Discuss about the Fundamentals of Management for Business Model Analysis.
A great business usually starts with an innovative idea or knowing how to do something better than others in the same market. You could say that innovation usually starts with not finding the answer to something you’re looking for and becoming sick of waiting around for someone to help, before you know it, you’ve come up with an answer to a burning question or you have found a better way of doing things. This is where Jack Delosa comes in, when he founded his business mentoring and education company, The Entourage. For my paper, I will be using The Entourage, what has made it innovative. I will also represent an analysis on how Jack’s innovation has mentored and inspired others to use their innovative ideas to conquer the business world. I will be discussing the industry that The Entourage is in and the key people that make The Entourage an innovative success, the innovative culture and I will be discussing the type of innovation The Entourage is. Finally, within the brief span of this report I will also mention some recommendations, which can be proved as helpful in flourishing the business operation of The Entourage.
In 2010, a lot of things happened. On January 12, a 7.0 magnitude earthquake hit Haiti, which devastated many lives (Botterill 2013). On the other side of the world in Australia, on January 7, the Queensland government activated disaster relief funding for communities isolated by floods. In April, a young entrepreneur, investor and university drop-out named Jack Delosa started a business education and mentoring company called The Entourage that would ultimately see him lead in this field.
The Entourage was founded on the back of a company Jack established along with business partner, Rueben Buchanan earlier in 2006, called MBE (Financial Review 2014). MBE was predominately used to assist the businessmen and women to raise capital for their businesses. In 2010, a light bulb moment came to Jack to establish an innovative business after an idea came to him for one. Many of the entrepreneurs who he helped raise capital for approached Jack, they were after a business education with a twist, they were after a kind of system where business education was delivered by people with a ‘been there done that’ experience (Nkomo 2015). This was when he established The Entourage.
The innovation of The Entourage takes on yet another innovative level when in September of 2011, it launched the “Unconvention” (Delosa, 2016). The Unconvention was set up for like-minded business people to interact, to network, to share ideas and to listen to business mentors. The Unconvention is Australia’s largest event for entrepreneurs and is held on a yearly basis where Jack invites some of the best business minds to talk at the Unconvention and share how they started their business and their tips on success, the industry that they are in etc.
In March 2011, through The Entourage, Jack launched another tailored education system called Scalable (Business and money 2016). Saleable was introduced with the aim of providing further help to the entrepreneurs with access to practical knowledge, tangible skills and robust resources needed to run a successful business in the modern era.
In April, 2014, The Entourage launches the Entrepreneur Development Centre in Sydney (Dailytelegraph.com.au 2016). The centre was established to offer members a place to connect with like-minded people; it is used for conferences and a place where entrepreneurs can relax and unwind with a cocktail bar and a pool table.
Today, Jack’s innovative idea has now over 300, 000 members and is going strong (Womeninfocus.com.au, 2013).
Business education has always been delivered in a traditional manner by offering courses through education facilities. Jack’s innovation came from the idea of offering business education and mentoring from people who have succeeded in business and who have experience and expertise. What makes Delosa’s idea an innovative one is the understanding the requirement of a new market and immediately responding to it (Naeem and Neal 2012). When the conventional business schools and universities were offering usual courses, Delosa responded to the craving of practical knowledge of the entrepreneurs and offered them the service of “The Entourage”.
Jack Delosa – Jack is the founder and CEO of The Entourage. As previously mentioned, before The Entourage, Jack co-founded MBE Education where the focus was to assist entrepreneurs to raise money for their business. Jack is a writer of internationally selling books and is a spokesperson for entrepreneurship and education. Jack has been featured on Sunrise, Sky Business News and has been featured in the Australian Financial Review, The Age, The Daily Telegraph, Boss Magazine and news.com.au. Jack has also been listed on the BRW Young Rich List since 2014 (Delosa 2016).
Tim Morris- Tim was graduated with a degree in Business Entrepreneurship and after completing his course, Tim became a founding partner in Dynamic Horizons, described as an innovative consulting business that he ran for six years. Along with Dynamic Horizons, Tim was also involved with a number of start-ups including The Pantless Postman (The Entourage 2016). Today Tim is the Director of Education at The Entourage and plays a massive part in the success of the business.
Luke Hawson – Luke is the Director of Sales for The Entourage. Alongside The Entourage, Luke is the owner and Director of HRV Direct Home Ventilation. Luke’s background is in marketing and sales. Luke started as a Member Coach and Advisor and The Entourage, Luke’s hard work eventually saw him quickly promoted to National Entrepreneurial Development Manager to his current role (The Entourage 2016).
