A business that is privately owned and operated with a little range of employees and has relatively low level of sales is named a small business. It could be started at an extremely low priced and on a part-time basis. SMALL COMPANY Management refers to management of such small businesses.
A firm which undertakes risky ventures and engages in product-market innovation is called an entrepreneurial firm. (www. highbeam. com)
An Entrepreneur is a person accountable for setting up a fresh enterprise. He has the initiative, skill for innovation and ideas. He looks for high achievements and assumes significant accountability for risks taken and their outcome. Entrepreneurship involves taking chances, investing under uncertain conditions innovating, planning and taking decisions to increase productivity and profits.
The purpose of this project is to understand and analyze the characteristics of entrepreneurs and entrepreneurial businesses by critically evaluating the entrepreneurial orientation of the "Google Inc" and entrepreneurial traits of its founders, critically evaluating the entrepreneurial orientation of a local small company and entrepreneurial traits of its founders and commenting on the differences/similarities between the two.
The local small business chosen because of this project is Layali al Asalah. It is an institution which encourages Omani women fashion designers to hone their skills to become more creative and innovative.
Entrepreneurial Orientation identifies "the processes, practices, and decision-making activities that lead to new entry"(Lumpkin & Dess, 1996, p. 136). It really is a key ingredient for a firm's success. Entrepreneurial Orientation is a strategic response to a complex group of institutional environment and firm factors. Entrepreneurial behaviour, behaviour that is more aggressive, innovative, proactive and risk taking, is significantly associated with specific attributes of the institutional environment of the firm. Additionally it is from the perceptions that firm leaders have of that environment and the resources open to the firm for responding to environmental conditions. (www. freelibrary. com)
Initiative: It is an inner urge in an individual to do or initiate something. Entrepreneur can be an innovator who explores new means of working to initiate and accelerate the procedure of economic development. He is always on the lookout for opportunities and is ready to exploit them in the needs of the business.
Motivation & Persistence: An entrepreneur is self motivated towards achievement, is never disheartened by failures and is dedicated to what he does.
Commitment to efficiency: An entrepreneur is always keen to devise new methods targeted at promoting efficiency, making work easier, simpler, better and economical.
Idea generation: A business owner generates new ideas through vision, insight and observation and also through environmental scanning and market survey.
Creativity: Creativity refers to richness of ideas and originality of thinking and ability to produce something new through imaginative skill.
Innovation: Innovation means doing new things or doing things in a new way. It offers new processes of production, introduction of services, creation of new markets, discovery of a new and better form of organization and so on that enable the organization to gain competitive advantage in the market.
Introduction to Google Inc.
To organize the world's information and make it universally accessible and useful. (www. google. com)
Google Inc. is a search engine, an entrepreneurial venture by Sergey Brin and Larry Page. Google, primarily named Backrub, was started as a research project by Sergey Brin and Larry Page. In 1997 they registered the domain google. com derived from the word "googol, " a mathematical term to representing one followed by 100 zeros. It was named so to reflect the immense volume of information that exists, and the scope of Google's mission. In 1998, it became a privately owned incorporate known as Google Inc. With use of advanced technology and extensive research on search algorithms, Google successfully established its brand name in search on the internet engines. It now employs almost 20, 000 employees world over with a management team which boasts of having some of the most experienced technology professionals in the industry. Google became successful because it was faster and better at locating the correct answer than other search engines at the time. Over time Google has grown and expanded offerings from an individual service to dozens. Its dedication to its users and belief in the options of the Internet remain unchanged.
Online productivity software like the Gmail e-mail software, applications like the web browser Google Chrome, social networking tools like Orkut and Google Buzz, the Picasa photography organization and editing software, Google Talk instant messaging and phone operating-system like the Android mobile.
