra, Jennings and Kuratko, 1999).
SamWalton
FounderofWalMartStoresInc.
Founded:1962
"Thereisonlyonebossthecustomer.Andhecanfireeverybodyinthecompanyfrom
thechairmanondown,simplybyspendinghismoneysomewhereelse."SamWalton
IntroductionEarlyLife
SamWaltonwasbornonMarch29,1918inKingfisher,Oklahoma.Helivedwithhis
familyonafarmuntil1923,whentheymovedouttoMissouriinShelbina.Thisis
whereSamhadbecometheyoungestEagleScoutinthestateshistory,leadinghimto
receivetheEagleScoutAwardfromtheBoyScoutsofAmericalateron.Duringhigh
schoolSamwasveryathleticandplayedbothbasketballandfootball.HewasVice
Presidentduringhisjunioryearofhighschoolandthroughouthissenioryearhe
became
President.
SamhadgrownupduringtheGreatDepressionthatallowedhimtolearnthevalueof
adollarearlyinlife.Hehadtoworkmanyjobsthroughouthischildhoodinorderto
helphisparentsoutfinancially.Afterhighschool,SamattendedtheUniversityof
Missouriwithamajorineconomics.Aftergraduatingcollege,Waltonworkedasa
managementtraineeatJCPenneyinDesMoines,Iowa.Hequithisjobthereand
worked at a DuPont munitions plant in Oklahoma. Helater joined the US Army
IntelligenceCorps,butleftin1945whereheopenedadepartmentstorewithhiswife
Helen.SamhadboughtdifferentdepartmentstoresbeforeactuallystartingWalMart.
Whileowningthesestoreshemadethetoughdecisiontomovethecheckoutcounter
tothefrontofthestoretomakeitmoreconvenientforhiscustomerstopayforallof
theiritemsatoncebeforeleaving.
PartP.T.Barnum,partBillyGraham,SamWaltonsinglehandedlybuiltWalMart
intothebiggestretailerintheworld,transformingthewayAmericashoppedand
makinghimselfoneoftheworld'srichestmenintheprocess.Thankstohis"aw,
shucks"demeanorandhisstrategyoftargetingruralareas,retailinggiantslikeKmart,
SearsandWoolworth'sneversawthescrappy,pickupdrivingcountryboycoming.
Andwhentheydid,itwastoolatetostophim.
Waltonbeganwhatwouldbealifelongcareerintheretailbusinessin1940,whenhe
tookajobasasalestraineeataJ.C.PenneystoreinDesMoines,Iowa.Waltonwas
enthusiastic about his job, but he was never one of Penney's most thorough
employees.Hehatedtomakecustomerswaitwhilehefussedwithpaperwork,sohis
bookswereamess.Hisbosseventhreatenedtofirehim,sayinghewasnotcutoutfor
retailwork.Waltonwassavedbyhisabilityasasalesman,andheaddedabout$25
permonthincommissionstohisbeginner'ssalary.
Drafted into the United States Army in 1942, Walton served stateside as a
communicationsofficerintheArmyIntelligenceCorpsforthedurationofWorldWar
II.Bythetimehewasreleasedfromthemilitaryin1945,Waltonhadawifeandchild
tosupport,sohedecidedtostrikeoutonhisown.Puttingup$5,000ofhisown
moneyand$20,000thatheborrowedfromhisfatherinlaw,attheageof27,Walton
purchasedaBenFranklinvarietystoreinNewport,Arkansas.
Values,Attitudes,andBehaviors
SamWaltongrewupduringtheGreatDepressionandsawhismomanddadstruggle
tomakeendsmeet.Hisdadwasaveryhardworkerwhoputinlongdaysdoing
anythinghecouldtokeepthefamilyafloatduringtheDepression.Waltonhadtohelp
the family out financially at a very young age. He started selling magazine
subscriptionsatsevenyearsold.Healsoraisedandsoldrabbitsandpigeonsoutinthe
country in Missouri. In addition to that, he helped his mom with her small milk
businessbymilkingcowsearlyinthemorning.Waltonlearnedataveryyoungage
thatitwasimportantforkidstohelpoutaroundthehouseandberesponsibleand
contributetothefamilyratherthanjustexpectingthingstobegiventothem.Hegrew
upduringatimewhereearningmoneywasahugechallengeandinordertoearnthat
money,hardworkwouldbenecessary.Asaresultofthis,Waltonlearnedthevalueof
adollaratayoungage.BecauseWaltonhaddirectexperiencewiththesestruggles
andseeinghismomanddadworksohard,hisattitudesweremuchstrongerregarding
hardwork,ambition,andresponsibility.Heacquiredattitudesregardingthesevalues
through modeling by observing his mom and dad and how hard they worked.
WhenWaltongrewupandgraduatedfromcollege,hehadthevaluesofhardwork,
ambition,andresponsibilitydeeplyingrainedinhimbasedoffofhowhegrewupand
theexamplehismomanddadhadsetforhimwhichcreatedthefoundationforhis
attitudesandhowhefeltaboutthesethings.Hehadtremendousrespectforthevalue
ofadollarandcarriedthatrespectashestartedhisbusiness.Evenasa$50billion
pluscompany,WalMartstillremainsacheapoptiontogetfood,clothes,andmuch
more.Waltonbelievesinthevalueofadollarandstrivestoprovidevaluetohis
customersbecauseheknowswhatitsliketostrugglefinancially.Itwouldgoagainst
everythinghestoodfortohaveabusinessthatchargedhighpricespurelyforthe
benefitofmakinglotsofmoneyoffofhiscustomers.ThatneverwasWaltonsgoal.
WaltonhasadmittedtobeingcheapandthisisclearlyreflectedinthepricesWal
Mart
charges
at
their
stores.
10
NotonlywasWaltonaveryhardworker,buthewasalsoextremelycompetitive.
