Executive Summary

Describe about A Prince Among Men of Concepts and Definition?

The research draws attention to desirable traits in an entrepreneur by discussing about Dr Sam Prince. It throws light on the life of this man of Sri Lankan heritage who is also a doctor in Australia. The journey undertaken by Sam takes him through different stages of learning through experience. This report will discuss how entrepreneurship is not about making huge profit but supporting the society and less privileged communities to grow. It is lot more about providing a helping hand and taking on challenges.

The report finds that for entrepreneurship and aid work a clear understanding of basic human right and responsibility is a must. Whether it’s a business or aid work, the approach should be backed with same rigour. The entrepreneurs should have a vision to figure out the opportunity and back themselves to fill it. There is no need to be bogged down by barriers and the real challenge lies in pushing through them. This report evaluates this and concludes that an entrepreneur thrives on challenges and by not giving up. 

The report discusses the entrepreneur approach of an individual who was motivated to do something.  At a young age of 21, Sam Prince started a restaurant chain called Zambrero while pursuing a medical career. He was able to extend it to 17 stores holding down a full time doctor’s job. There was no stopping him as he set up the Emagine foundation and built 15 schools throughout Sri Lanka, Vietnam, and northern extremes of Queensland. Later, Sam founded an organisation named One Disease at a Time in 2010. It works on eradicating scabies, a widespread disease among indigenous communities. No surprise, all his efforts were recognized and rewarded (Ondernemerstest 2010).

Dr Sam Prince’s story should be inspiration to the budding entrepreneurs. The 28 year old Sri Lankan’s journey reveals how the passion and vision weaves a magic and takes one to greater heights. He was able to view the gap in the local market for fresh, healthy and gourmet Mexican food (Australia Unlimited 2012). 

An entrepreneur has a tremendous amount of self awareness and Dr Sam Prince is a great   example. Instead of brainstorming with ideas, he decided to follow his passion and set up a Mexican restaurant. Working as a chef with a Mexican restaurant, he was able to figure out the possibilities and market for fresh and healthy Mexican food. The self starter approach of an entrepreneur is also clearly visible. A business benefits from the opportunities grasped and thinking through the possibilities and practicalities is a trait of entrepreneur. Dr Sam Prince is quite an example (Assamagribusiness 2010). 

An entrepreneur, like a leader is not afraid to take on challenges. Elimination of scabies from East Arnhem Land was a very difficult task, as mentioned by Professor Bowden. Like a brave and resilient soldier, Sam Prince started’ One Disease at a Time’ in 2010.It focuses on working day and night to eradicate the disease called scabies which is quite common among indigenous communities.

Analysis of Entrepreneur traits/characteristics

Building relationships and ability to forge and maintain social ties comes naturally to an entrepreneur. Dr Sam Prince met Frank Bowden, a medicine professor who had eradicated a STD in four years with limited funds and resources. Thus, he was inspired to set up One Disease at a Time. An entrepreneur pushes to make things happen and grows business by the expansion of work force. Prince started the Emagine foundation and built schools. Though ‘plate for plate’ initiative, it donated to the developing world. It teamed up with distribution associate, Action Against Hunger and delivered up to 27000 food plates to Liberia’s Therapeutic Feeding Centre (Kmu 2002). 

An entrepreneur is also a learner who seeks knowledge to grow business by smart improvements. Throughout his journey, Dr Sam Prince shared the three important lessons which he had learned. Firstly, to pursue any aid work, a clear cut and in-depth understanding of basic human right and basic human responsibility is required. It is necessary to run a simple aid organisation with the same rigour as if running a business. An agenda, be political, religious or financial should not be at the heart or anywhere to succeed with integrity (Thecis 2011).      

Social entrepreneurship is an attempt to draw upon the business technique to find solutions for social and community problems. The social entrepreneurs are people with creative solutions to the most pressing social problem of the society. These people adopt a mission or creating and sustaining social value. They recognize and relentlessly pursue fresh opportunities to serve the mission. Social entrepreneurs are involved in the procedure of continuous learning, adaptation and innovation.

Dr Sam Prince started Emagine Foundation with a vision to build schools all over Sri Lanka, Vietnam and Queensland. His plate for plate initiative was dedicated to donate a plate of food for the needy with the selling of each meal at Zambrero. Thus, his social initiative was improving the lives of thousands through his innovative business, medical and aid projects (Global research 2011).

Sam took his social entrepreneurship to a different level with ‘One Disease at a Time’ organisation. It was a fruitful exercise in eradicating scabies which was a common disease among indigenous communities. Thus, he served to the health care needs of the unprivileged community. The public education campaigns run by him in Sri Lanka led to the reduction in the number of death from dengue fever and snake bites (entreprenorsofkapsforum 2011).

