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There are many key challenges in corporate entrepreneurship: leadership, strategy, structures, processes, systems, culture, style, and shared values with each promoting and challenging intrapreneurship within a firm in their own way.
i) Characterise the development of the entrepreneur?s corporate venture from the start up of the business to the present day
ii) Explain how and why the entrepreneur might have needed to separate the corporate venturing efforts from the larger traditional organisation. Was it necessary to do this? Why? Why not?
iii) Provide your perceptions as to the major obstacles and problems the entrepreneur faced in creating successful corporate venturing. Explain how these were overcome.
iv) List the key success factors and/or the failure components of the entrepreneur?s corporate venturing efforts and how the latter were overcome.
v) Comment on what the entrepreneur hoped to gain from the corporate venture effort and provide examples.
vi) In sections i ? v of your report, link the organisation?s actions to appropriate explanatory theories and concepts learned in lectures and from readings, journals and texts (particularly the prescribed text.)
As this is a theory based report, in addition to citing websites as a source of your information, you will be expected to cite relevant theory and concepts to support your work. A minimum of 12 references (not all from the same source) is required. You will note that you will be pressed to compile a comprehensive and concise report of this nature in 1500 words. Therefore it is imperative that you make good use of Appendices to support and underpin your report.
**You don’t need to write introduction and conclusion, you just answer a question.
**Do not copy other work please.
**Do not use any infomation from wikipedia please.
**I will give u an example of my friend work but do not copy please, just wanna show you a structure of paper and how to write on my work.
**I will send you a file of article which you can read and answer all questions.
** Please email me if you have any question, ranz_ao@hotmail.com
thanks you so much 🙂
This is an example of my friend work…
i) Characterise the development of Gerg Stamboulidis? corporate venturing
Greg developed his business by focused on the development of value chain which is the activities in the organization until all of the processes of production to the end users (Pech, 2009). Firstly, Gerg started the business by bought the business which sold foods to school canteen and fish shop around Melbourne. Every morning Greg went to buy fish from the supplier at Melbourne market and it was very small scale and low margin profits but that time he did not improve the value chain. Greg was think to start finding sources from overseas because of the limited number of fish in Southern Australia and the government regulation. Moreover, another reason that Greg wanted to buy fish from overseas because in 1990 the shark prices, labor cost, competitors are very high. As a result of these, Greg identified South Africa to be new supply sources as it had a domestic problem which was apartheid so there might have a lot of shark and the prices was cheaper than in Australia which only 3.00 AUS per kilo. In this stage, Greg gained 100 percent profit margin compared with 10-15 percent when he bought from market in Melbourne. According to Christensen (2010), competitive advantage is the activities that the company is doing better than competitors in minds of customers. As Greg found the new sources which reliable and cheaper than its competitors. Greg also jointed venture with South African suppliers to reliability of product and good network. However, South Africa was a big source to provide fish to his company, he still searched for other resources such as Brazil, Chile, Mexico and Fiji.Value chain management could help the company to gain competitive advantage (Thompson and Martin, 2010). Furthermore, Greg created new businesses by using differentiate strategy to produced new products such as calamari ring, hotdogs and frozen fish. He added value on his products and service to differentiate his products from competitors. According to Grant (2005), firms need to consider ability of supplier and the demand of consumer before doing differentiation strategy to create the best value for the customers. The value of supply chain and differentiation could create new venture.
ii) Explain how and why he might have needed to separate his corporate venturing efforts from his larger traditional organization
Greg might need to separate his corporate venturing because the price of fish was rapid increasing, high labor cost and too many competitors. According to Block & MacMillan (2003), separated venturing could help the firm to find other opportunities and evaluate rather than one venture because nowadays there are many competitor in the market so the company could look at the new venture to reduce risk. Moreover, he decided to do other business because the customers do not want only the fish so he may need to expand his business to serve all of the customer?s need. According to Hitt, Ireland and Hoskisson (2010), most companies are successful because they learn and know how to fulfill the need of their customers. Greg expanded his business to do mining to gain economies of scales. They also state that it is necessary to determine core competency for producing new product and services to new customer. Greg knows that he has opportunities from his suppliers to create other seafood products such as calamari ring, frozen seafood and filleted fish which are suit with the need of customers. In addition, Greg might separate new venturing because of the life cycle of the product which is various stages of the product starting by birth, growth, maturity and then decline. Product life cycle could help the company knowing the limited of its product leading to develop and launch new products to new market (Sahaf, n.d.).
iii) Provide your perception as to the major obstacles and problems Gerg Stambolidis faced in creating successful corporate venturing. Explain how these were overcome.
There are many obstacles and problems that Greg faced in corporate venturing. First of all, low profit margin, the increase price of fish, high labor cost and many competitors contribute to finding the sources from other countries. Moreover, supplier from South Africa that he thought its reliable announced to finish the contract and joint venture with his competitor. In the same time, greedy New Zealand supplier increased the price until he cannot accept. However, Greg could success corporate venturing because he learns from his failures and experiences to improve the business and prevent from happening again. According to Wickham (2001), good entrepreneurs learn from failure and they believe that their innovation can create new value to customers, as it is an integrated part of venturing.
