BAA611: Task 1

Task 1: Research an entrepreneur and an enterprise and prepare a report that

outlines:
 What motivates the entrepreneur
 Any barriers that the entrepreneur experienced in setting up their venture
 The importance of entrepreneurs to the economy

Performance Criteria covered by this task: PC1.1: Explain the motivation of a chosen
entrepreneur for launching an enterprise, PC1.2: Explain how a selected
entrepreneur overcame barriers to setting up a venture, PC1.3 Explain the
importance of entrepreneurs to the economy.

Evidence required: Report

Report:

Introduction:
Khalid Abdulrahman is a well-known Emirati businessman. He is most well-known
for his business “Feathers”, particularly in finance and industry. Khalid Abdulrahman
is the owner of the Feathers in the United Arab Emirates, which is one of the region's
wealthiest stores. Feathers is a multi-sector conglomerate with holdings in banking,
manufacturing, real estate, and retail. The brand’s success stems from the creative
approach of infusing high quality luxurious goods with an Arabic flare. The designs
rely on both minimalism and practicality where a “less is more” approach is adopted.
Combining cutting edge methods of execution with the highest quality raw materials,
like Camel leather which was firstly used in leather goods by FEATHERS, the brand
strives to open more doors across the UAE, expand in the GCC and then go global in
the next few years.

What motivates the entrepreneur:

Inspired by the iconic beauty and symmetry of the ever-elegant peacock, a bird
celebrated for its colors, proud demeanor and extravagant and detailed eye-spotted
tail, FEATHERS began the writing of a new story of style on October 10, 2010.

Autonomy and better work:

 Seeking freedom:

As the leader of Feathers, Khalid enjoys a significant degree of autonomy in his role
as the owner. This freedom empowers him to devise creative solutions to challenges
and venture into uncharted territories with innovative ideas. Personal freedom, in a
broader context, encompasses the capacity to make decisions pertaining to one's life,
values, and beliefs. It entails the liberty to pursue individual passions and lead a life in
harmony with personal principles. Economic freedom, on the other hand, pertains to

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

the opportunity to explore economic possibilities, engage in entrepreneurship, and

secure financial well-being without facing excessive government intervention or
economic disparities.

 Flexibility:

In addition to freedom, flexibility is another crucial factor that plays a significant role
in Khalid's approach. He has demonstrated an ability to adapt to evolving market
conditions, adjust his business strategies as needed, and promptly respond to customer
feedback. Flexibility in decision-making involves the willingness to revise or even
reverse decisions when they prove to be less effective than expected. It also
encompasses being open to input and feedback from others, highlighting the
importance of adaptability in leadership style. A successful CEO should possess the
capacity to modify their leadership approach to suit the diverse needs of various
teams, projects, or situations.

 Better work opportunities:

Having the freedom to choose their career paths empowers individuals to explore
fields and industries that resonate with their interests, skills, and passions. This
exploration often leads to the discovery of more fulfilling and lucrative work
opportunities. A common objective for many is career advancement within their
current employment or organization, which may involve pursuing promotions,
assuming greater responsibilities, or furthering their education and training. The
enhancement of skills and qualifications broadens the array of job prospects. This can
be achieved through obtaining new credentials, refining existing abilities, or acquiring
fresh competencies. Moreover, some individuals seek to expand their job horizons by
venturing into entrepreneurship or launching their own initiatives, affording them
greater autonomy in their professional journeys.

 Challenge:

Entrepreneurs can significantly enhance their businesses or companies by proactively

introducing challenges. Setting such challenges compels entrepreneurs to push their
creative boundaries and develop innovative solutions, methods, and ideas to uplift
their business. This process not only fosters a culture of innovation but also
encourages constant improvement, helping entrepreneurs stay adaptable and
competitive in a dynamic business landscape. Additionally, challenges can serve as a
catalyst for exploring new markets, expanding product offerings, and optimizing
operational efficiencies. In essence, these self-imposed challenges act as drivers of
growth, enabling entrepreneurs to unlock untapped potential and navigate the ever-
evolving demands of their industry.

