Key Theoretical Concepts
Most businesses have humble beginnings if not all of them. Humble beginnings are good because they offer a chance for entrepreneurs to be creative. This creativeness is the main thing that catapults them to greater heights. A good business is that which starts from grass to grace just like the case study that is selected for the research of this paper.
The purpose of this paper is to identify important theoretical concepts relevant to issues discussed in the case study of the research. To demonstrate the understanding of knowledge qualities and skills necessary to successful entrepreneurship. It also debates the role of entrepreneurship and innovation about the issues discussed in the cases.
Numerous theoretical concepts are evident in the case study presented. The first theoretical concept under the issue of entrepreneurship is the business idea. For any business to start, there must be an idea (Burns, 2016). This idea must be nurtured, developed and put into action so that a company is initiated. In the case study, the owner of Eagle Boys Pizza, Mr. Potter had an idea of opening up a pizza restaurant after he realized that his career as a baker did not seem to take off the ground. The business idea gave Mr. Potter a sense of direction and focused on strategy (Bikse, Rivza &Riemere, 2015).This is because the business developed from a small scale business to a world-class company with excellent profit margins.
The concept of research is shown. The research on how to meet consumer needs, packaging and the advertising strategies enable Eagle boys to stand out from it’s the competitors. They are always a step ahead of them. This gives them an upper hand over their competitors. Research is a major contributing factor for their best performance (Kautonen, Gelderen & Fink, 2015). Through the investigation, consistency of sound production, fresh products and timely delivery of the products can be met.
The issue of entrepreneurship involves the concept of capital. In this concept, the entrepreneur has the knowledge of raising capital. The entrepreneur takes the advantage of the partnership with the mother. This partnership enables the entrepreneur to raise the funds required to start the Eagle Boys Pizza restaurant. A business can never be successful if there is no input. The input is the capital required to start the business so that ultimately, an output is attained. The output is in the form of profit.
Business Idea
Risk taking is evident in the case study. Although the idea is revolutionary, it places a high risk to Mr. Potter. However, he decides to take the bull by the horns and trudges on to the extent of securing a partner to be able to raise enough capital to start the business. The risk becomes worthy after the company grows to the size of being franchised. The business territory enlarges to the extent that it becomes harder to open up more stores.
The concept of franchising comes as a result of the issue of the challenges of growth. As the business grows, more stores prove hard to manage (Dees, 2017).This leaves the franchising process as the only option.
From the case study, intellectual property and the knowledge of protection of rights is evident. Intellectual property is the kind of feature that results from the fruits of mental labor (Romagnoli & Garbelli, 2017). The setting of trademarks and patents protects branding packaging and the logo from being copied by other firms. The employees are taught on the importance of maintaining the secrecy for the firm’s best interest. The interest in success. Through this, the business enjoys the sense of monopoly. The primary quality evident in this section is secrecy. Secrecy of the firm’s products and ways of doing things ensures the integrity of the firm itself.
The knowledge of meeting consumer needs is important for the success of the business (Din, Anuar & Usman, 2016). It is evident through the timely delivery, fresh products and ease of access of the stores by the consumers. The stores are strategically placed within the customer’s reach. By meeting the consumer needs, they can maintain the existing customers. They are also able to attract new customers, and therefore more sales are made leading to more profits in the end. The primary quality of an entrepreneur that is evident in this section is good customer relations (Taylor, 2016). Healthy customer relation is maintained only after meeting their needs.
In the case study, the products are packaged. Packaging familiarizes them with the customer as well as marketing them throughout the business territory. There is a low cost of the packaging boxes. This increases their profit margins. There are a few qualities that are evident in the case study. The entrepreneur is innovative to find a new way to package two pizzas in one box.
The knowledge of franchising is vital for a large scale business. Franchising is the idea of using another person’s brand to set up your business (Zahra & Wright, 2016). This is evident in the case study where the company grows from a small shop to a chain of stores. As the stores become more, it becomes even harder to manage them. The quality of an entrepreneur that is evident under this is manageability. A good entrepreneur should have the skills to manage their own business to be able to be successful.
