Entrepreneurship is defined as the process of running an independent business venture by taking both the liabilities and financial benefit. In the contemporary times, entrepreneurship is playing a major role in promoting economic development in both national and international context. Innovation is the key aspect of entrepreneurship, which supports in running the business in a creative way and thus attain competitive advantage (Drucker, 2014). Present paper intends to make in-depth discussion regarding entrepreneurship. A case of Eagle Boys Pizza, Australia will be discussed. Issues along with the theoretical frameworks of the issue will be discussed. The skill and attributes of entrepreneurs and its impact on the success of business will be assessed. The paper will also highlight the significance of innovation and entrepreneurship.
Entrepreneurship is considered as the activity of setting up independent business venture by taking own liabilities. McLuskie (2017) commented that as the uncertainty in the market is rapidly increasing, running own business venture has become the matter of utmost importance for attaining competitive advantage. As per the case study, Eagle Boys- the famous pizza shop is one of the major entrepreneurial ventures in Australia, playing a major role in the economic development of the nation. Consistent effort towards research and development is one of the major aspects of the company, through which, they have secured a strong position in the market. According to the Resource Based Theory of Entrepreneurship, it is the prime responsibility of the successful entrepreneurs to explore the value of resources, which can have a firm impact on running own business in a cost effective manner. Malecki & Spigel (2017) both tangible and intangible resources play a significant role in attaining competitive advantage, which is the key of strengthening the position of a company in the intense competitive market. The CEO along with the higher authority of Eagle Boys are extremely committed towards exploring valuable resources such as research and development, innovation, lucrative branding and align them for the success of business (Bhagavatula, Mudambi & Murmann, 2017).
Appropriate branding is one of the most significant component for improving the public image of a company. According to the Aaker’s model, brand equity is one of the major factors in to generate attraction among the customers.
There are five different factors such as brand loyalty, brand awareness, perceived quality, brand association and other significant properties. Brand loyalty can be considered as the extent to which the customers are loyal to certain brand. Brand awareness is considered as the degree to, which the customers are knowledgeable regarding a certain brand. With the assistance of unique brand management approach, Eagle Boys has become able to strengthen their image among the customers which is the key of sating aside from the competitor (Spigel & Harrison, 2018). Therefore, Eagle Boys is being considered as one of the most trusted brands in Australia.
Creativity and innovation are one of the most significant for successful entrepreneurship, which support in attaining success from business. There are multiple qualities that are highly required for running a business venture with utmost efficiency. Strong optimism is the greatest skill of successful entrepreneur, which supports in facing the challenges which is the key of attaining innovation. Effective leadership skill is also a great factor in running a business venture towards appropriate direction (Parker, 2018). A firm vision has served the CEO of Pizza Boys with the ability to secure a strong position in the hardcore competitive market of Australia. As in the entrepreneurial venture, the employees are being controlled independently, it is imperative to introduce certain motivational factors, in terms of increasing the degree of commitment among them. Creative thinking is one of the most significant skills of successful entrepreneurial venture (Hardy & Maguire, 2017). This is the way, through which variety of practices can be assessed appropriately in order to come to an innovative ideas and apply them in the business process for attaining success (Kazanjian, Drazin & Glynn, 2017). Consistent research and development and excellent branding are the major creativity of Eagle Boys, through which thy have become the greatest brand throughout Australia.
Setting attainable goal is also a vital quality of successful entrepreneurs. It is imperative to set goal in accordance with the inner skills and competencies. Identification of strengths and weaknesses also helps in designing the business plan in an effective manner. Appropriate planning and organizing is another key quality of successful entrepreneurship (Meyer, Neck & Meeks 2017). It is imperative to design the business plan and arrange the variables in accordance with the predetermined goals. This can have a firm impact on running the business in a consistent and cost-effective manner. Making timely decision based on the issues is another major quality of successful entrepreneurs.
Passion of integrating innovative ideas into products and services is the greatest skills of successful entrepreneurs. This is the way, through which critical business related issues can also be solved. Innovation is one of the greatest way of facing challenges and make strong business plan for the sake of mitigating those challenges (Eckhardt, Ciuchta & Carpente 2018). Increasing workplace productivity is the biggest advantages of integrating innovation in the business process. This is the mode of allowing the staffs to think in a creative manner and thereby explore new working process. This acts as a motivational factor for the employees to boost their performance level. Eagle Boys is extremely committed towards integrating innovation in their working process (Bhachu, 2017). The company is consistently putting stress to come up with the new way of working. They have introduced two- tiered pizza delivery box with the intention of placing two pizzas into one box.
Creativity is the critical factor in staying aside from the hardcore competitors. With the assistance of effective innovation, the great qualities of business can also be showcased. Eagle Boys is using recycled papers in the pizza boxes for the sake of running business in an environmental friendly manner (Cooper, 2017).
Conclusion and recommendation:
Based on the discussion, it can be concluded by saying that, innovation is the key aspect of operating an entrepreneurial venture with utmost proficiency. Branding is the major factor for staying aside from the hardcore competitors in the market. This is the mode if strengthening the public image of a company. Successful entrepreneurs must possess strong leadership skill, with the assistance of which, they can be able to motivate the human resources and thereby lead them towards appropriate direction. Comprehensive stress on the area of research and development helps in improving the quality of products and services and thereby generate attraction among the customers.
However, as the competition in the Australian Food and Beverage Industry is rapidly increasing, Eagle Boys should incorporate a certain system in their business process. A strong system plays a significant role in running the business in a profitable manner. In the era of drastic development of technology, it is recommended for Eagle Boys to ensure strong presence in the social media, which is the key of attracting a potential base of customers. As intellectual property is the greatest aspect of business, it must be protected through unique logo and trademark. Effective business plan is one of the key factor in running the entrepreneurial venture appropriately. The predetermined goals, strengths as well as weaknesses must be incorporated within the business plan. In addition, strategy must also be undertaken for overcoming the weaknesses and thereby run the own entrepreneurial venture successfully.
Reference:
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Bhagavatula, S., Mudambi, R., & Murmann, J. P. (2017). Management and organization review special issue ‘The innovation and entrepreneurship ecosystem in India’. Management and Organization Review, 13(1), 209-212.
Cañeque, F. C., & Hart, S. L. (Eds.). (2017). Base of the Pyramid 3.0: Sustainable development through innovation and entrepreneurship. Routledge.
Cooper, A. C. (2017). Networks, alliances, and entrepreneurship. Strategic Entrepreneurship: creating a new mindset, 201-222.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Eckhardt, J. T., Ciuchta, M. P., & Carpenter, M. (2018). Open innovation, information, and entrepreneurship within platform ecosystems. Strategic Entrepreneurship Journal, 12(3), 369-391.
Hardy, C., & Maguire, S. (2017). Institutional entrepreneurship and change in fields. Sage Publications.
Kazanjian, R. K., Drazin, R., & Glynn, M. A. (2017). Implementing strategies for corporate entrepreneurship: A knowledge?based perspective. Strategic entrepreneurship: Creating a new mindset, 8(2), 173-199.
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McLuskie, P. (2017). Innovation and Entrepreneurship. International Journal of Entrepreneurial Behavior & Research, 23(1), 159-162.
Meyer, G. D., Neck, H. M., & Meeks, M. D. (2017). The entrepreneurship?strategic management interface. Strategic entrepreneurship: Creating a new mindset, 17-44.
Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.
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