Executive SummaryThe process of creating a business venture entails deeper scrutiny and research. The aspect of developing an extensive analysis into a business environment’s government policies, competition, suppliers, target market as well as need for growth and development comes in handy. Successful entrepreneurs are expected to possess certain characteristics which put them ahead of others. They are also expected to master and embrace essential skills as need arises. Skills such as decision-making, communication, enterprising as well as people skills are some of these skills that prove way beyond ordinary entrepreneurship. In order to operate effectively under certain communities successful entrepreneurs learn the importance of its surrounding societies.
In that case they are expected to provide necessary support as needed by these communities in a process known as corporate social responsibility. They are also expected to provide educational sponsorships, participate in matters dealing with environment conservation as well as construction of social amenities within the scope of the area at hand. However, it is worth noting that entrepreneurship does not succeed without mentioning challenges involved. In our case some of these challenges involve financial constraints, government as well as market reception, implementation strategies; selection of effective suppliers as well as finding competent sales force since the products requires intensive sales skills. IntroductionBlackmore Vitamins ltd is an internet based company which provides health-related solutions to its users.
The company has its establishments in Australia where it benefits from large customer base as well as steady market. The company was established in 2000 to assist with consulting services but later expanded to include forums where people got direct responses for their specific ailments. In the 2007, the company perceived the need to provide a platform upon which it’s already established clientele could access health related products.
This fact leads to the involvement of the company into trading activities which supported availing of the products to consumers. Taking into account the fact that the company saw it fit to venture into new markets, south East Asian market and particularly Thailand provided a favorite destinations. Blackmore vitamins perceived the need to enter Thailand market since it is an emerging economy and is also experiencing population boom. Population boom is a fact which is considered favorable for tapping the increase in market for Thais.
Blackmore Vitamins Company understands competition and it has prioritized competition strategies to stay ahead of the market. 4.0 PESTEL-C, Strength and Weakness as Experienced by Blackmore Vitamins Company: 4.1 Entrepreneurial Business: Following intense research analysis into potential markets in which our products could be sold and generate revenue as well as break-even faster Thailand befitted the market niche. The main reason for selecting Blackmore Vitamins resulted out of the fact that our research assumptions postulated a significant deficit in health-related products.
4.2 Entrepreneurial Skills: In order to come up with a unique and innovative product it is fair that the report include some of the skills which are considered crucial in the course of both product and market identification processes. These skills are discussed as below: