Essay, 7 pages (1800 words)

What is entrepreneurship in the market business essay

The definition of entrepreneurship is a procedure through which persons place chances, allocate resources, and make value. A

The book defines entrepreneurship as “ the creative activity of values, the procedure of get downing or turning a new profit-making concern, the procedure of supplying a new merchandise or service, and the knowing creative activity of value through organisation by an single subscriber or a little group of spouses.

1. 2 What is an enterpriser?

An enterpriser can be defined as “ an pioneer of concern endeavor who recognizes chances to present a new merchandise, a new procedure or an improved organisation, and who raises the necessary money, assembles the factors for production and organizes an operation to work the chance. ”

( PowerHomeBiz. com )

As defined the enterprisers should hold the endowment in seeing the chances and change overing them into net income devising concerns. Some people are of course entrepreneurial while some take hazards and work hard to go a successful enterpriser.

Otara Del

Otara Del is the laminitis of ODEL, the concatenation of retail mercantile establishments in Sri Lanka. The name ODEL is a combination of her first name ‘Otara ‘ with the in-between name ‘Del ‘ . She started her entrepreneurial concern by purchasing mill surpluss and selling sweeping and so the first retail shop was set up at Dickman ‘s Road, Colombo in 1989 and subsequently on after recognizing the increasing growing of the ODEL trade name she expanded the mercantile establishment into a concatenation of nine mercantile establishments. The Dickman ‘s Road mercantile establishment is the chief mercantile establishment with ODEL Unlimited and Otara describes it as a mini-mall, an experience and a lifestyle shop. It provides an international experience in your ain state. The alone architecture with the latest manners and accoutrements attract clients every bit good as many foreign visitants. She is besides socially responsible in her activities which are stated at the appendix 1.

Otara is a novice enterpriser who had no anterior concern ownership experience. And started the concern in little, with her ain nest eggs and personal assets.

The vision of Otara

As an enterpriser her vision was to construct a first section shop for the part. And she wanted ODEL to be a leader in manner with alteration with the clip and besides the merchandises most suit Sri Lankan gustatory sensations and the local climes. Her accomplishments demo how dedicated she was to carry through her vision. Her accomplishments are at the appendix 2.

Entrepreneurial procedure of Otara Del

Researching the entrepreneurial context to Identify chances and competitory advantages

It is an of import for an enterpriser to research the entrepreneurial context to place chances and the possible competitory advantages to go on in get downing and pull offing the venture. Contextual issues can originate from today ‘s economic system, legal factors, the altering universe of work and corporate societal duties. An of import factor in the manner industry is to maintain updated of the latest tendencies in the market, so as a successful enterpriser Otara gathered all the information of international tendencies through reading, watching media and prevues of manner worldwide and through abroad traveling. This helped Otara to put up Odel Unlimited a fashionable, voguish, posh, international and a sophisticated topographic point for the local and international clients. So Otara has contributed to increase in globalization in Sri Lanka.

Otara was really successful in researching the market because from 1989 to day of the month she has expanded her concern in line with the altering market tendencies in the economic system, by being originative and advanced in presenting trade Markss such as ‘backstage ‘ , ‘Embark ‘ and ‘Otone ‘ .

The chance of her acquiring to the retail concern was due to the pilling up of mill surpluss by export oriented garment industry. This chance was unexpected because she entered a new market, created a new trade name and was lucky to win. On the other manus it is incongruous because she brought a alone construct of advancing international manner tendencies among the locals.

The competitory advantage of her entrepreneurial venture is being updated with latest tendencies, the intangible resources such as the trade name name and trade Markss, and the high quality merchandises sold.

3. 2 Researching the venture feasibleness

This is where Otara should be able to garner information about its rivals. ODEL has several rivals, such as Romafo, Glitz and Beverly hills. So it is of import to happen out the types of merchandises the rivals are offering, how they promote their shop, respond to new tendencies, section the market and what their competitory disadvantages. Otara can acquire these informations by trade carnivals held on occasion in Sri Lanka and besides by enigma shoppers. After garnering these informations she have segmented the market and targeted the high category market. And have successfully faced the competition with the competitory advantage of ‘quality ‘ merchandises.

As a novice enterpriser, she started her concern in little and was new to the retail industry, so she was funded by her household and friends. This signifier of funding is non hazardous because Otara will hold a control over the concern. Subsequently when she got married to Raju Chandiram, he became her concern spouse and he invested money to the concern.

3. 3 How Otara organised her venture

In this procedure Otara should be concerned about the legal issues originating when carry oning a concern. When taking a concern name, motto or a design it is of import to make a hallmark research and happen out whether that name was registered by another company or non. So after taking the name ‘ODEL ‘ she had protected it by registering it and her other hallmarks such a s ‘ wing ‘ , ‘Otone ‘ and ‘Embark ‘ are besides protected.

