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The entrepreneurial process that brought about the creation and growth of the business venture, mySmoothie, by the innovative entrepreneur, Domeniqu - Essay Example

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The growth and expansion of any business depends largely on the kind of entrepreneurial structures that are put in place by owners of the businesses. Even though managers and staff may have their own roles, the role of the entrepreneur is most pivotal because the entrepreneur represents the vision and future if the business (McCarthy, 2001). …
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The entrepreneurial process that brought about the creation and growth of the business venture, mySmoothie, by the innovative entrepreneur, Domeniqu
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Extract of sample "The entrepreneurial process that brought about the creation and growth of the business venture, mySmoothie, by the innovative entrepreneur, Domeniqu"

Download file to see previous pages Even though managers and staff may have their own roles, the role of the entrepreneur is most pivotal because the entrepreneur represents the vision and future if the business (McCarthy, 2001). This is to say that, the entrepreneur has vital roles to play in terms of process and behavior and it is only when these roles are played well that growth and expansion can come about. To this effect, the writer is putting mySmoothie on the periscope to critically analyze, using theories and concepts from entrepreneurship to explain how the business venture has operated and the positive outcomes that has resulted particularly from its entrepreneurial process. Entrepreneurial Processes adopted by mySmoothie As far as entrepreneurship processes are concerned, mySmoothie has adhered to three major and important concepts and theories of entrepreneurship. These are recognizing opportunities and generating ideas, decision making and planning, and marketing. Diagrammatically, the write-up shall be presented as below: Firstly, Domenique and for that matter mySmoothie has in place entrepreneurial processes that ensure that production and operations of the company meet the needs of consumers. According to the International Institute for Management Development, IMD (2007), mySmoothie was started out of the theory of recognizing opportunities and generating ideas in the sense that, Domenique Forsberg took advantage of the absence of winter in Sweden in 2004 to start a company that rightly matched the prevailing whether at the time. The opportunity was the absence of winter and the idea generated was to start a fruit drink company that would produce chilled drinks to cool the thirst of consumers. This indeed worked perfectly and was a step in the right direction. Indeed, in entrepreneurship, the process of meeting the needs of consumers is paramount in choosing what to deal in. This is because consumers are becoming more and insightful of the need to purchase products that match their needs rather than those that match their wants. It is no wonder therefore that after just two year of operation, mySmoothie was reported to have made €1 million in 2006 (IMD, 2007, p.1). Such operations of recognizing opportunities and generating ideas have continued to be one of the most adhered theories for mySmoothie in all its business processes. For instance the company has recognized the prevailing health concerns associated with the use of sugar, preservatives and other additive and come up with the idea of eliminating the use of these compounds from its products (BevNET, 2011). The process of decision making and planning at mySmoothie is also in conformity with entrepreneurial concepts and theory on leadership. Ashley (2010) opines that “leadership philosophy is a set of beliefs and principles that strongly influence how we perceive ourselves within an organization and those that we lead.” This explanation goes a long way to explain the importance of leadership in any given organization or establishment, of which mySmoothie is not excluded. According to Ashley (2010), one important component of leadership is decision making. In entrepreneurial theories, there are three major types of entrepreneurs as far as decision making is concerned. These are authoritarian or autocratic leaders, participative or democratic leaders and delegative or free reign leadership (Clark, 2006). According to Clark (2006), “a good leader (entrepreneur) uses all three styles, depending on what forces are involved between the followers, the leader and the situation.” Relating this assertion to mySmoothie, it will be right to say that the process of decision making and planning is at its best in the organization. This is because at mySmoothie, ...Download file to see next pagesRead More
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