Enterprise Strategy and Entrepreneurial Concept - Case Study Example

Enterprise Strategy and Entrepreneurial Concept Mashael Anbar Al-Abdulla 100420287 University of Derby January 1, 2017 Enterprise Strategy and Entrepreneurial Concept Executive Summary Enterprise strategy and concept focuses on the creation of empathy with the life world environment dominated by properly established entrepreneurs and entrepreneurial concept and methods of doing business. It forms the base of most successful entrepreneurs; therefore, entrepreneurs that aim to be successful entrepreneur needs to understand ways of learning to identify, describe, select, and communicate the essence of an opportunity considered attracting potential to be a successful venture. For this analysis, report will focus on understanding the role of enterprise within the organization and sell experiment. The business failed to label the products and citing the ingredients, which led to decline in customer loyalty and negative taste and preference. To reverse the situation, the business embarked on the donations and integration of various marketing strategies to penetrate the market and reach many students. Introduction The concept of enterprise tends to focus on the development an enterprising person and enterprising mindset, which involves a set of personal skills, motivational capacities, behaviors, and attributes considered important in any context (Pauceanu, 2016, 114). Of these factors, the most important are intuitive decision-making, the ability of making things happen autonomously, identification opportunity, initiative taking, self-efficacy, and creative problem solving which also forms the basis of a successful entrepreneur (N, D. S, 2011, 15). Additionally, enterprise focuses on the creation of empathy with the life world environment dominated by properly established entrepreneurs and entrepreneurial concept and methods of doing business (Hunter, 2011, 172). The concept of entrepreneurial skills focuses on the application of different enterprising skills within the context of establishing new businesses, development of existing ventures, and designing an entrepreneurial business (International Labour Office, 2010, 155). Entrepreneurs play significant roles in the creation of new businesses for fuelling the societies globally (Atherton, 2004, 127). With increasing competition in the market, the entrepreneurs are focusing on combining the innovation and technology in fostering new and effective means of various facets of life. Therefore, a successful entrepreneur needs to understand ways of learning to identify, describe, select, and communicate the essence of an opportunity considered attracting potential to be a successful venture (International Labour Office, 2010, 157). An effective entrepreneur needs to be in a position of describing the valuable contribution of the venture and create a design for the business model to ensure efficiency and effectiveness in various activities undertaken for sustainability and acquisition of the desired competitive advantage (Pauceanu, 2016, 125). Evaluation of Brett Butcher and Interview Analysis Brett Butcher is an engineer specialized in software development. Throughout the years, he lived in a poor environment close to the engineers constructing the roads. These engineers lived in deplorable conditions despite their experience, professional qualifications, and the nature of their jobs. They lived in small houses reflecting the poor pay. Brett Butcher, having an engineering background, resorted to seeking a business opportunity that would offer him better pays with regards to his academic qualifications. Generally, during the 1980s, the engineers were poor paid; as a result, he refused to be a victim of such little pay. According to Brett Butcher, the entrepreneurs are not born; however, through interaction with the environment and people, they have opportunities to identify business opportunities for investments. With the challenges experienced by the engineers, Brett Butcher felt the needs of doing something different. Business environment is becoming highly competitive; hence, businesses have the responsibility of ensuring efficiency and effectiveness in their operations. Consequently, technology continues to bridge the gap in business operations and presentation of new opportunities for investments. Brett Butcher focused on development of different engineering programs such as microprocessors and running different businesses. The entrepreneurs had adequate skills of being consultant within the engineering industry; however, with his passion, urge to make money and adequate skills and experience, Brett Butcher decided to invest in the products development rather than consultant. Entrepreneurs often have difficulties in defining their scope of operations. In addition, reaching various market segments usual seem difficult due to poor marketing and advertisement strategies, which do not ensure wider coverage of the customers. To ensure effectiveness and efficiency of the coverage in the products, the entrepreneurs used disruptive marketing strategy, which also involves using new marketing methods within the engineering industry. In most cases, things never happen as expected in business; therefore, it is important that the business have adequate plans of countering such interferences and commit further with the focus on the goals. The entrepreneur never had the resources to actualize the goals; as a result, he focused on application