How would you describe Fernandes’ entrepreneurial strategy? 1. General. Tony Fernandes was a risk taker; he bought his airline without prior knowledge about aviation as well as firsthand experience with the airline industry. He said in one of the interviews, “Go with your gut, give it your best bet and you may fail, but don’t give up” (INSEAD Knowledge, 2007). This statement shows the type of the person that he is. He is an independently-minded person who knows when to trust his gut. With his marketing and entrepreneurial ability, he was able to make his dream come true.
Dato' Sri Anthony Francis Fernandes – founder CEO of AirAsia
2. Entrepreneurial Strategies of Tony Fernandes.
a. A good grasp of finance.
Fernandes is an accountant by training and good at numbers. Educated at the London School of Economics, from 1987 to 1989 he worked as the financial controller of British tycoon Richard Branson’s Virgin Records in London. He got a good understanding of accounting and finance (Flores, 2013). b. Taking Care of Key Assets.
One of Fernandes’ strengths is his caring for and nurturing good employees. He sees people as the “key asset” of any business and hopes to help develop their full potential, passions and dreams. His business offices have no walls and he seeks ideas from his staff (Speaker Ideas, n.d.). c. Steady Branding Strategy.
Tony Fernandes said it took him seven years to consciously and consistently build up the AirAsia brand name and logo as distinct and internationally known (Times Internet Limited., 2014) . d. Efficient Marketing Strategy.
Tony Fernandes invests in and excels in marketing. He said: “If you have a great product but no one knows about it, its history” (Flores, 2013). e. Use of Digital Technology. Fernandes believes in using digital technology for his businesses. Much of his business comes from AirAsia.com. It is part of his clever marketing strategy to make passengers discover and enjoy his website (Flores,...
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Ong, Y. (2014). Fernandes Quits F1, Joins Other Asian Tycoons With Troubled Racing, Soccer Club Histories. Retrieved from http://www.forbes.com/: http://www.forbes.com/profile/anthony-fernandes
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Speaker Ideas. (n.d.). Tony Fernandes. Retrieved from http://www.speakerideas.com: http://www.speakerideas.com/tony-fernandes
Times Internet Limited. (2014). People. Retrieved from http://economictimes.indiatimes.com: http://economictimes.indiatimes.com/slideshows/people/the-story-of-tony-fernandes-and-airasia/tony-fernandes-would-have-ended-up-as-a-doctor/slideshow/18608948.cms
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