Entrepreneur - link literature review theories to real life Essay

Entrepreneur - link literature review theories to real life entrepreneur - Essay Example The so called killer phrases are also sometime referred to as one of the real barriers behind the process of creative thinking. However in order to overcome these barriers to the creative thought process, resources are required which might include the right attitude adopted by the entrepreneur. Creativity and innovation are probably the two ways through which entrepreneurs make difference in the world. This assumption of having creative and innovative entrepreneurs is based on the fact that every entrepreneur has certain personal traits and motivations and key element of this is their ability to put their efforts and endeavors behind it. Probably the most innovative and creative endeavor of entrepreneur is his ability to create capital. (Thompson, 1999). By adding value and creating capital, entrepreneurs basically transform their business activities in the larger good of the society. It is largely believed that the success of entrepreneurship therefore base on the personal traits of the entrepreneur which include his ability to be an intuitive thinker and innovator. The notion of creativity and innovation is associated with the process of entrepreneurship because of the fact that creativity is often considered as the personality trait of the entrepreneur. (Thompson, 2004) . This approach tends to focus on the role of people in developing creative and innovative enterprises. Many researches have suggested that the competitive advantages which entrepreneurs enjoy over their competitors are based on their internal resources. These internal resources are often linked with knowledge based resources which are ultimately linked with the innovation and creativity of the entrepreneurs. (Mosakowski, 1998). These knowledge based intangible resources flourish creativity and innovation in entrepreneurs. However these knowledge based intangible resources

Bradtech Limited Company Essay Example | Topics and Well Written Essays - 1000 words

Bradtech Limited Company - Essay Example Apart from this the balanced scorecard focuses on integrating the output or performance different departments and units of the organisation in order to generate more effective consolidated end result (Lawrie & Cobbold, 2004). In this case analysis, the initial process of balanced scorecard has been utilised i.e. the generation of the important performance measures and indicators for the company. If the organisation will review and monitor these performance indicators on regular basis then there will be better control over the overall output and profits of the organisation. Overview of the Company: Bradtech is a subsidiary of another manufacturing company. It is currently facing a very stiff environment. The company under capital constraint from the parent company needs to expand its current capacity. But to this decision are affecting further conditions also: one of the major products of the company is losing its utility and thereby is facing a shrinking market; the other product alt hough new has its own set of constraints. One major constraint is its ability to be customised which requires prior ordering before manufacturing; this entails a vibrant supply chain which unfortunately the company does not have. All these restraints are not allowing the company to operate or compete effectively. Key Factors which should be Considered by Bradtech: Bradtech should prepare counter measures for the shrinking market share of its flagship product (product A). Whereas for its other product (product B), which needs to be customised as per the buyers demand, the company should adopt a pull based strategy to avoid inventory holding cost (Northcott and Smith, 2011). For this it needs to restructure its supply chain and make it vibrant, sensitive and efficient. Other key factor which should be considered is: relationship build with customers; who demand on time delivery, honest technical advice, good quality and product reliability. The company should come up with some form of competitive advantage at the service level to gain customers and prevent getting engaged in price competition. The company should keep track of its processes and try to minimise cost to raise its profit margins. For product A, it can be assumed that no new competitor will enter the market, looking at the current market crisis, so Bradtech should offer some sort of price benefits to capture more market share. Bradtech also has to utilise its capacity optimally because it is highly unlikely that it would receive additional funds to expand its current capacity. In this endeavour the company needs to undergo stringent capacity and space planning. The company also need to keep its parent company interested in its operations because if the parent company starts to believe that the Strategic Business Unit (SBU) is creating more trouble than it could handle, than the parent company may start thinking about divesture. Other key factor to consider would be the rising buyers’ power and the buyers’ tactics to play one supplier against other. Since the product has no additional offering the company will keep facing this