DEVELOPING A NEW BUSINESS
Name
Course
Tutor
Date
Developing a New Business
The interview session involves the Chief Executive Officer (CEO) OF International Business Machines Corporation (IBM) Virginia M. Rometty. IBM is an international corporation dealing with manufacture of computer and consultation services. The manufacturing and consultation company require a self-motivated person that is innovative and ready to lead a multi-national company. Mrs. Virginia Rometty has new business ideas that will help in prospering the IBM Company (Berner, Gomez & Knorringa, 2012). The driving force of Mrs. Virginia Rometty is the varying technologies present that require testing before developing into a final product. General Enterprising Tendency Test gives entrepreneurial characteristics of individuals with entrepreneur ideas. The test identifies the motivational factors entrepreneurial characteristics of the potential leaders in entrepreneurship career. The growth orientation and testing of new technology are the essential factors in the technology career. Mrs. Virgina Rometty being the first woman in the Chief Executive positive of the IBM, the corporate world has all eyes on her to view her success in the tenure period.
An exclusive interview with Virginia Rometty, the most powerful Women Summit revealed that she posesses a good fundamental knowledge on computer technology. Mrs. Rometty has been in the IBM system since 1981 and she has served different dockets in the organization. Mrs. Rometty is aware of the areas that need improvement in order the company can remain competitive in the international market. Mrs. Rometty main aim is to facilitate the growth of cloud computing in IBM and using the technology for commercial use. The promotion of Mrs. Rometty is an opportunity for progressive social policies in IBM Company. The experiences present on the CEO on operational excellence makes her fit to head the IBM Company to the next level of technology (Sarasvathy, 2004). The IBM promotes employments for women and has a rate of thirty percent employment rate on women and twenty-six percent of the women are in senior managerial positions (Andersson & Wadensjö, 2007).
Improving an existing idea is common in the mind of many entrepreneurs and aim to fulfil the idea within the shortest time possible. Presenting impressive ideas on the business enterprise have the consequence of getting a promotion in the business industry or heading a department in the organization. Success in leadership leads, in success in entrepreneur management. The driving force of starting a business makes a small idea become gigantic upon implementation. Mrs. Rometty is fifty four years old and has statistics of successful entrepreneurship ideas that led in prosperity of the departments she held previously. Most case entrepreneurship skills become real from the age of thirty-six years. Successful entrepreneurs consider becoming business owners and shape the business according to the prevailing conditions. Mrs. Virginia Rometty has determination of running the business despite frustration and set-backs that may occur in her leadership. She is ready to pull-up upon facing obstacles without seeking external help (Segal, Borgia & Schoenfeld, 2005).
Entrepreneur skills require dedication. Dedication involves putting long hours of work daily in order to achieve success. Confidence is a personality attribute that made Mrs. Rometty become the Chief Executive Officer of IBM. Virginia Rometty has confidence that she will manage in her entrepreneurship roles to lead the company. Emotional reserves keep the CEO working for long hours that the company will reach the target in a set period. Expression of confidence ensures good cooperation with the junior staff upon success of the organization (Andersson & Wadensjö, 2007). The speech individual makes in the company’s general meeting show an invaluable asset in the prosperity of the company. Confidence eliminates doubts within the company and gives the staff a new enthusiasm of improving the esteem towards prosperity of the company. Taking steps on reading or engaging in motivation talks is helpful in improving the confidence of managers and CEO of the company (Littunen, 2000).
Passion is an invaluable attribute in running a business. A passionate individual does not need extrinsic force in running a business. Passionate individuals believe that the business will succeed and are excited in telling other staff members of the implementations of the new ideas in the business. A passionate idea and clarity in expression of ideas attract other investors, banks and customers towards creating or fulfilling the idea. Ability to communicate and express business ideas in a clear and simple language is a door-opener towards success in business operations. The entrepreneur or CEO should explain the business idea in a simple language that all members in the society should get an idea of the business prospects (Littunen, 2000). Attraction of business partners ensures the business will achieve its goals in within the set time. The passionate attribute of Mrs. Rometty assist her in striking business deals in an easy way and brings the customs on the company.
The passion of Mrs. Rometty motivates the staff in the IBM Company and other corporate bodies that have a direct link with the company. Mrs. Rometty has inspirations on the every worker towards working smart in achieving IBM goals. The ability of visualizing the big picture of the organization assists in managing the company’s bottlenecks. Every company has success points and setbacks. Many individuals fear taking the entrepreneurship role because of fear of the company’s setbacks. Visualizing a big picture of the organization saves the company from collapsing in situations of the financial crisis. Mrs. Rometty has the ability of visualizing the big picture of the IBM Company. The CEO sets a yearly budget and plan of activities that will help the company meet all its activities through growth without financial strain. Proper budgeting is the ultimate activity that will help the survival of the business (Lee & Tsang, 2001).