Research
The prior knowledge and skill of baking is very important. The skills of baking come in handy for the pizza business. The entrepreneur uses his knowledge to make pizza by starting small. The quality that is aligned to the entrepreneur’s skill set is resilience. All through, the entrepreneur does not settle for one thing but is always on the lookout on how to develop the business. The entrepreneur’s resilience is the one thing that enabled the business to grow from grass to grace.
An important entrepreneurial quality is loyalty. The entrepreneur takes the initiative to teach the employees of the importance of keeping the secretes of the business. If the secrects were to be leaked out, it would mean the downfall of the business. The fact that the formulas used and the process of baking are all contained in the business secret. It makes the business secrets very important as well as fragile.
Management skills are important for the success of any business. In the case study, the entrepreneur is able to manage the chain stores although they are located in different places. The entrepreneur’s knowledge of customer needs enables him to customize these stores according to the needs of the consumers. Each location has a different set of customer needs that the entrepreneur has to meet. The entrepreneur realizes this early enough.
Entrepreneurship and innovation contributes to the success of the business in the following ways;
A unique form of advertising enables them to be noticed from far, therefore, maintaining customers and having new ones.
Innovation enables the success of the business by saving (Decker, Haltiwanger, Jarmin & Miranda, 2014). Keeping in the sense that the cost of packaging is reduced. Pizzas are packaged in pairs under one box.
Location of a market gap. The entrepreneur sees an opportunity to open up a pizza restaurant in an area that did not have that kind of business before.
The other aspect of entrepreneurship is carrying out research. Research enables the entrepreneur to be able to interact with the consumer. This interaction allows them to know the consumer needs.
Entrepreneurship and innovation are not the only factors that enable the success of a business manager. There are other factors such as; Adequate capital to be able to start a reasonable business and employee professional skills. An adequate distribution such as franchising, proper management, and business planning.
There are two things that the company could have done differently. One of them is the door to door delivery on the initial stages of the business (Welter, Baker, Audretsch & Gartner, 2017). Although they did this, later on, it would have been better if they started it out earlier.
The other thing that could have been done differently is making pizzas that would accommodate every person. From the rich to the poor. This would ensure that their clientele base is increased.
Conclusion.
In conclusion, entrepreneurship and innovation out the concept of the creation of ideas, research, advertisement strategies, good customer relations and protection of rights. All these have to be considered for the success of a business.
References
Bikse, V., Rivza, B., & Riemere, I. (2015). The social entrepreneur as a promoter of social advancement. Procedia-Social and Behavioral Sciences, 185, 469-478.
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Decker, R., Haltiwanger, J., Jarmin, R., & Miranda, J. (2014). The role of entrepreneurship in US job creation and economic dynamism. Journal of Economic Perspectives, 28(3), 3-24.
Dees, J. G. (2017). 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Din, B. H., Anuar, A. R., & Usman, M. (2016). The effectiveness of the entrepreneurship education program in upgrading entrepreneurial skills among public university students. Procedia-Social and Behavioral Sciences, 224, 117-123.
Kautonen, T., van Gelderen, M., & Fink, M. (2015). Robustness of the theory of planned behavior in predicting entrepreneurial intentions and actions. Entrepreneurship Theory and Practice, 39(3), 655-674.
Welter, F., Baker, T., Audretsch, D. B., & Gartner, W. B. (2017). Everyday entrepreneurship—a call for entrepreneurship research to embrace entrepreneurial diversity.
Romagnoli, D., & Garbelli, M. E. (2017). Why Promoting Online in a Global Electronic Marketplace Is a Successful Strategy for Small and Medium Sized Enterprises: The Alibaba Group Holding Business Model. In Country Experiences in Economic Development, Management and Entrepreneurship (pp. 423-442). Springer, Cham.
Taylor, P. (2016). Leading successful PMOs: how to build the best project management office for your business. Routledge.
Zahra, S. A., & Wright, M. (2016). Understanding the social role of entrepreneurship. Journal of Management Studies, 53(4), 610-629.
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