Discuss About The International Of Entrepreneurial Venturing?

About Nick Molnar

Discuss About The International Of Entrepreneurial Venturing?

The aim of this current assignment is to provide a biographical Overview of Nick Molnar, who is currently one of the famous and popular entrepreneurs in Australia. In the year 2014, he established the organization of Afterpay, which is the famous E-Commerce business firm, offering innovative payment to the customers that can help them to buy online products. Nick is also currently the CEO of Afterpay.

The Current report will discuss the social and educational background of Nick Molnar along with his entrepreneur traits. It will also focus on the opportunities that are developed due to his business ideas along with the competitive advantage that can be gained due to the same. Finally, recommendations are also provided that can help to improve upon the business ideas that are developed by his Entrepreneurship traits.

Nick Molnar is a young 27-year old entrepreneur with extensive experience in online retailing. He is the CEO and co-founder of Afterpay Holdings Limited, which is an Australian retail payment gateway and one of the fastest growing companies.  It facilitates bridging between retail margins and their customers by offering them a new buy take now and pay later service.  It does not require any end-customer by making them enter into an upfront fees payment, traditional loan system or interests.  It is a new payment system where shoppers can buy now and can pay over months. Currently, after pay has a million customers and retail merchants over 5000.  It is listed on the Australian securities exchange in the year 2016 (van Weele et al. 2014).

Before he established after pay, he launched an American online jeweller website under the local brand name of iceonline.com.au in Australia. His family has been in the jewellery industry for past 30 years in Australia, and therefore he was able to combine the knowledge of local product with online marketing for exploiting the gap in the market.  He successfully grew this business in Australia and became the largest online watch and jewellery retailer. He has also worked at the venture capital as an investment analyst where he was responsible for the investments in the growth stage.

During his journey with after pay, he discovered the way to find a niche. Later on, he could commercially develop the business. The concept of buy now-pay later is famous among the Australian customers and retailers. He developed a world-class team who invest genuinely and share the company’s vision and views. He is a leading businessperson and listen to your customers and provide exceptional customer services which have helped him to evolve and innovative his business. Moreover, Australia offered him many opportunities that helped him to follow his path to success and to become one of the youngest entrepreneurs (Hendrickson et al. 2015).

The Opportunities Created by Nick Molnar’s Business Ideas

In the fast-paced Australian business, it is not easy to build an empire from the ground and efficient and faster route to success; however, Nick Molnar skyrocketed in his career from jeweller selling to become the managing director of ice online. He has the perfect skill for doing a successful business in this digital age and listens to the customers and put their interests first. He can take a risk and gain knowledge and experience from them he got an opportunity while working in his jeweller business store and from where he emerged as a successful businessman, followed his path and finally established Afterpay. Nick Molnar entrepreneurial traits can be explored through the length of trait theory.  There are five characteristics of an entrepreneur. While exploring Nick Molnar’s Leadership traits, he has the propensity to take risks, self-efficacious and have an internal locus of control.  When these traits combine, it becomes a person system fit concept (Cavusgil and Knight 2015).

According to the trait theory of entrepreneurship, he has developed specific traits, which have helped him to generate new ideas and create new Ventures. He has taken the risk to establish Afterpay and predicted the future, which is efficient farsightedness.  This is the most important trait of an entrepreneur. He has the classical trait of tolerance of ambiguity where he will stand the fear of potential failure and uncertainty in his business. In the past growing world business, he has the vision to identify the overlook dishes and put them in front of emerging fields and innovation He had self-belief that made him establish the concept of buying now pay later after Pal which shows self-confidence as another entrepreneur iterate in him. He has changed his business strategies according to the changing days and conditions of the market which makes him a flexible entrepreneur who depends on adaptation. Concisely he has started a business that has broken the rules And became a successful young businessman in Australian retailing.

In the current days, The E-Commerce form of business is gaining huge popularity among the population in Australia.  This is mainly because the ecommerce platforms provide the customer opportunity to choose from a wide variety of products. With the advancement of digital technology, the popularity of e-commerce business is rising among the society of Australia.  With the rise of popularity of e-commerce business, the tendency of people using the online payment forms is increasing (Davidsson et al. 2011). The online payment is made with the help of credit and debit cards. The business organization like Afterpay is providing Opportunity to the customer to make payment for the desired products after the purchase is done through instalments mode. 

