Prepared for: Selina Tomasich Course Coordinator Innovation, Creativity and EntrepreneurshipWritten by: Ainsley Coomber student University of the Sunshine CoastStudent ID: 1062239Submission Date:Word Count:|
This report is to recommend an appropriate funding body for the retail industry. This report analysis business entrepreneur Sam Walton and how he made a successful organisation Wal-Mart. Included are definitions of an entrepreneur opportunity and motivation and examines three areas of value. This report will state what opportunity Walton identified and the motivation behind Walton’s actions and what and how Walton created value to himself, his consumer and the global community. Recommendations on an appropriate funding body are included.
Table of Contents
1.1Authorisation and purpose0
2.1Type of entrepreneur0
4.2Others and users0
4.3Global and international0
This report examines recognised business entrepreneur Sam Walton the founder and creator of Wal-Mart discount stores. This report identifies Walton’s opportunities and motivations for executing this opportunity furthermore explaining how Walton created value for himself, the consumer, and internationally. The report includes an overview of Walton and includes specifies suggestions and recommendations for further development of the organisation.
2.1 Authorisation and purpose
This report has been authorised by Salina Tomasich Course Coordinator of Innovation, Creativity and Entrepreneurship at the University of the Sunshine Coast, for the purpose of identifying funding opportunities for an entrepreneur.
This report is limited in that only one of the two businesses of the entrepreneurs is investigated and not all Sam Walton’s past experience in operating a successful business before the launch of Wal-Mart is not researched. 2.3 Scope
This report examines Sam Walton and both academic and credible sources are used to support the findings of this report. 2. Overview
‘An entrepreneur is a person who encourages creativity and innovation, and has a different perspectives which create certain values and opportunities, which reflect in success’ (Ma, H 2006). Sam Walton was the founder of American discount stores Wal-Mart, and is a very successful well recognised business entrepreneur. Walton is recognised for transforming the discount service in the retail industry across America. Walton can be related to when studying a Bachelor of business and Bachelor of Arts in marketing and communication as he has the personal traits and knowledge and experience in this area. 3.4 Type of entrepreneur
Walton’s concept was to build big stores that discounted everything in stock, and develop stores in small towns and in 1962 in Rogers, Arkansas the first Wal-Mart store opened. The discounting retail business model had been created and focused on large metropolitan areas, however it was what Walton did differently which made Wal-Mart such a successful organisation. Walton recognised what other competitors were doing and how the stores were operating and identified an opportunity in the discount market.
3.5 Opportunity defined
‘According to Vaghely, an opportunity relies on the knowledge and prior experience the entrepreneur has which becomes necessary to identify an opportunity’ (Vaghely, I 2008) Walton’s main strategy was discounting, and dramatically cutting prices in hope of undercutting his competition and making the difference up in turning over high volumes of stock, as no other stores operated by this concept. Walton took a different approach to pricing, placement...