Entrepreneurship: Case Study On Roustam Tariko Essay

Question:

Discuss about the Entrepreneurship for Case Study on Roustam Tarik.

Answer:

Biography of Roustam Tariko

Roustam Tariko is the world’s second Vodka producer after Diageo. In the year 2013 Tariko took away the world’s largest vodka producer CEDC as it became bankrupt and Tariko saved the company by financing $420 million. Later on in 2014 Tariko sold out the company Roust to CEDC for $250 million. Earlier Tariko used to assist the foreign tourists in finding out the rooms at Moscow hotels. The first earning of Tariko was in the 1980s through the similar source. Afterwards, Roustam Tariko worked as a consultant for the Ferrero Rocher in Italy and won the special contract with Martini & Rossi. By the year 1998 Tariko established the Russian standard for becoming the first vodka brand that opulent. After that following year, Tariko shook hands with McKinsey & Co. by opening up the Russian standard bank and initiating the consumer credit market and the progress took place at such a pace that they became the market leaders in the next three years. The bank is counted under the top 30 banks in Russia and by the end of 2011, the Russian Standard came into partnership with American Express. In the present scenario, Tariko owns a villa Minerva at Sardinia which worth 15 million euro. In 2011 Roustam Tariko bought a villa on Miami Beach worth $25.5 million, also the entrepreneur holds a yacht named after the two daughters Anna Eva and a charter Boeing 737 to hold world tour (Forbes, 2017).

Roustam Tariko’s characteristics

Roustam Tariko’s qualities related to the business is to stay focused, maintain loyalty and gather courage in facing risk. Tariko is an entrepreneur who not separate personal and professional life. In an interview, Tariko quoted that as the personal and professional life are different so neither the man work nor the rest is availed. Roustam Tariko believes in focusing on the things and then performing it by undergoing the research over it and conducting the studies to gain more knowledge related to the aspect (Hiscox, 2013). Another fact quoted by Tariko is to maintain loyalty. Loyalty can be studied in the two aspect consumer loyalty and employee loyalty. Both are interconnected with one another if the employee is loyal towards the business then automatically satisfied and happy service will be delivered by them which will attract consumers as well and renders them satisfaction. The satisfied consumer will give more business rather than any other promotional activity and stay loyal towards the organisation (Chand, 2016). Another measure is to be courageous in taking a risk and adopting challenges to face the unexpected results which could either is fruitful or the failure has occurred. When asked about the mistakes that could ever happen with Tariko the response was so accurate that the man explained it all in a single line that all the flaws are corrected which elucidate the adapting and all time learning approach of the tycoon. Discussing about the behaviour, the studies states that Tariko is calm natured and health conscious person who is well-managed, also the person carries humorous nature as well. The golden rule of Tariko is to move on whatever the situation may be, just face it and cure it. Tariko is a down to earth person who is comfortable in all sought of financial situations. Roustam Tariko wants to position Russia in the list of countries providing quality products to consumer and fulfilling social and professional obligations (Moore, 2007).

Impact of business development on Roustam Tariko’s lifestyle and behaviour

In one of the interactions with Manfred, Roustam confessed the importance of balanced life along with conscious and unconscious encouragement that follows divergent leadership styles. Tariko shared with Manfred about the lack of leadership skills within and asked for the cure regarding the same. Manfred assisted Roustam in developing the leadership skills and rendering the knowledge regarding how to manage human resource and another similarly crucial resource efficiently and effectively. In this way, the leadership qualities of Tariko started developing and the decision-making skill of the entrepreneur improved with passing time. At the time when Tariko and Manfred met in Moscow, there were certain organisational issues going on with Roustam about which the person interacted with Manfred (Vries, Treacy & Elizabeth, 2003). The foremost organisational challenge was regarding the management of the entire organisation as for how to balance working such that company also grows, variations and modifications take place and investors get convinced (Forbes, 2013). Another issue that was the cause of concern for Tariko was those friends who had helped in the earlier days were creating a dilemma. Tariko demanded the solution for these situations and learnt the management skills as well which helped the entrepreneur in attaining heights. Through business Tariko got to adapt and improve multiple personal qualities, the capabilities of taking risk and accepting challenges increased, mindset got broaden up and vision was made clear as what is need to be achieved in life and what all opportunities could be cracked which results in changing the behaviour and twisting up the perspective of tycoon towards the life.

