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Entrepreneurship: Overview of Lansdowne Chemicals - Essay Example

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ENTREPRENEURSHIP By Institution Date Entrepreneurship Introduction Overview of Lansdowne Chemicals Lansdowne chemicals, a company dealing in chemical production, started its operations in 1977, but has since then grown to diversify its business into a global chemical supplier…
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Download file to see previous pages The company’s strongest markets are New Jersey and New York, where it receives total estimated revenue of $4,180,000 and the rest of the US market, which has total revenue of 674,500. The company has invested in understanding the needs of its customers by providing them with duty free goods, offering reliable services. The company’s supplies are in time, with the company taking a maximum of 2 days to make a delivery. It operates bonded warehouse facilities, while its products are homogenous. The company, according to George, has cut itself a competitive advantage over other companies in the same business especially in New Jersey and New York since the quality of its services globally is the same. It offers competitive prices, with its chemicals being cheap and affordable. He ascertains that the company has formulated a globalization distribution strategy that ensures faster delivery to its customers, increased its global market share, increase its profits turnover while ensuring economies of scale. The company has also created a partnership with other companies for over 20 years to offer quality services to its customers. In the interview, George acknowledged that setting up a company as large as Lansdowne was not easy. He had to learn how to manage and run an enterprise and use experience gained elsewhere to his advantage. Lack of information to him is what pulls down many exotic ventures that end up collapsing on their initial stages. However, for Lansdowne to have remained in business for 36 years, he attributes this to knowledge and skills. He has had to study the environment, learn managerial classes, how to forecast and business management skills as well as public relations skills. He has cut had to keep learning in order to be an all rounded entrepreneur. George Watkinson-Yull got the idea of fragrance business by working in the United Kingdom. For the years that he had been in the business, he learnt a lot about the business, through experience and interaction with customers. Through his marketing channels, he built his customer base. After his retire, he set up his own fragrance business which is a success. The bird in hand theory helped him start the business and succeed in it. Bird in hand theory states that an entrepreneur can focus on the business he is conversant with in order to succeed. It saves the entrepreneur time and efforts in researching for the business and the having to acquire new skills and knowledge in running a business (Sarasvathy et al. 2010, p. 73). In this paper, we discuss entrepreneurship with reference to George Watkinson-Yull and his Lansdowne chemicals. Nature of Entrepreneurship Whether entrepreneurial skills are an inborn talent or a learned and acquired skill through experience and education, different accounts by successful entrepreneurs seeks to answer this. While some believe that entrepreneurship is an acquired skill through life changing experiences and learning, some argue that best of the entrepreneurs are born with the talent (Pittaway & Cope 2007, p. 212). To Greene & Mole (2007, p. 14-20) entrepreneurship is a learning process that does end in a persons’ life. It is a continuous process that probably ends when someone dies. How one adopts to life changing situations, the way we look at opportunities that come our way and try to survive in the competitive world is what makes us entrepreneurs. However, in business, somebody who ...Download file to see next pagesRead More
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