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Entrepreneurship Designing and Functioning

Question:

Discuss about the Entrepreneurship Designing and Functioning.

Answer:

Introduction

Entrepreneurs are usually business persons who are accountable for a specific enterprise along with the risks and advantages related to it. Business plans are the templates used for planning the objectives of a business. It is a document of written statement what the entrepreneur has decided to do. It is the guide of the actions that are to take place during business. It describes the vision of the entrepreneur and the strategy and techniques used for the completion of the objectives of an enterprise. In this context evaluation of the business plan of a respective entrepreneur will be discussed along with a detailed analysis of external factors that creates effects to the success of an organisation. This study will forecast all the aspect of achieving all the objectives of a business plan.

Entrepreneurship and its concept

An entrepreneur is the person starts a business by initiating a business in order to take benefits of opportunity. They are the decision makers of the company. They decide what product should be produced, how it should be manufactured and what services they will provide. The entrepreneur allocates risk capital as the risk taker of the company and controls the business activities. An Entrepreneur is typically a sole proprietor, a partner of a partnership firm or a person who owns the majority of the shares of an organisation.

Jodie Fox, the co-founder of a company named Shoes of Prey is an inspirational entrepreneur. She is regarded as a leader and a modernizer of new business ideas. She is the person who accounts the process and objectives to the business they are running. She has the ability to merge all the features required in the manufacturing process of the company along with the assets needed for all these prospects. She takes steps for the growth of her company by developing its business plan. She hires the human resources the other resources that are required for commencing and developing the business firm they are initiating. Entrepreneurs are responsible for the growth or failure of the company they are running, so is Jodie Fox. Many of the other administrative of Shoes of Prey believe that the role taken by her is very tough to commence and she can be a motivator and icon for young generations so that they can learn how to start and commence a business.

Business Plan of Shoes of Prey

Shoes of Prey are one of the best shoe manufacturers in Australia and are known for its innovative technology. The company allows its customers to design their own shoes and delivers them to anywhere in the world.  The company has a supreme collection of diverse shoes. The firm has a distinctive business model that lets them have a broad advantage over its competitive enterprises.

Key to Success:

Shoes of Prey’s success key are to meet the necessity for an upgraded model of shoes basically for women with a varied selection and attentive customer devotion.

Shoes’ of Prey Objectives

The major objective of the company is to generate product based retail store to enhance the customer expectations. The company also purposes to create its global image of customer oriented shoe manufacturer.

Marketing Objectives

Shoes of Prey objective is to enhance its repeat customers by 6% per quarter and to cut the costs associated with customer acquisition by 7% per half year.

Financial Objectives:

The firm aims to gain a double-digit growth rate in the following two years and to decrease their cost by 4% per year. The company aims to achieve their desired goals.

Target Market:

Shoes of Prey aims to target two population segment of the market. These are:

Professionals: this segment includes working professional women who usually earn 45,000$ by themselves (Ray, 2001). They purchase shoes for their workplace and for also for their leisure time. This group is targeted because they need a different pair of shoes for and also for different outfits. These women have money to spend on shoes and also have a desire to collect different style shoes.   

Housewives: this sector includes women of high-income husband. The household income of this sector falls between income category of 60k-150k$. The target of this segment has the money and time to spend for shoes.

Position: Shoes of Prey has established itself as the leading outlet for customer oriented shoes in Australia. It is the best manufacturer of shoes that produces their shoes on the order of customers.

Strategies: marketing strategy of Shoes of Prey is to develop awareness about its product to increase the customer base and to do positive works to build customer loyalty towards them. They message that they manufacture shoes on the design selected by customers. The second method is an advertisement in weekly fashion magazine whose reader is mainly women. Another method that Shoes of Prey use is to build the strategic relationship with women clothes stores.  

Controls: the marketing plan of the firm Shoes of Prey aims to serve as a guide for it. The respective terms are examined to observe the process of revenue, expenses, continuous business and customer satisfaction.

Business Environment

The sum total of all the environmental factors that includes internal and external factors is known as Business Environment. Every organisation understood that well information regarding the environment will be important for the success of their organisation. These factors influence the marketing objectives and help the organisation to change and adopt their marketing strategies according to it. Organisation relies vastly on these external environmental factors as these are not in control of them (Beckman et al., 2012). A Company can create emergency plans to deal with these factors but it is beyond their control. To deal with these factors in the best possible way, a firm should improvise their strategies at the time they occur. Some of the external factors that influence a firm in achieving their goals and objectives are described below:

Political Factors: A business firm can get influenced by political factors in many ways. It has the power to change the results of an organisation. A manager should be careful in assessing this factor and should always aim to take best possible decision available for the benefit of the firm. It is the least predictable factor of all external environment factors (Barge-Gil, 2013). It effects the economic environment and can impact the country’s social and cultural environments. It influences the rate of appearance of new technologies and it acceptance.

