Title: The journey of a successful entrepreneur
Select an entrepreneur who has had measurable success with at least one venture. The situation involved could be a new business venture, a new product or a new process but it should represent a significantly new direction for the entrepreneur.
Write a short report about what happened and how it confirms or disconfirms the principles in your textbook, emphasising:
* The historical background and environmental conditions that led to its emergence * A description of the approach, attitudes and behaviour towards the innovation. * The strategies that were employed and which ones contributed most to the innovation’s success.
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In 1996, the brothers, Charles and Keith started out their first shoe store in Amara Shopping Centre based in the financial district in Singapore (‘From dream to reality’, 2007).
3. Approach, Attitudes and Behaviour
I have identified the main approaches that I believe Charles took towards his business, mainly covered in the macro and the micro view.
3.1 Macro view
Under the macro view Kuratko examines how there are a broad array of factors that can relate to success or failure in ventures. This includes external processes that are sometimes beyond the control of the individual entrepreneur, for they exhibit a strong external locus of control point of view. This approach, focuses on events from the outside looking in (Kuratko 2009, p.9). Three schools of thoughts represented by Kuratko in the macro view include environmental, financial and displacement schools of thoughts (Kuratko 2009, p.9). I believe that Charles was mainly influenced by the displacement theory in which Kuratko says that simply “bad times” can create the foundation for entrepreneurial pursuits (Kuratko 2009, p.10).
3.1.1 Displacement Theory
Kuratko discusses that entrepreneurs concerned with the economic variations of recession and depression, job loss can inspire entrepreneurs to find their own paths (Kuratko 2009, p.10). Kuratko notes that