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

✔️PC 1.1 was achieved above by the student.

Opportunity:

Entrepreneurs should seize every opportunity that comes their way to thrive in the
competitive economic landscape. They have a plethora of opportunities at their
disposal, which are contingent on their interests, skills, and the prevailing market
conditions. Entrepreneurs often identify market gaps or unfulfilled needs in various
industries, and these voids present opportunities to develop products or services that
address these demands. Furthermore, the rapid advancements in technology open
doors for entrepreneurs to create innovative solutions and businesses by harnessing
new tools, platforms, and breakthroughs. This adaptability and readiness to capitalize
on opportunities are pivotal for entrepreneurial success.

 Seeking personal challenge:

The pursuit of personal challenges serves as a potent motivator for many individuals,
entrepreneurs included. Embracing these challenges often results in personal growth,
the honing of skills, and a deep sense of accomplishment. It is a manifestation of
intrinsic motivation and a fervent desire to attain more, accomplish goals, and
transform aspirations into reality. Successfully tackling and surmounting challenges
significantly elevates self-esteem and bolsters confidence. It reaffirms one's capacity
to overcome even more formidable obstacles. The attainment of challenging
objectives brings about profound joy and a heightened sense of success, fostering an
individual's overall sense of purpose and well-being.

 Fulfilling a vision:

To bring a vision to fruition, entrepreneurs must assemble a dedicated team of

individuals who share their passion and unwavering commitment. Recruiting, training,
and empowering a team that not only aligns with the vision but also possesses the
capability to execute the plan is essential. Entrepreneurs often envision the creation of
innovative products, services, or solutions to address market needs. This vision
requires realization through strategic business planning, effective resource allocation,
and precise market execution. Similarly, visionaries in the realm of social change and
philanthropy are driven by the desire to make a positive impact on society. They
envisage a world where their efforts lead to significant improvements in areas such as
poverty alleviation, education, or healthcare, and their success hinges on meticulous
planning, resource deployment, and dedicated execution of their vision.

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

 Opportunities to use existing skills:

Entrepreneurs have the valuable ability to apply their existing skills and expertise to
recognize and harness promising business opportunities. For instance, entrepreneurs
well-versed in the intricacies of the real estate market can explore various avenues,
including property investment, launching careers as real estate agents, or offering
property-related services. This alignment of skills with business opportunities can
serve as a springboard for entrepreneurial success, allowing individuals to maximize
their potential and create thriving ventures.

 Enhance personal reputation/ fame:

For certain entrepreneurs, building and elevating their personal reputation and public
recognition is a distinct objective. One effective approach towards achieving this goal
is by cultivating a robust personal brand that mirrors their values, expertise, and
distinctive attributes. A well-crafted personal brand not only facilitates their
distinction in the industry but also allows them to authentically connect with their
audience. Entrepreneurs can accomplish this by consistently showcasing their
expertise, offering unique perspectives, and demonstrating a strong commitment to
their principles, thus further enhancing their personal reputation and prominence.

✔️PC 1.1 was achieved above by the student.

Financial motives:

 Financial security:

Ensuring financial stability is a fundamental concern for entrepreneurs. While

embarking on entrepreneurial ventures holds the promise of financial success, it
frequently presents a landscape fraught with risks and unpredictability. Entrepreneurs
must vigilantly oversee their financial affairs, encompassing prudent budgeting,
meticulous expense tracking, astute cash flow management, and the routine scrutiny
Student Name: Hamda Ali
Student ID: 20190025728
 BAA611: Task 1

of financial records. Additionally, they should remain adaptable in response to

economic shifts and seek out opportunities for diversification, thereby fortifying their
financial foundations.

 Larger income and wealth:

Entrepreneurs embark on their ventures with the primary objective of not only
increasing their income but also amassing wealth, often achieved by crafting a
compelling value proposition for their businesses. A higher income serves as a
cornerstone for elevating one's standard of living and overall quality of life. It not only
enables individuals to meet daily expenses and provide for their families but also
grants them the freedom to engage in leisurely pursuits. Moreover, an enhanced
income paves the way for improved access to quality education, healthcare, and
housing, thereby fostering economic stability and facilitating upward social and
economic mobility. This increased financial capacity empowers individuals to pursue
a broad spectrum of dreams and aspirations, ranging from homeownership to travel
and prudent investments. The pursuit of a higher income typically necessitates a
multifaceted approach, involving education, skill enhancement, career advancement,
and entrepreneurial endeavors, which collectively enable a path to financial prosperity
and personal fulfillment.

