I will get down by giving a historical background and environmental conditions that led to its outgrowth.
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. I will start by giving a historical background and environmental conditions that led to its emergence.
Next, I will refer to the theories and approach that Charles took as an entrepreneur, touching upon his attitudes and behaviour towards the business.
Finally, I will address the strategies that the brother employed, which I believe contributed the most to their success. He realized that one end of the market spectrum was dominated by imported shoes whilst poorly made shoes that were available in other neighborhood stores dominating the other end.
The main grouses of his customers were that the shoes that were available were not only costly but also unbefitting for the Asian feet. In addition, Charles also noted that the local ladies had become more fashionably conscious.
Based from customer feedback, Charles observed that merely selling shoes bought from wholesale suppliers did not provide a variety of designs and choices to customers Chan, Approach, Attitudes and Behaviour I have identified the main approaches that I believe Charles took towards his business, mainly covered in the macro and the micro view.
This includes external processes that are sometimes beyond the control of the individual entrepreneur, for they exhibit a strong external locus of control point of view. This approach, focuses on events from the outside looking in Kuratkop. Three schools of thoughts represented by Kuratko in the macro view include environmental, financial and displacement schools of thoughts Kuratkop.
Kuratko notes that individuals will not pursue a venture unless they are prevented or displaced from doing other activities. The three major types of displacement illustrating this school of thought include political displacement, cultural displacement and economic displacement.
In my view, the displacement school of thought had the strongest impact on the Wong brothers during the start up stage of their business, particularly the economic displacement theory.
The entrepreneur has the potential capability of directly controlling the outcome of the influential factors. In the textbook, Kuratko explores the entrepreneurial trait theory, venture opportunity and strategic formulation schools of thought Kuratkop.
These approaches are specific and focus on the events within and not out of the business environment. When the brothers started their business, there were lots of challenges.
In an article Charles shared the challenges they faced, including thin profit margins because there were many middlemen in the retail chain before the products finally reached the retailer. As Charles was only 22 years old, the suppliers felt that Charles was young and incompetent.
This ability to identify the opportunity falls upon the venture opportunity school of thought as discussed in the textbook.
According to Kuratko, the search for idea sources, the development of concepts, and the implementation of venture opportunities are the important interest areas for this school Kuratkop.
The brothers were able to make the product unique by creating a niche that the market did not have; fashionable shoes at a reasonable price catering for the Asian woman. These included having total commitment, determination, perseverance, drive to achieve and grow, seeking and using feedback, internal locus of control, optimism, ability to influence others, displaying courage and confidence, taking calculated risk and risk seeking, taking initiative and personal responsibility and being goal oriented Kuratkop.
Charles also stressed that taking calculated risks was important. The company is looking to open another stores of which stores to be situated in China over the next 5 years Chan, He took several bold steps to stream line the processes and reduce costs where he could.
In an interview, Charles said that it is important to adopt new processes and skills Yun, He said in the past, the company did not have visibility into their supply chain, and often had multiple people doing one job and sometimes a duplicate of product designs. Listening to the feedback of their customers and knowing what they want also led to Charles and Keith increasing their product offerings.
We were looking mainly at knowledge transfer and for someone to help us understand certain markets deeper. The designers are also sent on regular trips to get inspiration from Europe, Taiwan and U. They intend to open stores in China in the next five years Chan, every one that sweareth by him shall glory: but the mouth of them that speak lies shall be stopped.
Costco History. Costco was founded in by James (Jim) Sinegal and Jeffrey Brotman. Their first store was located in Seattle, Washington. In , Costco merged with Price Club, effectively doubling the size of the company.
Evolutionary psychology takes as its starting point the uncontroversial assertion that the anatomical and physiological features of the human brain have arisen. Entreprenuership Charles & Keith 1. Introduction In this assignment, I have chosen a case study of a Singapore entrepreneur, Charles Wong, whom together with his brother, Keith, established a popular Singapore brand, ‘Charles & Keith’, now an international chain valued at S$ million with.
Image Credit: Urban Outfitters. Before Charles & Keith became a reality, Charles and Keith Wong helped out at their mother’s shoe store at Ang Mo Kio. CHARLES & KEITH is a fast fashion brand specializing in ladies footwear and accessories.
It was founded in by brothers Charles and Keith Wong, under the CHARLES & KEITH Group which also owns the brands CHARLES & KEITH Signature Label and Pedro. .