Entrepreneurship refers Entrepreneurship Assignment to the process of running and managing one’s own business appropriately. The report analyses the case study of Bennett Boots. The key characteristics of entrepreneur has been described. Cheap quality and cultural differences were the key reasons for the failure of the organisation. Monitoring the quality of boots and managing the suppliers can preclude the issue. In order to develop successful business, management must have efficient coordination and effective planning skills. It is recommended to concentrate on quality and managing of the organisation in order to achieve greater heights.
TABLE OF CONTENTS
In order to pumps up the national economy of the country, both entrepreneurs and entrepreneurship plays vital roles. Entrepreneurship refers to the process of running and managing one’s own business appropriately (Witte, 2016). In accordance with this context, this report will covers the aspects of entrepreneurship by analysing the case study of Bennetts Boots. The organization was created by Amanda Bennett in 2005 which specialises in fashionable boots which fits women. In this context, the characteristics of Amanda Bennett as an entrepreneur will be identified in this assignment. The new idea or key tests that created the problems for the organisation will be assessed in this report. The actions that can reduce the issues will be evaluated and the managerial lessons learned from the case will be highlighted in this report. Eventually, the ways to handle the supply problems will be discussed in this report.
The entrepreneurial characteristics of Amanda Bennett.
By analysing the case study of Bennetts Boots, it can be understood that it requires huge courage and ambitions in order to create own business organisation. In this context, the characteristics of Amanda Bennett is described below:
- Passion and motivation: Passion and motivation are two main characteristic that must be possess by an entrepreneur (Yook and Jeon, 2014). Amanda Bennett was determined to bring the boots that will fit the women effectively and efficiently. Her passion and motivation characteristic led her to the creation of Bennetts Boots.
- Creative and innovative: In order to be unique and different from others, an entrepreneur needs to be creative and innovative. As the current boots was not fitting properly, Amanda Bennett designed new model which effectively fits. This implies that Amanda was creative and innovative that helps her in creating the new business organisation.
- Risk Taking: Risk taking is essential characteristic of an entrepreneur. Without taking risks no entrepreneur will able to reach the greater heights (Stradivari, 2013). Amanda took risk by hiring Chinese manager for managing her organisation. As the manager of different country and there can be disputes between employees and manager, Amanda manages them appropriately.
- Self-Belief: To achieve success, an entrepreneur must have self-confidence and self-belief. This characteristic aid in increasing the motivation and determination level of an individual. Amanda possess this characteristic as she have confidence and belief in herself.
- Understanding offering and market: It is very important characteristic. An entrepreneur must analyse his or her products and market demands in order to become successful (Ackermann and Audretsch, 2013). Amanda scanned and analyse the market and the needs of customers and then proceed further by creating new and innovative boots for women.
The key tests of new idea/innovation that created the problems in the company.
The success of Bennetts Boots begins to fall when the quality of the boots supplied from China degrades. The demand of boots suddenly diminishes and debts on Bennetts Boots increases. From the analysis of the case study it was identified that the stock supplied from China was not of effective quality, further due to cultural differences frequent conflicts and disputes between Amanda and Chinese manufacturers has been observed. The suppliers were concerned about their profits margins and eventually they replaced the expensive accessories of boots with cheap quality materials that reduce the demand of the boots and lead the organisation towards loss and debts (Huarng and Ribeiro-Soriano, 2014). The differences in cultures and cheap quality of products negatively impacts on the business of Bennetts Boots. After enduring the ample amount of debt, Amanda seeks other alternatives by establishing business in other regions and with other suppliers but eventually fails to overcome the falling brand reputation. Thus, these issues results in dissolution of the Bennetts Boots in May 2014.
3 Actions to be taken in order to eliminate the problems
In order to eliminate the problems and issues Amanda Bennett must frequently monitors the quality of goods and boots that were being offered to the customers. A sample of consignment must be examined before giving such a large order to the Chinese manufacturer. By analyzing the case study of Bennett Boots it was identified Chinese suppliers were concerned about their profits margin and they reduces the quality of the products. Thus, Amanda must have consider their needs before making deal with them. It is very important for an entrepreneur to understand the process of managing the diversity in workforce (Small bone, Welter and Ateljevic, 2014). Diversity impacts and influences the business organisation greatly. It is the responsibility of the manager and Amanda to manage the diversity in workforce appropriately. As Amanda works at China she knows about the culture of China. She must have implement her knowledge in order to eliminate the cultural differences. In order to invest in alternatives region, she must have innovated new products segments with effective quality in order to remain in business and recover from debts. Controlling and managing organisation is not an easy task. By following the certain actions the problems faced by Amanda Bennett can be eliminated adequately and will also leads to the growth and development of the organisation.