The organisational structure of The Entourage is both a professional and innovative organisation. Though the company is following a clear organizational structure, a democratic culture is strictly being observed within the organization (Financial Review 2014). This democratic organizational culture helps the board of directors determine the policies which would be best suited for the organization.
While discussing about the industry within which The Entourage is operating and continuously flourishing, it cannot be ignored that, not much companies or institutes are offering such kind of services, mainly in Australia. As opined by Seethamraju (2012), it is important for the entrepreneurs to obtain the guidance of other successful businesspersons. Only a few universities and institutes are offering such business educational services within Australia. Therefore, “The Entourage” is gradually becoming one of the pioneering institutes in this industry.
No organization is perfect. Hence, it can be ignored that the immensely successful and popular innovation of Jack Delosa, “The Entourage” is also facing few issues, which has to be addressed with care (Botterill 2013). The issues like lack of relevant academic sources, the unavailability of international partners etc. is hindering the way of success of “The Entourage”. Now, this free community can follow the following paths for further excellence.
It will help this community to provide necessary help to the interested participants in consulting literary sources. It will help “The Entourage” to be self-sufficient and enrich this innovative idea.
In most of the cases, it can be noticed that the institutes or communities like “The Entourage”, finally merge with universities. It can be recommended that, “The Entourage” should not follow this way. It will cause them dilute their curriculum to fit the university norms. It will gradually disrupt the uniqueness of the institute and their initiative.
The countries like China, India, Brazil etc. are being identified as the economically growing countries. A significant number of entrepreneurs are being emerging from these countries. If “The Entourage” can opt for partnership with the business schools of these countries, it will help them to obtain the international status.
Thus, by following these recommendations this immensely popular company can obtain a better degree of success in this market of business education. “The Entourage” can surely be identified as one of the innovative business setup in Australia. It is being helpful in providing useful assistance to the entrepreneurs to be successful in their own right.
References:
Botterill, L.C., 2013. Are policy entrepreneurs really decisive in achieving policy change? Drought policy in the USA and Australia. Australian Journal of Politics & History, 59(1), pp.97-112.
Business, M. and money?, E. (2016). Can you really study entrepreneurship?. [online] The Sydney Morning Herald. Available at: https://www.smh.com.au/small-business/entrepreneur/entrepreneurship-university-courses-ticket-to-success-or-waste-of-money-20160609-gpfmkf.html [Accessed 28 Jun. 2016].
Dailytelegraph.com.au. (2016). ‘Be comfortable with failure and not afraid’. [online] Available at: https://www.dailytelegraph.com.au/newslocal/news/entrepreneur-jack-delosa-new-book-talks-about-ways-to-turn-fear-of–failure-into-great-success/news-story/6ed25652d868fc57fffd9865b8ea5edf [Accessed 28 Jun. 2016].
Delosa, J. (2016). Jack Delosa on “other people’s rules” and the timeless ingredient of greatness – SmartCompany. [online] SmartCompany. Available at: https://www.smartcompany.com.au/people-human-resources/leadership/68590-jack-delosa-on-other-peoples-rules-and-the-timeless-ingredient-of-greatness/ [Accessed 28 Jun. 2016].
Financial Review. (2014). How Jack Delosa made $25m from online education and joined the Young Rich. [online] Available at: https://www.afr.com/leadership/how-jack-delosa-made-25m-from-online-education-and-joined-the-young-rich-20141025-11bym0 [Accessed 28 Jun. 2016].
Naeem, M. and Neal, M., 2012. Sustainability in business education in the Asia Pacific region: a snapshot of the situation. International Journal of Sustainability in Higher Education, 13(1), pp.60-71.
Nkomo, S.M., 2015. Challenges for Management and Business Education in a “Developmental” State: The Case of South Africa. Academy of Management Learning & Education, 14(2), pp.242-258.
Seethamraju, R., 2012. Business process management: a missing link in business education. Business Process Management Journal, 18(3), pp.532-547.
The Entourage. (2016). The Entourage Story – The Entourage. [online] Available at: https://www.the-entourage.edu.au/the-entourage-story/ [Accessed 28 Jun. 2016].
Womeninfocus.com.au. (2013). Jack Delosa from The Entourage: Shaking up the entrepreneurial sphere. [online] Available at: https://www.womeninfocus.com.au/t5/Community-Stories/Jack-Delosa-from-The-Entourage-Shaking-up-the-entrepreneurial/ba-p/1681 [Accessed 28 Jun. 2016].
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