ENT10001: Entrepreneurship & Opportunity

Understanding Entrepreneurial Characteristics - Portfolio C

Prepared by:

Ting Yoon Hao (101225396)

Contents
Executive Summary ................................................................................................................... 2

Introduction ................................................................................................................................ 3

Background of the Entrepreneur ................................................................................................ 3

Characteristics of Entrepreneur.................................................................................................. 4

Characteristics of the Entrepreneur’s Business.......................................................................... 5

Key Activities ......................................................................................................................... 6

Key Resources ........................................................................................................................ 6

Customer Segment ................................................................................................................. 6

Channels ................................................................................................................................. 7

Reflection ................................................................................................................................... 7

Recommendation ....................................................................................................................... 7

Conclusion ................................................................................................................................. 8

List of References .................................................................................................................... 10

Appendix .................................................................................................................................. 11

Appendix 1 – Interview Questions ....................................................................................... 11

Executive Summary
This executive summary highlights the key points from the report on Ting's Palette, a bridal
makeup artist business founded by Wei Pin and Rose. The report emphasizes the characteristics
of successful entrepreneurs, including curiosity, adaptability, innovation, and long-term focus,
as exhibited by Wei Pin and Rose. It explores Ting's Palette's business model, which involves
providing personalized services, leveraging social media, and catering to bridal clients. The
importance of passion, adaptability, communication, and planning in entrepreneurship is
discussed. The report recommends market penetration and market development as strategies
for Ting's Palette to expand its market share and explore new markets. Overall, Ting's Palette
serves as an inspiring example of a successful entrepreneurial venture.
Introduction
This report focuses on the significance and types of characteristics possessed by an
entrepreneur and their business, based on an interview conducted with the founders of Ting's
Palette, Wei Pin and Rose, through a WhatsApp conversation. Ting's Palette is a reputable
business specializing in providing professional bridal makeup artist services, established by
Wei Pin and Rose.

Background of the Entrepreneur

Ting’s palette is a make up business that specialized in bridal’s makeup. Wei Pin and Rose, the
two visionary sisters behind Ting's Palette, have embarked on a remarkable entrepreneurial
journey within the makeup and hairdo services industry. Their passion for their craft and
commitment to providing exceptional bridal experiences have propelled them to the forefront
of their field. From an early age, Wei Pin and Rose exhibited a natural talent and affinity for
the art of makeup. They honed their skills and nurtured their creative instincts, constantly
exploring new techniques and staying up to date with the ever-evolving makeup trends. Their
dedication and perseverance set them on a path towards professional expertise in the world of
beauty and cosmetics. Motivated by a desire to assist their eldest sister on her wedding day,
Wei Pin and Rose founded Ting's Palette. What began as a heartfelt endeavour quickly
transformed into a thriving business, fuelled by their unwavering determination and
entrepreneurial spirit. Their commitment to ensuring that brides feel their most beautiful and
confident on their special day has been the driving force behind Ting's Palette's success. Wei
Pin and Rose's journey in the makeup and hairdo services industry has demanded a unique
blend of creativity, business acumen, and interpersonal skills. They understand the power of
strong marketing strategies in a highly competitive industry, employing innovative techniques
to establish Ting's Palette as a reputable brand. Their ability to communicate effectively and
empathetically with brides has garnered trust and loyalty, forging lasting connections with their
clientele.
Characteristics of Entrepreneur
During the interview with Wei Pin and Rose, it became evident that they embody several of the
10 characteristics associated with successful entrepreneurs. First and foremost, the founders of
Ting's Palette, Wei Pin and Rose, exhibit a notable level of curiosity within their entrepreneurial
journey. According to Raine & Pandya (2019), successful entrepreneurs worldwide possess a
strong inclination towards enhancing society, demonstrating curiosity, creativity, and
unwavering commitment to their endeavours. Their deep passion for makeup is evident in their
unwavering commitment to staying up to date with the latest trends in the industry. This
curiosity drives them to constantly seek new ideas and techniques, consistently pushing the
boundaries of their artistry. By actively seeking out new knowledge and embracing a
continuous learning mindset, Wei Pin and Rose ensure that Ting's Palette remains at the
forefront of the makeup industry, offering innovative and cutting-edge services to their clientele.
Their curiosity not only fuels their own growth and development but also enhances the overall
customer experience, as they bring fresh perspectives and creative approaches to their craft.

Furthermore, the Ting's Palette founders have demonstrated a remarkable ability to adapt to the
changing landscape of the business world. According to Haynie, Shepherd & Patzelt (2012),
having the essential skill to perceive and adjust to uncertain situations by utilizing previous
entrepreneurial knowledge is of paramount importance. Faced with the challenge of not having
a physical shop to showcase their artwork, they quickly recognized the potential of Instagram
as a powerful platform for reaching their target audience. Embracing this digital solution, they
made a strategic decision to establish Ting's Palette as an online presence. This adaptability has
allowed them to overcome the limitations of a traditional brick-and-mortar business model and
tap into the vast potential of social media. By utilizing Instagram, Wei Pin and Rose have
effectively transformed Ting's Palette into a virtual gallery, enabling them to showcase their
artistic creations to a wide audience.