WhenhewasinBoyScouts,hemadeabetwiththeotherscoutsaboutwhichoneof
themcouldmakeittoEagleScoutfirst.Sureenough,Waltonwasthefirstoneatthe
ageof13,theyoungestEagleScoutinthehistoryofMissouriatthetime.Inhigh
school,Waltonwasinvolvedinbasketballandfootballwhereheneverlostagame.
Becauseofhisincredibleathleticcareer,itcreatedanattitudeofneverlosingfor
Walton. When his business was facing challenges or fierce competitors, such as
Kmart,heknewthathecouldwin.Heclaimsthatitneverevenoccurredtohimthat
hemightlose.Asaresultofhisathleticcareer,Waltonalsolearnedthatteamworkis
essentialinachievinggoalsandbeingsuccessful.Waltonknowsthateverythingthat
theyhavedoneatWalMarthasbeenaresultofpeopleworkingtogethertowardone
commongoal.Heappreciatedandvaluedallofhisemployeesandevengavethem
stockoptionsbecauseherealizedhowimportantteamworkisinbeingsuccessful.
Waltonlearnedthevaluesofresponsibility,hardwork,andambitionataveryyoung
agebasedonhowhegrewupandtheexamplehisparentssetforhim.Thesevalues
ledtohisattitudes,likehowhefeltaboutthevalueofadollarandhowhefeltabout
workinghardandbeingresponsibleafterseeingandobservinghisparentswhenhe
was young. These attitudes led to his behaviors and actions he exhibited while
runningWalMartandexplainswhyhisstoreissocheap,andwhyhegavestock
options to his employees. The values he learned at a young age through sports,
examplessetbyhismomanddad,andexperienceswereinstrumentalinshapinghim
intoanextremelysuccessfulbusinessleader.
MotivationalTheories
SamWaltonbelievedinthehumanfactorofacompany;thattheemployeesthatare
incontactwiththecustomerthemostneedtofeelempoweredandpartownershipof
Walmart.Asamanagerandleader,heimplementedmanymotivationalstrategiesin
ordertoexciteandincreasetheefficiencyofemployees.Oneofthesetheoriesis
MaslowsNeedHiearchy.AccordingtoMichaelBergdahlsbookTheTenRulesof
SamWaltonSuccessSecretsforRemarkableResults,employeeswanttoprovide
11
excellentcustomerservicebecauseitisaselfactualizedbehaviorandinorderto
completethisselfactualizedbehavior,theemployeesneedshavetobemetfirst.The
companyprovidedpaytomeetphysiologicalneeds,althoughthisportionofhiscareer
took longer to develop. Through the influence of his wife and top managers, he
increased pay and offered various incentives and rewards for high performing
employees(JRank).SamWaltonthenmettheemployeessecurityandsafetyneeds
bycreatingapositiveworkingenvironment.InBergdahlsbookhestatedthat,Mr.
Sambelievedthatifyouactenthusiastic,youllbeenthusiasticandthosearoundyou
willbecomeenergized.Emotionalcontagion,thedynamicprocessthroughwhich
emotions are transferred from one person to another, either consciously or
unconsciously through nonverbal channels, is usually associated with negative
energy.However,SamWaltonuseditinapositivewaytomotivatehisemployees.
Emotional and social needs were met with customer centered relationships and
positive relationships between managers and employees. These relationships then
transfertomeetselfesteemneedsbylettingtheemployeesknowhowmuchyou
valuetheircontributions.onebyone.Afteralloftheseneedshavebeenmet,this
willbringtheselfactualizationthatisneededtoprovidethesuperiorcustomerservice
that Sam Walton wants all of his employees to strive for.
Moreover,SamWaltonexhibitedmanymotivationalfactors similartoHerzbergs
twofactor theory of motivation.ORGBexplains Herzbergs theory as having two
parts: one based on avoiding pain and one stemming from the desire for
psychological growth. In looking at Sam Walton, the only applicable part of
Herzbergstheoryisthepartbasedonmotivationfactorswhichareworkconditions
that satisfy the need for psychological growth (80). Some factors that Herzberg
identified as motivational factors were responsibility, achievement, recognition,
advancement,andworkitself(80).OneparticularinstancethatspeakstoWaltons
abilitytomotivatebasedonrecognitionwashowhevisitedeverystoreonceayear
until WalMart became too big (Rao). During these visits he would bring a tape
recorderandmakesureeveryworkerknewhewaslisteningtotheiropinionsofthe
company.Duringthesevisitshewouldalsopraiseworkersandinoneinstancehe
showedtherecognitionmotivationalfactorbyspeakingintohisrecorderstating:Im
12
hereinMemphisatstore950,andGeorgehasdonearealfinethingwiththisendcap
display of Equate Baby Oil. Id like to try this everywhere (Rao). George, the
commonworker,feltrecognizedforhisgreatworkbyhisCEO.Waltonunderstood
theimportanceofrecognition.Additionally,Waltontypifiedtheresponsibilityand
achievement factors by always addressing his workers as associates rather than
employees(Rao).Bycallingthemassociates,Waltonestablishedresponsibilityinhis
workersanddrovehisworkerstoachievehigherlevels.ByvisitingeachWalMart
store,Waltonwasabletoidentifywithhisworkersandtheworkitselfthattheydid,
ultimately showing his commitment to recognition, responsibility, achievement,
advancement
and
work.
WaltonalsodisplayedmotivationcharacteristicsfoundinMcClellandsneedtheory,
whichhighlightsthreeimportantneeds.McClellandbelievedmotivationwasbrought
aboutfromthreeneeds:theneedforachievement,powerandaffiliation(ORGB).
Waltontypifiedtheneedforaffiliation.Theneedforaffiliationisamanifestneedto
establish and maintain warm, close, intimate relationships with other people
(ORGB).Waltonunderstoodwhattheneedforaffiliationwasbecausehefrequently
visitedhisstores.Byvisitinghisstores,hewasabletomaintainrelationshipswith
eventhelowestlevelworkerssuchastheshelverestockers.Inthisway,workers
wereabletorelatetoWaltonandWaltonwasabletorelatetohisworkers.Theclose
relationshipsthatheformedduringhisfrequentstorevisitsspeaksvolumesabout
Walton,theneedforaffiliationandMcClellandsoverallneedtheory.