Google is known for having an informal corporate culture. Google still maintains a tiny company feel though it is continuing to grow a lot since its inception. Its commitment to innovation depends after everyone feeling comfortable sharing ideas and opinions. No employee hesitates to directly pose questions to Larry or Sergey. You should definitely at the job, the employees pursue interests from wine tasting to flying Frisbee.
Entrepreneurial Orientation of Google Inc.
Risk taking: Getting into new ventures like Google Green and Google Venture gives evidence that Google inc. is a risk taking firm as significant amount of resources were committed in these ventures without surety of these success. Google is really the only company on the globe which was bold enough to consider the risky step of using the business's logo by creating doodles. In 2011, Google will launch Google TV which is a mixture of TV, applications, search and entire web on TV. That is a risky venture due to the fact it will be in direct competition to conventional TV.
Google Translate: It's the world's most significant machine translation engine having more than 50 language pairs. Google Translate mobile version can transcribe one's voice, translating this content into some other language of preference and then speaking it back to an individual.
Android: It really is a mobile service which lets Users access information at will. Users can carry out various tasks like checking mail, online shopping etc using their mobile phones.
Google Instant: It predicts User's search and shows results instantly even before typing is finished.
Google Books: It allows users to control an individual bookshelf, see what books friends are readings, share books etc.
Service consciousness: Google Inc. is committed to providing best quality of services to the Users. The company knows that point is valuable for Users and therefore it aims to provide fast, accurate and easy-to-use services. Google's search interface emerges in more than 110 languages and translation tools can be found to translate web pages to address the needs of individuals around the world.
Competitive aggressiveness: Competition keeps Google Inc. on the toes. Google constantly invests in research & technology to keep ahead of competition. Due to cut throat competition from rivals like Microsoft's Bing, Google has improved output potential of every search on the internet by introducing Google Instant making the search faster by almost 2 to 5 seconds.
Autonomy: It refers to the independent actions taken by entrepreneurial leaders or teams to start a new venture and seeing it succeed. Google Inc. has started various new ventures like Google Org & Google Green and worked hard to make them successful.
Entrepreneurial traits of Google's Founders:
Vision: Google's founders were very technology savvy and wanted masses world to have access to the vast information available around by using technology. That they had the vision to make internet and power of search to help people use information to improve their lives and donate to monetary development.
Passion: Google's founders are passionate about their business. Being one of the world's most significant research groups focused mainly on addressing search related problems, they really know what they do well, and exactly how they could get it done better. Their dedication to enhancing search helps them apply what they have learned to services.
Creativity: Right from the start, Google's founders have been focusing on technology that will help improve existing ways of doing business. They have built a casual culture and a working environment where employees should be creative and create impressive products that solve real-world problems. To motivate the employees, a Founders Award is presented to teams who create innovative products.
Risk taking: Larry and Sergy saw an opportunity for se's and took a risk by creating Google Inc. after heavily borrowing money.
Opportunity seeking: They believed in the possibilities of internet and saw a chance in the market for search engines. Their idea was new and risky nevertheless they were determined to make it work. Even following its success they are simply always on the lookout for opportunities and prepared to exploit them in the needs of the organizations. They use their teams to discover people's actual needs, including needs they can't always articulate. Armed with that information, they create products that solve real-world problems. There was a need to be in a position to access information on the road, saw that as an opportunity and developed android. There is a dependence on Search results being faster, so developed Google instant.
Small Business: Layali Al Asalah
To promote fashion as a great medium to showcase the designers' creativity as well as empower, teach women about business and entrepreneurial skills. (www. layalialasalah. com)
Layali Al Asalah this means "Night of Culture" is a small business entrepreneur venture in Oman started by three friends Samah al Wahaibi, Najla al Kindi and Nadia al Zakwani, It is a fashion institution which trains Omani women fashion designers to make it big in the style industry. It encourages Omani women interested in fashion designing to think creatively, enhance their technical skills and find out the entrepreneur within them.
