The market economy is rapidly expanding an advancing in the present society. Businesses have become one of the primary symbols of the growth of the market economy. Therefore there are several new and innovative businesses that are developing in the global and domestic market. Entrepreneurship is a universally connected procedure with the setting up of the innovative business ventures or expanding the existing business. The entrepreneurs are considered to be risk bearers who can deal with the uncertainties in their choice of business an making new and innovative products and services, new markets, new ways of production and new kinds of industrial organizations. Scholars have indentified an entrepreneur to be a person who own or manage a new business. It can also be said that an entrepreneur is a business manager who has the accountability as the decision maker of the organization and takes the entire responsibility of the decision. Therefore it can be said that an entrepreneur is the owner or manager of a business, where she may not be the founder but still has the responsibility of making decisions and take the risk of making such decisions. In Australia, more adults are now engaging themselves in establishing innovative businesses which is an indicator of expanding the genre of entrepreneurship. The studies have found that the start up businesses in Australia is around seventeen percent of the entire business scenario. This essay will discuss the entrepreneurship in Australia while focusing on one of the most powerful female entrepreneur Emma Welsh who have started Emma and Tom’s in the year 2004 with her childhood friend Tom Griffith. Emma and Tom’s is a manufacturer of the whole fruit smoothies.
Emma Welsh is a Bachelor of Agricultural Science from the Melbourne University and has an MBA from INSEAD France. Before this venture, Emma was working in the food and commodities manufacturing sector and was running the division of consumer marketing at the NAB. The idea of opening something on their own has always been there in their mind. The cofounder of the company Tom Griffith also had a successful career as a corporate advisor and CEO; however, they both have wanted to make something innovative. The idea of opening the company of food processing was quite unexpected for both of them. Earlier 2004, Tom had gone to ski in North America, where he had observed the local cafes which offer whole natural fruit juices that are without any kind of added sugar, preservatives, artificial flavors and colors or any kind of concentrates. Those fruit juices tasted great and they knew that no other organization in Australia offer such natural fruit juices. Therefore both the entrepreneurs have used their gathered savings to fulfill the encircling desire of bringing the super premium whole natural fruit juices to Australia. Emma being one of the top female entrepreneurs in Australia had spend most of her earlier career in the corporate world with big companies such as Mars, Cargill, LEK Consulting. She has also worked with the national Australia Bank. However, she has always dreamt of having her own organization. She always knew that she has the passion and the knowledge of leading and creating a successful business. With her childhood friend Tom, whom she had met when both of them were at the age of twelve, therefore, started the whole natural premium fruit juices and smoothies, which was offered to the Australian retail market for the first time.
Being an entrepreneur is never easy, especially when someone thinks of offering something entirely new and innovative to the society. Emma, as a business leader and an entrepreneur, has the characteristics of leading a business successfully. This is one of the primary reasons that she has been placed in the top nine most influential female entrepreneurs in Australia and her own brand is leading the sector of fresh fruit juices not only in Australia, but also in the global market. She has the skills of growth management and strategy, development of new products, risk management, marketing and sales. As she has the experience of being in the corporate sector for a long time, she has the expertise to deal with the upcoming risks. Working with the National Bank of Australia gave the skill of dealing with the financial services as well. In addition to that, she had the passion of creating something on her own. She believed in herself and was dedicated towards her passion. These qualities and characteristics helped her to develop her own brand.
The concept of opportunity generation can be believed as the activity which may happen both before and after the establishment of the organization, whereas the concept of idea generation is the creative part of the developing, generating and communication innovative and new ideas. As entrepreneurship is one of the fastest expanding fields in the present economy, therefore the entrepreneurs are now considered as the driving force in the economy. However, even with such amount of recognitions in the economical fields, it can be argued that there are still inadequate concepts of the relationship between the established business theories and the position of entrepreneurship in the economic field and the organizational strategy. Nonetheless, with the course of time, there is some amount of recognitions of the importance of this sphere; therefore it is receiving attention in the process of opportunity recognition and the idea development. The concept of idea generation and identification of the opportunities have been recognized with different kinds of aspects. Scholars have identified that in today’s society the entrepreneurs have a huge range of opportunities through social media which specifically enhances the growth of their businesses. It also related to the recognition of the opportunities. The generation of new idea is a combination of several stages such as brainstorming for a new idea and the improvement of the existing product of the services. This is where the entire team comes together and attempts to make new suggestions. The ideas need to be innovative as that is the key point of the entrepreneurship. Therefore an entrepreneur needs to have a bit of innovation in his or her idea which will lure the consumers to the brand, just as Emma Welsh had in her brand. She decided to offer something natural and without any preservatives to the market which was new, exciting and the main USP of their business.
Competitive advantages are the set of the unique features of an organization and the services and products offered by it that are recognized by the target market segment as the most significant feature. This is also the primary reason behind the brand loyalty and why a consumer prefers some product over another. There are several ways that can be helpful in gaining the competitive advantage in the market. The company can have cost competitive advantage while they are able to use the most skilled workforce, basic raw materials, and controlled costs for creating maximum value for the consumers. In this case, Emma and Tom’s use the flash pasteurized and cold filled whole fruit smoothies unlike the other fruit juices. Therefore they can save quite a lot costs and offer a cost effective fruit juice to the consumers. Another way of having the competitive advantage in the market is the differentiation of the products and the services. The main USP of Emma and Tom’s was the product differentiation as they have offered a unique and natural fruit juice to the consumers that have attracted the consumers towards them. Most of the times the businesses lose its uniqueness after introducing their products but this brand has never faced this. Therefore the unique and fresh ingredients and great taste of the natural fruit juices have added to the success route of the entrepreneurs.
Conclusion and Recommendations
Emma and Tom’s is now one of the leading brands in the fruit juice industries in Australia. Not only that, they have also expanded in the international market. The suggestions that can be made for them that they should be expanding after a detailed observation of the market. In the international market, there are a lot of factors that are responsible for the success of the business. There should be proper distribution channels and a strong hold of an existing retailer in the market. However, they can also try out with a different way of selling their business in the domestic market. Even though they have a strong hold in the domestic market with their great test of the fruit juices, they can also try out different products that are similar to their existing ones. If the brand starts producing jam and jellies that are also made from the fresh fruits without any preservatives, the consumer base will be very much interested. With the established name of the brand, it would e easier for them to launch these products.
Reference list and Bibliography
“Emma & Tom’s Look After Yourself | The Best Fruit Juice You’ll Taste By Far”. Emmaandtom.com N.p., 2017. Web. 8 April 2017.
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