PersonalitytraitsofSamWalton
Sam Waltons distinct and successful style of leadership is derived from his
personality.Accordingtotraittheory,thecombinationsofpersonaltraitsarewhat
defineanindividualspersonality.AccordingtotheBigFivetraittheorythereare
five definite traits that define a persons personality: extraversion, agreeableness,
conscientiousness, emotional stability, and openness to experience. With further
examinationofSamWalton,hisleadershipstyle,hislife,hisbusinesstactics,andhis
successHeprocessedallofthesetraits.FromaveryyoungageSamdemonstrated
13
extraversionandconscientiousnessthroughhisentrepreneurialspirit.Hecreatedhis
ownjobsasachild,andlaterboughtdepartmentstorestofeedhisdesireofownership
andsuccess.ManyofhisemployeeshavecallSamWaltonapowerfulandfairleader;
thisdemonstrateshistraitofagreeableness.SamWaltonsaidMostmanagersleadby
fearandintimidation.Theythinkthatbeingtoughisbeingaleader;nothingisfurther
fromthetruth.Goodleadersaddthehumanfactortoallaspectsoftheirbusiness.
SamsopennesswasexpressedinhisinnovativeideasatWalMart.Samhadtheidea
tomovethemultipleregisterslocatedthroughouthisdepartmentstorestothefrontof
thestore.Thatwaypeoplewouldntneedtocheckoutinindividualdepartments,they
could check out at the end of their shopping experience as they exited.
SamWaltonslocusofcontrolalsohelpedhisleadershipstyle.SamWalton,like
manygoodmanagersandworkers,possessedaninternallocusofcontrol.Thismeans
that Sam believed that he controlled what happened to his business, and held
responsibility for its performance. This trait makes a good manager and leader
because instead of blaming employees, or circumstances the managers accepts
responsibilityforafailureandchangesthemselvesforthebetter.SamWaltonhad
whatiscalledhighselfefficiency.ThisisSamsoverallviewofhiseffectivenessina
multitudeofactivities.Hewasconfidentishissuccesswithanytypeofchallenge.As
asuccessfulleaderSamWaltonwasahighselfmonitor.ThismeansthatSamwould
take in hints and ideas from his surroundings to change his behavior.
SamWaltonwasknownasanESTJontheMyersBriggsTypeIndicatorInstrument.
Thisstyleofpersonalitytesterusesaseriousofquestionstodecideonfourmajor
areashowyoubehave.Thefourareasareextraversion/introversion,sensing/intuition,
thinking/feeling,andjudging/perceiving.Throughthecombinationofthesefourtraits
apersonalityprofilecanbebuilt,andusedtodescribeSamWaltonsbehavior.Asan
ESTJ,SamwasanExtravert,hemadedecisionsbasedoffofhissenses,hetrusted
thoughtmorethanfeeling,andhejudgedsituations.Allofthesequalitieshelpto
makeaneffectiveleadersbecausetheycreateasocialleaderwhoworkshardtogain
knowledgeandfactstorunthebusiness,whichisexactlywhatSamdid.
14
Sam's10Beliefs
SamWaltonbelievedrunningasuccessfulbusinessboilsdownto10simplerules.
TheseruleshelpedWalmartbecomethegloballeaderitistoday.Wecontinueto
applythemtoeverypartofourbusiness.Youcanreadtherulesbelow,excerpted
fromhisbook,SamWalton,MadeinAmerica:MyStory.
1.Committoyourbusiness.
Believeinitmorethananybodyelse.Ifyouloveyourwork,you'llbeoutthereevery
daytryingtodoitthebestyoupossiblycan,andprettysooneverybodyaroundwill
catchthepassionfromyoulikeafever.
2.Shareyourprofitswithallyourassociates,andtreatthemaspartners.
Inturn,theywilltreatyouasapartner,andtogetheryouwillallperformbeyondyour
wildestexpectations.
3.Motivateyourpartners.
Moneyandownershipalonearen'tenough.Sethighgoals,encouragecompetition,
andthenkeepscore.Don'tbecometoopredictable.
15
4.Communicateeverythingyoupossiblycantoyourpartners.
Themoretheyknow,themorethey'llunderstand.Themoretheyunderstand,the
morethey'llcare.Oncetheycare,there'snostoppingthem.
5.Appreciateeverythingyourassociatesdoforthebusiness.
Nothingelsecanquitesubstituteforafewwellchosen,welltimed,sincerewordsof
praise.They'reabsolutelyfreeandworthafortune.
6.Celebrateyoursuccess.
Don'ttakeyourselfsoseriously.Loosenup,andeverybodyaroundyouwillloosen
up.Havefun.Showenthusiasmalways.Allofthisismoreimportant,andmorefun,
thanyouthink,anditreallyfoolscompetition.
7.Listentoeveryoneinyourcompany.
And figure out ways to get them talking. To push responsibility down in your
organization,andtoforcegoodideastobubbleupwithinit,youmustlistentowhat
yourassociatesaretryingtotellyou.
8.Exceedyourcustomersexpectations.
Givethemwhattheywantandalittlemore.Makegoodonallyourmistakes,and
don'tmakeexcusesapologize.Standbehindeverythingyoudo.
9.Controlyourexpensesbetterthanyourcompetition.
Thisiswhereyoucanalwaysfindthecompetitiveadvantage.Youcanmakealotof
differentmistakesandstillrecoverifyourunanefficientoperation.Oryoucanbe
brilliantandstillgooutofbusinessifyou'retooinefficient.
16
10.Swimupstream.
Gotheotherway.Ignoretheconventionalwisdom.Ifeverybodyelseisdoingitone
way,there'sagoodchanceyoucanfindyournichebygoinginexactlytheopposite
direction.