The three friends realized that many Omani women were into fashion designing but lacked formal fashion know-how. They wished to take action interesting and various for female fashion designers in Oman but had no formal plans of establishing any business. Samah got an opportunity to attend a seminar "Breaking the Glass Ceiling" in Salzburg that was about accomplishments of women from worldover. The success stories of the talented women inspired her to begin a business enterprise of her own. Upon returning to Oman she met up with her two friends and in 2006 founded Layali Al Asalah Co. to provide formal training and education popular designing aimed at attracting emerging Omani women fashion designers.
They began the venture by organising a competition called "When Authenticity Speaks", where in fact the theme centred on the Omani embroidery. The competition categories included Omani outfits for ladies and handbag & shoe designing. This competition is currently an gross annual event. Scholarships to pursue courses in University of Milan are awarded to the winners to who then go on to set-up their own fashion brands.
In addition to providing formal training and education, their offerings include arranging Concerts, Event Management, Fashion Shows and organizing Workshops and Exhibitions.
In 2009, they created an Asalah villa, which rents space at reasonable rates to budding designers who are otherwise compelled to use from your home due to high market rental. Building after the success of Layali Al Asalah & Asalah villa, they exposed a store called Layali Al Asalah Shoes. The strong feature about their shoes is that shoes have a strong Omani occurrence with glimpses of several other cultures in it.
Entrepreneurial Orientation of Layali Al Asalah
Innovation: Layali al Asalah can be an innovative venture as there is no such fashion institution in Oman till this venture, which offered any training to Omani women in fashion designing. Your competition "When Authenticity Speaks" also is original in Oman where themes include Omani embroideries and the designers reach show their creativeness in Omani garments, handbags, shoes, etc. The winners are chosen through online voting which is also an innovative idea using most advanced technology. The competition is made more lucrative & attractive to women by offering of Scholarships for even more studies at University of Milan. The concept of Asalah villa helps budding designers promote their business, create a customer base and participate in exhibitions. Layali Al Asalah Shoes churn out shoes with innovative designs. Each shoe is wrapped in Omani and different other cultures. For instance authentic Omani silver jewellery is incorporated into rainbow hued shoes representing Omani culture. Annual bazaar under the name Asalah Bazaar is another ground breaking idea where in fact the participants display their collections & sell the products at discounted prices.
Risk taking: Layali al Asalah is willing to simply accept business risks as is evident from other various new ventures like Layali Al Asalah Shoes & Asalah villa started over time since their establishment even though there is no surety of success. Funding for the home based business ventures is a challenging task for the organisation due to limited option of resources.
Proactiveness: Layali al Asalah is an opportunity-seeking, forward-looking venture which includes been proactive in introduction of new ideas like the Design competition, organisation of annual bazaar for display & sale of products, etc. It has generated new products like shoes with glimpses of Omani & other cultures. It has stayed prior to the competition and has been acting in anticipation of future demand of these offerings.
Autonomy: Asalah villa and Layali Al Asalah Shoes were new ventures by Layali al Asalah where the founders took the steps needed independently to ensure success.
Service consciousness: The organisation is fully devoted to ensure that their services are of finest quality standard and it puts in its best for reaching these standards. The organisation believes in excellence which is reflected in everything it does. The workshops and exhibitions are held good progress in world fashion industry. Scholarships to desiring applicants ensure they can compete with the latest in fashion industry.
Entrepreneurship traits of Layali Al Asalah's Founders:
Risk taking: The founders were very young and inexperienced in neuro-scientific business management. Although they were highly motivated and enthusiastic, these were unfamiliar with the potential risks of the business enterprise. However, they took the chance of starting the business enterprise without worrying much about the results. Even after successfully establishing the organisation, they continued to venture into implementation of ground breaking ideas like Asalah villa and Layali Al Asalah Shoes.
Self confidence: Though the founders lacked resources and knew it was a risky venture, they were determined to convert their idea into possible and were not cowed down by difficulties as they believed in their abilities and strengths. Not merely did they make the venture successful, they continued to grow it by opening more branches.