for loans from the bank program in a bid to raise adequate funds. Brett Butcher viewed employment opportunity as inflexible especially when desiring to go for holidays. Entrepreneurship opportunities offer entrepreneurs greater flexibility and ability of practicing different activities that one considers crucial. Brett Butcher wanted exploitation of business opportunity that would allow him have holidays; as a result, he focused on manufacturing of products, which he considers sustainable especially when not doing anything. According to Brett Butcher, money is equivalent to time, thus products represents sustainability while in holidays or undertaking different activities compared to offering business consultancy services. Entrepreneurial success requires commitment and ability to forgo some important benefits such as profits especially during the early stages of the business to allow growth. This means reduction in the cost of production and management to allow effective and efficient business development. Brett Butcher believed that reinvesting the profits back would assist in business growth: this worked for his business. Profit ploughed back into the business in most cases play important role in ensuring stable business base. Brett Butcher used such concept in ensuring proper business performance. In addition, the entrepreneur made his business unique and easily identifiable among the potential customers and competitors through discrete marketing. This means that he never focused on the general marketing strategies used by the competitors but tailored his method to meet the expectation of the customers. As a result, the business experienced growth and increased market coverage. Throughout the years, the business experienced various challenges that resulted into failures but also success in most case. The biggest success of Brett Butcher was coming up with the business. Additionally, he had his products various Canadian market which assisted in expanding the market base. Although wining the tender with the Chinese government in developing the program failures, the business had the opportunity of learning certain important things. The tender was worth millions for the business as it involved development of computer graphics in Chinese language. Considering the difficulty in understanding the Chinese language, the deal failed to go through due to inadequate understanding of the Chinese language despite huge business investment. This is an important lesson for the business to note that it requires commitment and perseverance of various market challenges and dynamics. Every business has its lessons to learn from the investment. To achieve his success and ensure adequate growth of the business, Brett Butcher focused on his past lessons. According to Brett Butcher, entrepreneurs need to avoid trusting anyone with the details of the business rather ensures always working with the details. This might be due to increased cases associated with program privacy. For the upcoming entrepreneurs, Brett Butcher recommended three important pieces of advice: trust and believing in oneself, being decisive on important issues and ready for the tough calls associated with market dynamics. Evaluation of Enterprising Self  Within the university, the mission involves creation and dissemination of knowledge and gathering various people involved in the institution with an aim of supporting one another to pursue the knowledge and service as the major organizational drivers (Farhoomand, 2005, 99). The key themes running through the strategic priorities of the university include nurturing both the local and regional communities of the students, engaging with, and developing the enterprising set up for the staff and students (Farhoomand, 2005, 101). Although the M&S failed to sell some of the products, it experienced some challenges, which barred further sales; as a result, it improved the products and resorted to donating the remaining to Newlife charity foundation in Derby located in the United Kingdom (UK). The enterprise strategy is I present, as a student needs to reflect the values of the university, draw together both the entrepreneurial and enterprising activities of the other students, facilitate, and develop the organization and personal capacity (The Quality Assurance Agency for Higher Education, 2012). The university imparts such knowledge on the students to increase its contribution to the regional economic knowledge, skills agenda, and expertise through the students (Atherton, 2004, 128). Enterprise is of great significance to the students aspiring to be entrepreneurs. Additionally, from personal view, enterprise is important to my aspirations and retention of innovative mindset, which I consider fundamental for the future economic and personal development. Therefore, from an entrepreneurial perspective, I will have to ensure that my employees are enthused and engaged sufficiently on matters associated with enterprise agenda to ensure significant growth within the business based on the university lessons I achieved. Understanding enterprise concept and associated with entrepreneurship will assist me different ways such as developing and enterprising attitude and skills through teaching and learning, offering the opportunity of participating in various enterprise activities, experiencing and developing adequate understanding of the work of work and associated diversity. Moreover, offering enterprise in education makes me enjoy appropriately focused