OprahWinfrey
Producer:TheOprahWinfreyShow
17
Introduction
BornOrpahGailWinfrey,OprahisanAmericanentrepreneurandphilanthropist
knownforhermultiawardwinningshowTheOprahWinfreyShow(19862011).
SheisthetwentiethcenturysrichestAfricanAmericanwithanetworthof2.7billion
dollars.
Thisselfmadebillionairewasbornon29thJanuary1954inKosciusko,Mississippi.
Oprahbattledadespondentchildhoodthatincludedpoverty,sexualabuse,unwanted
pregnancyandthedeathofthechild.At13whenshefinallylefthometostaywith
herfatherinNashvillewhoprovidedherwithasecurelifeandeducation.Oprah
flourished andpublicspeaking andoratoryskills werehermostprominent skills.
After winningthebeautypageantMiss Black Tennesseeat 17,Oprah caught the
attentionofWVOL,aradiostationinNashville,whoofferedherajob.Duringthis
timeshewonafullscholarshiptoTennesseeStateUniversitywhereshegraduated
majoringinPerformingArtsandSpeechCommunications.
OprahlandedajobasananchoratalocalTVstation.Thisledtoanotherjobin
BaltimorewhereshewascoanchoratWJZTVNews.HerfirsttalkshowPeople
Are Talking became quite popular. Her outgoing and ardent personality started
18
grabbing the publics attention. After devoting seven years to make this show
successful,shewasofferedtohostamorningshowintheWindyCity,Chicago.Inno
timeAMChicagowasoneofthemostacclaimedTVshows.RenamedinSeptember
1985asTheOprahWinfreyShowtheprogramstartedtobroadcastonanational
level.InthenextthreeyearsitwonseveralawardsincludingthreeDaytimeEmmy
Awardsin1987andanotherEmmythenextyear.Theshowtargetedvariousissues
suchaswomenempowermentandsignificanceandhumanrights,whichappealedto
peopleofallethnicities,gendersandsoonthewholeofAmericawasinlovewiththis
talentedandmagneticpersonalitywhorantheshowbrilliantly.
Herpassionforproducinghighstandardentertainmentprogramsencouragedherto
form her own production company that she called Harpo (which was her name
spelled backwards). Harpo Productions Inc. gained the ownership and production
rightstotheOprahWinfreyShowfrom1998onwards.Thecompanyproducedother
miniseriesincludingTheWomenofBrewsterPlaceandmovieslikeThereAreNo
ChildrenHere(1993)andBeforeWomenHadWings(1997).Oprahmadeherfilm
debut in the 1985 film The Color Purple. Her movies also include Charlottes
Web,BeemovieandThePrincessandtheFrog.
Oprah revolutionized the trash TV format to a more subtle, kinder and truly
informativestyleandbytheendofthe90scompletelyreformedthewaytelevision
wasrun.ShecofoundedasuccessfulcablestationcalledOxygenandchangedthe
Discovery Health Channel to OWN: Oprah Winfrey Network that launched in
January 2011. Oprah has authored five books and publishes a magazine O, The
OprahMagazine.HerwebsiteOprah.comhasanaverageof70millionviewsand6
millionuserseverymonth.Shesigneda55milliondollarscontractwithXMSatellite
RadiotolaunchanewchannelnamedOprahRadio.
RightfullycalledtheworldsmostpowerfulwomanbyTime.comandCNN,Oprah
hasinfluencedthelivesofmillionsofpeoplebybuildingaconsummateassociation
withthem.Herendeavorsasamedialeaderandphilanthropisthavemadeherasone
ofthemostadmiredpeopleofourtime.
19
TheMakingsOfABusinessTycoon:Oprah'sEarlyYears
OnJanuary29,1954,thewomanthatwouldmakeameteoricrisetobecomenotonly
therichestfemaleinAmerica,butalsothefirsteverAfricanAmericanbillionairewas
born.
Oprah Gail Winfreys beginnings were modest. Born on a small farm in
Kosciusko,Mississippitoahousemaidmotherandacoalminerfather,Oprahsearly
yearswerefilledwithmuchadversity.Livingherfirstsixyearswithherreligious
grandmotherHaiteeMaeLee,itwasherewhereOprahfirstlearnedtoreadandwrite
andwhereshedevelopedherlifelongloveofliterature.Hergrandmotherhassaidthat
eversinceOprahcouldtalk,shewasonstage.ShebeganrecitingBibleversesat
theirlocalchurch,displayingthefirstsignsofthefuturebroadcasterthattheworld
would
soon
know
all
too
well.
Whenshewassix,Oprahwouldembarkononeofthemoretraumaticphasesofher
life.AftermovingtoMilwaukeetolivewithherlesssupportivemother,Oprahwas
raped and sexually assaulted by members of her own family. With no system of
support,sheturnedtoalifeofrebellionanddrugs,windingupinnumerousjuvenile
detentioncentres.Afterdeliveringastillbornbaby,Oprahfinallyescapedthehorror
by moving in with her father in Nashville, Tennessee at the age of 14.
Imposing strict rules, Oprahs father attempted to regain control of his unruly
daughterslifebymakingeducationapriority.HeforcedOprahtosubmitaweekly
bookreporttohim,andtheeffortwouldeventuallypayoff.Oprahbecameanhonours
student and received a full scholarship to Tennessee State University, where she
majored in Speech Communications and Performing Arts. At atimewhen few
AfricanAmericanwomenevenattendedhighschool,Oprahsaccomplishmentwas
significant.Attheageof18,shealsowentontowintheMissBlackTennessee
beauty
pageant.
WhileOprahhadbegunhermediacareerworkingatherhighschoolradioshow,it
20
wasinherfreshmanyearwhenshegotherfirsttrueopportunitytoworkinlocal
media.Shebecomeboththeyoungestnewsanchorandthefirstblackfemalenews
anchoratNashvillesWTVFTV.In1976,OprahrelocatedtoBaltimoretocoanchor
WJZTVslocaleveningnews.Herpopularityledtoherbeingrecruitedascohostof
WJZs
local
talk
show,
People
are
Talking.
