Strategic Management Essay

1971 words - 8 pages

Entrepreneurship

PBSB 821

Bezuidenhout, P.J. 1224 6093
Botha, Desere 2250 2556
Buys, Johan 2049 8705
Kleynhans, Wessel 1251 7755
Schoeman, Willie 1032 6065
Van Wieringen, Anton 1231 8388
Wohlfahrt, Andre 2255 3533
Chicken Run Class Group Assignment
Lecturer: Prof. S. van der Merwe
Due Date: 30 July 2011
Entrepreneurship

PBSB 821

Bezuidenhout, P.J. 1224 6093
Botha, Desere 2250 2556
Buys, Johan 2049 8705
Kleynhans, Wessel 1251 7755
Schoeman, Willie 1032 6065
Van Wieringen, Anton 1231 8388
Wohlfahrt, Andre 2255 3533
Chicken Run Class Group Assignment
Lecturer: Prof. S. van der Merwe
Due Date: 30 July 2011
Roxanne Quimby & “Burt’s Bees” ...view middle of the document...

com/25-rich-ass-greenies-who-made-their-fortune-saving-the-environment-10-6/ Date accessed: 29 July 2011

Question 1 ~ Who can be an entrepreneur?
Almost anyone can become an entrepreneur, although there is no one definitive profile. An entrepreneur can be a man or woman of any age or background. Some people are born with a natural entrepreneurial instinct, but entrepreneurship can be learnt, although it requires an apprenticeship to acquire and hone the necessary skills.
Holden (2007:1) states that even though entrepreneurs differ in education and experience, research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence.
On assessment of the Roxanne Quimby case study, it becomes clear that she possesses quite a number of these characteristics, as well as an obsession to pursue an opportunity. Timmons and Spinelli (2009:51) states that money, image or appearances are not highly regarded by opportunity obsessed entrepreneurs, but watching trends and spotting patterns definitely are. Timmons & Spinell (2009:46) also list certain attributes as principal reasons for entrepreneurial success: (i) the ability to respond positively to challenges and learn from mistakes, (ii) personal initiative and (iii) great perseverance.
As per definition one cannot come to any other conclusion as to categorically state that Roxanne is an entrepreneur in the true sense of the word.
Question 2 ~ Risks, rewards and trade-offs of a lifestyle business vs. a high-potential business that will exceed $5 million dollars in sales and substantial growth.
According to Timmons & Spinelli (2009:109) risks associated with a lifestyle business include limited growth and income potential, while high-potential business risk more. The rewards of a lifestyle business, on the other hand, are an opportunity to live out one’s passion, as you are in more of a comfort zone. The reward on high-potential business has to commensurate higher return for higher risk. Trade-offs is between either a relatively smaller business, comfortable, living passion versus higher income potential, but higher risks.
A lifestyle business is one where the entrepreneur seeks to generate an "adequate" income while living where they want and doing what they love. (Sullivan, 2007:1). Lifestyle entrepreneurs are a specific breed of business owners who are neither financially independent hobbyists nor wealth-seeking empire-builders. According to the National Commission on Entrepreneurship, at any given time, 6% to 9% of the United States adult population is involved in planning for a new business. Most of these aspiring entrepreneurs will start a lifestyle business, primarily providing employment to themselves and their families. The rewards of such a business is the ability to control the company, able to continue to do what the owner loves without having too much risk,...

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