Entreprenuership Charles & Keith

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Title: The journey of a successful entrepreneur

Assignment topic:
Select an entrepreneur who has had measurable success with at least one venture. The situation involved could be a new business venture, a new product or a new process but it should represent a significantly new direction for the entrepreneur.

Write a short report about what happened and how it confirms or disconfirms the principles in your textbook, emphasising:

* The historical background and environmental conditions that led to its emergence * A description of the approach, attitudes and behaviour towards the innovation. * The strategies that were employed and which ones contributed most to the innovation’s success.

Word Count: 2,439words

Executive summary
This assignment takes a look at a Singaporean entrepreneur, Charles Wong whom together with his brother, Keith, established a popular Singapore brand, Charles & Keith, famous for women’s footwear and accessories.

In this assignment I will look at the entrepreneurial journey of how Charles started with very humble beginnings, only to grow the chain into an international successful brand valued at S$200 million. I will also look at the way Charles & Keith approached their business using the various schools of thoughts that I believe influenced their business the most. Finally, I will highlight the strategies that I believe contributed most to their success.

Table of contents

1. Introduction………………………………………………………………………3

2. Historical Background……………………………………………………………4

3. Approach, Attitudes and Behaviour ………………………………………….…..4

4. Strategies that contributed most to the success………………………………..….7

5. Conclusion……………………………………………………………………….10

6. References……………………………………………………………………..…11

1. Introduction
In this assignment, I have chosen a case study of a Singapore entrepreneur, Charles Wong, whom together with his brother, Keith, established a popular Singapore brand, ‘Charles & Keith’, now an international chain valued at S$200 million with over 170 franchises worldwide, known for women’s footwear and accessories.

In this paper, I will highlight the journey and entrepreneurial success of Charles & Keith by referring to the theories and principles addressed in the textbook. I will start by giving a historical background and environmental conditions that led to its emergence. Next, I will refer to the theories and approach that Charles took as an entrepreneur, touching upon his attitudes and behaviour towards the business. Finally, I will address the strategies that the brother employed, which I believe contributed the most to their success.

2. Historical Background
2.1 The beginning
In the 1990’s in Singapore, there was a period of weak economy (NWC, 1996). To secure a job was competitive, especially for the Wong brothers, who had both not done academically well in their ‘O’ levels. (SPRING, 2010). The brothers had no choice but to help out in their mother’s ladies shoe shop in a residential area for almost five years after completing their ‘O’ levels and national military service.

2.2 The opportunity discovered
During the time he spent working at his mother’s shop, Charles learnt a lot about the customers. He realized that one end of the market spectrum was dominated by imported shoes whilst poorly made shoes that were available in other neighborhood stores dominating the other end. There were no homegrown brands in the fashionable footwear market (middle segment of the market) (‘From dream to reality’ 2007).

The main grouses of his customers were that the shoes that were available were not only costly but also unbefitting for the Asian feet. In addition, Charles also noted that the local ladies had become more fashionably conscious. Based from customer feedback, Charles observed that merely selling shoes bought from wholesale suppliers did not provide a variety of designs and choices to...
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