Opportunities and key characteristics
Entrepreneurship is a standard of living. It can be further defined as being an entrepreneur one will have a standard of living for few years of his or her life like the one, most of the people will not, Hence that same person can have a standard of living the rest of his or her life that most people cannot even think of having. Coming to the fact that whenever entrepreneurs setup a new industry, risk of loss is automatically attached with the business while implementation of new ideas. That risk is of might be losing everything that he has presently because employees of any organization serve themselves for someone else but businesspersons work for themselves. There are some great and successful entrepreneurs listed as Steve Jobs, William Harley & Arthur Davidson, Thomas Edison, Russell Simmons, Dineh Mohajer and Maggie Lena Walker (Entrepreneur India, 2015).
Being an entrepreneur opportunities can lie in identifying solutions to the toughest issues like regional imbalances, insufficient power generation, requirement of economic electricity, ease ness for a blind while road crossing, and moreover problems related to his or her daily routine work.
Characteristics of Efficacious entrepreneurs contain so many qualities but self-assessment practice, which includes natural aptitude and attitude of the person, is the main key to success. Additionally personal and professional characteristics are there for evaluation of whole profit and loss procedure. Personal qualities like responsibility, honesty, courage, and creativity, and basic empathy sense, curiosity of technological things, discipline, flexibility, enthusiasm and determination are desired. On the other hand, desired professional characteristics in an entrepreneur are basic business sense, organizational skill set, computer skill set, strong communication skill set, problem solving skill set and most importantly decision-making skill. Analytical decision-making skills are important as in any company many critical times arrive when this above quality of businessperson ultimately evaluates whole company’s performance. Decision-making is based upon many factors like One’s financial skills, education background, business relationships, career exploration, complete business knowledge, and community awareness.
This given case study marking “why” question mark behind the statement those genuine women, with factual curves and personality are being exposed to special circumstances, when they are searching for the image-perfect winter boots. They are going through the awkward suffering situation of infolding their beautiful legs into the insignificant-fitting boots on the marketplace presently at the same time when sales assistants and colleague clients are judging them. In this context after getting repeatedly, disappointed on new-fangled stylish boots those were not fit in her wider calves Amanda Bennett questioned to herself if all other women are suffering the same problem of lack of choices among genuine leather boots. Thus, finally in the beginning of 20th century that is 2005, Melbourne native Amanda Bennett arose up with an innovative industry idea (Samson & Gloet , 2016). Therefore, here in below discussions of the report, throughout journey evaluation will be done. All aspects like generation of the idea, marketing strategies adopted, positive viewpoints, shortcomings, learning from the liquidation of the company will be covered in Business report analysis in context of entrepreneurship.
Case Study Analysis Report
She was so innovative woman and she was full of empathy skills in her so that she understood the need of a woman regarding winter boots appropriately. Here are the areas that were in focus of Bennett to make proper fitting wide calf boots in variety of 24 sizes: Broadness of the foot, toe, instep, sole, heel, ankle, calf shape and width, and opening of boot. Leadership, business sense, marketplace knowledge, basic financial skills all were the characteristics of Amanda Bennett (Dey & Steyaert, 2018).
When Amanda Bennett achieved preliminary victory in her business idea and big deals with most important retailers of market, so after getting that beginning success she has stopped investing herself fully in the business and real time analysis (Balinski, 2014).
However, the company got continuous success for initial few years but ultimately transformed into liquidation on 15th May 2015.Contract makers in China with whom Bennett finalized all manufacturing deals of her production division. In order to maximize profit those manufacturers residing in Wenzhou, China cut edge curves of the boots, and with a consignment of poor-quality boots of untidy construction and low quality leather being received by Bennett. This was the reason behind closing of the company, as Amanda’s over trustworthiness on Chinese dealers became a big problem for the survival of the Boots Company. There were not just all financial reasons but lack of monetary analysis and budget from the beginning was a major reason behind closing of the firm. As all money that was invested, Amanda took on loan from the bank (Cosgrove, 2014).
There are some desired characteristics; those should be carried over by a person being an entrepreneur (Entrepreneur India, 2015). Some desired actions, which could be expected from Ms. Bennett in favour of Boots Corporation, are:
- Bennett should have carried a sporty spirit that “You’re not a finisher” until the goal achievement
- She did not have persistence involvement in business after she got initial success, which was required
- Continuing efforts even after repeated rejections by the consumers and marketplace, was desired action by Ms. Bennett at the time of closure of the company
- She should have more calculative and analytical in financial sector of her organization
In research of several entrepreneur projects, it is apparent that even businesses that had financed substantial money and efforts into becoming leading organizations fought until the end with the ability to learn from failure. It is only possible when day-to-day mentality and actions are dedicated to learning from failure. Barriers for successful business in technical systems, social systems and financial systems can be resolve after evaluation (Mack Center of Technological Innovation, 2012). Three elementary organizational activities from which learning from failure can be collected are:
- Recognizing failure
- Analysing failure
- Reattempt experimentation
If, I were establish new garment business then I would adopt few things, which falls in rising fashion of global clothing businesses like keeping transparency in supply chain beginning with printing the names, residential addresses and other important information about shops manufacturing my firm branded clothes (Singh & Nijhar, 2018). This transparency will be a great tool for encouraging corporate responsibility for garment customers and profit of my company. Additionally supply system supervision includes Trade and investment agreements study Pricing and promotion of my brand in garment marketplace that how prices should be set in, from beginning throughout the journey of achieving leading brand name. Detailed time-to-time discussion about what is the opinion of suppliers about scheduling; cloth quality and pricing will be key strategy for becoming a fresh brand for consumers (Ascloy , Dent , & Haan , 2004).