From all obstacles, it is likely that supply chain management is important because of the importance of all chain which the firms need to concern all stages of the production to gain the best advantage. The success of supply chain management could generate lower purchasing and inventory cost, better quality of the product and the increase of customer services and sales (Wisner, Tan and Leong, 2008).
iv.) List the key success factors and/or the failure components of Greg Stambolidis?s corporate venturing efforts
There are many key successes that Gerg faced with his corporate venturing. According to Bygrave and Zacharakis (2011), the advantage from first mover needs to move quickly and do the things better than competitors and it could create switching cost to customers as Greg knew that he could earn more profit if he found new sources which are better than Melbourne suppliers. As a result of this, Greg went to overseas and obtained the cheap price of fish. Hill and Jones (2009) state that first mover might create brand loyalty because customers can remember the products name even the competitor did the similar product. Moreover, as Greg is doing the business for a long time, he has good networks. According to Blundel and Lockett (2011), network may extend the venture by additional resources, support and information. This could lead to expanding his business and his market quickly and it might be an easy task if he needs to do other business. Greg also had a good relationship with his supplier to reduce the shortage of products and prices as the relationship with supplier may make the stronger position to deliver value to customer. Greg could the product with low price but high quality leading to get more benefit. Another key success might be teamwork because if it has a good team, it might reduce the problems in the workplace leading to efficient work and profit to the organization (Bygrave and Zacharakis, 2011). Greg treated his workers by listening their suggestions because he believe that they are the persons who are know about the problems as they work closely. Greg also linked his work with his family, as both are important for him to do the business. However, the failure component might be the under overlook his South Africa and New Zealand well supplier which finished the contract without signal and increase the price. This could be the cause by the intervening of the competitor. Peng (2009) argues that supplier has ability to raise the prices and reduce the quality of goods as the bargaining power of supplier. Although Greg was failed, he was trying to learn and improve the business from his experiences leading to successful.
v.) Comment on what Greg Stambolidis hoped to gain from the corporate venturing effort and provide examples.
Greg Stambolidis expects to gain high profit margin and competitive advantage by differentiated products because of the diversification of customers so the company might improve and create the product to gain competitive advantage. Moreover, Greg sells the high product quality with the reasonable prices because he thought that cheap price means insufficient products that cannot match the customer?s need. Greg needs to keep the customer?s base by quality not for quantity. Clow and Baack (2011) claim that quality of product can create customer loyalty and brand reputation. According to the Greg?s business, it can be seen that the differentiation strategy is an important to create new products. Successful differentiation leads to value creation and high value for customers and high profit to supply as customers willing to pay premium to get the high quality of product (Kleinaltenkamp and Ehret, 2006).
Apple is a good example company that uses the differentiation strategy. In the past, the apple computer was not interesting in customer?s eyes because its design and programs were not work well compared with Microsoft so Apple was developing the products. The first product was IPod that use differentiation leading to becoming a popular product. After that, it still develops new products such as I Phone and Mac which also differentiate and innovative. Even the prices is expensive, customers are willing to pay because of uniqueness and services. This could be the cause that Apple is becoming the best company in technology areas.
References
Books
Block, Z. & MacMillan, I. C. (2003). ?Corporate Venturing: Creating new business within the firm? Beard Book
Blundel, R. & Lockett, N. (2011). ?Exploring Entrepreneurship: practices and perspective? New York: Oxford University Press.
Bygrave, W. & Zacharakis, A. (2011). ?Entrepreneurship? 2nd edition, USA: John Wiley & Sons.
Clow, K. E. & Baack, D. (2011). ?Cases in Marketing Management? SAGE
Grant, R. M. (2005). ?Contemporary strategy analysis? Wiley-Blackwell
Hill, C. & Jones, G. (2009). ? Strategic Management Theory: An Integrate Approach? Cengage Learning
Hitt, M. A., Ireland, R. D. & Hoskisson, R. E. (2010). ?Strategic Management: Competitiveness & Globalization, Concepts? Cengage Learning.
Pech, R. (2009). ?Entrepreneurial courage, audacity and genius? Australia: Pearson Education.
Peng, M. W. (2009). ?Global Strategy? 2nd edition, Cengage Learning
Sahaf, M. A. (n.d.). ?Strategic Marketing: Making decisions fro strategic advantage? PHI Learning
Thomson, J. & Martin, F. (2010). ?Strategic Management 6th? Cengage Learning EMEA
Wickham, P. A. (2001). ?Strategic Entrepreneurship: A decision making approach to new venture creation and management? UK: Pearson Education.
Wisner, J. D., Tan, K. & Leong, G. K. (2008). ?Principles of Supply Chain Management: A Balanced Approach? Cengage Learning
Journal Articles
Christensen,. H K. (2010). ?Defining customer value as the driver of competitive advantage? Strategy & Leadership, Vol. 38 No. 5, pp.20-25
Kleinaltenkamp, M. & Ehret, M. (2006). ?The value added by specific investments? Journal of Business & Industrial Marketing, Vol. 21 No. 2 pp. 65-71.
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