Key Competencies and Porter's Five Forces Model

Have you ever wondered who thought about the idea of creating a multinational retail corporation here in America called Wal-Mart? Sam Walton - founder of Wal-Mart was behind that idea. Sam Walton is an example of great entrepreneur who wanted to make his business successful. An entrepreneur needs a variety of skills but does not need to have a formal education. Being an entrepreneur is challenging even if an individual is well educated on the field or has no education at all. There is always the risk conducting business because of the competition with other companies. However, what does an entrepreneur do? Do you have what it takes to be on top the business world and compete ? An entrepreneur must have is a guide to start and run a business even if it is a big or small business.

It is recommended that Rhand Credit Union Co-operative Society Limited use this model to find a position in the financial services industry where it can defend itself against competitive forces or it can influence its competitors in its favour as well as identify key success factor (KSFs) in the industry.

In this era, people are connected with each other through technology. Continuous advancements and innovation in communication technology has now allowed businesses access to more effective and sophisticated modes of communication. Video conferencing is a communication platform that is widely used in a many commercial organizations. With advances in wireless communication technology, today's several business environments can maximize the use of video conferencing technology to promote face-to-face communication in real time from anywhere at any time. The advantages of video conferencing at companies are very wide. From reducing travel costs to saving time and resources, video conferencing enables companies to efficiently manage their business

While video conferencing has existed since the 1980s, a new business use case has begun to emerge. The traditional use case of video conferencing in the boardroom has been replaced with video-enabled phones and tablets that allow employees and management to call wherever, whenever.

Eliminating time constraints: Companies such as Realtek Industries meet with its customer services department once a month. However, video conferencing would allow representatives to conduct daily or weekly conferences with their employees. Time differences between cities or states would not play a major factor with the elimination of travel to a certain destination in order to attend a meeting. Not only is video conferencing a direct replacement for many in-person business trips, there is virtually no cost for people to be involved in a virtual meeting, you can easily bring employees together.

Entrepreneurial leadership is often viewed as a product of self-interest and individual innovation. Gupta (2004) states entrepreneurship is a discrete event based on the autonomous pursuit of innovative opportunities. Entrepreneurial leadership is defined as fusing the concept of entrepreneurship, entrepreneurial orientation and entrepreneurial management with leadership. Entrepreneurship is seen as the base of the American economy and a critical driver for developing in local regional and national economics (Woods, 2014). Avolio (2009) listed the five diverse styles of leadership 1.Authentic 2.Complexity 3.Shared 4.Transformational and 5.Global. My focus will be on the latter two elements of his analysis, transformational and global entrepreneurial leadership as a means to bring economic development to rural

In addition, it is impossible to deny the truth, presented by Oprah (p.55), that communication is the key factor of all connections. In term of a lead entrepreneur, a good communication skill is the most dominant demand. Clark (2008) shows that presentation skills and personal traits of an entrepreneur impact on the decision making of the investors. His findings mentions that an entrepreneur, who get high score of presentation skill can acquire more investment opportunity. There can be no dispute that Oprah has a great speaking ability though she admits that she has never been a ‘social person’ (p.56). After that, she changes her mind and finds that it is better to be open and expand her relationships with the others. Therefore, I believe that the entrepreneurs should and can improve their speaking skills because it also helps a lot for their staffs to understand and follow their directions. Additionally, I accept with Oprah’s view that everything is created by our decisions (p. 215). Actually, making right choices on strategic management, and organizational change management of an entrepreneur is vital for a

In a landmark article published in the March/April 1979 issue of the Harvard Business Review, Michael Porter identified five competitive forces that determine if you should enter a new market segment.

Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.

Part X1 of Giblin (2014) focused on power in organizations. Giblin (2014) described power as an important aspect in an organization. Power can help maintain order and ensure others are being compliant. Others have defined power as being influential, as being a force that influences behavior of another and to bring about outcomes in the organization. All these definitions and descriptions have similar things in common. First, power is hard to study unless you know who holds the power and who experiences it. Second, power is something to be exercised. Third, power is basically the ability to do certain things. Fourth and final, power can be used by others and not just from the one who holds it (Giblin, 2014).

The threat of new entrants refers to the threat posed by new competitors within an industry. If it is easy for new firms to enter the industry barriers to entry are low and the threat of new entrants is high. A profitable industry attracts more competitors. Economies of scale, learning curve effects and other macro factors impact the nature of an industry 's

A start to a new job, a start to a new career within an unfamiliar industry. The question was what can I expect and is it excitement or nervousness unfolding. As I entered into the new role I am faced with emotional state of mind coupled with mixed reactions from my fellow colleagues as to what will the change be and how will it impact on us as people within our business. One of Albert Einstein quotes seemed appropriate, “strive not to be a success, but rather to be of value”. My interpretation of this is that adding value will undeniably equate to success, but it’s to the approach one takes within an organisation to change that ultimately matters. There are many aspects to take into account but the one gap that requires urgent attention as

The entrepreneurial experience is much all the more satisfying when the business person comprehends that the center reason for the business is to make value for intrigued clients. It is clear that connections are basic furthermore, trustworthiness is crucial to achievement.

Michael Porter's Five Forces Analysis is a framework that used for industry analysis and understand the level of competition in an industry in order to develop business strategy (Tang, 2014). There are two key players in the local malt liquor market (MLM) industry of Malaysia, GAB Berhad and CBMB who have occupied 95% of the total beer and stout market shares in Malaysia (CMBB, 2015). Therefore, the competition among existing brewers are low as there are only two major brewers in the local MLM industry. The threat of new entrants is minimum as government policies and complicated tax on beers have restricted other investors in the market. The switching cost among competitors is low as the price difference between the products of competitors are minimised. This has been proved by a research, which has been done at a local shopping centre, Aeon Mahkota Cheras Store & Shopping Centre, which located in Cheras, Selangor, Malaysia. As figure11 shown, the minimum price difference between a competitor is only RM1.00 for mainstream product, and the maximum price difference is RM3.00 for Premium beer

Being an entrepreneur is difficult. Not any one can be a successful entrepreneur, there are some characteristics entrepreneurs must have to face the challenges and to rise again after every failure.