1. Image café 1-4
2. Lakota Hills5-8
3. Roxanne Quimby9-11
4. Overview on the 3 case studies11
4.1. Literature Study 11-12
4.2. Own experience13
5. Roxanne Quimby - Risks, Rewards and Trade-offs 14-17
6. Analyse and Assess Lakota Hills opportunity 18-21
7. Discussion on Bootstrapping Resources22
1. Image café
1.1 Who can be an entrepreneur?
In this case study it is evident that a person with entrepreneurial characteristics and work habits can be an entrepreneur. Entrepreneurs can be anybody, situated anywhere irrespective, gender, race or creed. They are people who possess multi-faceted skills and knowledge base but most off all an intense passion to create wealth through their ideas and creativity. Like Wooten, the outlook is tempered by past experiences whether it is positive or negative. Wooten possess qualities of an entrepreneur in that he has the ability to deal with risk, results oriented, energy, growth potential, team player, multi-tasking ability and he is improvement oriented. 1.2 Critically assess the suitability of the lead entrepreneur to succeed in their respective business venture. Wooten has many positive attributes:
a)Is able to adapt quickly to different situations.
b)Has people skills and was comfortable around people.
c)Motivated to create wealth
d)He was driven and seeked stability
g)He was a good listener and tried to apply the knowledge he gained h)Desire to create and make money
i)Efficient use of technology
l)Great vision and business acumen
m)He has a great desire to develop his financial knowledge
Wooten was financially driven. Nothing else except wealth interested him. He wasn’t interested in long term financial gain. He wanted it now. The decisions he made were solely based on how much of wealth he could create in a short period of time. He rejected angel investors as he was in a race against time and wasn’t interested in waiting for finance that would be outlaid over a period of time. He comes across as a “serial entrepreneur” and his strong personality suggests that he is confident in his abilities however his drive and passion for accumulating wealth makes him unemployable. Due to this Wooten needed to create the companies that he wanted to work for. Although his primary drivers are persistence, passion, and focus, luck also seemed to play a pivotal role in his life. One of his pitfalls was that he got overwhelmed by his business ventures which allowed him to easily loose focus. 1.3 Past experiences
Wooten grew up in a home where his parents owned small businesses. He wanted to also become an entrepreneur but none like his parents. He had a vision of being a successful entrepreneur at a very young age, but most importantly he wanted to create steady wealth when compared to that of his parents. Wooten, during his childhood years began to display characteristics of entrepreneurial behaviour (although immoral). These experiences offered him a platform to work with people, use technology, and get exposure to the World Wide Web. His desire and skills level for computers and computer software steered him to reach for greater heights. He was very systematic in his efforts to gain knowledge. His consistent thirst for knowledge was evident. 1.4 Aptitude
Wooten possesses mental aptitude. He has an aptitude for technology. His has the ability to fulfil different roles and functions and adapt to change easily. Because of the dynamic environment that Wooten operated in he was required to increase his competence level in the financial field. He did this by enrolling at university. 1.5. Analyse and discuss the influence of role models, their childhood experience with regard to entrepreneurship, their prior experience before self employment 1.5.1 Influence of...