Boom Boom Boom

1782 Words8 Pages
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... ... middle of paper ... ...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.
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