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Entrepreneurship

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Entrepreneurship

Entrepreneurship

INTRODUCTION

In order to pumps up the national economy of the country, both entrepreneurs and entrepreneurship plays vital roles. Entrepreneurship refers to the process of running and managing one’s own business appropriately (Witte, 2016). In accordance with this context, this report will covers the aspects of entrepreneurship by analysing the case study of Bennetts Boots. The organization was created by Amanda Bennett in 2005 which specialises in fashionable boots which fits women. In this context, the characteristics of Amanda Bennett as an entrepreneur will be identified in this assignment. The new idea or key tests that created the problems for the organisation will be assessed in this report. The actions that can reduce the issues will be evaluated and the managerial lessons learned from the case will be highlighted in this report. Eventually, the ways to handle the supply problems will be discussed in this report.

1 The entrepreneurial characteristics of Amanda Bennett.

By analysing the case study of Bennetts Boots, it can be understood that it requires huge courage and ambitions in order to create own business organisation. In this context, the characteristics of Amanda Bennett is described below:

  • Passion and motivation: Passion and motivation are two main characteristic that must be possess by an entrepreneur (Yook and Jeon, 2014). Amanda Bennett was determined to bring the boots that will fit the women effectively and efficiently. Her passion and motivation characteristic led her to the creation of Bennetts Boots.

  • Creative and innovative:  In order to be unique and different from others, an entrepreneur needs to be creative and innovative. As the current boots was not fitting properly, Amanda Bennett designed new model which effectively fits. This implies that Amanda was creative and innovative that helps her in creating the new business organisation.

  • Risk Taking: Risk taking is essential characteristic of an entrepreneur. Without taking risks no entrepreneur will able to reach the greater heights (Srivastava, 2013). Amanda took risk by hiring Chinese manager for managing her organisation. As the manager of different country and there can be disputes between employees and manager, Amanda manages them appropriately.

  • Self-Belief: To achieve success, an entrepreneur must have self-confidence and self-belief. This characteristic aid in increasing the motivation and determination level of an individual. Amanda possess this characteristic as she have confidence and belief in herself.

  • Understanding offering and market: It is very important characteristic. An entrepreneur must analyse his or her products and market demands in order to become successful (Ackermann and Audretsch, 2013). Amanda scanned and analyse the market and the needs of customers and then proceed further by creating new and innovative boots for women.

2 The key tests of new idea/innovation that created the problems in the company.

The success of Bennetts Boots begins to fall when the quality of the boots supplied from China degrades. The demand of boots suddenly diminishes and debts on Bennetts Boots increases. From the analysis of the case study it was identified that the stock supplied from China was not of effective quality, further due to cultural differences frequent conflicts and disputes between Amanda and Chinese manufacturers has been observed. The suppliers were concerned about their profits margins and eventually they replaced the expensive accessories of boots with cheap quality materials that reduce the demand of the boots and lead the organisation towards loss and debts (Huarng and Ribeiro-Soriano, 2014). The differences in cultures and cheap quality of products negatively impacts on the business of Bennetts Boots. After enduring the ample amount of debt, Amanda seeks other alternatives by establishing business in other regions and with other suppliers but eventually fails to overcome the falling brand reputation. Thus, these issues results in dissolution of the Bennetts Boots in May 2014.

3 Actions to be taken in order to eliminate the problems

In order to eliminate the problems and issues Amanda Bennett must frequently monitors the quality of goods and boots that were being offered to the customers. A sample of consignment must be examined before giving such a large order to the Chinese manufacturer. By analysing the case study of Bennetts Boots it was identified Chinese suppliers were concerned about their profits margin and they reduces the quality of the products. Thus, Amanda must have consider their needs before making deal with them. It is very important for an entrepreneur to understand the process of managing the diversity in workforce (Smallbone, Welter and Ateljevic, 2014). Diversity impacts and influences the business organisation greatly. It is the responsibility of the manager and Amanda to manage the diversity in workforce appropriately. As Amanda works at China she knows about the culture of China. She must have implement her knowledge in order to eliminate the cultural differences. In order to invest in alternatives region, she must have innovated new products segments with effective quality in order to remain in business and recover from debts. Controlling and managing organisation is not an easy task. By following the certain actions the problems faced by Amanda Bennett can be eliminated adequately and will also leads to the growth and development of the organisation.

REFERENCES

Books and Journals

Ackermann, S. J., & Audretsch, D. B. (Eds.). (2013). The economics of small firms: A European challenge (Vol. 11). Springer Science & Business Media.

Ferreira, M. A. M. (2017). Researching Entrepreneurship (Conceptualization and Design) A Book Review. International Journal of Latest Trends in Finance and Economic Sciences6(3), 1205-1206.

Huarng, K. H., & Ribeiro-Soriano, D. E. (2014). Developmental management: Theories, methods, and applications in entrepreneurship, innovation, and sensemaking. Journal of Business Research67(5), 657-662.

McKeever, E., Jack, S., & Anderson, A. (2015). Embedded entrepreneurship in the creative re-construction of place. Journal of Business Venturing30(1), 50-65.

Schaper, & et.al. (2014). Entrepreneurship and small business.



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