Analyze a Current entrepreneur from one of the countries listed below. List of allowed countries for the assessment: Australia, New Zealand, Singapore, and Malaysia
Individual assignment, report format with headings and sub-headings, 1.5 spacing to be used. Critical analyses and reflection on relevant entrepreneurship theories required, not just a simple presentation of the entrepreneur’s biography. Suggested structure:
Background of the entrepreneur
? Discuss the background of the entrepreneur (i.e. history, development, family and socio-cultural background) to see what developed his/her entrepreneurial passion/propensity and contributed to this person’s entrepreneurial pathway/success (with reflection on the relevant entrepreneurship theories).
? Discuss the characteristics/traits of the entrepreneur (with reflection on the relevant entrepreneurship theories).
Opportunity recognition and idea development process
? Discuss the processes of opportunity recognition and idea development (with reflection on the relevant entrepreneurship theories).
? Discuss the type of business developed and the competitive advantage(s) of the business compared to competitors in the market (to be supported with relevant facts/figures/research where possible).
? Discuss future suggestions for the entrepreneur including different types of businesses or avenues (e.g. franchising, mergers, expanding/selling their business etc) he/she may take.
Background of Bruce Jeffreys and Development of his Entrepreneurial Propensity
Entrepreneurship refers to the act of creation of business that can help in the generation of profit of an individual. An entrepreneur initiates social change by the creation of an innovative product or service (Scarborough 2016). This report throws light on the background of entrepreneur called Bruce Jeffreys and the traits in his personality that helped him in emerging as a successful entrepreneur. It discusses the opportunity recognition by the entrepreneur and the competitive advantage that can help Go Get in getting ahead of the competitors. It also talks about the recommendations that can help the entrepreneur in expanding in the market.
Bruce Jeffrey is the entrepreneur of the car sharing service named Go Get that operates in Sydney, Melbourne, Adelaide and Canberra (Goget.com.au 2018).The innovative and the scientific mind set of Bruce Jeffreys helped him in being successful in this endeavour. The entrepreneurial propensity of Bruce Jeffrey was developed because he had witnessed that people sometimes owned a car but they did not use it and at other times people did not have a car and they had to face hindrance owing to it. Go Get was the creative endeavour of Bruce Jeffrey’s and the success of the entrepreneur was owing to the fact that he wanted to develop an innovative scheme that can help the people. The psychological theory pertaining to entrepreneurship focuses on individual and emotional elements that helps in driving the entrepreneurial individuals (Dees 2017). Bruce Jeffrey possessed an ardent desire of achievement that was instrumental in creating the company. He was possessed of a strong internal focus pertaining to control and he had a belief that his action would be able to influence external world.
The entrepreneurial traits that were inherent in Bruce Jeffrey was creativity along with optimism that helped in driving his entrepreneurial behaviour. The psychological theory focuses on the two factors called innovation along with resources. They possess the ability to mobilize the resources in the proper manner that can help in driving the success of a company. An entrepreneur can allocate the resources in the proper manner that can help in driving the profit of a company (Kirzner 2015). Bruce Jeffrey had the vision that helped him in starting the car sharing scheme in Australia called Go Get. The upbringing of Bruce Jeffrey stresses on the factor of excellence and that helped him in evolving as a self-reliant individual. The psychological factor that helped him in emerging as a successful entrepreneur are owing to his risk taking behaviour that propelled him to perform activities that helped in making the car sharing service called Go Get become more popular. The innovation theory of Schumpeter highlights that entrepreneur are capable of earning economic benefit by the introduction of successful innovation (Drucker 2014). The entrepreneurial instinct in Bruce Jeffrey’s helped him in launching different kinds of plans like Personal, Business, Student and the Senior Plan that catered to the customised needs of each segment. Go Get offers facilities for business pricing that was one of the dominant cause for the immense success of the company.
Characteristics/Traits of Bruce Jeffreys and their Relevance to Entrepreneurship Theories
Bruce Jeffrey saw that there needed some kind of service that can enable an individual in going to shops, recreation day with the friends or going for a one-off activity to a place that is close to where one lives. Go Get can help in offering opportunities to people so that they can make the trips without the burden of carrying a car where people don’t need it. Bruce Jeffrey saw that in the inner part of the city people go and access different kinds of services like that of shops, library or that of cinema. A rich and diverse area can help in throwing open plethora of opportunities for the car sharing service and this opportunity was seized by Bruce Jeffrey for popularizing the service (Kuratko 2016). The car sharing service is an evolving market and the organic nature of the service helped in popularizing the brand. The sociological theory focuses on different social contexts that helps in providing opportunities that the entrepreneurs can leverage upon. This theory focuses on the fact that there are different kinds of cultural forces like social attitudes that can shape the behaviour in relation to the entrepreneurs. Go Get helped in offering service within the ambit of the local suburb and it wants to be close to the members to whom they provide service (Parker 2018). The idea development of the car sharing service called Go Get was not initially designed at the outset but it took place with the gradual passing away of the time according to the demands of the environment.
