The entrepreneurship and small business: MUJI case study
In the global business, most of popular brands have been the entrepreneurship before they success. A number of individuals, who want to invest in some business, must have the investment budget or good financial status. However, the money is not the basic factor to invest the business yet the opportunities to initiate the business are more important than investment from shareholders. For example, Mr. Mark Zuckerberg, who is the founder of Facebook, was discovered the chance to create website which can share the activities and connect with friend and become the greatest social network in the world. (Phillips, 2007) “They are seen as risk-takers and innovators who reject the relative security of employment in organisation” Goffee and Scase (1987) This statement clearly description of the entrepreneur is the person who admits and receives the threat of economic and invests the new business firm. (Wallener, 2003) An entrepreneur has to undertake and confront with recklessness and irregularities while individual might achieve the objectives and receive the profit or loss everything. (Akrani, 2010) According to Martin (2010) journal defined that an individual who notices a recently probability which reaches the unfulfilled of consumers demand or develop the presented business opportunities. An entrepreneur must found the opportunities which equivalent with skills and interest. (Byers, 2011) The essential objective of an entrepreneur is must continually existing in industry; individual should always be a leader and creative to maintain the value proposition of invention. (Haider, 2010) This essay will describe the essential factor to become an entrepreneurship and also use Muji as a case study of excellent example for research how it grown from entrepreneur to the popular Japanese brand in the world. Opportunity
The business opportunity is the chance to establish a new venture, Abraham, Jayashree, Kumar and Poornima (2003) claimed that the entrepreneur needs to decide on the possibility and feasibility opportunity afterward develops into a competitive advantages. There are two types of opportunities; first are opportunity pull or opportunity creation Brown and Hagel (2005) research claimed that pull models are method that retort the uncertainty and managing the customer requirements through enlarge the opportunity. It also offers the instrument and source toward entrepreneur to innovatively and create opportunity throughout renovates doubt from the troubles. Secondly, the push model or capability pushes which are the chances that generate from highly innovations. Abraham, Jayashree, Kumar and Poornima (2003) stated that there are many resources of invention inspiration, for example market characteristics, social and economic trends and changes in utilization pattern. Once an entrepreneur recognises concerning business opportunity, the evaluation process would supports the firm decision by using SWOT analysis or market surveys. Crickett (2007) suggested that the analysing business opportunity process an entrepreneur should determined the feasibility, demand and supply and also taking into consideration of industry size and market growth rate to ensure that those could provide the profit margin. “Falling in love with a single business idea can be dangerous” (Lewis, 2008) According to Churchill (2007) research suggested that the business opportunities have a lot of chance to discover and also remaining in the market, however those are not suit with natural resources, financial statement or labour skill. The entrepreneur should makes a cautiously decision which appropriates with firms capability to obtain the profits and successful. On the other hand Lewis (2008) recommended that if the firms chose the incorrect business opportunities which not suitable with potential of the firms, it would waste the occasions, capitals and energy nevertheless returning with...
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