Additionally, Ting's Palette has showcased a remarkable level of innovation by leveraging

social media. According to Schumpeter (2009), one of the key attributes of an entrepreneur is
the capacity to creatively combine existing resources in innovative ways. This forward-
thinking approach highlights their ability to embrace technology and capitalize on online
platforms to enhance their business. By utilizing Instagram as a virtual gallery, Ting's Palette
has reimagined the way they showcase their artistry. They have transformed the limitations of
a physical shop into a digital advantage, allowing them to reach a broader audience and
transcend geographical boundaries. Through carefully curated posts and captivating visual
content, they can showcase their makeup and hairdo services, demonstrating their skill and
creativity to potential clients. Moreover, Ting's Palette's innovative use of Instagram goes
beyond mere exhibition. They actively engage with their audience through interactive features
such as Instagram Stories, live videos, and interactive Q&A sessions. These engagement
strategies foster a sense of community and connection, enabling clients to interact directly with
Wei Pin and Rose. This personalized approach not only builds trust and loyalty but also
provides a platform for clients to share their experiences and provide testimonials, further
strengthening Ting's Palette's brand reputation.

Last but not least, the founders of Ting's Palette exhibit a strong long-term focus and a
dedication to continuous growth and improvement. Their recognition of the need for better
planning and goal setting demonstrates their commitment to ensuring the long-term success
and sustainability of their business. By acknowledging the importance of detailed planning,
Wei Pin and Rose demonstrate their understanding of the significance of setting clear objectives
and mapping out a strategic roadmap. This long-term perspective enables them to make
informed decisions and allocate resources effectively, ensuring that Ting's Palette remains on
track to achieve its goals.

Characteristics of the Entrepreneur’s Business

The characteristics of Ting's Palette, an entrepreneur's business founded by Wei Pin and Rose,
will be examined, and analysed using the Business Model Canvas (BMC). According to
Sibalija et al. (2021), The business model canvas (BMC) is a widely recognized and effective
tool used by managers to gain a better understanding of the business environment and develop
business models. It is highly regarded for its simplicity and iterative nature, allowing users to
continuously refine and adapt their business models as their strategic plans evolve. The BMC
facilitates a structured approach to business model development, enabling managers to assess
various elements and make informed decisions to drive business success.
Key Activities
Ting's Palette engages in key activities that contribute to their success in the bridal makeup
industry. Their primary focus is providing personalized makeup and hairdo services to bridal
clients, ensuring a customized and unique experience for each bride. They stay updated with
the latest makeup trends and techniques through continuous learning and professional
development, ensuring they offer modern and innovative services. Additionally, Ting's Palette
actively utilizes social media platforms to market and promote their services, showcasing their
portfolio, sharing transformations, and providing valuable makeup tips. These key activities
allow them to maintain a competitive edge, attract new clients, and establish a strong position
in the market.

Key Resources
Ting's Palette has built a successful business by leveraging key resources that contribute to
their excellence in the bridal makeup industry. With both the founder, Wei Pin and Rose, of
skilled makeup artists specializing in bridal makeup and hairdos, they create stunning looks
that make brides feel confident and beautiful. By using high-quality makeup products and tools,
Ting's Palette ensures professional results and a flawless finish. Their strong online presence
and reputation, particularly on platforms like Instagram, have helped them reach a wider
audience, attract new clients, and establish themselves as a trusted brand. These key resources
have positioned Ting's Palette as a leader in the industry, allowing them to consistently deliver
exceptional services and maintain a strong market position.

Customer Segment
Ting's Palette's customer segment comprises bridal clients seeking makeup and hairdo services.
Their value proposition lies in providing professional and personalized services tailored
specifically to the bridal industry. They offer customized looks that enhance natural features
and align with each bride's vision, creating a transformative experience. With a focus on high-
quality and innovative makeup techniques, Ting's Palette stays updated with the latest trends
to deliver modern and flawless results. Exceptional customer service and attention to detail are
key, as they build strong relationships and trust with their bridal clients. Ting's Palette strives
to make each bride feel beautiful, confident, and cared for on their wedding day, exceeding
expectations and leaving a lasting impression.
Channels
Ting's Palette employs multiple channels to effectively reach and engage with their target
audience. Their primary channel is Instagram, where they showcase their work, attract clients,
and communicate with them. By creating a visually captivating online gallery, they exhibit
their expertise and creativity in makeup and hairdos, establishing a strong brand presence and
attracting potential clients. Additionally, Ting's Palette emphasizes direct communication
through appointments and consultations, allowing them to understand each client's unique
needs and provide personalized recommendations. This combination of Instagram's reach and
visual impact, along with direct communication, enables Ting's Palette to effectively connect
with their audience, build trust, and establish themselves as a reputable and sought-after bridal
makeup and hairdo service provider.

