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Entrepreneurial Approach to Success: a Study of Warren Buffet of Mexico

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Entrepreneurial Approach to Success: a Study of Warren Buffet of Mexico Global Journal of HUMAN-SOCIAL SCIENCE: H Interdisciplinary Volume 18 Issue 5 Version 1.0 Year 2018 Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Online ISSN: 2249-460x & Print ISSN: 0975-587X Entrepreneurial Approach to Success: A Study of Warren Buffet of Mexico Carlos Slim By Tolulope Olaide Folarin & Muhammad Farooq Limkokwing University of Creative Technology Abstract- Carlos Slim is among the most successful entrepreneurs in Mexico. He is also known as the Warren Buffett of Mexico. In this study, we critically examine and ascertain the entrepreneurial approaches and psychology that made Carlos Slim the Warren Buffett of Mexico. To achieve this, the Competency theory of Driessen (2005) was deployed. Knowledge, capabilities, motivation, and characteristics are the components of competency theory which jointly form entrepreneur competence, which can be interpreted as successful behavior in practice, is adopted and modified to suit the scope of this study. Most of the researches on entrepreneur focused on competency theory as it is deemed suitable for assessing entrepreneur competence, talent, skills, traits, behavior and what characteristics and a motivational factor of entrepreneur influence business success (Laan; Driessen; and Zwart, 2010). Therefore, the theoretical framework for this study was developed using three variables; Characteristics, Capabilities and Internally Driven Motivation, because the variable “Knowledge” can only be assessed by the business plan which is beyond the scope of this study (Driessen, 2005). The findings of this report show that Carlos Slim has internally driven motivation and need for achievement that propelled him to succeed in business, he also has specialist thinking style, self-belief and risk-taking propensity traits which are the characteristic that enabled him to seize opportunities and to take calculated risk that led to high profitability (Baun and Locke, 2004; Forbes 2010). Keywords: entrepreneurial success, carlos slim, comp-etence theory, capabilities, motivation, characteristics. GJHSS-H Classification: FOR Code: 150305 EntrepreneurialApproachtoSuccessAStudyofWarrenBuffetofMexicoCarlosSlim Strictly as per the compliance and regulations of: © 2018. Tolulope Olaide Folarin & Muhammad Farooq. This is a research/review paper, distributed under the terms of the Creative Commons Attribution-Noncommercial 3.0 Unported License http://creativecom-mons.org/licenses/by-nc/3.0/), permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited. Entrepreneurial Approach to Success: A Study of Warren Buffet of Mexico Carlos Slim α σ Tolulope Olaide Folarin & Muhammad Farooq Abstract- C arlos Slim is among the most successful organization, in Bygrave’s (1997) view a successful entrepreneurs in Mexico. He is also known as the Warren entrepreneur perceives an opportunity and creates an Buffett of Mexico. In this study, we critically examine and organization to pursue it (Short and Dunn, 2002; ascertain the entrepreneurial approaches and psychology that Virtanem, 1998). Further, McLelland and Winter (1971) made Carlos Slim the Warren Buffett of Mexico. To achieve state that entrepreneurs have strong motives and need this, the Competency theory of Driessen (2005) was deployed. for achievement. Similarly, some group of scholars Knowledge, capabilities, motivation, and characteristics are 2018 the components of competency theory which jointly form concluded that a successful entrepreneur would possess a strong internal locus of control (Low and entrepreneur competence, which can be interpreted as ear MacMillan 1988). Y successful behavior in practice, is adopted and modified to suit the scope of this study. Most of the researches on As such, these various definitions of a 29 entrepreneur focused on competency theory as it is deemed successful entrepreneur brought about the essence of suitable for assessing entrepreneur competence, talent, skills, this study which purpose is to use various theories to traits, behavior and what characteristics and a motivational assess and critically analyze the approaches and factor of entrepreneur influence business success (Laan; entrepreneur psychology that enabled Carlos Slim to Driessen; and Zwart, 2010). Therefore, the theoretical become the Warren Buffett of Mexico. Systematic review framework for this study was developed using three variables; Characteristics, Capabilities and Internally Driven Motivation, approach has been used in this study to reach to the because the variable “Knowledge” can only be assessed by conclusion in contrast to other quantitative study the business plan which is