Zhanarbek Omurbekov 29618

The Entrepreneurial competencies of MICHAEL BLOOMBERG

MICHAEL BLOOMBERGwas born on February 14th 1942 in Medford, Massachusetts, a
suburb in Boston. He belonged to a middle-class family; his father worked as a bookkeeper for a
dairy farm and his mother was a housewife. While, in high school, Michael Bloomberg
performed extremely well in studies and demonstrated a particular interest in technology. He
worked part-time for a Cambridge electronics company. His interest in technology led him to
enroll as an engineering student at Johns Hopkins University in Baltimore in 1960...
Michael Bloombergs past experience as a trader in stocks and bonds, helped him to easily
understand the needs of the customers in the financial sector, and, as an engineer, he understood
the technology. Initially, he invested three hundred thousand dollars and opened a one-room
office. He also hired three Salomon Brothers personnel for his new company: Thomas Secunda
to create the analytics, Duncan MacMillan to learn the customers needs, and Chuck Zegar to
create the software...
Bloombergs Business Units DATA TERMINALS 156,000 leased in 100 countries, priced at
$1,285 a month per terminal.
WIRE SERVICE: 1,000 reporters in 79 bureaus worldwide; 4,000 stories filed a day. Bloomberg
articles appear daily in The New York Times, The Washington Post, and Le Monde.
RADIO: Anchored by New York AM station WBBR 1130, it provides syndicated reports to more
than 200 stations.
TELEVISION: The 24-hours at elite operation broadcasts in seven languages reaching
178million households worldwide.
MAGAZINES: Publishes four, including Bloomberg Personal Finance, Bloomberg Wealth
Manager and Bloomberg Markets.
INTERNET: www.bloomberg.com provides news and financial information. Gets about
180million hits a month.
BOOKS: Bloomberg Press publishes finance books; 40 titles in print, including Mutual Funds by
Mary Rowland. Bloomberg Book Publishing Operations include Bloomberg Personal Bookshelf,
Bloomberg Press, Bloomberg Small Press, and Bloomberg Professional Libra.

By reading his biography and analyzing his personality I see him as a well composed
entrepreneur, either than a politician. According to Empretecs formula for success, which covers

the most well thought-out Entrepreneurial Competencies, I picked up 7 competencies which

describe Bloomberg as a successful entrepreneur and best suits to his personality.
1. Opportunity-seeking and initiative
Entrepreneurs seek opportunities and take the initiative to transform them into business
situations.
2. Fulfilling of commitments
Entrepreneurs keep their promises, no matter how great the personal sacrifice.
3. Demand for quality and efficiency
Entrepreneurs try to do something better, faster, or cheaper.
4. Goal-setting
This is the most important competency because none of the rest will function without it.
Entrepreneurs set goals and objectives that are meaningful and challenging.
5. Information-seeking
Entrepreneurs gather information about their clients, suppliers, technology, and
opportunities.
6. Systematic planning and monitoring
Systematic behavior means acting in a logical way. Planning is deciding what to do.
Monitoring means checking.
7. Persuasion and networking
Entrepreneurs influence other people to follow them or do something for them.
The former New York City mayor may not be at the helm of the Big Apple any longer, but the
entrepreneur still holds strong strings in both business and political circles.