carrier education due to its diversity on business disciplines. There are many benefits associated with learning enterprise strategy and concepts including the ability plan, delivering, and evaluating various aspects of entrepreneurial activities (Byers, Dorf & Nelson, 2011, 155). Entrepreneurs aim to explore different opportunities identified within the market (Pauceanu, 2016, 215); therefore, with the acquired skills, it would be less challenging to create opportunities for investment and taking an active role in ensuring the achievement of the required results (The Quality Assurance Agency for Higher Education, 2012). Businesses might as well fail to achieve their desired competitive advantage due to integration poor methods of competing with the competitors (Byers, Dorf & Nelson, 2011, 120). This is achievable through proper planning of business activities, developing the product design, organizing the involved parties, and evaluation of different business activities. Most businesses especially those in new ventures fail due to failure to integrate such factors and poor enterprise strategies involved in the management (Hunter, 2011, 243). While thinking of investment, I have learned from the university that, there are many opportunities that links with the business environment, entrepreneurs, and wider community and significant opportunities and benefits associated with encouraging such connections (Pauceanu, 2016, 171). Throughout the years, I have to realize that learning and experiencing enterprise while at the university have numerous benefits as it seems to offer alternative career option and confidence while setting up the business and social enterprise. In addition, enterprise skills are useful to those within employment, those likely to seek employment, assisting in developing confidence, creative questioning, and willingness of taking the risk (Martinez, 2012, 129). These factors are important in providing readiness for the ever-changing economy and enabling people to manage their workplace uncertainty and flexible patterns of working (Lodish, Morgan & Kallianpur, 2001, 231). Learning enterprise strategy and concept assisted me in developing enterprising skills, which I consider important including team working and the ability of demonstrating the initiative and original thought. These factors together with self-discipline to start the tasks and completing them to the deadline are important attributes identified by the entrepreneurs as the priority issues. In the UK, the universities have been encouraged to participate in various programs that would raise the enterprise of the students and assist in starting their businesses. However, in the last decades, the learning institutions such as middle level colleges and universities have been challenged to reconsider their scope and encourage entrepreneurial development and entrepreneurship through various innovative approaches to the program design (Lodish, Morgan & Kallianpur, 2001, 192). Since 2000, business and entrepreneurial development had been listed as one of the major strategic goals with the aim of adding value to both the society and the economy (The Quality Assurance Agency for Higher Education, 2012). These objectives are achievable through the transfer of knowledge and presentation of opportunity for the universities to contribute to the development of the entrepreneurial and enterprising students. M&S failed to incorporate some of these factors into its management and products during the development. The market is becoming highly competitive and sensitive that businesses have to be very sensitive in their manufacturing practices due to the increasingly changes in consumer tastes and preferences. As a result, the M&S had to develop marketing strategies to win the trust and loyalty of the potential customers and increasing organizational customer base. Additionally, the team failed to recognize the manufacturing date of the product and ingredient labels, which contributed further to the challenges experienced. Selling Experiment In every business environment, the target customers determine organizational methods of selling the products (N, D. S, 2011, 14). With increasing competition, businesses are integrating technology into their marketing activities in a bid to enhance efficiency and effectiveness of their operations (Atherton, 2004, 124). In its marketing strategy, the business used a banner of Newlife charity to advertise the products and ensuring that the students are aware of products existence within the market. In addition, the team divides the roles among the team to ensure coverage of a wider operational scope and effective distribution of the products to the identified customers (Martinez, 2012, 169). Although the sales started slowly, with the patience and commitment of the team to ensure adequate sales, there was a projection as customers become aware of the product existence and experience change in their tastes and preferences. Within the school, there was known competitor body shop, which led to challenges on sale due to high level of competition; as a result, the business embarked on various marketing and promotion opportunities. Selling at home is one of the selling experiment methods used by the business. Based on the business marketing and sales plan, the team believed that it would be fun and busy day organizing the games fair for the students and use the products as a price to raise money. However, most of the people resorted to donating the