Entrepreneurship assessment

His chicken, made from a special recipe that includes eleven herbs and spices, is served every day in restaurants that bear his likeness on the buildings. These establishments span the United States and more than eighty other countries. Kentucky Fried Chicken (KEF) is one of the largest fast food corporations in the world.He was the oldest child in a family of three. His father was a coal mine worker who died in 1985. His father’s death left the responsibility of supporting the family to Mrs.

. Sanders who took a Job in a tomato canning factory. That left young Harlan Oust six years at that time) at home to take care of his siblings and cook family meals.

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After being put out of Jobs severally as a young man, he decided to cook for a living. He perfected a recipe for preparing chicken which became so popular.He first served meals out of his living quarters to travelers and then went on to open a restaurant. Eventually, he closed own the restaurant due poor sales because of a major road construction work that diverted customers away from his restaurants and drove long distances teaching other restaurateurs his recipes and signing franchises with them. He later died of leukemia at 90. (Emerson(bowwow.

Kef. Com;http://usurers. Service. Emory.

Deed/ ?sync/historicity’s. HTML;http://en. Wisped. Org/wick/colonel_sanders).According to Burns (201 1), the Start-up influences that develops owner managers could be classified into Personal Characteristics Situational Factors Antecedent Influences Burns (2011) Start-up Influence Antecedent and Situational Factors Family: Colonel Sanders’ mother taught him how to cook. The famous chicken recipe was his mother’s recipe. This supports Burns (2011) start up influence that family can influence an entrepreneur.Unemployment: The death of his Dad at an early age which pushed his mother to work to care for her family, leaving the young Sanders (who was the first of three children) to care and cook for his family.

This developed the cooking skill for which he is so popular for today. Furthermore, being put out of Opportunity; when Candler saw that people enjoyed his cooking, especially his famous chicken, he saw an economic opportunity in it, and seized it to make money from cooking for others.For Colonel Sanders, the need for independence, need for achievement and the need to have an internal locus of control were the first traits that pushed him to fall back on his cooking skill and run a restaurant.

After being sacked from his Job; being left by his wife and being taunted by his brother-in-law as “one who could hold a job” (http://en. Wisped. Org/wick/Colonel_Sanders), he was able to rise to the halogen and take the “bull by its horn”. As it is commonly said, “Necessity is the mother of invention”.There was therefore a need to be his own boss, a need to prove that he was not a failure and a need to control his environment (if possible). Therefore, there was a need for Colonel Sanders to harness his innate skill to make a living.

He then became an Owner-manager off restaurant. In 1955, the failure in business due to the construction of an interstate highway was a turning point for Colonel Sanders. This slowed down his business and forced him to resign. But after electing his first social security check of $105 moved Colonel Sanders from an owner-manager to an entrepreneur.His type of business changed from a Lifestyle firm too Growth firm.

Not being able to run his restaurant made the Colonel seek out new opportunities. According to Kelly (2009), innovation is more often about seeing new opportunities for old designs. Thus, by deciding to sell out his secret recipe to other restaurant owners in return for a nickel for every chicken they sold, Colonel Sanders was being very innovative, and inadvertently, expanding his business. This is cause more people would be replicating his cooking and thus, his ideas much more than he could ever hope to achieve if he was doing all the cooking.This supports the Global Entrepreneurship Monitor (GEM) which defines entrepreneurship as “any attempt to create a new business enterprise or to expand an existing business by an individual, a team of individuals or an established business”. It also supports the working definition used by Harvard Business School that defines “Entrepreneurship as the pursuit of opportunity beyond the resources you currently control”.

When his restaurant closed down, he was not deterred. Most people who lacked entrepreneurial spirit would have seen it as the end of the road, but Colonel Sanders saw it as an opportunity.According to Titman’s and Spineless, 2004, entrepreneurship is a knack for seeing opportunity where others see chaos, contradiction and confusion” Undeterred by about a thousand refusals to accept his recipes in some restaurants, he kept driving for thousands of kilometers trying to convince other restaurant owners to buy into his idea. Like Richard Brannon (1995), he was thriving only on opportunity and adventure and was able to live with greater uncertainty and risk. Colonel Sanders’ attitude also supports Hacksaw’s (2004) assertion that entrepreneurship is “about creating and managing vision and communicating the vision to other people.It is about demonstrating leadership, motivating people and being effective in getting people to accept change”. He was proactive and self-motivated.

In fact, he had a highly unusual degree of self- motivation, because at 65 when most people would have been content to retire to a rocking chair and depend on social security, he dusted his boot and began to work signing franchise deals. He was self-confident of his more superior way of cooking chicken and had a vision to see his methods replicated everywhere.ANALYSIS OF OWNER MANAGER ENTREPRENEUR Burns (2011) differentiates between an ‘owner manager’ and an ‘entrepreneur’, with the key differentiator being the growth potential of the venture created. From his perspective, an entrepreneur is perceived to be more opportunistic, innovative, and proactive than the owner-manager. The entrepreneur is seen as the individual who is driven by ‘pursuit of growth’ and recognizes the importance of personal wealth, whereas the owner manager is more likely to create a ‘lifestyle’ business, with limited growth potential.For Colonel Sanders, there was a significant shift from being an owner-manager to an entrepreneur. This could be seen after he retired and desired to sell his cooking ideas to other restaurant owners for a nickel per chicken sold or go into franchising as the case maybe.

According to Sounds et al (2001) Entrepreneurs are social network builders external to themselves while managers are internal network builders focused within the firm (Moran, 2005). The key factor for this fermentation therefore is growth and expansion either by the entrepreneur, or a manager.Parks (2006) insists that the tangible differences between business owners and entrepreneurs is that while the former are running around doing the everyday work, entrepreneurs employ others to deal with this work, so that their Job is to build the teams and systems that make up the business, not to actually do whatever it is the company does. Prettiest (2005) identified three differentiating factors for entrepreneurs: inspiration rather than motivation; smart strategic work- hard work lone does not guarantee success; high levels of innovativeness and risk bearing. According to Mark (2012) Entrepreneurs view their companies as assets.

Something to be developed shaped and readied for market and then sold for a profit so that they can move on to the next “Big One. ” Business owners tend to be more sentimental about their businesses. Furthermore, Business owners’ are born out of survival instincts but growth and expansion marks the beginning of entrepreneurship. In the light of the above, Burns (2011) does a good summary of the difference between the aforementioned groups. In addition to his model, entrepreneurs have a high level of inspiration on which they draw upon alongside motivation.

This cannot be overlooked.