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Family and Socio-cultural Background Influence

Discuss About The Easy Proven Methods To Rocket Wealth Faster.

In 2014, a female Australian entrepreneur turned out to be a standout amongst the best independent people in the nation with a $2.07 million base compensation. The name of the entrepreneur was Kate page who was born by Australian parents in 1956(Kruger, 2014). She was positioned fourth by The Australian Business Review in 2015. The review offers a rundown of the main fifty most influential females in the business world consistently. Katie is as of now a dynamic supporter and patron of a few professional games. She is also a promoter of females in the field of sports.

As indicated by Northouse (2015, p.50-100), family and socio-cultural foundation of an individual has a necessary influence in his or her improvement. For instance, Page developed her business astuteness from her background. Specifically, her dad was a banker who moved with the whole family from one place then onto the next all through his working years. The movements enabled Katie to blend with individuals from various social and cultural foundations. While at Brisbane, she met Gerry Harvey through the autism intelligence test, who helped her begin her journey in the business world.

Gerry Harvey was impressed by Katie’s intelligence level and offered here an opportunity to work as an aide in one of his recently settled Harvey Norman stores. Page as an employee of the company, concentrated on promoting, reputation, advertisement purchasing, and in addition issues relating to sales in the firm. With the comprehension above, it is significant that the relationship with a respectable businessman, (for example, Harvey) makes a stage that a lesser financial specialist can implement to develop her abilities (Bodied et al., 2010, p.250-310). Nonetheless, everybody should cease from believing that Katie joined a well-off business unit. Harvey Norman had been established by Gerry Harvey and his first spouse, Ian Norman, in 1982. Katie became part of the business in 1983 to fill in as a collaborator in the main store in 1983 and in 1999 she became the CEO while Harvey turned into the official director.

Entrepreneurial traits lay a foundation for the success or failure of the business (Lundstro?m and Stevenson, 2010, p.41) Katie Page is creative given the fact that she used online marketing to marketing the company and its services. Moreover her creativity is exhibited by the fact that she has introduced effective designs for the company brands like high end space Furniture Company and poliform.By expanding the business of the country to other regions outside Australia indicates that Katie Page is also innovative. Katie Page is also hardworking given the fact that she was able to work hard to attain the position of CEO.She is also responsible which is evident in her decision to let the company sponsor the female and team of Muslim Australian Football League. Katie is also dedicated given the fact that she operates 277 stores in 8 countries.

Building Business Acumen

Katie Page recognized that the company could extend its services to other countries and expanded the business of the company in Malaysia, New Zealand, Ireland, Singapore and Slovenia. She has also developed a mechanism for the country to embrace corporate social responsibility by sponsoring professional sports in this case the Muslim Australian Football League. She has implemented the use of the franchise model to gain competitive advantage in the new marketplace by understanding the local entrepreneurship. Katie also recognized that joining a group of successful entrepreneurs, she would grow to be a successful entrepreneur which helped her to grow the business.

Harvey Norman works in a few key organizations compared to different business people that make it a feasible business currently and later on. The organization is as of now a retailer of buyer electrical items, PCs, furniture, specialized gadgets, and sheets among other things in different nations. The organization operates as a multifaceted establishment with the exception of when outside Australia. The organization claims and works roughly 280 diversified stores in Australia and other countries. The crucial business with respect to the company comes as property portfolio, which at present positions as the basic component in its coordinated diversifying, retail, and in addition property framework. Accordingly, it has turned into a center source of separation between the activities of the organization and those of its competitors (Harvey Norman Holdings Limited,2015). The administration knows that web based shopping is being utilized by almost all competitors in this manner making it challenging to pick up a competitive edge through business sites.