Oprahswarmsmilewasquicklygainingappealacrossawideraudience.In1984,she
relocatedtohercurrenthomeofChicago,IllinoistohostWLSTVsAMChicago.
FollowingamassivejumpinratingswithOprahstakeover,theshowwasrenamed
TheOprahWinfreyShow andextendedtoafullhour.Withherpowerfulscreen
presence and friendly demeanor, the show went national just two years later. It
becamethehighestratedtalkshowintelevisionhistoryandwouldretainitsleading
positionforthenexttwentyyears,withanestimated30millionsviewersintheUnited
Statesalone,andalargerfollowinginthe109countriesaroundtheworldinwhichit
isseen.
trustandwasthusbroughtinasapartner.Oprahbelievedshewouldneedamanager
asthecompanygrewsoastoallowhertimetofocusonthequalityanddeliveryof
her
own
show.
Immediatelyafterclosingthedeal,OprahboughtafilmproductionstudioinChicago,
whichwastobethenewhomeforherownshowaswellashosttootherprojects.
Covering88,000squarefeetandfeaturingthreeseparatesoundstages,Oprahspent
$20
million
in
renovating
the
space.
HarposlowlyexpandeditsactivitiesfromtheproductionofaTVmovie,TheWomen
ofBrewsterPlace,in1989,tosigningadealwithABCin1995fortheproductionof
sixmadeforTVmovies.ABChadbeeneagertoattachitsnametoOpraheversince
herrisingpopularityfromChicagoAM.Thecompanylaterdiversifieditsactivities,
producingfilmsfortheatrereleasesuchasBeloved,whichwasreleasedin1998by
theWaltDisneyCompany.Unpopularwiththepublic,Harpowentbacktoproducing
madeforTV
movies.
In1998,HarpoteamedupwithABCInternetGrouptolaunchOprah.com.Thatsame
year, Harpo joined with several partners to form Oxygen, a new cable channel
dedicated to womens issues. Harpo also entered the publishingbusinesswith
Oprahsownmagazine,O,TheOprahMagazine.Afterjustsevenissues,Ohadtwo
millionsubscribers,makingitthemostsuccessfulnewmagazineinAmericanhistory.
Oprah told Fortune that of all her accomplishments, she was most proud of her
magazine, because I didn't know what I was doing.
OprahhasrefusedtofollowinMarthaStewartsfootstepsbytakinghercompany
public.Shesaysthatsellinghernameoranypartofherbusinessisakintoselling
herself.IfIlostcontrolofthebusiness,shesays,I'dlosemyselforatleastthe
ability
to
be
myself.
Thecompanyisnotwithoutitschallenges.WhileHarpoisknownforpayingits
employeeswell,theymustsignalifelongconfidentialityagreement,barringthem
22
fromtalkingorwritingaboutOprahspersonalorbusinessaffairsandthoseofher
companyfortherestoftheirlives.Thishasresultedinsomedisgruntledworkers,but
nolegalchallengeagainstHarpotodatehasbeensuccessful.Tobringameasureof
corporategovernancewhilestillmaintainingherpersonaltouch,Oprahbroughtin
television executive and one of her former bosses, Tim Bennett, as COO.
Today,Harpohas263fulltimeemployees,modestturnover(10%to15%ayear)and
earns$275millioninrevenues.Itisamediapowerhousethatcompeteswithgiants
likeLifetimeandAOLTimeWarner.And,Oprahremainsascommittedasever:"I
believeI'mjustgettingstarted.
HOWSHEDIDIT:OPRAHSSUCCESSFACTORS
WhatIknowforsureisthatifyouwanttohavesuccess,youcantmakesuccess
yourgoal,saysOprahWinfrey.Thekeyisnottoworryaboutbeingsuccessful,but
toinsteadworktowardbeingsignificantandthesuccesswillnaturallyfollow.
Oprahssuccesshasnotcomeeasily,butratherastheresultofanumberofcrucial
factors:
A GoalOriented Focus: You become what you believe, says Oprah. You are
whereyouaretodayinyourlifebasedoneverythingyouhavebelieved.Oprahs
unwaveringbeliefinherabilitiesiswhatdrovehertofocusallofherlifesenergyon
reachingherobjectives.Focusedonacareerinbroadcasting,Oprahignoredallother
diversionsuntilshehadachievedhergoals.Onceasuccessfultalkshowhost,she
continued to diversify in areas within broadcasting. Oprahs singleminded focus
allowedhertoconcentrateallofhertimeandenergyintoachievingthelifeofher
dreams.
TheAbilitytoOvercomeDiversity:Havingexperiencedmuchabuseandadversityas
ayoungchild,Oprahdevelopedthesurvivalinstinctatanearlyage.Shelearnedthe
23
lessonthatifyouwantedtonotonlystayalivebutalsomakesomethingofyourself
youhadtofight.Thiswouldwellprepareherfortheobstaclesshewouldlaterfacein
the
worlds
of
broadcasting
and
business.
Oprah
in
the
eyes
of
the
public.
TheCouragetoFollowherPassion:Iwascalledtotalk,tousemyvoiceinsome
way,saysOprah.FromtheverymomentthatOprahdiscoveredhernaturalflairand
passionforbroadcasting,shedirectedallherenergytowardfeedingthatpassion.It
was her passion for what she was doing that drew people in and made her so
appealing to audiences worldwide. Oprahs passion conveys authenticity, which
allowspeopletogetaninsideglimpseintohertrueselfandgarnersasenseoftrust
betweenherandheraudience.Equippedwiththisloveofcommunicatingwithpeople
and a staunch belief in her true calling, Oprah was propelled to new heights.
Idontthinkofmyselfasabusinesswoman,shesays,butOprahssuccessproves
24
otherwise. While these factors for success may not be unique to Oprah, their
combinationandthemannerinwhichtheywereembracedenabledhertoreachto
newheights.
Personalitytraits:
#1BeTruetoYourself
OprahoncesaidIhadnoideathatbeingyourauthenticselfcouldmakemeasrich
asIvebecome.IfIhad,Idhavedoneitalotearlier.