Business prosperity requires creating good and lasting business relationships. Taking the position of a CEO means being a servant of the community. The community brings business and profit in the company hence the need of maintaining a good relationship. A successful business entrepreneur has the ability of building a rapport easily and easily strikes up a chat in a group of people. The exclusive personal attribute of engaging people in a conversation enhances creation of ideas and clarification of existing ideas in the entrepreneurship prospects (Beugelsdijk & Noorderhaven, 2005). The CEO should also create a good relationship with the customer. Identifying the customers’ needs and a brief history motivates the customer to the vendor in the enterprise due to the mutual relationship in offering of services.
Customer relationship enhances long patronage of the customer even in a situation of crisis within the business. Loyalty increases within the company upon building a good rapport with the customers and suppliers. Loyalty is helpful in uplifting the company in situations of upgrading or change of the company’s products. In addition, loyalty helps in managing competitors that rise within the business niche market. Being a risk taker is the final attribute that Mrs. Rometty has upon her position as the CEO of IBM. It is a big risk in investing in computer technology that consumes billion dollars in getting a single product with no reward. Mrs. Rometty grabs the available business opportunity without fear of failure hence leading to success of the organization (Carland, Carland & Hoy, 2002).
References:
Andersson, P., & Wadensjö, E. (2007). Do The Unemployed Become Successful Entrepreneurs?.
International Journal of Manpower, 28(7), 604-626.
Berner, E., Gomez, G., & Knorringa, P. (2012). ‘Helping A Large Number Of People Become A
Little Less Poor’: The Logic Of Survival Entrepreneurs. European Journal of Development Research, 24(3), 382-396.
Beugelsdijk, S., & Noorderhaven, N. (2005). Personality Characteristics Of Self-Employed; An
Empirical Study. Small Business Economics, 24(2), 159-167.
Carland, H., Carland, J. W., & Hoy, F. (2002). ” Who Is An Entrepreneur?” Is A Question Worth
Asking. Entrepreneurship: Critical Perspectives on Business and Management, 2, 178.
Lee, D. Y., & Tsang, E. W. (2001). The Effects Of Entrepreneurial Personality, Background And
Network Activities On Venture Growth. Journal of Management Studies, 38(4), 583-602.
Littunen, H. (2000). Entrepreneurship And The Characteristics Of The Entrepreneurial
Personality. International Journal of Entrepreneurial Behaviour & Research, 6(6), 295-310.
Sarasvathy, S. D. (2004). The Questions We Ask And The Questions We Care About:
Reformulating Some Problems In Entrepreneurship Research. Journal of Business Venturing, 19(5), 707-717.
Segal, G., Borgia, D., & Schoenfeld, J. (2005). The Motivation To Become An Entrepreneur.
International Journal of Entrepreneurial Behaviour & Research, 11(1), 42-57.
Appendix
List of questions and answers for the interview report
Give a brief background of your career
My career gets basis from my educational background as a computer engineer. I took roles as vice president of sales and marketing in IBM sales department. I was also a pioneer of cloud computing in IBM that led in huge percentage increase of sales.
What are your motivational factors at your current position as the CEO of the IBM Company?
I have determination, confidence, and passion towards my career. They three attributes are the ultimate requirements for a CEO. Other attributes that emerge later in the position are relationship skills and motivational attributes.
What personal attributes do you possess that will make IBM Company prosperous?
I possess analytical business skills that will help in spearheading the IBM Company towards increase in sales. I have strategies of improving the marketing skills and growth of IBM.
Mention the major challenges faced in entrepreneurship career?
Major challenges I face is financial crisis and ways of obtaining external sources of money. In addition, I face technical challenges in production of computer. Some computer may take long before completion leading in huge losses, in the company.
How do you relate your educational background and the current position in IBM?
I graduated in 1979 in Computer Science and electrical engineering. The background knowledge in computers and technology is helpful in solving technical issues that get presented in my desk. I also participate in brainstorming sessions that require improvement of technology since I possess the technical skills.
What are your personal experiences that have attributed towards achieving your career success?
I have worked for General Motors for a period of two years then later I joined IBM as a systems engineer. I was among the teams that led in purchasing of PricewaterhouseCoopers at a competitive bid price of $3.5 billion. My position as the head of sales, I managed to increase the sales target to an international level.
If I do not possess the business personal traits, how can I run a business?
A person can run a business without business personal traits. Most of the business personal traits get learned in the process of running a business; they are intrinsic and only emerge after running a business.
What are the prevailing conditions for a person to become a CEO of a company?
There are no specific conditions for qualifications. The major conditions are personal qualities and a workable business idea. In some situations, the recruitment team may check previous successful ideas in entrepreneurship career.
Which ways can a business entrepreneur improve their confidence towards running a business?
Improving confidence of a business entrepreneur involves reading motivational books and recording every success story in the daily interaction. A business entrepreneur may also gain confidence through engaging in activities that they fear and measuring the outcome.
What makes a person to be an entrepreneur?
Entrepreneur is a career and needs a clear thought before engaging into the business transaction. An entrepreneur should have the ability of withstanding the challenges and success of the business.
