Pakistan as a Nation
Q1. What you have learned from this case study?
The first and important lesson I learned from this case study is “Hard Work”. No matter what hurdles we face in our life, we just have to be determined and committed enough to achieve our desired goals.
Another thing I learned is that if you want to be successful in your life, you have to take some big risks. We should be able to make critical decisions required for critical stages for our career. Besides taking risks, innovation is also an important criteria for determining success. If a person wants to do a successful business, he should be innovative.
Q2. Apply major definitions of entrepreneurship to this case study with justification?
According to Alfred Marshal, a successful entrepreneur is the one who is innovative and imaginative in his approach to business establishment and growth. This definitions clearly applies on the Hugh, as he was the man with no good education but still he was very imaginative and innovative to become a successful businessman.
Similarly Donald fulfilled the Cantillon’s definition of “Key Market Player” when he grasped the opportunity to work as production manager in Albyn plastics and setup “Health and Beauty Company” seeing market demand.
Q3.Three major themes of entrepreneurship: Innovation, opportunity recognition and risk taking should be pointed out from case study?
Hugh’s business practices were new of his time. So he was visionary, he had ideas; he was able to see things differently. So despite of limited knowledge he was innovative.
Both Hugh and Donald were able to grasp the right opportunity at the right time. For Example Hugh was ready to take over as a manager in Scotland. Similarly Donald also keeps on grasping opportunities and keeps on increasing his value.
This decision also involved risk as in order to fulfill a contract you need money. When Hugh took a place for his company on rent to fulfill production and a loan was secured against his house, there is very
The first and important lesson I learned from this case study is “Hard Work”. No matter what hurdles we face in our life, we just have to be determined and committed enough to achieve our desired goals.
Another thing I learned is that if you want to be successful in your life, you have to take some big risks. We should be able to make critical decisions required for critical stages for our career. Besides taking risks, innovation is also an important criteria for determining success. If a person wants to do a successful business, he should be innovative.
Q2. Apply major definitions of entrepreneurship to this case study with justification?
According to Alfred Marshal, a successful entrepreneur is the one who is innovative and imaginative in his approach to business establishment and growth. This definitions clearly applies on the Hugh, as he was the man with no good education but still he was very imaginative and innovative to become a successful businessman.
Similarly Donald fulfilled the Cantillon’s definition of “Key Market Player” when he grasped the opportunity to work as production manager in Albyn plastics and setup “Health and Beauty Company” seeing market demand.
Q3.Three major themes of entrepreneurship: Innovation, opportunity recognition and risk taking should be pointed out from case study?
Hugh’s business practices were new of his time. So he was visionary, he had ideas; he was able to see things differently. So despite of limited knowledge he was innovative.
Both Hugh and Donald were able to grasp the right opportunity at the right time. For Example Hugh was ready to take over as a manager in Scotland. Similarly Donald also keeps on grasping opportunities and keeps on increasing his value.
This decision also involved risk as in order to fulfill a contract you need money. When Hugh took a place for his company on rent to fulfill production and a loan was secured against his house, there is very