products rather than using which reflect the existence of a problem that the business needed to solve before losing ground on the customer base. From entrepreneurial perspective and enterprise strategy, based on International Labour Office’s report (2010, it is important to embrace patience and self-confidence when offering the products to the customers. However, in this case, the team used in the selling experiment were tired, frustrated, and waited to finished at 2.00pm since most the customers rejected the products cite that they were out of cash, did not want to play, and failed to pay, or even to some extent donating. Along the way, the business considered changing the target customers, place, and marketing strategies due to bad experience. Any entrepreneur needs to understand that in some cases, things do not happen as projected and consequently, focus on developing marketing strategies to counter poor strategies used by the competitors or improve the quality of the products to meet the expectations of the customers. The manufacturing laws and quality standards are clear in the UK (Lodish, Morgan & Kallianpur, 2001, 205). However, by failing to include the ingredients and labels on the products raised concerns especially on the quality and safety for consumption. As a promotional strategy, the business idea was to use the products as prizes for the participants. In addition, the business sold the products such as Moroccan and Tuscan based on the quantity required by the customers. The organized activity aimed to make people have fun with the products becoming the incentives for the students participate. The Mini Games used include basketball and table tennis in a bid to diversify the activities and increase the scope of operation. The products were categorized further into packages, which had different prices. According to Hunter (2011, 192), M&S took advantage of its famous brand in selling its bath products to serve for the basic needs of the customers usable on a daily basis. The major market segment identified for the products were the students. Marketing is important in ensuring the consumers know about the existence of the products and make a comparison with those offered by the competitors. For the M&S, the business used different marketing tools in reaching the customers: posters, email campaign, and joint relevant Facebook groups. With increasing significance played by technology in ensuring business efficiency and effectiveness, the business recognized associated benefits and integrated them in marketing methods (Farhoomand, 2005, 124). In school environment, it is important to note the diversity among the students based on their races, religion, culture, and perception about the product (Atherton, 2004, 105). As a result, Newlife focused on using teamwork to reach more students and ensure adequate penetration into the market. All these strategies used by the business meant to assist in improving loyalty of the customers and its customers retaining power after failing to include product labels and ingredients. Conclusion Entrepreneurial studies and enterprise strategy play significant role among the students. With increasing competition in the market, changing needs of the customers, increasing cost of production, and changing purchasing power, entrepreneurs are experiencing challenges satisfying the needs of the customers (Atherton, 2004, 122). Based on the case study, sell experiment experienced poor sales in products due to loss of interest to participate. As a result, the team lost their interest in the experiment and wanted to call off while lead to development of different marketing strategies and donation of the products. However, through learning the enterprise strategy and entrepreneurial concept, entrepreneurs are able to illuminate their contemporary best practices in business in a bid to inform, improve, and promote the development of the business (Pauceanu, 2016, 201). References Atherton, A. (2004). Unbundling enterprise and entrepreneurship: from perceptions and preconceptions to concept and practice. The International Journal of Entrepreneurship and Innovation, 5(2), 121-127. Byers, T. H., Dorf, R. C., & Nelson, A. J. (2011). Technology ventures: From idea to enterprise. New York: McGraw-Hill. Farhoomand, A. F. (2005). Small business management and entrepreneurship in Hong Kong: A casebook. Hong Kong: Hong Kong University Press. Hunter, M. V. (2011). Opportunity, strategy and entrepreneurship: The sources of opportunity, resources, skills, competencies and capabilities, networks the competit. London: Nova Science Publishers Inc. International Labour Office. (2010). The sustainable enterprise programme: Strategic framework. Geneva: ILO. Lodish, L. M., Morgan, H. L., & Kallianpur, A. (2001). Entrepreneurial marketing: Lessons from Wharton's pioneering MBA course. New York: Wiley. Martinez V. (2012). Global Innovation Bridges: A new policy instrument to support global entrepreneurship in peripheral regions. Berkeley, CA. N, D. S. (2011). Entrepreneurship Challenges and Opportunities in India. Bonfring International Journal of Industrial Engineering and Management Science, 1(1), 14-16. Pauceanu, A. M. (2016). Entrepreneurship in the Gulf Cooperation Council: Guidelines for starting and managing businesses. London, United Kingdom: Academic Press. The Quality Assurance Agency for Higher Education. (2012). Enterprise and entrepreneurship education: Guidance for UK higher education providers. UK: Author. Read More