Job and employment creation is a great contribution of social entrepreneurship. The estimates may vary from one to seven percent of the people employed in this sector. Skills and job training to certain segments of society are provided including disabled, homeless, long term unemployed, gender discriminated women, etc. Some of the major societal issues and problems can be addressed such as mental ill health, HIV, crime, drug abuse, etc (Potrerogroup 2011).

The three recent trends which illustrate the social entrepreneurship movement are discussed as below:

Crowdfunding: More and more entrepreneurs are increasingly looking at crowdfunding to gather funds for their own start-ups. With a solid and compelling social mission, the organisations may reach out straight to entrepreneurs. Apart from gathering financial support, crowdfunding encourages the inclusion of new voices and ideas to build and expand sustainable humanitarian enterprises. It involves engaging people with experience in social sector to collaborate with people that have worked in entrepreneurship, research, design and business (UNescap 2012).

Innovation in renewables: With the rise of global population, the need for affordable and renewable energy continues to grow with power demands of people. Several industrialized countries have begun to lower or slow down the creation of greenhouse gas emissions. Newer technologies and techniques are starting to dominate the market and revolutionize the social entrepreneurship movement. Compared to conventional wind turbines, an energy kite has been invented which lower the installation charges by up to a whopping 90%.

Various online education courses: The open online courses are certainly growing in popularity. Many of these courses are free of cost to all those people have an access to internet. Educational institutions are striking deals with tech giants to reach as many people as possible (Oecd 2013).

Conclusion:

The case study reflected upon the aspects of entrepreneurship from a different perspective. It revealed how positive intentions in entrepreneurship can bring long lasting development and prosperity. More and more people like Mr Sam Prince are required in the world.  The entrepreneurship traits shouldn’t be restricted to some core points. This is because people like Sam give a new definition to social entrepreneurship in more ways than one.

Social entrepreneurship has placed a strong foot and made its mark in the world influenced by probabilities and calculations. It tackles major social issues, ranging from fighting poverty to raising the college enrolment rate of the low income students. It often sees and acts on the things missed by others. It creates opportunities, solutions and innovate newer approaches.  

References:

Australia Unlimited 2012, A prince among men, accessed on 23^rd March 2015, https://www.australiaunlimited.com/business/a-prince-among-men

Assamagribusiness 2010, Entrepreneurship: Concepts and definition, accessed on 23^rd March 2015, https://assamagribusiness.nic.in/agriclinics/Entrepreneurship%20concept%20&%20definition.pdf

Kmu 2002, Identifying Current Trends in Entrepreneurship Research: A New Approach, accessed on 23^rd March 2015, https://www1.kmu.unisg.ch/rencontres/RENC2004/Topics/Watkins_Renc_2004_Topic_A.pdf

Global research 2011, ENTREPRENEURSHIP EDUCATION AND RESEARCH: EMERGING TRENDS AND CONCERNS, accessed on 23^rd March 2015, https://www.globalresearch.com.my/journal/JoGE_Jan2011_V1N1_3.pdf

entreprenorsofkapsforum 2011, PATTERNS AND TRENDS INENTREPRENEURSHIP/SME POLICY AND PRACTICE IN TEN ECONOMIES, accessed on 23^rd March 2015, https://eng.entreprenorskapsforum.se/wp-content/uploads/2011/02/Patternsandtrends.pdf

Potrerogroup 2011, Current Issues in Social Entrepreneurship: Funding and Finance, accessed on 23^rd March 2015, https://www.potrerogroup.com/papers_downloads/Current_Issues.pdf

Thecis 2011, Research and trends in innovation and entrepreneurship, accessed on 23^rd March 2015, https://www.thecis.ca/cms3/userfiles/Image/Research%20Trends%20in%20Innovation%20and%20Entrepreneurship_Tony%20Briggs(1).pdf

UNescap 2012, Entrepreneurship Development, accessed on 23^rd March 2015, https://www.unescap.org/sites/default/files/10%20-%20IV.%20Entrepreneurship%20development.pdf

Oecd 2013, Finance SMEs and Entrepreneurs, accessed on 23^rd March 2015, https://www.oecd.org/cfe/smes/Scoreboard_2013_extract_chapter2.pdf

Ondernemerstest 2010, The role of the entrepreneur in small business, accessed on 23^rd March 2015, https://www.ondernemerstest.nl/wp-content/uploads/2010/03/ICSBv5.pdf