entrepreneurship assessment

Topics: Entrepreneurship, Entrepreneur, Business Pages: 7 (2009 words) Published: July 29, 2014
2013
University of Bradford

Ndukwe, J. (Adaobi)

ENTREPRENEURSHIP (MAN 4309M)
ENTREPRENEURSHIP ASSESSMENT

UB11030774
8TH JULY, 2013

Contents
THE ENTREPRENEURIAL JOURNEY AND START UP INFLUENCES OF COLONEL HARLAND SANDERS3 THE ENTREPRENEUR: COLONEL HARLAND SANDERS3
EVALUATION OF MY OWN ENTREPRENEURAL PROFILE12
SUMMARY13
THE COMPANY15
BUSINESS IDEA15
BUSINESS CONCEPT16
INDUSTRY ANALYSIS16
PORTERS ANALYSIS17
COMPETITOR ANALYSIS WORKSHEET18
PRODUCT POSITIONING19
BUSINESS MODEL20
FEASIBILITY STUDY23
FC WAMCO SWOT Analysis23
EVALUATION OF BUSINESS MODEL24

THE ENTREPRENEURIAL JOURNEY AND START UP INFLUENCES OF COLONEL HARLAND SANDERS THE ENTREPRENEUR: COLONEL HARLAND SANDERS

Colonel Harland Sanders ((September 9, 1890 – December 16, 1980) is known around the world for his famous "finger lickin' good" Kentucky Fried Chicken. His chicken, made from a special recipe that includes eleven herbs and spices, is served every day in restaurants that bear his likeness on the buildings. These establishments span the United States and more than eighty other countries. Kentucky Fried Chicken (KFC) is one of the largest fast food corporations in the world. He was the oldest child in a family of three. His father was a coal mine worker who died in 1985. His father's death left the responsibility of supporting the family to Mrs. Sanders who took a job in a tomato canning factory. That left young Harland (just six years at that time) at home to take care of his siblings and cook family meals. After being put out of jobs severally as a young man, he decided to cook for a living. He perfected a recipe for preparing chicken which became so popular. He first served meals out of his living quarters to travelers and then went on to open a restaurant. Eventually, he closed down the restaurant due poor sales because of a major road construction work that diverted customers away from his restaurants and drove long distances teaching other restaurateurs his recipes and signing franchises with them. He later died of leukemia at 90. (Emmerson(2009);www.kfc.com;http://userwww.service.emory.edu/~csynn/historyofkfc.html;http://en.wikipedia.org/wiki/Colonel_Sanders).

THE START UP INFLUENCES OF COLONEL HARLAND SANDERS ENTREPRENEURAL JOURNEY According to Burns (2011), the Start-up influences that develops owner managers could be classified into •Personal Characteristics

Situational Factors
Antecedent Influences

Burns (2011) Start-Up Influence
Antecedent and Situational Factors
Family: Colonel Sanders’ mother taught him how to cook. The famous chicken recipe was his mother’s recipe. This supports Burns (2011) start up influence that family can influence an entrepreneur. Unemployment: The death of his Dad at an early age which pushed his mother to work to care for her family, leaving the young Sanders (who was the first of three children) to care and cook for his family. This developed the cooking skill for which he is so popular for today. Furthermore, being put out of jobs severally, made him harness his cooking skill for survival. Economic Opportunity; when Sandler saw that people enjoyed his cooking, especially his famous chicken, he saw an economic opportunity in it, and seized it to make money from cooking for others. PERSONAL TRAITS

For Colonel Sanders, the need for independence, need for achievement and the need to have an internal locus of control were the first traits that pushed him to fall back on his cooking skill and run a restaurant. After being sacked from his job; being left by his wife and being taunted by his brother–in-law as “one who could hold a job” (http://en.wikipedia.org/wiki/Colonel_Sanders), he was able to rise to the challenge and take the “bull by its horn”. As it is commonly said, “Necessity is the mother of invention”. There was therefore a need to be his own boss, a need to prove that he was not a failure and a need...

References: Burns P (2011) Entrepreneurship and Small Business, 3rd edition, Basingstoke: Palgrave Macmillan
Entrepreneurship; Bradford School of Management 2012/2013, Distance Learning MBA Manual
Moran, P. (2005) Structural vs. Relational Embeddness: Social Capital and Managerial Performance, Strategic Management Journal, 26:1129-1151Neisser, U. (1976). Cognition and reality. San Francisco: Free Press.
Parks S. (2006) How to be an Entrepreneur Pearson. Harlow: pg 1-3, 7
Pritchett, B
Sabbarwal S. (2010) Factors Affecting New Venture Creation: A Study in the Indian Scenario.
International Journal of Business And Management Studies. Vol 2, No 1, 2010 ISSN: 1309-8047 (Online)

Stokes D and Wilson N (2006) Small Business Management and Entrepreneurship, 5th edition, London: Thomson Learning
Sundbo, J., Johnston, R., Mattsson, J., & Millett, B
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