✔️PC 1.1 was achieved above by the student.

Family and legacy:

 Seeking to continue or create a family business:

Clearly delineating the roles and responsibilities of family members engaged in the
business is paramount. It ensures a comprehensive understanding of each individual's
contributions and expectations. For those inheriting a family business, this transition
can be both rewarding and challenging, as it involves the responsibility of preserving
and expanding the company's legacy while honoring its heritage. The interplay
between family dynamics, business expertise, and a forward-looking vision is pivotal
for the long-term sustainability of the enterprise. On the other hand, those initiating a
family business from the ground up embark on a path infused with ambition and
dedication. They lay the foundation for a legacy upon which future generations can
build. This process entails not only crafting a unique business concept but also
securing necessary finances and fostering an entrepreneurial spirit within the family
unit, thereby nurturing the growth and prosperity of the family business over time.

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

Teacher’s comments: The student effectively elucidated the driving forces behind the chosen
entrepreneur's decision to initiate a business venture. These motivations encompassed the
pursuit of autonomy and improved work conditions, driven by a quest for freedom, flexibility,
and enhanced professional prospects. The entrepreneur's aspiration for challenge and
personal growth was also highlighted, underpinned by the desire to confront and overcome
challenges, fulfill a distinctive vision, leverage existing skills, and elevate their personal
reputation or attain fame. Moreover, financial considerations played a pivotal role, including
the pursuit of economic stability, the potential for greater income and accumulated wealth.
Lastly, familial and legacy aspirations were explored, with the entrepreneur aiming to either
perpetuate or establish a family enterprise, thus leaving a lasting imprint on their lineage.

✔️PC 1.1 was achieved above by the student.

Any barriers that the entrepreneur experienced in setting up their venture:

Viability:

They prioritize the enduring sustainability of their endeavors by rigorously evaluating

the environmental, social, and ethical impacts, ensuring that their business practices
harmonize with sustainability objectives. Entrepreneurs and business proprietors
rigorously assess a business concept's market potential, financial forecasts, and
competitive landscape to gauge its feasibility. Ecologists, in contrast, scrutinize
ecosystems, species, and conservation initiatives, weighing their potential to preserve
biodiversity and ecological equilibrium. Project managers gauge the feasibility of a
project by considering factors such as budget constraints, project scope, timeline, and
resource availability. The feasibility of a strategy or proposal hinges on its pragmatic
attainability, factoring in the availability of resources, technical capabilities, and the
present state of the environment or market. This comprehensive assessment underpins
their commitment to sustainable and responsible decision-making.

 Ability to sell products/ services to customers:

One of the fundamental skills essential for entrepreneurs and business leaders is the
art of effectively marketing and selling products or services to their target audience.
This entails not only comprehending the unique needs and desires of consumers but
also establishing meaningful relationships with them. Convincing potential customers

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

to make a purchase, whether through compelling storytelling, value proposition, or

innovative solutions, is a key component of successful salesmanship. Furthermore, the
ability to adapt to changing market dynamics, employ data-driven strategies, and
leverage emerging technologies for sales enhancement is crucial in today's
competitive business landscape.

 Regular cashflow:

Sustaining a reliable cash flow is paramount for the financial stability and longevity of
any business. Entrepreneurs have a spectrum of strategies at their disposal to ensure
consistent cash flow, including the examination and negotiation of payment terms
with suppliers to secure favorable conditions. Extending payment terms with suppliers
can also serve as an effective tool in cash flow management. Additionally,
diversifying revenue streams, maintaining prudent inventory management, and
exploring financing options can further bolster a company's financial security and
resilience, ultimately safeguarding its continued operation.