Reflection
Reflecting on the entrepreneurial journey of Wei Pin and Ross, their story offers valuable
insights and lessons for aspiring entrepreneurs. Their passion and commitment to their craft
demonstrate the importance of pursuing a business venture that aligns with one's interests and
values. The ability to adapt to changing circumstances and embrace innovation has allowed
Ting's Palette to overcome challenges and thrive in a competitive industry. Effective
communication and a focus on the needs of their target audience have been instrumental in
building strong relationships and establishing Ting's Palette as a trusted brand. Additionally,
the application of the business model canvas has provided a framework for strategic decision-
making and resource allocation. Overall, the journey of Wei Pin and Ross serves as an inspiring
example of the qualities, strategies, and tools that can contribute to entrepreneurial success.

Recommendation
Mitigating risk has always been a primary focus for company management. One effective
approach to risk reduction is through the implementation of a diversification strategy.
According to Loredana (2017), the Ansoff Matrix is extensively employed in diverse industries
and sectors as a valuable tool for business strategy. For small businesses, diversification
involves the creation of new products and services through internal efforts, expanding the scope
of operations, and forming strategic partnerships or licensing technologies. By embracing
diversification, companies can minimize their exposure to risk and enhance their potential for
success.

Among the four strategies at hand, I would assert that market penetration and market
development are the most recommended choices. According to Loredana (2017), market
penetration is a strategic approach wherein a company focuses on selling its current products
or services to its existing markets with the aim of expanding its market share. Ting's Palette
can focus on increasing market share within their current target market of bridal clients. They
can achieve this by implementing strategies such as expanding their online presence,
optimizing their social media marketing efforts, and offering promotional campaigns or loyalty
programs to attract and retain customers. By strengthening their position in the existing market,
Ting's Palette can maximize their customer base and generate more business.

Furthermore, market development involves a strategic approach where a company focuses on

expanding its presence by entering new markets or targeting different market segments with its
existing products or services (Loredana 2017). Ting's Palette can explore opportunities for
market expansion by targeting new customer segments or geographic markets. They can
consider diversifying their services to cater to other occasions or events, such as proms,
graduations, or special parties. Additionally, they can consider extending their reach to different
regions or even internationally by offering destination wedding makeup services. By tapping
into new markets, Ting's Palette can increase their customer base and revenue streams.

Conclusion
In conclusion, the journey of Wei Pin and Rose with their business, Ting's Palette, exemplifies
the qualities and strategies that contribute to entrepreneurial success. Their passion for their
craft, adaptability to the changing business landscape, and effective communication with their
target audience have been instrumental in establishing Ting's Palette as a reputable brand in the
bridal makeup industry. Through the application of the business model canvas, we have seen
how key activities, resources, customer segments, and channels play a vital role in shaping the
success of an entrepreneurial venture. The lessons learned from Ting's Palette's journey
highlight the importance of continuous learning, adaptability, customer-centricity, and long-
term planning in pursuing entrepreneurial endeavours.
List of References
Haynie, JM, Shepherd, DA, & Patzelt, H, 2012, ‘Cognitive Adaptability and an
Entrepreneurial Task: The Role of Metacognitive Ability and Feedback’, SAGE Journals,
viewed 19 May 2023, <https://journals.sagepub.com/doi/abs/10.1111/j.1540-
6520.2010.00410.x?journalCode=etpb>.

Loredana, EM, 2017, ‘THE USE OF ANSOFF MATRIX IN THE FIELD OF BUSINESS’,
viewed 18 May 2023, <https://www.utgjiu.ro/revista/ec/pdf/2017-
02.Volumul_2_Special/21_EcobiciL.pdf>.

Raine, AL & Pandya, M, 2019, ‘Three Keys to entrepreneurial success: curiosity, creativity,
and commitment’, Springer, viewed 19 May 2023,
<https://link.springer.com/article/10.1007/s41959-019-00019-y>.

Schumpeter, JA, 2009, ‘Entrepreneurship as Innovation’, SSRN, viewed 20 May 2023,

<https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1512266>.

Sibalija, J, Barrett, D, Subasri, M, Bitacola, L & Kim, RB, 2021, ‘Understanding value in a
healthcare setting: An application of the business model canvas’, SAGE Journals, viewed 21
May 2023, < https://journals.sagepub.com/doi/full/10.1177/20597991211050477>.
Appendix
Appendix 1 – Interview Questions
1. Can you please introduce yourself and provide an overview of your company? Could
you also share the story behind how you started your venture?

2. In your industry, what are the key requirements for successfully running a business?
What are the top three strategies or approaches to survive and thrive in this industry?

3. Could you describe the characteristics that define your business operations? What
challenges have you encountered along the way, and how have you managed to
overcome them?

4. Looking back ten years ago, if given the chance, what decisions or actions would you
have done differently in your entrepreneurial journey?