This factor varies in different areas and also different impacts. Country’s political situation affects its economic condition. Factors like taxes and government funds ultimately results influencing the country’s economy (Fuglsang, 2010). Changes in rules and regulations can also have its consequences on the business. If a country is not stable at its political situation, it will affect the business operation of the organisations that operates globally.

Economic: for every organization, the most concerned point is the economic condition of the country because it has direct encouragement on all types of businesses. If a nation is economically powerful and effective then there can be an opportunity for development in every section of the industry. Shoes of prey have utilized its accomplished brand equity in order to conceive benefits of growing customers’ needs and desires in developing economies. The economic condition of Australia is much better now from the previous year. Due to the financial crisis in the previous faced by Australia, every host country was doubtable to invest in Australia but today the situation is relevant. Many foreign countries are investing in different sectors as the GDP of the country has increased.

Social:  today, Shoes of prey are mainly focusing on the social form of businesses. Social factors are the key elements for any industry in the country. But in shoe industry trends and fashion are getting modified day by day, Shoes of prey basically focuses on the demand of customers provide them more stylish and standardized shoes (Clarysse and Kiefer, 2011). Ladies footwear in the Shoes of prey, gradually and gradually increases because females are mostly buys shoes according to their wardrobe. Similarly, in festive seasons more colors of shoes are available in the company as this is the time where the demand actually increases.

Technology:  for a competitive environment technology is the most appropriate point to achieve the goals. In a shoe industry, many of the companies are producing handmade shoes in order to attract more customers technically. By stagnant at an innovative place Shoes of prey are fulfilling their customers demand according to their exact needs, the company also an expertise in manufacturing handmade shoes (Fuglsang, 2010). By considering the desire and demand of customers for the products of Shoes of prey technology are getting utilized to understand the customers demand more.

Legal: Shoes of prey’s improvement and development strategy have basically dependent on worldwide, so the company has to operate quickly to the authorized laws and regulation agendas in every trading locations. The company always is aware of the legal regulations as well as it is also concerned regarding their manufacturing showrooms.

Environmental:  Shoes of prey nowadays remains in maintaining the position regarding the utilization to environmental difficulties. The company uses SF6 gas in their air cushioning shoes taken into the consideration of comfort level to their customers (Sheared, 2001). Now the company has announced that they are going to use nitrogen gas in the shoes because it is important to the society and it also highlights that societies are also concerned about the environmental issues which are growing day by day. The company has also assigned for about 60 maintainers in the sustainable department in order to look after the various projects in regards to environmental issues like reduction of carbon pollution.

Businessperson Theories

Jodie Fox has implemented various important theories of the private company for the purpose of locating production house of her own. Here those theories have been discussed below:

Economic theories: 

This theory related to entrepreneurs has been framed as first as the 1700s. This theory faces criticism because it fails to observe the open environment of the market planning and neglecting the environment of the entrepreneurial function, which is exclusive in nature.

Opportunity Based Theories:

In this certain theory, every entrepreneur have the potentiality of surpassing within their undertaking because they have the potentiality in order to identify the important benefits of the numerous probabilities that have been framed by the social, technological as well as cultural modification.

Resource-Based Theories:

This certain theory mainly concentrates on the strategies regarding the numerous individual entrepreneurs’ influence against the numerous characteristics of resources in order to consume the entrepreneurial conception of the field. Approaching towards the capital as well as to the finance helps in developing the opportunity regarding a new scheme to be achieved.

Conclusion and Recommendation

This assessment has been helpful for the researcher in order to identify as well as understand the strategy related to the entrepreneur. It is also helpful in understanding the various theories which the entrepreneur has to remember always for locating a new scheme. This paper even highlight the numerous facts which an entrepreneur should keep in mind in order commence business.

References

Barge-Gil, A. (2013). Open Strategies and Innovation Performance. Industry & Innovation, 20(7), pp.585-610.

Beckman, C., Eisenhardt, K., Kotha, S., Meyer, A. and Rajagopalan, N. (2012). The Role of the Entrepreneur in Technology Entrepreneurship. Strategic Entrepreneurship Journal, 6(3), pp.203-206.

Clarysse, B. and Kiefer, S. (2011). The smart entrepreneur. Chicago: Elliott & Thompson.

Fuglsang, L. (2010). Bricolage and invisible innovation in public service innovation. Journal of Innovation Economics, 5(1), p.67.

Meyers, R. (2009). Governance Ideas for and from the “Knowledge Banks”. Public Administration Review, 69(1), pp.167-171.

Ray, C. and Bhawuk, D. (2001). From ideas to market applications: dynamics of knowledge transfer and the role of champions. Environmental Engineering and Policy, 3(1), pp.33-43.

Shah, S. and Tripsas, M. (2007). The accidental entrepreneur: the emergent and collective process of user entrepreneurship. Strat.Entrepreneurship J., 1(1-2), pp.123-140.


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