A historical and critical analysis of an entrepreneurial venture Essay

A historical and critical analysis of an entrepreneurial venture - Essay Example m, 2010). Entrepreneurship is therefore, the process of identifying business opportunities and gathering the necessary resources to start the business. Historically, in the 20th century, Joseph Schumpeter advanced one of the most used theories. He spearheaded the venturing process and gains credited for making it happen. He claimed that an entrepreneur replaces an existing economy by destroying one and making a better economy. Schumpeter’s first example of entrepreneurship was the combination of steam engines, which used coal and wagons. From this came the horseless carriages. This led to the invention of the car. We can see there was usage of already existing technology, which just got bettered. This came with a significant reduction in cost. Entrepreneurs learn from experience and with time the entrepreneurial culture grows. An example of an entrepreneurial venture is the Starbucks, a leading coffee company in Washington. It is the largest coffee house in the world, having o utlets in most significant world cities. Starbuck commenced its operations in Seattle Washington in March 30 1971. The founders were Jerry Baldwin, Zev Siegla and Gordon bowker. It used the following strategies in the venturing process to make it a success story. ... There was a need to start coffee chains in the area and they capitalized on this opportunity. Consumers are mostly the best source of information, as they are the end users. Many other entrepreneurs have been able to identify business opportunities through discussions with retailers, wholesalers, or representatives of the manufacturer. Starbucks was able to carry out thorough market research by means of questionnaires. They sought information from existing consumers and other related businesses. Starbucks invested in modern coffee brewing technologies. It also stood a decent chance against the competitors. It is worth noting that opportunities do not offer financial reward commensurate to the risks that the entrepreneur chooses to take. Starbucks also had a concrete assessment plan which they put to use. It provides a basis explaining why to adopt or not adopt the opportunity. The plan usually defines the product or the service we are interested in, and the entire requirement necessa ry to actualize it and make it a viable venture. It also outlines the financial requirements necessary. The next thing is the development of the business plan. A business plan can only be made after having identified the opportunity. It is unique for that particular business opportunity. The business plan will assist the entrepreneur gauge the resources needed in developing the business opportunity. It also helps identify resources required to achieve the same, and how and where to gather such resources. The business plan also details how to manage the venture once it has come into operation. The Starbuck business plan outlines how they planned to venture into the market and how they planned to raise funds. After coming up with the business plan, one must come up with a

The Corporate Culture of Zappos Assignment Example | Topics and Well Written Essays - 250 words - 4

The Corporate Culture of Zappos - Assignment Example Considering the importance which Zappos gives the relationship between corporate culture and personal values, it is possible for the company to ask questions that measure the core value of an individual. While measuring an innate quality is difficult, it is easy to get a hint of what an individual perceives a situation (Nelson & Quick 541). This way, through the graduated rating scale, the company’s Human resource team can use the answers given t to evaluate the core values of the person. It is essential to mention that the interview focuses more on personality than technical capabilities. For this reason, the comparison between the core values of the organization and the individual perceptions of the applicant can tell their philosophies. Lack of a formal feedback might bring up issues in the organization. Formalities and bureaucracies have paramount importance as far as communication and consistency are concerned (Nelson & Quick 521). For instance, where an employee does not receive regular feedback, especially in writing, it is likely that any disciplinary action leveled against them will be treated as constructive discharge. As such, formal feedback is essential as it provides inspiration and a basis for employees to improve on their weaknesses as they judge themselves. To avoid such issues, the human resource group at Zappos should always issue a formal feedback. Over time, there are many signs that can be seen in an employee that fits into the corporate culture of Zappos. One of the signs of a character that fits the culture is the subordination of personal interest to organizational interest. Additionally, such an employee will be motivated and satisfied with their job. On the contrary, an employee that does not match the corporate culture of Zappos will be less concerned about organizational interests and will usually be a poor performer whose job is characterized by non-punctuality, and less formality.