In this manner, property strength has turned into a center competitive advantage for Harvey Norman on the grounds that the management is focused on drawing in, having, and holding a high populace of customers both in the disconnected and retail outlets that are located online. The thinking is that the possession of property provides a shot for the advertisers to draw in an extensive variety of purchasers since they can ensure an advanced item portfolio. Correspondingly, it enables the advertisers and planners to brag of incomparable cross-advantageous inhabitance blend in their business complexes. Consequently, the organization is fully utilizing the accessible center capabilities aimed at keeping up the high competition position that it appreciates over the competitors. For example, property possession shapes the foundation of Harvey Norman since it empowers the firm’s operations to rapidly react to the regularly changing requirements of its business in the retail sector. In this respects, the business has an abnormal state of adaptability that enables the employees to revamp, and extend when important. Specialists contend that adaptability will keep being a competitive gain for Harvey Norman based on the fact that the present buyer slants in the commercial center show that there is a probability for an expansion in the interest for homemaker classification items. Items in this class may incorporate serious wares, for example utensils, fridges, furniture and many others. In conclusion. The Omni Channel Strategy empowers the company to fuse a coordinated property, establishment, and retail and in addition the advanced stages to its standard activities.

Entrepreneurial Traits and Skills

In the advanced business world, Nickels et al., (2015, p.150-200) contends that many entrepreneurs are progressively observing the necessity to broaden their activities attributable to the regularly expanding rate of vulnerability. Consequently, Katie can create diverse sorts of organizations in different sectors too aimed at securing achievement even when one of her ventures neglect to achieve the coveted performance level. For instance, everybody knows about the way that we are inhabiting a period described by priceless innovative headways. In this way, Katie Page may consider growing the offer of innovation and electronic items to zones past the Australian limits. Specifically, financial specialists ought to think about putting resources into Middle East, Africa and Latin America (Smith, 2015, p.34-50). With the comprehension above, it is innocuous to state that there are constantly a few unique avenues or conceivable outcomes that the business entrepreneur can grasp to achieve the above target.

Specifically, we may begin by clearing the fact that Katie's Harvey Norman can focus on extra development through procurement in future. Development through purchase would fill in as a demonstration of the dedication of Katie and her husband headed for the success of their company within a reasonable time-frame (Kuratko, 2016, p.50-65; Morris et al., 2012, p.726-735). It is the main feasible pathway that can ensure most extreme development for the two business accomplices in the event that they wish to differentiate their organizations. For example, according to Low (2016), the organization would be available to getting "The Good Guys" chain stores. In this scenario, it is safe to state that the business could provide a more noteworthy introduction to the effectively thriving white-merchandise market. It is a move that would shield the activities of the organization against the adapting of digital technology of a few parts including innovation, music, and also films. The demonstration of participating in acquisitions would fill in as an indication of the development that Katie appreciates as a businessperson. She will further use this to show that she comprehends that her interest in Harvey Norman has achieved its pinnacle and, in this manner, can seemingly just extend by means of purchase. Of center significance is the acknowledgment that obtaining a strong   brand, for example, "The Good Guys" would guarantee that the organization gets an encouraging acknowledgment in the commercial center.

References

Bodie, Zvi, Alex Kane and J. Alan Marcus. (2011). Investments and Portfolio Management. New York: McGraw-Hill Higher Education, pp.250-310.

Harvey Norman Holdings Limited. (2015). Annual Report. Homebush West: Harvey Norman Holdings Limited.

Kruger, Colin. (2014). Harvey Norman CEO Katie Page 'a bargain' at $2.07m. The Sydney Morning Herald.

Kuratko, D. (2016). Entrepreneurship: Theory, Process, and Practice. South-Western Pub., pp.50-65.

Low, Catie. (2016). Harvey Norman seeks watchdog's blessing to compete with JB Hi-Fi for The Good Guys. The Sydney Morning Herald.

Lundstro?m, A., & Stevenson, L. (2010). Entrepreneurship policy: Theory and practice. New York, NY: Springer, pp. 41-247

Morris, M. H., Pryor, C. G., & Schindehutte, M. (2012). Entrepreneurship as experience: How events create ventures and ventures create entrepreneurs.pp.726-735

Nickels, William, James McHugh and Susan McHugh. (2015). Understanding Business. New York: McGraw-Hill Education, pp.150-200.

Northouse, Peter G. (2015). Leadership: Theory and Practice. London: SAGE Publications, Inc, pp.50-100.

Smith, Darnell. (2015). Millionaire Mindset: Hbits and simple ideas for success you can start now: Easy proven methods to rocket you into wealth faster. Wahington, D.C: Kindle, Digital Book Publishing, pp. 34-50.

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