Oprahisjustasgraciousandcharmingbehindthescenesassheisoncamera.
Shehasbeencaptivatingaudiencessinceshewasthreeyearsold.Herlocalchurch
haddubbedOprahThePreacherforherabilitytoreciteBibleverses.
Interestingly,theAmericanentertainerhadaknackforinterviewingtoo.Backthen,
Oprahsfavouritegamewastoaskquestionofherdollandthecrowsonthefenceof
herfamilysproperty.Inotherwords,Winfreywasprettymuchborntobeatalk
showhost.
Ifyoufeellikeyourjobisaroundholeandyoureasquarepeg,itstimetomakea
change.
#2IfYouHaventFallen,YouHaventWalked
Oprah,likemostsuccessfulpeople,doesntbelieveinfailure.Whatmostpeoplethink
of as failure, Winfrey considers to be a new perspective, a new lesson, another
steppingstonetoherdestination.
25
Oprahisnotaquittereither.BelieveitornotOprahhasenduredhershareoffailure.
Shewasinherearlytwentiesfiredfromherpositionascoanchoroftheevening
newsatamajorBaltimoreTVstation.Andeventhoughshewentthroughhumiliating
experiencesdoinglesserjobsshepersevereduntilshefoundhertrueniche.Sheonce
said,Goahead.Falldown.Theworldlooksdifferentfromtheground.
#3Followyourguts
OprahbelievesthatYourgutisyourinnercompass.Wheneveryouhavetoconsult
withotherpeopleforananswer,youreheadedinthewrongdirection.
Oprahbelievesstronglyinherinstinctssayingtheyarewheretruewisdommanifests
itself.Shesmadeherbigdecisions(likedecidingtoretirefromTheOprahWinfrey
Show)justbasedonagutfeeling.
Instinctbaseddecisionmakingisfaster,lessstressful,andmoregenuine.Soifyouve
beenmakingallofyourdecisionsbasedonrationalanalysisbutyourenotentirely
happywiththeresults,tryfollowinggoingwithyourgutforachange.
#4MakeYourownLuck
Youcantearn$2.7billionwithoutgettingluckyatleastonce.Oprahrecognisesthat
shes been lucky, but she doesnt see luck as pure chance: I feel that luck is
preparationmeetingopportunity.
Everyentrepreneurhopestolandahugeclientorgetasuddenspikeintraffic,butif
theyve spent all their time hoping (and not preparing) then when that huge
opportunityfinallydoescomealong,theirbusinesswontbefullyequippedtomake
themostofit.
Insteadwishingforluck,thinkaboutwhatopportunityyouwouldmostliketoreceive
inyourlife.Areyoucompletelypreparedtomakethemostofit?
26
#5OwnEverythingYoudo
WinfreychosetotakeownershipofhershowwhenshefoundedHarpoProductions.
BeingCEOofHarpoempoweredhertohavecontrolovereveryaspectofhershow.It
alsoopenedthedoorforWinfreytoproducefilms,broadcastradioprograms,and
publishamagazine.
Oprahsrefusednumerousofferstoendorseothercompanysproducts.Everything
thatOprahsays,creates,orlendshernameto,sheowns.Andshesdoneitwith
literallynoexternalinvestment:Winfreyowns90%ofstockinHarpo.
Onthewhole,Oprahssuccessisnoaccident.Theseattributeshaveshapedtheperson
sheisbothasanindividualandanentrepreneur.Thesevaluesmadeheroneofthe
wealthiestandmostinfluentialpeopleintheworld.Whichoftheseattributesdoyou
identifywiththemost?Pleasecomment.
27
SumitGoyal
VicePresidentAkashGangaCouriers
28
Aboutthecompany:
Akash Ganga Courier (AGC) is one of the pioneer players in the Indian express
IndustryanditisawellestablishedBrand.AGCbeganitsjourneyfromthesmall
townofRajasthan,LoonkaransarinthedistrictofBikaner.Inthelast22yearsithas
spreadsitswingstoallpartofthecountry.AGCcoversmorethan4000Pincodes
through its own network and 1809 franchisees. To gain the foothold in the
Competitive market, AGC primarily focussed on the Textile segment. Textile
industryrequiresitsproductstoreacheverycornerofthecountryincludingsmall
towns.AGCsvisionaryBoardfoundbigopportunityinthissegmentandremained
focussedonit.ThishashelpedAGCtospreaditsnetworkalloverthecountryand
emergeasamarketleaderinthemostimportanttextileindustry.TodayAGCserveto
more than 40% textile units in India and has earned the Tag of reliability and
integrity.
Withchangingmarketscenarioandbusinessdynamics,AGCsuccessfullyenteredin
toBanking,finance,insurance,Automobile,educationandpharmaceuticalindustryas
well. Now AGC offered products and services on par with any leading courier
companiesinthecountry.AGCprovideonlinetrackingsystemtoitscustomerwith
excellentcustomerandoperationsupport.Weoffertheservicesandproductsthat
suitseverysegmentoftheindustryandourproductsincludes,
1. AkashGangaExpressservices
2. OLTRegular,Premium&ODA
3. AGCAirandSurfaceCargo
4. AGCInternational
AGChasgoneonestepaheadwiththelaunchofOLTproduct.Underthisweprovide
ourcustomerpremiumserviceswithmoneybackguaranteeoffer.AnOLTwillserve
theODAlocation(Outofareadelivery)atthesamespeedandassuranceasthatof
premium.TheODAserviceshavebeenintroducedkeepinginviewsthegrowthof
industriesintheruralandinteriorpartofthecountry.
29
AGCbelieveinIntegrityfirstandthatisafoundationofoursuccess.OurBoard
DirectorledbyDr.SubhashGoyalhasmaintainedtheCustomerFirstapproachand
weareproudtobeassociatedwithlargecustomerbase.
