Entrepreneurial management

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Coursework 2

For each of the ‘Nine C's of Entrepreneurialism' provide an example of how an entrepreneur has incorporated that ‘C' within his/her business model

I - Control - McDonald's

The need to control the company environment and destiny is a key point for an entrepreneur. Control also needs to be achieved in staff management. - Example: McDonald's represents the world largest fast food company with more than 31000 restaurants. They produce mainly standardized, high-quality burgers made quickly on demand by well train staff. This company has a high control of its franchise holders, finding the correct way between over-managing the restaurants and encouraging motivation and leadership of their owners. Costs control and customers feed back create possibilities to elaborate new strategies, for instance by the creation of new products such as salad and coffee. The company tries also to control its image by creating adverts and sponsoring some events in order to show its quality and to emphasize its ethic.

II - Creativity - 3M

The creativity is one of the most important points in entrepreneurialism. Associated with business understanding, it gives the way to successful business. - Example: the 3M Company was created in 1902 and created innovative products like Scotch tape and Post-it note. These success stories were mostly due to the creativity. In fact, all of this organization is immersed in an innovative spirit. The key role of the direction is to create a favourable environment to give space for the employees to create. The well-known rule of the 15% indicates that each employee can work 15% of their time on their own project that can benefit to the company. Up to now, 25% of the company revenue is made from products less than five years old.

III - Courageous - Virgin Group

Entrepreneurs live with the stress of uncertainty and take high risk. They need a lot of courage to achieve their goal. - Example: Virgin group was founded in 1989 by Richard Branson. This company is specialized in a large range of sectors including airline, music, distribution as well as mobile phones. The courage of its creator is a key point in the development of the brand. In fact, this entrepreneur was not afraid to fail and to change strategy. Furthermore he was tolerant of his own failure and tried always to look ahead with courage pushing up his idea and challenge. He is right now at the head of a 2.5 billions turnover company.

IV - Commitment - Dyson

Commitment is one of the characteristics of an entrepreneur. They have to never give up and to be self-confident. - Example: Dyson. This company is a long-drawn-out job. Between 1979 and 1984, James Dyson tried to create a revolutionary vacuum cleaner in order to keep the suction and to avoid using bag. In 1984 he proposed his patent technology to the traditional competitors of this market, who refused to use it. After an introduction of this technology in Japan, Dyson came back to UK in 1993 and began to sell on his own the vacuum cleaner, this was the start of a dazzling ascension. Right now, the company represents 50% of the UK market and 20% of the European one. This success story shows how enthusiastic, passionate and motivated the entrepreneur Dyson was.

V - Capital - Google

Finding found is a compulsory need to begin the story of an innovative company. Accepting to finance research and development is a need to continue it. - Example: Founded in 1998 by two students from Stanford, Google is the world leader of internet research. The company was originally created to exploit a high efficient research algorithm. But after implementing it, the company expanded its range of services. Nowadays Google offers more than 135 online services such as GMail, YouTube, Google Earth and Google Books. The heart of these developments success was the innovation and the capital invested in it. In fact, a large part of the benefits serves to finance new research and to develop original projects in order to make more profit in a long-term based.

VI - Communication - Apple

It is compulsory that entrepreneurs are able to communicate and to promote relationship between all the actors of their business. - Example: Apple. This company was created in 1977 by Steve Jobs and became well-known as a computer manufacturer and most recently in the music and telephone market, creating the iPod, iTune and the iPhone. The communication in the Apple Company is really important as between its employees, and also with the customer. Coordination and collaboration give the opportunity to create innovating future products. With the customer, Apple uses different strategies. For instance Apple communicates in its design, its simplicity and its capability in order to not only sell an object but what you can do with it.

VII - Capability - Dell

Entrepreneurs have to be competent as well as to be able to develop infrastructure and organization. - Example: Dell. Michael Dell, a student from the Austin University, created this company in 1984. The strategy used for its development is to avoid all the middlemen and to give a really fast reply to the clients order. This permits also to avoid stocks and to create custom-built computers. As the orders are paid in advance, finances are optimized. These capabilities permit to produce, in a fast way, quality and reliable computers. This shows the high competences of this company and how solid their infrastructures are.

VIII - Chance - LastMinute.com

Being able to exploit opportunities, which can be considered as luck, define an entrepreneur. - Example: LastMinute.com is an Internet travel agency founded in 1998. This company was one of the first one in the online market. The chance was that its creators took at the right time the opportunity to create their company. They were able to exploit it proposing travel deal and innovating products for a large range of population. Tracking record of the customer expectations permits to create more opportunity and so more chance occasion. Nowadays, lastminute.com stays as one of the leaders in its sector after more than 10 years of development.

IX - Culture - Body Shop

An organizational culture can be the bonds of an innovating company. - Example: The Body Shop is a cosmetic brand which sell natural product respectful of environment. This green positioning has made its reputation all over the world. The concept was born in the 70s with Anita Roddick. She thought, “business can change the world”. She decided to create a new ethic cosmetic brand that does the link between nature and beauty. In addition to quality products, The Body Shop is known for its promotion of the environment and animals. The company respect the nature at 100% and claims that none of the products are tested on animals. Furthermore the culture company includes fair trade market and respect of human fundamental rights. Since 2006, The Body Shop is affiliated with the French group L'Oreal. Up to now, the company has more than 2500 stores located in over 55 countries.

References

http://en.wikipedia.org/wiki/Entrepreneur

http://www.evancarmichael.com/

http://www.growingbusiness.co.uk/lastminute-com-brent-hoberman.html

http://www.open2.net/moneyandmanagement/management_organisation/entrepreneur.html

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