Mohamed Al-Fayed as a Successful Entrepreneur

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Executive summary

Entrepreneurship has common definitions of the same are viewed from three perspectives among scholars in the business field: the economic perspective, which considers the role of the entrepreneur in the economic development of a specified locality; sociological perspective, which sees the entrepreneur as a member of a social system and who is influenced by and through his/her entrepreneurial activities and the social environment, and; idiosyncratic perspective, which focuses on the entrepreneur as an individual with a unique combination of personal characteristics and beliefs (Gower 1998).

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It is considered that entrepreneurship is a form of “creative destruction”, whereby the entrepreneur comes up with “new combinations “which result in the phasing out of old industries and the creation of new ones. (Phillip 1995). Entrepreneurship presents itself in many forms. For instance, it can be a motivating force behind an artist who applies economic meaning to his or her art form, or it can be construed to be the ancient merchant who saw it advantageous to travel far and wide to trade his goods for money or other valuable goods of equal or greater value. In modern times, entrepreneurship can be found in the example of a well-educated business manager who supervises big corporations by exercising techniques learnt in the school of business. In addition to form, entrepreneurship can also be quantified by size, ranging from large corporations to small retail shops. Entrepreneurship as a force that is responsible for pushing the impetuous, instinctive type of person who is able to anticipate demand and build an economic empire (Gower 1998).

It is hence the role of this paper to analyze Mohamed al fayed as a legendary entrepreneur and how this has affected both his personal and public affairs that also touch the common lives of the people staying in those countries he has set up his businesses.

Mohamed al fayed is known to a busy businessman but his mandate has seen the club climb victory ladder. Under the management of Hodgson manager who is the appointee of Fayed Fulham has risen from brings of relegation to victory. The joy and progress which has witness is a big tribute owed to Mohamed Al Fayed.

Background

Mohamed Abdel Moneim fayed is a great entrepreneur who success a gone beyond horizon. He is an Egyptian by origin and he owes his entrepreneurship skills to his homeland. He began his business career at a tender age while he was in school. He sold homemade lemonade to his colleague (Gower 1998).

He was born in 27th January 1933 as a first son to a family of a primary teacher in Bakos Alexandria in Egypt. He grew up in Egypt where he attends his alimentary schooling. He got married to Kamira Khashoggi in 1954. In 1985 he got married to Heini Wathen a Finnish socialite and former model. He had four children and three grandchildren. In 1956 Faye and his bother found a shipping company in Egypt which its headquarters was located in Alexandria Egypt. He later took their business to Italy and locates it’s headquarter to Genoa and London. It was until that time that Fayed move to London where he becomes full time resident in central London (Gibson1995).

Leadership

It is obvious and fundamental that good leadership is achieved through several measures of persistence and sacrifice. In any business entity, success is achieved through a series of wide consultations and reasonable judgments. It is essential for any business entity to embrace and foster its mission and visions in an ethical and professional manner. Al Fayed has on numerous occasions illustrated his leadership attributes and this is greatly manifested through his successes in business. He has seen his business grow from shipping company to English premiership footfall team, hotels and departmental stores.

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Faye has played a major role in shaping the Dubai economy. He launches various successful companies in Britain including Costain Group which he was major share holder and as a chief executive. Following his many success in the business he was awarded by Scottish tourist board as freedom of the highland. His entrepreneur ability was witness when launch international marine service and the purchase of Scottish castle and the surrounding estate (Kate and Harnish 1995). In 1997 fayed made a huge investment on Fulham Footfall Club which was then in a second category division equivalent to modern league one. He took over the chairmanship in the summer replacing jimmy hill and his long- term strategy was to make fulham a FA Premier league within five years. He then appointed Ray Wilkins and Kevin Keegan as executive mangers to replace Micky Adams. The two successfully promote the Fulham from division one to division three (Gower 1998).

A major success for Fulham was witness in the year1999, 2000 and 2001 when the club scope 101, 100, and 100 respectively with over 100 goals in every season. The club storm from second division to football league championship. This result shows the goal achievement by Fayed ahead of the schedule five year time. The club won the intertoto cup and has become a UEFA cup challenging champions (Phillip 1995).

Case study of Marketing strategies

The latest marketing strategy for the fulham football club is to sign a three year sponsorship deal with Bodog Europe as premier league team official and gaming partners (Patrick 1994). The deal is to brand fulham craven cottage stadium by incorporating perimeter advertising at home matches with the inclusion of daily programmed for the club matches (Gower 1998).

The club also have engage in many other contract that are aim to boost the status of fulham club. Among the recent contract is broadcasting right security Bwin for the primera and sugenda divisions, booking of the head office in Gibraltar and three years sponsorship with Primera team (Marshall 1999).

Since 1997 the fulham has play a major role in entertainment especially to people living in the south England where the craven cottage is located. The club has brought life experience matches that captured attention all over the world.

Craven cottage is strategically situated on the beautiful banks of the River Thames which make interesting to have a day out at Fulham (Frederick 1998).