3. 4 Organizational construction

Her company has an organic organizational construction. Odel has 12 subdivisions within the state. So it has a broad span of control. Therefore a certain degree of determination devising will be delegated to other organizational members doing the company decentralised. Otara had made the company less formalistic, so the employees will be free to make at that place work in the manner they felt was best, this might increase the motivational degrees. This type of construction will increase inventions.

( Personality plus – Otara Chandiram )

4. 0 Gulam Noon

Sir Gulam Noon is the Chairman of Noon Products Ltd, Managing manager of Bombay Halwa Ltd, Director of Taj International Hotels Ltd and the Director of Obydon Ltd. He was born in India, where he started his calling at the age of 17 in pull offing the household concern, Royal Sweets. In 1960s he came to England to get down the Royal Sweets mill in West London. In 1980 he went to New York to get down on with

the majority fabrication of Indian Frozen nutrient. In 1984 he retuned to England to better the Royal Sweets concern and subsequently on in 1988 he began Noon Products plc.

Gulam is a accustomed enterpriser who had anterior concern ownership experience. His accomplishments as an enterpriser are at the appendix 3.

The vision of Gulam Noon

His vision was to provide to the high market in London in order to spread out its concern within a short period. And measure by measure he was succeeded with his end. From the first order from Birds Eye his staff was increased to 70 and within 14years the staff of Noon merchandises was 800, the bend over was ? 105m by 2005.

Entrepreneurial procedure of Gulam Noon

5. 1 Researching the entrepreneurial context to place chances and competitory advantage

Gulam had faced the new challenge by researching the British market for Indian nutrient and subsequently on in New York he carried a research of fabrication chilled and frozen nutrient. He was besides socially responsible to the external environment which gave him a good repute. The CSR activities are at Appendix 4.

The experience he received from the household concern helped him to spread out his concern in London. The encouragement in the market for Indian Sweets due to the addition in Indian immigrants was the chief chance for him to establish the Bombay Halwa Ltd. And in 1985 he aimed the British by acquiring into the frozen and chilled nutrient market which opened the chance for him to establish the Noon merchandises ltd.

As per the definition of entrepreneurship we can see how Gulam is successful in spread outing and advancing his concern in a Europe state and turning the concern into a good profit-making company.

5. 2 How Gulam Noon research the venture feasibleness

He was aiming at two sections, Indian immigrants pale British populace with frozen nutrient. Gulam is an experient individual holding cognition about the Indian market, but he must garner information about the rivals engaged in frozen nutrient, information such as pricing schemes, quality of the nutrients and how they handle selling and distributing. Gulam had got these information from past employees, providers and distributers of the rivals. His rivals are Natco and Mahavir nutrient merchandises.

Gulam came to London with ? 50 and started work in the building sector. And since he had household concern back place he did non happen and fiscal trouble. In 1995 he had a partnership with WF nutrients, but he bought the portions back, doubled the concern and sold it to Kerry nutrient. He even bought the spouses of Bombay Halwa Ltd. Therefore he had the advantage of get capital from limited spouses

( Sir Gulam Noon MBC – Redhotcurry. com )

5. 3 Organizing the venture

Gulam is besides concerned about the legal issues in the concern such as employment Torahs in United Kingdom. And had registered his company names so that there will be less hazards in future.

5. 4 Organizational construction

Unlike Odel, Gulam ‘s companies have a mechanistic construction because the company is subjected to a high grade of specialization with economic systems of graduated table and equipment. Since both companies are located in one topographic point there will be a narrow span of control and stiffly and tightly controlled, so there is a clear concatenation of bid. And was centralised where determinations can be made merely by the laminitis and the top degree executives.

6. 0 Decision

By the above treatment we could place how Otara Del and Gulam Noon succeeded in set uping and pull offing their entrepreneurial venture boulder clay now. But it is hard to place who is the better enterpriser because entrepreneurial behavior of a female and a male might change. They are into different sectors. And Gulam had experience while Otara did non hold anterior concern experience, so likewise both of them performed and achieved their ends with their ain alone abilities. But Oatra was advanced and brought out new tendencies and merchandises to market. Otara is the first enterpriser in Sri Lanka who introduced the alone construct of conveying international tendencies to the Sri Lankan market in a really short period.

This assignment besides gives an thought of the entrepreneurial procedure of an person. It explains the necessity of researching the context to set up a company and the necessity of placing the competitory advantages of the concern in order to execute and last in the market. And it besides states the importance of legal issues and fiscal beginnings of the concern.

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