DOMESTIC SERVICES
COURIER MODE
CARGO MODE
PREMIUMSERVICES
Underthissegmentweofferthreeservicestoourcustomers
30
OLTRegular: Thisoffersourcustomersguaranteednextbusinessdaydeliveryto
directstationsand48hourservicestothetranshipmentstations.Weprovide100%
trackingofOLTshipments.
OLTPremium:Thisserviceisofferedtoselectlocationswithtimedefinitedelivery
schedule.Wealsooffermoneybackguaranteetothisproductincaseofnondelivery
withoutanyvalidreasons.
OLTODA:ThisservicehasbeenspeciallydesignedtoserveOutofDeliveryArea
locationswhichmostothercourierrefused.AGCofferthesespecialserviceswith
extrachargesbysendingspecialmessengerfromthelastpointofdelivery.
INTERNATIONALSERVICES
AGCInternationaloffersServicesthroughitsstrategictieupnetworkswithTNT,
DHL,andFedEx.Thisoffersourcustomersawiderangeofservicestochoosefrom.
AGCInternationalServicescompriseofDocument,ParcelandcommercialServices,
spanningvirtuallyallthecountriesacrosstheglobe.
AninterviewwithSumitGoyal:
Thecompanystartedoffin1989.WegotincorporatedasaPrivateLimitedcompany
in1991andbecamepubliclimitedin2005Iguess.IamnotsureaboutthePublic
Limitedkayear.
Thecompanyhas5cityofficesasCompanyBranchOffice[Mumbai,Delhi,Surat,
Jaipur,Banglore].Theseareselfofficeshavinglocalfranchiseesundertheminthe
respectivecities.
31
Forexample,MumbaiRegionalOfficehas3branchofficesvizAndheri,Ghatkopar
andKalbadevi[MarineLines]and30franchiseesacrossthecity.Delhihas2branch
officesvizkarolbaghandPunjabibaghand75franchisees.Andsoon.
Rest in over 250cities across the country we have ourfranchiseoffices that are
workingunderthesamebannerandexclusivelyforAkashGanga.Wecoverover850
destinationsacrossthecountryhavingpresenceinallmetroand2tiermetrocities.
Around4000pincodesservicedthroughtheseoffices.
Northisthestrongestregionwehave.
Wedeliveroveracroreshipmentsinayear.These5officeshaveacombinedannual
turnoverofRs.10crores.WepayaroundacrorejustinServiceTaxtothecentral
governmenteveryyear.Over10,000BlueCollarpeopleearntheirbreadandbutter
becauseofthecompany.Wehaveacleanrecordwithourcreditorsandemployeesfor
paymentsterms.
BeingamemberofregionalorlocalCourierAssociations,wehelp,support,promote
and
work
for
betterment
of
the
express
industry.
IamManagingCommitteememberofTheBombayCouriersAssociation.Mumbai
Branch has an average sale of 20 lakhs a month. 5000 shipments every day are
bookedinMumbaithroughthe3branchesand30franchisees.Wedeliveraround
4000shipmentseverydayinMumbai.
Chapter2EntrepreneurialCharacteristics
Although there is no fixed definition of what characteristics an entrepreneur must
exhibit, some personality traits bring out the entrepreneur in any human being.
32
1.AGoalOriented:Youbecomewhatyoubelieve,saysOprah.Youarewhere
you are today in your life based on everything you have believed. Oprahs
unwaveringbeliefinherabilitiesiswhatdrovehertofocusallofherlifesenergyon
33
reachingherobjectives.Focusedonacareerinbroadcasting,Oprahignoredallother
diversionsuntilshehadachievedhergoals.
2.FocusedonGrowth:Onceasuccessfultalkshowhost,shecontinuedtodiversify
inareaswithinbroadcasting.Oprahssinglemindedfocusallowedhertoconcentrate
all of hertimeand energy into achieving the life of her dreams.
3. The Ability to Overcome Diversity: Having experienced much abuse and
adversityasayoungchild,Oprahdevelopedthesurvivalinstinctatanearlyage.She
learnedthelessonthatifyouwantedtonotonlystayalivebutalsomakesomethingof
yourselfyouhadtofight.Thiswouldwellprepareherfortheobstaclesshewould
laterfaceintheworldsofbroadcastingandbusiness.
4. Passionate: Oprah has always been inclined to have her own business, and thus she
is very passionate about what she does. She is motivated with her zeal and joy for her
own work.
5. Risk taker: No business is risk free. Risk is the cost for profit. Oprah risked by
diversifying into many different segments too fast. Shewasnotafraidtoventureinto
theunknownorreinventherselfthroughvariousmedia.
6.Opportunist: Idontbelieveincoincidences,saysOprah.Fromhostingatalk
show,to acting, toutilizing the Internet tobring her company online, Oprah has
listenedtoherinnervoiceandgrabbedeveryopportunityshebelievedwasnecessary
toachievehergoals.
7.Abilitytosayno:Hersuccessalsoliesintheopportunitiesshehasturneddown,
suchasthousandsofdollarsworthofbrandendorsements,whichmighthaveputher
company in jeopardy. Listening to her gut instinct has allowed Oprah to take
advantageofnumerousopportunities,whichotherwisemighthavegoneunnoticed.
8.ASenseofResponsibilitytoOthers:Earlyoninhercareer,Oprahasked,How
can I be of service? How can I use television as a service? Oprah has since
34
demonstratedthatsocialconsciousnesscanmakegoodbusinesssense.Herdedication
tothecausesinwhichshebelievesandthepassionwithwhichsheappealstoher
audienceforsupporthassetherapartfromothertelevisionpersonalities.Herdesireto
givebacknotonlytoherowncommunity,butalsotocommunitiesaroundtheworld,
has
endeared
Oprah
in
the
eyes
of
the
public.
9.Courageous: Iwascalledtotalk,tousemyvoiceinsomeway,saysOprah.
From the very moment that Oprah discovered her natural flair and passion for
broadcasting, she directed all her energy toward feeding that passion. It was her
passionforwhatshewasdoingthatdrewpeopleinandmadehersoappealingto
audiencesworldwide.