The competitive advantage of Go Get is provided owing to the fact that the vehicles have different facilities like they are automatic, air-conditioned and cleaned regularly with the help of professional contractors. The cars are fully maintained and they are serviced to that of the manufacturer standard. The vehicles are covered with the help of 24 hour roadside assistance. The vehicles of Go Get have competitive advantage due to the fact that they possess child-seat anchor point and have Bluetooth sound system that helps in providing entertainment to the passengers (Kazanjian, Drazin and Glynn 2017). One can also get a fuel card that can enable an individual in fuelling on the account at 90 % of that of the service station. There are different kinds of cars like vans, utes, wagons, people movers, audis and the SUV’s and the people can choose based on their demand.
Go Get acts as the largest car share operator within Australia that has a huge fleet of 3000 cars and they operate in the major airport of Australia. It can prove to be more convenient as compared to car hire and this helps in providing them with competitive advantage (Storey 2016). One can skip airport car rental queue by taking recourse to Go Get and this provides the company with competitive advantage. The airport car hire has different kind of complex insurance contract however Go Get offers deals that are relatively simple as compared to the other car sharing services within Australia. The cars of Go Get can be booked on the hourly basis and one only has to pay on the basis of what they are using. It can thus help an individual in saving money that acts like a competitive advantage for the company. The customer does not have to pay any kind of extra cost like fuel and cleaning. One only has to pay hourly fee along with that of the km charge that becomes a factor of competitive advantage for the business (Cooper and Folta 2017). The customers can also take the advantage of the Go Get Vans that can help people in moving house, taking home furniture and help in the delivery of the business.
Opportunity Recognition and Idea Development of Go Get Car Sharing Service
The Go Get vans can easily fit in queen size mattress and sofa that proves to be of great convenience for people who are moving out of their home. The customers can book very easily by taking recourse to the app and one can get the vans very easily as they are parked mostly around corner where one can easily get them (Geum, Lee and Park 2014). One can hire the Go- Get vans from that of on-street location and from that of the central location like the IKEA stores and the business parks. This helps in providing their business with competitive advantage that increases the popularity of the car sharing service in the market (Belk 2014).
The entrepreneur Bruce Jeffrey can take recourse to different kind of business avenues like franchising along with mergers that can facilitate the expansion of the firm within the international market. The merger can help Go Get in competing with other ride-hailing services and it can help in increasing the profitability of the company. This can help Go Get in acting as a “leading provider” that can help them in facilitating access to the other cities and this will enable more people to use the service of the car (Kopp, Gerike and Axhausen 2015). Combined business can help Go Get in offering charging service pertaining to battery-powered car. Presently, electric cars have small market share owing to higher cost and the limited range. In the event of the electric cars becoming cheaper as compared to the conventional car the market share of these cars would increase at a rapid pace. The demand in relation to charging would also increase and this can be facilitated with the help of the merger. The franchise business opportunities can prove to be extremely popular for Go Get as it can help them in getting access to that of a business model that already has a strong brand. These can help in ensuring that Go Get will be able to spread their influence in markets that are outside Australia.
Go Get is the business endeavour of Bruce Jeffrey that operates in Australia. Bruce Jeffrey had innovative mindset and his scientific temper helped the company in rising ahead of the competitors. Bruce Jeffrey had creativity and optimism that helped Go Get in becoming successful. The allocation of resources in the proper channel helped the company in earning profits. The innovative vision of Bruce Jeffrey was a dominating reason for the huge popularity of the car sharing service. The business was opened within the ambit of diverse area that helped in making the service popular in front of the common people. The vehicles of Go Get are cleaned on regular basis and they are air-conditioned that makes the service attractive in front of the people. Bruce Jeffrey can make use of franchising and merger for expanding in the global arena.
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Cooper, A. and Folta, T., 2017. Entrepreneurship and high?technology clusters. The Blackwell handbook of entrepreneurship, pp.348-367.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Geum, Y., Lee, S. and Park, Y., 2014. Combining technology roadmap and system dynamics simulation to support scenario-planning: A case of car-sharing service. Computers & Industrial Engineering, 71, pp.37-49.
Goget.com.au (2018). GoGet - Australia's #1 Car Share Service. [online] GoGet Carshare. Available at: https://www.goget.com.au/ [Accessed 1 Sep. 2018].
Kazanjian, R.K., Drazin, R. and Glynn, M.A., 2017. Implementing strategies for corporate entrepreneurship: A knowledge?based perspective. Strategic entrepreneurship: Creating a new mindset, pp.173-199.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kopp, J., Gerike, R. and Axhausen, K.W., 2015. Do sharing people behave differently? An empirical evaluation of the distinctive mobility patterns of free-floating car-sharing members. Transportation, 42(3), pp.449-469.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management. Pearson.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
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