Entrepreneurship Characteristics of Amanda Bennett
Conclusion
Thus, analysis of given case study ,concluding that Australian firm Bennetts Boots Pty Limited, focusing on wide calves’ winter boots came into existence in the year of 2005, when founder Ms. Amanda Bennetts got frustrated in finding comfortable boots to fit round her wider calves. She decided to set up this firm because we all are worthy to own boots that fit and beautiful in designing after got frustrated with the fashion engineering perception about beauty and size. Initially Bennetts Boots was having master shoemakers, way to make the Bennetts Boots variety of beautiful, and comfortable shoes with 24 different sizes. Later on the innovative business collapsed into pieces and then vanished due to some supply, manufacturers, and quality bugs in the business. This implies that Entrepreneurs enter into the business world to succeed but it is certainly not a charming experience until goal is attained. All new minds should know this fact that failure or rejection is not the end but it is the beginning to success as the entire world’s biggest successful firms are attached with incredible record of let downs. This case study gives us a lot of professional messages and business ethics, business learnings from failure of innovation which ultimately promoting novel innovation and leading business creative minds.
All new minds, which are carrying new start-up ideas, are recommended that execute your business idea in an analytical way so there will be no regrets that many failed business persons experience (Wissman, 2017). There are too much learning from above case study and famous failures in world market, as follows:
- Always dodetailed marketplace research for the product
- Always Identify category of customers for the product
- Always focus on sales and promotion efficiently
- Always set prices economical initially applying No-profit strategy
- Always focus on revenue, do not focus on profit
- Alwaysbuild or produce what is the need of consumers
- Always be prepared for big Losses
- Alwaysdo not make emotional decisions.
- Always maintain a strong funding network
- Always Re-evaluate the situation before taking decisions
- Always disassociate the disappointment from inner self as a human (Sucess Harbor, 2015).
References
Ascloy , N., Dent , K., & Haan , E. d. (2004). Critical issues for the garment industry. Retrieved from Stichting Onderzoek Multinationale Ondernemingen: https://www.somo.nl/wp-content/uploads/2004/01/Critical-Issues-in-the-garment-Industry.pdf
Balinski, B. (2014, 07 24). Entrepreneur shares Chinese outsourcing horror story behind liquidation. Retrieved from Manufacturer’s Monthly: https://www.manmonthly.com.au/news/entrepreneur-shares-chinese-outsourcing-horror-story-behind-liquidation/
Bennetts Boots. (2010, 10 13). Bennetts Boots-Home to the largest collection of Wide calf boots. Retrieved from Bennetts Boots: https://bennettsboots.wordpress.com/2010/10/13/wide-calf-boots/
Cosgrove, J. (2014, 05 22). ENTREPRENEUR INSIDER SERIES – AMANDA BENNETTS, BENNETTS WIDE CALF BOOTS. Retrieved from The8percent: https://the8percent.com/entrepreneur-insider-series-amanda-bennetts-bennetts-wide-calf-boots/
Dey, P., & Steyaert, C. (2018). Social Entrepreneurship: An Affirmative Critique. Cheltenham: Edward Elgar Publishing.
Entrepreneur India. (2015, 11 11). 5 Reasons Why You’ve Failed as an Entrepreneur. Retrieved from Entrepreneur India: https://www.entrepreneur.com/article/250653
Home of wide calf boots. (2013). Wide Calf Boots Designer. Retrieved from Home of wide calf boots: https://homeofwidecalfboots.wordpress.com/about/
Loi, M. (2018). Dynamics of Entrepreneurship Education: How Human and Social Capital Interactwith Learning. Pennsylvania: IGI Global.
Lower, G. (2013, 06 5). Kicking off a business with little experience. Retrieved from Smart Company: https://www.smartcompany.com.au/startupsmart/advice/startupsmart-growth/kicking-off-a-business-with-little-experience/
Mack Center of Technological Innovation. (2012, 06 01). Learning from Failure in Innovation. Retrieved from Mack Center of Technological Innovation: https://mackinstitute.wharton.upenn.edu/wp-content/uploads/2012/12/Learning-from-Failure_Full-Conference-Summary_Mack-Center.pdf
Samson , D., & Gloet , M. (2016). Innovation and Entrepreneurship: Creating New Value. Australia: Oxford University Press.
Singh, A., & Nijhar, K. (2018). Recent developments in garment suply chain. Automation in Garment Manufacturing, 377-396.
Sucess Harbor. (2015, 09 22). 7 Ways to Avoid Failure as an Entrepreneur. Retrieved from Sucess Harbor: https://www.successharbor.com/how-to-avoid-failure-as-an-entrepreneur-09222015/
Wissman, B. (2017, 11 27). 10 Strategies for Entrepreneurs Dealing With Failure. Retrieved from Entrepreneur India: https://www.entrepreneur.com/article/304948
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