Entrepreneurship Essay Example | Topics and Well Written Essays - 1500 words - 3

Entrepreneurship - Essay Example According to the task outline, the objective of this assignment is to develop an understanding of the experiences, motivation, and lessons acquired by individuals who have created successful enterprises. Consequently, this paper has focused on The Cambridge Satchel Company as a demonstration to help us understand to various dimensions that entrepreneurs face although till they create successful businesses. As such, the paper will analyse an interview conducted on the company’s co-founder Julie Deane (Faulkner, 2012). Julie Deane, Co-Founder, the Cambridge Satchel Company According to McGowan et al. (2012) entrepreneurs are always motivated by the desire to take control of their lives and self confidence in their abilities to run a business (McGowan, Redeker, Cooper, & Greenan, 2012). Similarly, the idea behind the creation of The Cambridge Satchel Company started from the need of Deane to transfer her eight years daughter from a school where she was being bullied. As such Dean e was faced with a situation that required more income/money. This made Deane to come up with many business ideas only to settle at an idea that involved the making of traditional leather satchels. Her target market was the school going children who were crazy about the Harry Potter kind of bag. Consequently, in 2007, with a saving of six hundred euros Deane set her business (Eccles, 2012). The first consignments were classical chestnut coloured bags, in addition to black and dark brown colours because these colours were readily available. This is a classical support of the need for entrepreneurs need to set their goals and objectives. Moreover, this business is a sole-proprietorship kind; as such the company had its share of hardships in borrowing. Another, back draw in this business form is it weak growth rate due to limited capital and exposure (staff, 2010).However, another important characteristics for any successful entrepreneurs is high risk tolerance, a feature that has enab led Deanne to be successful in her business, to date (Shah, Smith , & Reedy, 2011). The Cambridge Satchel Company initial operations were at home. Deane confesses that as a start-up business she was only able to sell one to three bags in a week. However, through her own advertising initiatives, she started distributing leaflets in the neighbourhood and in offices and clinics. In addition, the fact that Cambridge boasts of being a career town and hold a lot of traditions, many people were able to identify with the Satchels. This factor greatly helped in the growth of the Satchel demand. More so, Deane was able to make a name through fashion houses and celebrities many of whom fell for them. To make more sales she started producing the bags in more different colours so that they could match the requirements and demands of the customer. Though this, Deane has demonstrated very good entrepreneurship skills. For example, she has demonstrated the importance of relating with the customerâ €™s needs. In addition Deane confessed that even if the demand grew she has never compromised on the quality. From the interview, Deane admits that another success factor for her business is innovativeness and creativity. Notably, in diversifying her product, she realized the importance

McGregor's Theories and Maslow's Hierarchy of Needs Essay

McGregor's Theories and Maslow's Hierarchy of Needs - Essay Example The same principle is valid for non-business organisations: their success also depends on the management's ability to effectively implement the right solutions to improve motivation and enhance performance of employees. Improving the effectiveness of marine management has recently turned into one of the most intensively debated topic in the UK. The debate mainly covers strategic issues concerning the effectiveness of the management of the marine environment to maximize sustainable benefits from our marine resources while ensuring proper protection. The effectiveness of marine management also depends greatly on the different values, expectations and other essential factors that people bring to their involvement with the sea. The statutory and institutional practices that apply to modern marine management in the UK and the relationship between government and community represent another aspect of the debate. Involvement of many overlapping and sometimes conflicting agencies, processes, legislations, and other factors has forced the Government to propose introducing a Marine Management Organisation (MMO) to act as the key force for the integrated management of marine resources. Evidently, creation of such organisation is associated with numerous difficulties associated with legislation, planning, coordination, licensing, and many others. Unfortunately, these serious difficulties should not overshadow another very important aspect of such organisation's functioning, namely effective management of human resources. The field of HRM is exceptionally complex and multilateral due to highly specific unpredictable nature of human being. As a result, there are many different theories and views on the nature, methods, and techniques of management found in the existing organisational literature. Although the type of organisation proposed by the Government is absolutely new the applicability of universal HRM concepts and theories to managing people even in such a specific organisation can hardly be questioned. However, the choice of correct practices from the general pool is the key factor to make the HRM element contribute effectively to the overall effectiveness and sustainability of the new organisation. Since the emergence of organizational science in the late XIX - early XX century, the scholars have been sharing two dominant views on organizational culture. Apologists of one paradigm led by Frederick Taylor and Harrington Emerson (School of Scientific Management) believed that organizational culture was just one of the tools to ensure greater control over employees. Representatives of another approach such as Elton Mayo, Abraham Maslow, and Douglas McGregor (Human relations school) postulated that organizational culture was supposed to develop and motivate the employees without excessively rigid control (Schultz, 2002). Which of these approaches better fits the specifics of modern marine management is a very interesting question. Main Body Abraham Maslow is one of the brightest representatives of humanistic