 Raising finance:

For many entrepreneurs and business owners aiming to expand or sustain their
operations, raising money is an essential step. They can use personal savings as an
initial source of cash or consider borrowing from friends or family who support the
business idea. Raising funding frequently involves financial risks and uncertainties,
which must be assessed and mitigated. Different forms of finance have associated
expenses, such as loan interest rates or stock stakes in a company. Understanding
these expenses is critical.

✔️PC 1.2 was achieved above by the student.

 Lack of skills or experience:

Investing in one's education and skill development is a wise endeavor. This involves
actively participating in workshops, enrolling in educational courses, and pursuing
certifications or degrees relevant to the business domain. In today's digital age,
addressing skill deficiencies is more attainable than ever through the wealth of online
resources and courses available. Furthermore, seeking formal education, structured
training programs, and recognized certifications not only bridges knowledge gaps but
also enhances qualifications. Practical experience can be gained through internships,
apprenticeships, and entry-level roles, contributing valuable hands-on expertise.

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

Learning from seasoned mentors and seeking guidance from subject matter experts
expedites skill acquisition. Embracing a commitment to lifelong learning and staying
abreast of industry developments is indispensable for staying competitive and
addressing skill gaps effectively.

 Lack of financial management skills:

Achieving lasting success and resilience in business hinges on adept financial

management. This encompasses the formulation of a comprehensive financial strategy
that delineates long-term financial objectives and the corresponding strategies to
achieve them. Additionally, regular monitoring of cash inflow and outflow through
meticulous cash flow statements is imperative for maintaining financial health. An
essential facet of this financial acumen is the efficient management of cash flow,
ensuring that your business meets its financial commitments, maintains liquidity, and
sustains its operational activities.

 Keeping up to date:

In the dynamic landscape of business, it is essential for entrepreneurs and business

leaders to remain not only well-informed but also proactive in adapting to change.
This can be achieved by staying abreast of industry news, engaging with relevant
websites, becoming part of industry-specific associations, and participating in
professional networks. Keeping current not only provides a competitive edge but also
enhances the ability to swiftly respond to market shifts and comprehend customer
needs more thoroughly. Up-to-date knowledge facilitates informed and deliberate
decision-making, reducing the risk of costly mistakes. Furthermore, it cultivates
organizational agility, allowing for swift adjustments when necessary, which is
paramount for thriving in evolving circumstances. Additionally, early awareness of
potential challenges and risks empowers proactive risk management and effective
contingency planning. Access to the latest industry trends and technologies not only
fosters innovation but also opens avenues for the introduction of new products and
services, ensuring sustained relevance and growth.

 Complying with regulations:

Compliance with regulations is a fundamental aspect of effective company

management, ensuring its enduring prosperity and safeguarding against potential
financial and legal liabilities. Non-compliance can lead to adverse consequences.
Therefore, it's imperative to possess a comprehensive understanding of the pertinent
regulations that pertain to your industry, geographical location, and business model.
This knowledge is not only a tool for navigating the regulatory landscape but also

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

serves as a means to proactively adapt to evolving compliance requirements. It also

aids in fostering trust and credibility with stakeholders, further reinforcing the
foundation for long-term success.

Teacher’s comments: The student adeptly detailed how the chosen entrepreneur successfully
navigated obstacles during the establishment of their venture. These challenges encompassed
ensuring the feasibility of the business by effectively selling products/services to customers
and maintaining a steady cash flow. The entrepreneur demonstrated their resourcefulness in
raising necessary finances, despite potential hurdles. Overcoming limited skills or experience,
as well as addressing a lack of financial management expertise, were key triumphs for the
entrepreneur. Additionally, they showcased their commitment to staying current and
adhering to regulations, effectively managing the complexities of regulatory compliance.

✔️PC 1.2 was achieved above by the student.

The importance of entrepreneurs to the economy:

 To generating economic wealth by increasing the national income:

Entrepreneurs play a pivotal role in generating economic prosperity and

elevating national income levels. Their endeavors serve as catalysts for
innovation, driving the development of novel products and services.
Furthermore, their business ventures stimulate economic growth through
the creation of job opportunities. Innovation, spurred by entrepreneurs, not
only enhances productivity but also bolsters a company's efficiency and its
global competitiveness.