Idontthinkofmyselfasabusinesswoman,shesays,butOprahssuccessproves
otherwise. While these factors for success may not be unique to Oprah, their
combinationandthemannerinwhichtheywereembracedenabledhertoreachto
newheights.
2.3SumitGoyal
1.Passion
Assaidabove,manyifnotallgreatventuresarefoundoutofpassion.Ifyoudont
haveatleastafractionofthepassionofthefounder,itwillbehardtoconvinceyour
customers,employees,andotherstakeholderstostickaround.
2. Opportunist: A good entrepreneur always recognises his opportunity and acts on
it. SRK saw he had the finance he needed; he saw the opportunity to expand his brand
and took the leap with Red Chillies and his VFX special effects studio.
35
4.Knowledge:Hesaysitfeelslikehehasbeendoingitforyearsnow.Hehasalotof
knowledgeabouttheindustryandthecompany.Hewantsittogrowandwantsto
growwithit.
5. Network: The business founder knew all the customers, the employees, the
businessesintheneighborhood.Themayor,thechiefofpolice,andtheownerofthe
restaurant down the street. With a passion for the business he wanted to meet
everyonebecausetheyneverknewwherebusinessmaycomefrom. Overtimeit
becamequiteawonderfulnetwork.Hewishestodothesame.
6.Good Manager: Management is the art of getting things done through others. In
short delegating. He delegates well and understands where his presence can be better
matched with that of an expert. Thus the his team is very important to him.
7.Motivated:Perhapstheincomingownerisntlazyingeneralbutjustmotivatedto
workhardonthisbusiness.Wehaveallmetplentyofsecondgenerationbusiness
owners that can play golf and vacation like it is nobodys business. He is very
motivatedtochangethefaceofthecompany.
7.NotSelfish
Sumitcelebratesbirthdaysofallhisemployeesandtreatstheentireofficeoncea
quarter.Thereissomethingtobesaidforcharitystartingathome. Somesecond
generation owners take this a bit too far. As the business ebbs and flows their
lifestyleneverdoes.Theyproceedtoleadalifeoffancycars,vacationhomes,and
lifestyles whiletheemployees dontseebonusesorraises. Trustme,peopleare
takingnotice.Ifthefounderhaspassed,theyarerollingintheirgravebecauseevenif
theywereselfishtheyknewthatsuccessofthecompanywaskeytotheirownselfish
desires.
Thesecondgenerationisntdoomed,buttheydohavetoworkhardertofindthelove
andcarethatwasgiventothebusinessbythefounder.
36
ChangesbroughtbySumitGoyalinAGC:
1.Technologicaladvancement
Technologicalchangeisinlargepartresponsibleformanyoftheseculartrendsinsuch
basic parameters of the human condition asthe size of the world population, life
expectancy, education levels, material standards of living,and the nature of work,
communication, healthcare, war,and the effects of human activities onthe natural
environment.
Otheraspectsofsocietyandourindividuallivesarealsoinfluencedbytechnologyin
manydirectandindirectways,including
governance,entertainment,humanrelationships,andourviewsonmorality,mind,
matter,andourownhumannature.
2.Socialmedia
37
Socialmediahasbecomeanintegralpartofmodernsociety.Therearegeneralsocial
networkswithuserbaseslargerthanthepopulationofmostcountries.Thereareniche
sitesforvirtuallyeveryspecialinterestoutthere.
Therearesitestosharephotos,videos,statusupdates,sitesformeetingnewpeople
andsitestoconnectwitholdfriends.Itseemstherearesocialsolutionstojustabout
everyneed.
3.Regionalmeetings
Sumitconductedregionalmeetingseveryquarterendwithhisfranciseeowners.He
startedthistrendintheorgnanisation.Also,thisinitiativeworkedfineforthemas
theydiscussedimplementationsofnewideas.
4.Franchiseevisits
Hevisitedfranchiseesalloverindia.Recently,hewasoutonvisitsfor3monthsata
stretch.
CommonCharacteristics:
1.Passion
Inbusiness,asinlife,allyouneedislove(well,andsomefinancing).Passionanda
loveforthecraftarewhatkeepsentrepreneursgoingalldayeveryday,andtheabove
3entrepreneursarenodifferent.SamWaltonandOprahWinfreynodoubthavewon
so much success only on their passion. This trait is common in all successful
entrepreneurs.
2.Selfdriven
All3entrepreneursareselfdriven.Theymadethingshappenforthemselves.The
presentgenerationentrepreneurslookthemupon.Infact,SumitGoyallooksuptoSam
Waltonashisinspiration.
38
3.Networking
Well,SumitGoyalbeingthenewgenentrepreneurhasalreadylearnedtheartof
networkinganduseditwellforhisbenefit.Oprahbecamewhatsheistodayonly
becauseofhernetworkingskills.Samalsobecameclosewithallthetopgovernment
executivesintheearlystageofhiscareer.
4.Motivation
Thistraithasbroughtthemwheretheyare.OprahandSamhavestruggledmorethan
Sumit,ofcourse.Buttheyhavebeendrivenbythisstrongforcethathaskeptthem
going.
Biblography:
http://view.fdu.edu/default.aspx?id=2341
http://12most.com/2011/08/19/12mostsecondgenerationbusinessowners/
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/186994
/ChallengesFacedByFGEsinIndia.pdf
http://www.incomediary.com/ownit15inspiringbusinesslessonsfromoprah
winfrey
http://www.evancarmichael.com/Famous
Entrepreneurs/514/summary.php#authnoblog
39
http://www.evancarmichael.com/FamousEntrepreneurs/514/BuildinganEmpire
OprahsFormativeYears.html
http://www.evancarmichael.com/FamousEntrepreneurs/514/TheMakingsofa
BusinessTycoonOprahsEarlyYears.html
http://www.leadervalues.com/leaders.php?lid=18
http://harvardleadership.wordpress.com/2011/01/25/tenrulesofsuccessfromsam
walton/
40