The Advantages of Afterpay for Customers and Retail Merchants

The service that is provided by Afterpay has been linked with all major online stores. The major advantage of using this service compared to another form of financial loans is because Afterpay helps to provide instant approval for the credit amount (Schaper et al. 2014).

The customers are getting an opportunity to pay through instalment methods, which is increasing the sales of all types of the products. One of the major opportunities for this type of business is because they can increase the total sales of the online retails. The Afterpay Company has form partnership with all types of online retail stores, which has allowed them to raise the popularity of the business. The online retail stores are also acting as promotional partners of Afterpay. The major opportunity for the company comes from the use of theory of digital marketing, which is highly effective in context of the modern day business. They are also offering credit loans for buying online product category low-interest rate compared to banks and other financial institutes (Wood and Davidson 2011).

The increase in the total number of online retail stores in the Australian consumer market is also providing new business opportunities for Afterpay. With the introduction of the financial assistance service of Afterpay, it has the ability to change the way consumers purchase product of different categories from online retail stores. The ability of the Company to merge with all other forms of business is providing them with the opportunity to expand the forms of business. It is also relevant to say that due to the financial assistance service introduced by Afterpay, they can expand the business of other brands. Hence, the company is also acting as mediator to enhance the sales of products of other brands. This can provide the company with the opportunity to claim some share of the profit that is earned by other brands with the assistance of Afterpay payment gateway.

Hence, the idea of Financial Service that is introduced by Nick Molnar have the opportunity to make the huge profit with the help of Partnership that is formed with all types of online stores and retailers along with repeated brands of popular products that are used by the consumers of Australia (Davidsson and Steffens 2011).

One of the major competitive advantages of Afterpay compared to other financial organization or banks of Australia is due to the fact that they are able to provide easy credit loans to the customer for buying all types of products. The company also charges very less accounting of interest rates compared to other loan providers in Australia. The overall process of getting loan approval from Afterpay is also one of the major competitive advantages because they are providing instant approval with very less amount of official documents required in the form of credit or debit card (Klyver and Bager 2012).

With the help of excellent business skills of Nick Molnar, it is possible for him to form the business partnership with all major brands that are available in the online retail stores.  This is also one of the major competitive advantages of Afterpay.

Conclusion

In conclusion, it can be said that the calculated risk-taking ability along with the effective Entrepreneurship traits of Nick Molnar has helped him to establish Afterpay and take the company to a popular position in the market.  

It is recommended for Nick Molnar and his company Afterpay to make use of the opportunity of digital marketing that can help to raise the popularity of the brand. It is also important for the company to make the rapid and fast change in the business policies that will help them to sustain in the market.

Reference

Cavusgil, S.T. and Knight, G., 2015. The born global firm: An entrepreneurial and capabilities perspective on early and rapid internationalization. Journal of International Business Studies, 46(1), pp.3-16.

Davidsson, P. and Steffens, P., 2011. Comprehensive Australian Study of Entrepreneurial management (CAUSEE): project presentation and early results. In New Business Creation (pp. 27-51). Springer New York.

Davidsson, P., Steffens, P. and Gordon, S.R., 2011. Comprehensive Australian Study of Entrepreneurial Emergence (CAUSEE): design, data collection and descriptive results. Handbook of research on new venture creation, pp.216-250.

Hendrickson, L., Bucifal, S., Balaguer, A. and Hansell, D., 2015. The employment dynamics of Australian entrepreneurship. Research Paper, 4, p.2015.

Klyver, K. and Bager, T.E., 2012. Entrepreneurship policy as institutionalised and powerful myths. International Journal of Entrepreneurial Venturing.

Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small business.

van Weele, M.A., Steinz, H.J. and Van Rijnsoever, F.J., 2014. Start-ups down under: How start-up communities facilitate Australian entrepreneurship. In Paper to be presented at the DRUID Conference (pp. 16-18).

Wood, G.J. and Davidson, M.J., 2011. A review of male and female Australian indigenous entrepreneurs: Disadvantaged past–promising future?. Gender in Management: An International Journal, 26(4), pp.311-326.