Make Up Work: Reginald Abraham Mengi. Management Essay

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Make Up Work: Reginald Abraham Mengi
Reginald Abraham Mengi is a strong believer, but he stated that faith and hope are not enough if one does not take action. This is consistent with carrying out planning and following through them, and also taking risks. Entrepreneurs face many challenges, but it is those who persevere who are most likely to succeed since many give up often, and even entrepreneurs fail in their various ventures each time it is a lesson on what not to do the next time. Despite having grown up in a poor homestead in Northern Tanzania, Mengi also learned from the environment and believed that resilience as crucial to getting ahead in life this is the same spirit for entrepreneurs who seek opportunities and maximize them as they emphasize where they are going and not what held them back or where they come from (Pace University's Entrepreneurship Lab). Taking calculated risks having an adequate plan, working hard, having goals, mission, and vision, planning, confidence, and delegating to others with trust are necessary in entrepreneurship.
Merely taking risks is ineffective if there is failure of proper planning, management and information about the markets. In each business there is uncertainty, but this is different from risks, which is the likelihood of suffering losses, while uncertainty is lack of security about stations and impact on actions. Entrepreneurs ought to reduce risks and handle the situations of uncertainty better. As such, prioritizing lowering risks in decision making and developing strategies to promote growth is essential for entrepreneurs to succeed even when they face uncertainties
Marketing and branding should not be ignored in entrepreneurship as this influences how entrepreneurs communicate and how they reach their target market. In the past, branding was used to communicate about companies, and not necessarily what customers want to create. The problem with this is that it is not focused on what the customers want. Generating engagement is necessary and people identify with certain product, services and brands. For an entrepreneur success in meeting the customer needs rather than merely making money also makes it easier for those who are passionate to seek for better ways to improve products and services that are relevant to the customers.
Entrepreneurs exploit opportunities and even fill gaps when customers are frustrated with what is available in the market. As such, the best entrepreneurs can recognize that problems and want to solve them, even the solution (s) may change over time. If entrepreneurs only focus on the present, they solve today’s solution, but it is likely that they will no longer exist in the market. Mengi identified the ballpoint pens as product in great demand in Tanzania, but there was inadequate supply and saw this as an opportunity to fill the gap in the market (Pace University). Companies and people come up with ideas numerous times, but there are those who choose to execute the ideas and have reasons for why they execute them, while there are those slow to actualize their ideas even when they can solve a problem.
Daring to venture into what the entrepreneurs believe in s...