He is an individual who had taken an important responsibility, of becoming the business executive at an early age of 26. Capone developed and expanded a business at a fast pace, compared to many other businesses. He eventually had become a full partner in the saloons, gambling houses, and brothels proving the potential he held. You learn from mistakes by taking chances, trying and failing. Our society is formed by risk-takers; individuals who step out of their comfort zone and grow organizations associated with risk. Therefore, it is important and extremely beneficial for an entrepreneur to be risk-taking.
This characteristic has guided Al Capone through his career in business. He is a man who took risks countless times, many of which had become a great opportunity to his success. Capone expanded and developed an immensely risky business, while knowing the high risks involved and the high possibilities of him losing lots in financial and social areas. Capone knew if he was caught, he would be arrested and sent to jail for numerous years, and also be financially responsible for any expenses and fines given. In conclusion, it is clear that Al Capone was very risk-taking, by owning an illegal business.
Views upon Al Capones personality varied greatly from a flexible and considerate individual, to someone who was immoral and harsh. This range of personality set him apart from all others which led to the success of his business. A successful entrepreneur must be flexible and considerate in order to adapt to changing trends because their endeavors dont always go according to plan. If the entrepreneur cannot change specific plans according to the market trends, or business needs, there is a higher chance of the business failing.
Capone demonstrated flexibility by hiring Jews, Irish, Poles, Slovaks, blacks; basically people who were considered minorities in public. As long as Al Capone considered them to be trustworthy, they were employed. Also, Capone was the first to open soup kitchens after the stock market crash in 1929; allowing him to give back to the community. During the time, he even ordered his merchants to give clothes and food to the needy at his expense. Thus, Al Capone showed both a sense of strength and consideration to successfully compete in the market.
To those who relied upon Capone for his business he was a great man, yet in terms of competition Capone was one who you would not want to interfere with. During his time in the market, Capone was very competitive. Being competitive is one great trait to obtain as an entrepreneur because it makes them feel as if the business life is a contest, giving them a sense of motivation. Al Capone took over the south side of Chicago, which gave him a captive audience of consumers. However, he was given competition by Bug Moran who also ran a business of selling whiskey in 1928.
Once Capone was notified, he had given his competition a quick response to the issue. On St. Valentines Day, the next year Al Capone killed his competitors by having them shot. This significant day is also known as Valentines Day Massacre. Therefore, Al Capone is known to be a very competitive business man. Al Capone knew exactly what he was striving for due to his ability to set goals. Goal-setting helps entrepreneurs gain a sense of motivation. Once a goal is set and achieved, a new goal would take its place.
Capone had set many goals that he was determined to achieve. Johnny Torrio was the man who established the business of selling bootleg liquor, and one big goal of Capones was to be just like Johnny Torrio, except better. When Johnny Torrio was shot dead, the business was automatically handed to the business executive at the time, Al Capone. Al Capone wanted to establish himself as the individual who took the business and made it bigger, better and stronger than it already was. So, he set this goal and was determined to achieve it.
Approximately eight years later, the business was at its best shape, had more power than it ever did, making Capone achieve his goal. Furthermore, Al Capone was a business man who set many goals, which motivated him to achieve them and help build his business. A useful skill that is essential for all entrepreneurs to obtain is having good leadership skills. This skill includes effectively hiring and terminating staff. Al Capone portrayed effective use of leadership skills in his career. Capone had always hired his employees very critically.
They were always chosen based on how trustworthy and reliable they were as well as their understanding of the business. An example is Frank Wilson, one of the employees that worked for Al Capone. Frank was asked numerous questions before being receiving a position in the business. He swore to always give maximum security to Capone, even though toughest times. In conclusion, Al Capone demonstrated leadership skills by being very critical of who worked for him. After researching and analyzing Al Capones time in business, Ive learned many things.
First being that in order to be successful, a business needs to know who they are competing with. If Al Capone was unaware of his competition, it would make his sales and profit decrease due to Bug Morans new business. Also, try gaining attention from the community, because it will help bring awareness to your business and possibly increase sales. When Al Capone helped the people who were affected by the stock market crash by opening soup kitchens, he was noticed in the community which also impacted his sales.
Lastly, always take risks because you may experience a great fortune towards your business. Capone was constantly taking risks, many of which opened opportunities to success. All of these facts had made Al Capone a famous entrepreneur because they all led to the success of his business. Furthermore, I also believe that Al Capone had the Prohibition to make a long term effect on the business industry. If it wasnt for banning liquor, Al Capone would have never have developed and expanded this bootlegged liquor business.