Ethics in his Business

Ethics remains one of his core practices in all his businesses this is because all his business organizations are usually guided by their vision and missions statements, and sometimes supported by corporate responsibility requirement. All his businesses require resources to be able to operate optimally, and some of such important resources are human resource and the consumers. Bringing together personnel and employees with different cultural, social and economical backgrounds may create rifts that are based on ideologies and philosophies (Marshall 1999).

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Management

Fulham football club is under the management of board of directors chaired by the fayed. The board of directors are the major stakeholders holding 12.5% and above share in the company. They are referred to has non- full time directors and they are overall key decision makers in the company. The major appointments are made by this team (Marshall 1999).

The chief executive of fulham football club is Hodgson who has successfully made the club to a champion in the Europe. He his in the top list of competitive managers target by other big club (Patrick 1994)

. On the latest news Liverpool offered 12-month contract to Hodgson in attempt to stabilize the club after tumultuous conclusion to Benitez reign. The board of Liverpool club has been reported to have made official approach to fulham in attempt to take him over (Gower 1998).

The latest Hodgson contribution is the implementation of huddle that will assist the participant to track progressive tournament right from the beginning. The throughput will be increase for entire duration of the tournament. (Laurie 1995)

Operation activities

The latest operation which is been address by fulham football club is development of local area network (LAN) (Phillip, 1995). They are building infrastructure using Jenniper network EX3200 and EX4200 which are series of internet switches. Over the recent past there has been a growing demand from media commentators, television network and turnstile for effective transmission of matches. Fulham is required to priorities the visiting media and efficiency in the reporting matches. To fulfill this objective the management should consider making investment in the local area network that serve the stadium and training ground (Gower 1998).

Another major operation that is expected to be undertaken during the time of Hedgson is launching of cottage corner members map. It is an interactive tool that allows the users to follow geographical map and locate other fulham fans for social interactivity.. Within this season the club intent to involve 320 bys and girls (Harold 1998).

Financial reporting

The Fulham operates with an estimate of $100 billion with annual expenses of $50 billion. The income is generate through sporting activities, donation, return from the investment and sale of the players. The Fulham club during the mandate of Fayed has been generating its income as reported below for last three seasons (Marshall, 1999).

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Year Sporting activity donation investment debt sale sum.

Year Sporting activity donation investment debt sale sum

The cash flow for club for last three years was as follows:

The cash flow for club for last three years

Conclusion

Al fayed is a successful entrepreneur who has dominates in the wealthy British land over decades. His entrepreneur skills is witness over many huge investment he has made beginning from Egypt all the way to Italy and finally in Britain. He has resiliently demonstrate the leadership qualities through management of his ship company in the Egypt way back in 1950s, on his departmental stores in Britain and lastly on Fulham football club (Gower 1998). Al Fayed has on various occasions outlineed that entrepreneurial behavior in business is motivated by the individual need for achievement, which is demonstrated by Maslow’s hierarchy of needs. Maslow’s hierarchy has five levels; biological and psychological needs, safety needs, belonging and love needs, esteem needs and self-actualization in ascending hierarchy. Mc Cleland suggests that power, affiliation and belonging; which can prompt an individual into entrepreneurship, provide the need that exists in every individual to succeed, and when nurtured together with some training and emotional practice, value orientation The fundamental concept is that entrepreneurs who venture into such businesses business cause innovation in their respective industries and guarantee diversity of points of view which is a crucial element in the market of ideas (Harold 1999)

Reference List

Frederick, D. (1998) Financing your business with venture capital : strategies to grow your enterprise with outside investors, Rocklin, CA , Prima.

Gibson, H. (1995) Getting the money you need; practical solutions for financing your small business. Chicago, Irwin Professional Pub.

Gower, C. (1998) Gower handbook of management skills, Dorothy M Stewart 3rd Ed. London, Brookfield.

Harold, R. (1998) Financing your business dreams with other people’s money, how and where to find money for start-up and growing businesses, Traverse City, mich, Sage Creek.

Kate, L & Harnish, T. (1995) Finding money, the small business guide to financing, New York ,J Wiley.

Laurie, B. (1995) Free money for small businesses and entrepreneurs, 4th. New York, Wiley.

Marshall, D. (1999) The Four elements of successful management, select, direct, evaluate, Reward, New York, CRC Publishers.

Patrick, D. (1994) SBA loans a step-by-step guide, 3rd ed. New York, John Wiley.

Phillip, D. (1995) Where to find venture capital, a resource guide, Highland City, Fl Rainbow Books.

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BusinessEssay. 2022. "Mohamed Al-Fayed as a Successful Entrepreneur." November 2, 2022. https://business-essay.com/mohamed-al-fayed-as-a-successful-entrepreneur/.

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BusinessEssay. "Mohamed Al-Fayed as a Successful Entrepreneur." November 2, 2022. https://business-essay.com/mohamed-al-fayed-as-a-successful-entrepreneur/.