beyond the scope of this study methods conducted in social sciences (Farooq and (Driessen, 2005). The findings of this report show that Carlos Jabbar, 2014; Buzdar, Janjua and Khurshid, 2016; Slim has internally driven motivation and need for achievement Farooq et al., 2018) that propelled him to succeed in business, he also has specialist thinking style, self-belief and risk-taking propensity II. Background traits which are the characteristic that enabled him to seize opportunities and to take calculated risk that led to high Carlos Slim who is popularly known as "Warren ) H profitability (Baun and Locke, 2004; Forbes 2010). Also, Carlos Buffett of Mexico" is an entrepreneur of great influence, a ( is a creative entrepreneur that can revive any company from philanthropist and an investor (Forbes, 2010). He was Volume XVIII Issue V Version I the recession and make it profitable at the long run; he is born in Mexico City on 2nd January 1940, as an always optimistic and focuses more on the solution rather than adolescent, his father; Julián Slim Haddad a Lebanese the problem (BBC, 2010; Driessen, 2005). These entrepreneur descent inculcates basic business practices into him approaches are the factors that contributed to Carlos’ success which gave him a strong foundation; that at 12years, a and made him Warren Buffett of Mexico. Mexican bank sold shares to him and at 17years he - Keywords: entrepreneurial success, carlos slim, comp- worked in his father's company where he earned 200 etence theory, capabilities, motivation, characteristics. pesos weekly (James, 2010). After graduating from the National Autonomous University of Mexico where he I. Introduction studied civil engineering, Carlos started his trading ver the years, researchers in the field of career in Mexico where he formed his brokerage firm entrepreneurship had been faced with the that later expanded to invest in individual businesses, O challenge to ascertain the factors that constitute ranging from construction and manufacturing to retail a successful entrepreneur, to some; the success of an and restaurants, as of 1966, Carlos already worth US$40 entrepreneur is dependent on a positive and supportive million (UMAN, 1960). environmental influence (Okhomina, 2010; Virtanem, Due to the contraction of Mexican economy in Global Journal of Human Social Science 1998), in Richard Cantillon’s (1697-1734) view, a 1982, which crippled businesses and led to devaluation successful entrepreneur takes financial risks in of Peso, Carlos was opportune to invest heavily on large exchange for profits, to Joseph Schumpeter (1950), a percentage of numerous Mexican businesses from successful entrepreneur is an innovator, who introduces different sectors, including financial services, new products and services with the motive of destroying telecommunication, aluminum, tobacco, aviation among the existing economic order and creating new forms of others and by the year 1990, Carlos began to internationalize and invested worldwide (UMAN, 1960). Author α σ: PhD Scholars, Limkokwing University of Creative Technology, Cyberjaya, Malaysia. e-mail: [email protected] Thus, with an estimated net worth of $53.1 billion, on ©2018 Global Journals Entrepreneurial Approach to Success: A Study of Warren Buffet of Mexico Carlos Slim March 29, 2007, Carlos was announced to have entrepreneurship (Lachman, 1980; Cooper and surpassed Warren Buffett as the world's second-richest Dunkelberg, 1987). Hence, for the purpose of this study, person (Forbes, 2007). Also, on August 8, 2007, Carlos' an entrepreneur will be defined as a being with strong estimated wealth soared to $59 billion and Fortune internal locus of control that has a dynamic process of reported that he had overtaken Bill Gate as the world's creating incremental wealth, who assumes the major richest person (David, 2007; Stephanie, 2007). risks in terms of equity, time and/or career commitment On March 10, 2010, Carlos broke the record for and provide value for some product or service (Hisrich, being the first Mexican to top the list of world's richest 2014). The product or service may or may not be new or people, he was also the first person from "emerging unique, but value must somehow be infused by the economy" to top the list and on top of that, Carlos broke entrepreneur by receiving and locating the necessary 16years record of United States citizens occupying the skills and resources (Hisrich, 2014). top of the list, as such, with a net worth of $53.5 billion, Most researches on entrepreneur focused on Forbes once again announced that Carlos had competency theory because it is deemed suitable for overtaken Gates as the world's richest person (Forbes, assessing entrepreneur competence, talent, skills, traits, 2018 2010; Bild, 2010; Al Jazeera 2010; Welle, 2010). Also, behavior
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