The contribution of COL programme on Roustam Tariko’s personality and developing organisational strategies.

COL program or Commonwealth learning programme helps in developing an economic and social understanding of the business (Spear, 2006). The programme provides quality learning and enhancement of professional knowledge and cracking out the professional opportunities as well. Roustam Tariko is a person who follows the passion and performs the tasks as per the willingness. The interest in work matters a lot and changes occurring in that do not affect much to the entrepreneur. Tariko is open-minded and likes to learn new things and quality to develop inner skills which could be implemented in business to succeed it. Roustam believes in commitment towards the work and high dedication to achieve the objective. Tariko’s one of the objectives is to earn money as according to the man money signifies that good work is going. They believe in honesty and quote that principle of working is to be innovative, intuitive and execution of innovation should take place (Brainyquotes, 2017).

Roustam Tariko- as an Entrepreneur

Entrepreneurs are the one who possess the extraordinary quality to capture the market through their decision making and risk taking skills. They are the innovators and motivators carrying versatility and setting up the high vision. They are the one who like to achieve the goal and reach the peak; also an entrepreneur likes the routes as well along with the peak. They are flexible as well as an adapter in context of changing situations. Roustam Tariko consists of leadership quality which is a must attribute an entrepreneur can hold. Tariko is a good leader possessing management as well as risk management quality. The man is creator and innovator containing the high vision and enthusiasm to achieve the goal (Rauch & Frese, 2007). Similarly, Roman Abramovich is one of the Russian entrepreneurs who merged with Sibneft which is one of the largest oil company supplying oil and oil products. Abramovich likes to take a risk and expand the business accordingly which is an entrepreneurial skill which is possessed by Tariko as well (Hawley, 2015). Another example of an entrepreneur is Jane Cay who is the founder of Birdsnest which work online and supply female clothing and little frocks. The vision of Cay is to be fashion friendly and increase enthusiasm and dressing sense among the women. Jane Cay is adaptable to changes and carries creativity and innovativeness in the art. The lady believes in smart working and creating the mesmerising things to attract consumer and increase the power of women by building a comfortable and strong environment around. They are the qualities that an entrepreneur holds and Tariko too possesses the confident, era changing and creative goon which proves that Roustam Tariko is an entrepreneur (Kuznetsova, Kuznetsov & McDonald, 2000).

References

Brainy quotes. (2017). Roustam Tariko quotes. Viewed on 22nd August 2017. <

Chand. S. (2016). Entrepreneurship: characteristics, importance, types, and functions of entrepreneurship. Viewed on 23rd August 2017. <

Forbes. (2013). The top skills every entrepreneur needs. Views on 23rd August 2017. <

Forbes. (2017). Roustam Tariko. Viewed on 21st August 2017. <

Hawley. J. (2015). Top 3 most successful Russian entrepreneurs. Viewed on 23rd August 2017. <

Hiscox. (2013). 10 important personal characteristics of entrepreneurs. Viewed on 23rd August 2017. <

Vries. D., Treacy. M., Elizabeth. (2003). ‘Roustam Tariko (B): The measure of the man’. Entrepreneurship: theory and practice. Vol.27. no.3. 319-329.

Moore. J. (2007). Roustam Tariko: Russian billionaire setting the standard for vodka. Viewed on 22nd August 2017. <

Kuznetsova. O., Kuznetsov A., & Mcdonald. F. (2000). ‘Entrepreneurial qualities: a case from Russia’. Journal of small business management. Vol.38, no.1, 108-114.

Rauch. A. & Frese. M. (2007). ‘Let’s put the person back into entrepreneurship research: a meta-analysis on the relationship between business owner’s personality traits, business creation and success.’ European Journal of Work and Organisational Psychology. Vol. 16, no.4, 353-385.

Spear. R. (2006). ‘Social entrepreneurship: a different model?’ International Journal of Social Economics. Vol.33, no. 5, 399-410.

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