TABLE OF CONTENTS
Introduction 2
Development of the three firms 3
Phase 1: Growth through Creativity and the leadership crisis 3
Phase 2: Growth through Direction and the Autonomy crisis 4
Phase 3: Growth through Delegation and the control crisis 4
Phase 4: Growth through Coordination and the red tape crisis 5
Phase 5: Growth through Collaboration 6
Entrepreneurship 6
Lessons Learned 8
Conclusion and Recommendations 8
References 10
INTRODUCTION
Entrepreneurship, the process of creating value by using competencies to exploit opportunities in the environment (Morris, 1998), drives the progress. The motivation of each entrepreneur to start a business might be selfish or altruistic, but each pursuit is an invisible hand (Smith, 1976) that cultivates the advancement of all humanity. Therefore, it is imperative for society to promote entrepreneurship. One way of helping aspiring entrepreneurs is sharing lessons from firms who are already battling it out in the market.
In this light, this paper will focus on three entrepreneurs; Jeff Griffiths of Endeavour, Max Muir of E.E. Muir & Sons, and Greg Stamboulidis of the Stambo’s. The three are discussed in “Making Waves: Understanding Innovation for Business Success - Global Case Studies” (Pech & Turner, 2014). The Greiner’s Organisational Growth Framework will be used to dissect the strategies of the firms in navigating through the various development phases. Other theories and concepts tackled in the 2014-IBU5COV (CB1) class of Kiera Staley will be used to further develop the paper’s arguments.
The purpose of this report is to analyse the development of firms. Lessons shall be highlighted to help other organisations be more entrepreneurial, innovative, and therefore be successful...
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...table and profitable. Aspiring entrepreneurs should also keep in mind that there is no template for business success. What is important is to correctly read imperfections created by changes in the general environment and act on it quickly. Firms should periodically re-examine their basic purpose, redefine markets, restructure operations, and modify their plans to make sure they cope up with the dramatic and ongoing changes in the environment. The Competitive advantages of firms should perpetually be honed to keep their business relevant and above the competition. The creation of new competencies is also vital to business success. All these require an entrepreneurial mindset to be able to correctly balance the risks and the expected gains in leveraging a firm’s resources, capabilities, and managerial behaviour to take advantage of opportunities in the environment.
In conclusion, policy makers and practitioners often try to assist in the formation of new firms but do not always succeed. Many firms fail despite all the assistance however the important factor is that the government continues to promote their creation so that new jobs and industries can be created. (Storey 1994) Both policy makers and practitioners need to ensure a level playing field so that the economy can grow, develop and compete with other economies around the world.
Brush, C. G., Kolvereid, L. L., & Widding, O. (2002). The life cycle of new ventures: Emergence, newness and growth. Boston, MA: Edward Elgar Publishing.
The world is filled with many ambitious people looking to make a product to help the world and make a living for themselves and their families. These people are known as entrepreneurs. An entrepreneur is someone who organizes and operates a business or businesses while running the risk of losing everything to make money. One might ask why there is a risk ...
For entrepreneurs whom are willing to accept the risk associated with starting a business, some have made themselves extremely wealthy. Although our economy is focused on capitalism as a means of promo...
Roper, Stephen and Hewitt-Dundas, Nola. Business Innovation in Ireland, Lessons for Managers. (1998 Oak Tree Press)
The contemporary business environment is dynamic, ever-changing and increasingly competitive. Their is potential for success, but even more for failure. Businesses are heavily influenced by the changing organisational environment and this intern creates much uncertainty for managers and organisations. With increasing uncertainty in the external environment, the more important it is that managers engage in continual planning. (Robbins 2012 p. 32) Businesses must be flexible and evolve in accordance with their external environment.
opportunities? An exploratory study of New Zealand firms, The Emergence of Entrepreneurial Economics, Research on technological innovation, Management and Policy, Volume 9, p. 141-163
The distinction between the start-up and growth stages in not easily defined. The distinction lies in the revenues, profits are stronger and are consistent with an increase in customers, as well as, new and exciting opportunities for the employees to pursue. Managers can look forward to many managerial challenges, perspective policy issues and re-evaluating the business plan for revisions. A manager’s focus should be in the running of the business, with a greater emphasis on accounting and human resource management systems. New staff will have to be hired, trained and prepared for the influx of business.
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
"Entrepreneurship is the ability to create and build something from practically nothing" (Timmons 1). Entrepreneurs should be admired more than anything for
Strategic renewal is another desired outcome of corporate entrepreneurship. The new economic order and business environment has created a pace of change which requires businesses to adapt more frequently and rapidly than ever before. The changes could involve corporate structure, mergers and acquisitions, addressing new market opportunities, changing product portfolios, repositioning, adapting infrastructure, or adopting new technology. Managers in an organization must be able to take stock of its situation under changing market conditions and agree on a coherent new strategy that will meet the challenges of the present as well as of the future.
Within every major economy, a great factor in providing the energy of the core of the nations economy is the small and medium enterprises. These cluster of firms are what provide new economic activity, new innovative products and services, along with growing employment and in general a crucial system in ensuring the economy is at a stable growth level. With a majority of this activity stemming from family controlled or managed businesses, the focus on developing a global and long term perspective for these firms are ever growing in importance because of the global perspective entrepreneurship has started to take.
I am gratified to reflect on my Entrepreneurial Potential Self-Assessment. I have always enjoyed learning the concepts of running and managing a business. Personally, what I enjoy generally is implying these concepts in real life situations. Seeing the ‘real life’ effects are stimulating to me. I always saw myself running a stable/well- establish business; however, I never saw myself running my own business. For my part, I find that I do not have all the characteristics an entrepreneur should have. Therefore, the results are not surprising, but assuring of what my strengths and weaknesses are.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
The path to achieving great success is not easy. Whereas there are many shortcuts, the long and patient walk is what takes a person many miles ahead. This concept applies to any individual who aims at becoming a successful businessman. The process of becoming a successful businessman requires a person to attain several accomplishment levels. Each of the level takes energy and time, as well as the ability to recognize the things that make a person truly successful in the business world and life. Becoming a successful businessman requires measurements that take into account not only the monetary and material gains but also the greater scheme of things. Therefore, true success measure achieves in light of creating wealth and value. These factors are vital in the lifetime of success as they present an intangible worth and measurable profit. This essay discusses the way a person can become successful as a businessman.