Entrepreneurship is about a philosophy not necessary for any organization to start with a new idea, it could be in an exciting process, service or product. This chapter demonstrates the nature of entrepreneurship and how could be applied in established companies. Moreover, the similarities and differences between corporate entrepreneurship and the startup of a new business.
In addition, the ten most famous myths that people pretending and why they are inaccurate, for example “All You Need Is Luck to Be an Entrepreneur”, so entrepreneur usually ready to deal with conditions and take the advantage of each single challenge to use it for their further to succeed.
On the other hand, it describes eight rules for fostering an innovation in the organization, so UAE government implement rule number four which says, “New Voices”, which applied by appointing Minister of Youth to be the voice of the youth.
Finally, there are seven ways where entrepreneurs could apply to establish in startup companies and will be elaborated in the discussion questions below.
Case Study: The Challenge of Entrepreneurial Growth
Question 1: What entrepreneurial processes are evident with these four companies?
The entrepreneurial processes are consisting of six stages:
1- Identifying the opportunity
2- Defining the Business concept
3- Assessing the resource requirements
4- Acquiring the necessary resources
5- Implementing and managing the concept
6- Harvesting the venture
Below is our analysis for each company against the above six stages:
Identifying the opportunity was one of the stages that Walmart used, the founder of Walmart Mr. Sam Walton opened the first store after his retirement from Military. Mr. Sam had experience in retail business and found the opportunity to add value to his consumers under the slogan “Save Money … Live Better” by launching first Walmart store in 1962.
Sam was having the ability to define his business concept through putting a strong thought and visionary that he implemented in establishing Walmart, which resulted to success and the DNA of his business was built on helping customers and communities to save money and live better.
Walmart ranked first among retailers as mentioned in the case study, so this achievement resulted because of assessing the required resource by good planning, considering financial support, technical support and other resources required to run the business.
In addition, Walmart shared the company’s vision with the industry at the beginning and he faced ignorance because of that, but by the time they started believing his vision, therefore he made them partners of the success of Walmart which added a big value to the company through acquiring the necessary resources in diversifying customer’s demands and through applying strategic sourcing to other items and following mastery of supply chain.
Furthermore, the point behind his vision is to provide the best experience not only for the customers, on the other hand for his partners as well, that is because he depends on them to give the consumers best shopping experience and to win their loyalty. This sustainable entrepreneurship philosophy in implementing and managing his concept was the core of his and his partner’s success.
“If we work together, we’ll lower the cost of living for everyone…we’ll give the world an opportunity to see what it’s like to save and have a better life”. – Sam Walmart.
Finally, the journey since 1962 went through many phases and tern points, so because of his clear vision, confident he was well prepared to learn from the challenges faced and take the advantage of it to succeed and used many rules to be innovative and always top, today Walmart considered as one of the best in retail, so in fiscal year 2010 they gained sales of $405 billion, so the empire of Walmart managed by more than 2.1 million employees worldwide.