Analysis of Six Themes in Entrepreneurship Essay

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Entrepreneurship

Introduction

The company selected is Dar Almanthour for Fragrance. The company was established in the year 2000 by the owner, Mr. Therar AlTararwa. The key products retailed by the company comprise of Bakhour, perfumes, scents, perfume oil and designed boxes for formal events. It started off with his friend at work wanting to sell his own made up fragrance and offered Mr. Therar AlTararwa to sell these fragrances to his family and when he did Mr. Al Tararwa saw an opportunity that selling these fragrances made money and so he wanted to get in the game he bought dozens of fragrances from his friend and made a guy sell them and he had his percentage of the sales. So then and there, Mr. Al Tararwa saw an opportunity and offered his friend money to sell him the mixture ingredients of the fragrance so he can open up a fragrance shop his friend then joined the offer and they became partners and opened there first shop in Al Mubarikeya and the shop was running well Mr. Al Tararwa quit his job and started to work inside the shop and by then the shop sales went well , the paid up capital for the shop was 1500KWD there was a breakeven the second month of sales in year 2003 he bought a new shop for 3000KWD and then Mr. Al Tararwa started to travel to Singapore and Thailand and China to look for unique products to offer in his shop. Dar Al Manthour Fragrance has since then grown to become one of the biggest wholesalers of fragrance in the entire nation. In the present day, Dar Al Manthour Fragrances have 13 different shops in the GCC nations. From the outset, the company solely had two employees who were Mr. Al Tararwa and his business partner. However, subsequent to the business expansion, the company presently has 50 employees. The main objective of this paper is to examine and analyze the business of Dar Al Manthour Fragrance from an entrepreneurial perspective using different entrepreneurial themes.

Opportunity Discovery

Entrepreneurial activity takes into account a future circumstance that is both needed and achievable, irrespective of the resources that are presently under the control of the entrepreneur. In delineation, opportunities are objective actualities in the sense that they are existent aside from the entrepreneur and therefore, they can be discovered by more than one individual. In spite of the fact that opportunity acknowledgement is subjective to the person, opportunities themselves are deemed to be objective phenomena that are not recognized by all parties every time (Maastricht School of Management, 2018: Theme 2). Opportunities await to be discovered and different aspects elucidate who discovered such opportunities including alertness, opportunity cost, the kind of opportunity present, preceding knowledge and information symmetry and also personality traits. A fundamental aspect pointed out by Maastricht School of Management (2018: Theme 2) is alertness, which is delineated as an inclination to identify and be sensitive to information regarding objects, events and behavior patterns within the environment.

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This perspective is buttressed by various authors. In accordance to research conducted by Alvarez and Barney (2007), the discovery theory makes the assumption that entrepreneurs who discover opportunities are substantially dissimilar from others in their capacity to either perceive opportunities, or the minute that are perceived, to make the most of these opportunities. The authors point out the notion of alertness, which makes entrepreneurs associated within a market to become aware of opportunities generated by external shocks whole others disregard them. In the same perspective, Ardichvili, Cardozo, & Ray (2003) employ the Dublin’s theory building framework to proposition a process of opportunity identification. The authors point out that entrepreneurial alertness is a fundamental aspect for the achievement of opportunity identification, which encompasses three different factors including recognition, development, and evaluation.

Furthermore, in regard to opportunity discovery, Baron (2006) makes the argument that opportunity recognition is a form of pattern recognition. This is in the sense that…

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…company has been able to open up 13 different retail shops in different GCC nations. Majority of the success of the company can be tied to Mr. Al Tararwa. In regard to the 8 themes of entrepreneurship, it can be seen that the company has followed the right steps. However, it can be noted that Mr. Al Tararwa could have done a number of things differently. As pointed out by Shane (2001) technology is a great opportunity for established businesses such as Dar Almanthour for Fragrance for attaining better performance, reduced cost levels and also improved durability and aesthetics. One of the ways in which Mr. Al Tararwa can do to accomplish this is by opening a website and also capitalizing on social media platforms such as Facebook and Instagram. These platforms are not only beneficial for e-commerce but also for marketing and promoting the products. This will enable the business to increase its consumer base and also generate greater revenues and profits. A second aspect that could have been done differently is business planning. As explained by Greene and Hopp (2017) it is beneficial and meaningful to create business plans in regard to promoting venture viability. Bearing in mind that Mr. Al Tararwa did not have a business plan while starting the firm, it can come in handy at the present moment. Specifically, the founder of the company can create a business plan for expanding his operations in terms of opening new shops in several more GCC nations and also brining a wider range of products for consumers.
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References

Alvarez, S. A., & Barney, J. B. (2007). Discovery and creation: Alternative theories of entrepreneurial action. Strategic entrepreneurship journal, 1(1?2), 11-26.

Amit, R., & Zott, C. (2015). Crafting business architecture: The antecedents of business model design. Strategic Entrepreneurship Journal, 9(4), 331-350.

Ardichvili, A., Cardozo, R., & Ray, S. (2003). A theory of entrepreneurial opportunity identification and development. Journal of Business venturing, 18(1), 105-123.

Baron, R. A. (2006). Opportunity recognition as pattern recognition: How entrepreneurs “connect the dots” to identify new business opportunities. Academy of management perspectives, 20(1), 104-119.

Barringer, B. R., Jones, F. F., & Neubaum, D. O. (2005). A quantitative content analysis of the characteristics of rapid-growth firms and their founders. Journal of business venturing, 20(5), 663-687.

Fombrun, C. J., & Wally, S. (1989). Structuring small firms for rapid growth. Journal of Business Venturing, 4(2), 107-122.

Gerasymenko, V., De Clercq, D., & Sapienza, H. J. (2015). Changing the business model: effects of venture capital firms and outside CEOs on portfolio company performance. Strategic Entrepreneurship Journal, 9(1), 79-98.

Greene, F. J., Hopp, C. (2017). Are Formal Planners More Likely To Achieve New Venture Viability? A Counterfactual Model And Analysis. Strategic Entrepreneurship Journal, 11: 36 – 60.

Gruber, M., Kim, S. M., Brinckmann, J. (2015). What Is An Attractive Business Opportunity? An Empirical Study of Opportunity Evaluation Decisions by Technologists, Managers, and Entrepreneurs. Strategic Entrepreneurship Journal, 9: 2015 – 225.
Maastricht School of Management. (2018). Entrepreneurship MBA 52004.

Shane, S. (2000). Prior knowledge and the discovery of entrepreneurial opportunities. Organization science, 11(4), 448-469.

Shane, S. (2001). Technological opportunities and new firm creation. Management science, 47(2), 205-220.

Wood, M. S., & McKinley, W. (2010). The production of entrepreneurial opportunity: a constructivist perspective. Strategic Entrepreneurship Journal, 4(1), 66-84.

Zimmerman, M. A., & Zeitz, G. J. (2002). Beyond survival: Achieving new venture growth by building legitimacy. Academy of management review, 27(3), 414-431.

Zott, C., Amit, R., & Massa, L. (2011). The business model: recent developments and future research. Journal of management, 37(4), 1019-1042.

Andries, P., Debackere, K., & Van Looy, B. (2013). Simultaneous experimentation as a learning strategy: Business model development under uncertainty. Strategic Entrepreneurship Journal, 7(4), 288-310.

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