4 The managerial lessons arise from this failed innovation
From the case of Bennetts Boots, there are several managerial lessons can be learned and acquired. It is not easy to manage the business organisation efficiently, thus in this context the managerial lessons that can be learned from the fail innovation of the organisation is provided below:
- Proper Planning: Planning is the first step of management and in order to make the business successful it precise planning is very important (Ferreira, 2017). From the case due to lack of planning, Bennetts Boots could not established after facing loss in other regions.
- Effective Controlling: Managing and controlling the business organisation is very important for the managers and top management (McKeever, Jack and Anderson, 2015). Amanda Bennett failed to control the suppliers and manufacturers efficiently and thus, leads to the dissolution of the organisation.
- Quality Checking: It is the responsibility of the management to check the quality of the products before delivering it to the customers. Amanda Bennett failed in this aspect and the end result was devastating.
- Workforce diversity handling: An organisation is employed with employees of different culture or religion. It is the responsibility of the management to handle the workforce diversity in order to make the organisation successful.
- Coordinating efficiently: Efficient coordination between the employees and managers is very important in order to accomplish desired goals and objectives of the organisation (Schaper, 2016). Amanda fails to coordinate with Chinese manufacturer and thus the organisation lead to huge debts and loss.
If you were starting up an innovative garment business, how would you preclude such instances of supply problems?
In order to preclude the supply problems for garment business, effective supply chain management strategies and process must be employed in the organisation. Good coordination, considering the needs and expectation of suppliers will aid in reducing the issues and eliminating the problems efficiently (Schape and et.al. 2014). Further, a special quality check team will be employed that will monitors the quality of the garments in order to reduce the problems of cheap quality. Effective relationship will be made with the suppliers so that they feel motivated and determined. It is equally important for the organisation to make precise relationship with the suppliers so that long term trade can be maintained and business can lead towards growth and development. By making good communication and coordination with the suppliers the problems faced by Bennetts Boots can be eliminated efficiently. Thus, in order to increase the productivity and profitability of the business organisation, it is very essential to form good relationship with the suppliers. It will aid in generating ample amount of profits and lead the organisation towards sustainable growth and development.
From the above report, it can be concluded that entrepreneurship is the willingness to develop and manage a business by taking risks in order to make profits. In this context, the report efficiently described the characteristics possess by Amanda Bennett, the founder of Bennett Boots. The key issues that led the organisation towards debts and losses have been assessed in this assignment. Further, the actions that could have helped the management to preclude the issues have been discussed in this report. The managerial lessons that can be learned from the failure of Bennett Boots have been described in this assignment. In order to set up the garment business, the methods through which supply chain can be improved have been explained in this report.
It is recommended to the management of Bennetts Boots to consider the quality of goods and services before offering it to the customers. Further, in order to improve the relationship with the suppliers and manufacturers, the management must consider their needs and make efforts to fulfil them adequately. It is being advised to the management in order to invest in new region, managers first analyse the demands of customers and market conditions.
Books and Journals
Ackermann, S. J., & Audretsch, D. B. (Eds.). (2013). The economics of small firms: A European challenge (Vol. 11). Springer Science & Business Media.
Ferreira, M. A. M. (2017). Researching Entrepreneurship (Conceptualization and Design) A Book Review. International Journal of Latest Trends in Finance and Economic Sciences, 6(3), 1205-1206.
Huang, K. H., & Beriberi-Soriano, D. E. (2014). Developmental management: Theories, methods, and applications in entrepreneurship, innovation, and sense making. Journal of Business Research, 67(5), 657-662.
McKeever, E., Jack, S., & Anderson, A. (2015). Embedded entrepreneurship in the creative re-construction of place. Journal of Business Venturing, 30(1), 50-65.
Schaper, & et.al. (2014). Entrepreneurship and small business.
Schaper, M. (Ed.). (2016). Making ecopreneurs: developing sustainable entrepreneurship. CRC Press.
Smallbone, D., Welter, F., & Ateljevic, J. (2014). Entrepreneurship in emerging market economies: Contemporary issues and perspectives. International Small Business Journal, 32(2), 113-116.
Srivastava, P. (2013). Inculcating Entrepreneurial Characteristics as aNecessaryDriver among Entrepreneurs for Regional Development.
Witte, J. S. (2016). Defining the Personality Characteristics of Successful Entrepreneurs.
Yook, C. H., & Jeon, I. O. (2014). Effect of Entrepreneurs Characteristics on the Intention of Entrepreneruship-Focusing on the Moderating Effect of Entrepreneurship Mentoring in Korean. The Journal of the Korea Contents Association, 14(10), 661-676.