 Providing jobs:

Entrepreneurs significantly contribute to the economy by serving as job creators. The

opportunities they provide help in reducing unemployment, benefiting individuals and
the overall economic landscape. An inclusive approach to job creation, irrespective of
factors like gender, ethnicity, or age, is vital for fostering equitable economic growth.
Given the evolving job markets influenced by technological advancements and
economic shifts, it is imperative to prepare individuals to adapt to changing
employment landscapes. Moreover, sustainable job creation considers environmental
implications and long-term viability, promoting the growth of green jobs and

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

environmentally responsible practices that are integral to a sustainable and resilient

economy.

 Bringing about social change:

Entrepreneurs often identify unmet social needs and respond by creating innovative
products, services, or technologies to address them. These needs can range from
addressing healthcare disparities and educational gaps to promoting environmental
sustainability, leading to significant social transformation. Social entrepreneurs go a
step further by crafting business models that not only tackle societal and
environmental challenges but also ensure financial sustainability. Technological
advancements and innovation play a pivotal role in disrupting traditional institutions
and providing fresh solutions to longstanding issues. Collaborative efforts involving
various stakeholders, including government, non-profit organizations, businesses, and
individuals, have the potential to amplify the impact of social change initiatives. It's
imperative that these transformation endeavors prioritize inclusivity, benefiting the
most marginalized and vulnerable communities, in order to truly effect positive and
lasting change.

✔️PC 1.3 was achieved above by the student.

 Creating the solutions that can improve the standard of living for the
inhabitants of a Country:

Entrepreneurial initiatives often lead to the development of critical infrastructure, such

as telecommunications, utilities, and transportation networks, significantly enhancing
the well-being of both urban and rural communities. Access to high-quality education
empowers individuals with the skills and knowledge required for better employment
opportunities and informed life choices. Robust healthcare services, encompassing
preventive care and treatment, contribute to longer, healthier lives with reduced
disease burdens. Social services play a vital role in providing a safety net for
vulnerable populations, including programs like social security, unemployment
compensation, and affordable housing. Sustainable resource management and
environmental conservation strategies are essential for securing the comfort and
prosperity of future generations, safeguarding both natural resources and the planet's
well-being.

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

 Replacing older and inefficient technologies with evolved advanced

systems:

Entrepreneurs often serve as catalysts in the replacement of obsolete technologies with

innovative and advanced systems. Through their inventive ideas and enterprises, they
drive technological progress and promote the adoption of more efficient and
sustainable solutions. This not only results in technological advancements but also
contributes to economic growth and environmental sustainability by reducing the
environmental impact of outdated technologies. Entrepreneurs continually push the
boundaries of what is possible, fostering a culture of innovation and progress in
various industries.

✔️PC 1.3 was achieved above by the student.

Conclusion:

Entrepreneurs, by identifying opportunities, taking calculated risks, and innovating

solutions, wield a powerful influence in driving positive change. Their initiatives not
only enhance the overall quality of life for a nation's residents but also foster social
cohesion, economic well-being, and an elevated standard of living for both individuals
and communities. Their ventures stimulate job creation, economic growth, and the
advancement of technologies that ultimately benefit society at large. Entrepreneurs
contribute to a dynamic and progressive environment that encourages forward-
thinking, resilience, and a sense of collective betterment.

Teacher’s comments: The student effectively elucidated the significance of entrepreneurs

within the economy. These contributions encompass the generation of economic prosperity
through the elevation of national income, the provision of employment opportunities, and the
catalyst for societal transformation. Entrepreneurs play a vital role in crafting solutions that
enhance the quality of life for a country's residents, thereby advancing the standard of living.
Furthermore, they drive progress by replacing outdated and ineffective technologies with
innovative, cutting-edge systems

✔️PC 1.3 was achieved above by the student.

Student Name: Hamda Ali

Student ID: 20190025728
 BAA611: Task 1

Student Name: Hamda Ali

Student ID: 20190025728