Creativity: It refers to the phenomenon whereby a person or a group of persons create something new which might be a product, a solution, or an enterprise which has some kind of value for the society. The creativeness of founders of Layali Al Asalah is evident of their ability to utilize their imagination, analytical approach and intelligence to convert their notion of fashion designing institute into a reality. They continued to explore new ideas like designing shoes with Omani jewellery and gluing Chinese embroidered silk fabric onto the shoes. The idea of Asalah Villa & Bazaar to help budding fashion designers also depicts their creativity. The founders developed "I Read A Book" a creative concept targeted at promoting reading of books between Omani people, by having a fashion show with the theme of libraries, books and reading which taken to light the libraries available locally.
Opportunity seekers: The 3 founders saw a chance for opening an organization that could encourage those interested in fashion designing to improve their technical skills and discover the entrepreneur within them. In Oman there have been several shoemakers who made slippers for Omani men but almost no for women's shoes. Hence an opportunity in shoe making market was discovered and Layali Al Asalah shoe was made. Rentals are considerably saturated in Oman and therefore budding entrepreneurs are compelled to limit their businesses to their homes. Capturing this as an opportunity, the founders launched Asalah villa, which rents space at reasonable rates to budding designers.
The prime difference between a an entrepreneur and small business owner is that the small business owner remains contented with earning enough profits to reside in his life a comfortably and keep his business running, is not actually enthusiastic about expanding his business and it is probably to keep carefully the business within the family. Another notable difference between your two is that a small entrepreneur will need motivation; whereas, an entrepreneur is fuelled by ambition, drive and inspiration. Small business owners are not people to "think out the box"; whereas, entrepreneurs come up with new ideas, ground breaking products, as well as construct creative strategic marketing plans. Inside a competitive environment innovation provides the basis for sustainability of an organization.
Entrepreneurs innovate and the instrument of entrepreneurship is innovation. Entrepreneurship is a creative activity and an ground breaking function. Innovation may be in the form of a new product or production process, opening a fresh market or a new form of organization. Economic growth depends upon the rate of applied technical progress i. e. innovation which is determined by the way to obtain entrepreneurs in the society. Thus the entrepreneur is the agent of change in the society because he is the main one who always looks for change, identifies needs, responds to them and exploits them as a chance and in turn generates employment opportunities for others.
Upon analysis of the traits of Google Inc. & Layali Al Asalah, it can be concluded that Google Inc. is an entrepreneurial firm while Layali Al Asalah is a tiny business with quite strong entrepreneurial orientation and for that reason may also be considered an entrepreneurial firm. Both the organizations have similarities using prominent traits like risk taking, innovation, autonomy and service consciousness. Both organizations had humble beginnings at a little scale and went on to grow and expand their operations. Important variations exist in the amount of innovation and competitive aggressiveness. While Google Inc. is more progressive & competitively aggressive, Layali Al Asalah is bound in its scope of innovation and competitive aggressiveness as it competes in a very small market in comparison to Google Inc. that includes a global reach. Google Inc. has more powerful impact on the economy due to its huge size, comprehensive reach to the earth masses and available resources while Layali Al Asalah's impact is more at the neighborhood economy level as it addresses the needs of your smaller population of masses, is smaller in size and has limited resources.
Google Inc. 's business is basically reliant on innovation for growth and for that reason it invests heavily in the employees thereby creating jobs all over the world further adding to the economical development of several countries.
Entrepreneurial companies like Google Inc and select small businesses with very strong entrepreneurial orientation like Layali Al Asalah contribute significantly to the strengthening of the economy by proficiently utilising resources and creating opportunities for folks prevent the economy from stagnation as they continuously innovate and sustain competition. Compared, the small businesses without the entrepreneurial orientation are unlikely to fuel the financial growth of any country. Hence, it is easier to have entrepreneurial organizations instead of small businesses without the entrepreneurial orientation.
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