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MGMT2998 Entrepreneurial Approach To Strategy

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Questions:

What made you take up this line of business?

What has been the greatest inspiration in your professional life so far?

How do you develop your strategies?

As per you how much useful is it to have a good R&D Company?

How do you measure your success?

How do you maintain a customer-centric and an employee-centric approach at the same time?

How do you recognize the efforts and the hard work of your employees?

What is the biggest challenge that you have faced in your professional life?

How do you select the target market?

How do you manage the CSR activities?

What would be your message to all the rising youngsters of the country?

 

Question:

Introduction

The three entrepreneurs that have been selected are  Jim Pattinson, Paul Browning and also Heather Reisman. I have been assigned with a project at the Bow valley college where I need to interviewthree successful entrepreneurs in Canada.  I think that this is one of the most important and also an interesting project.. This will help in getting proper tips from all these top business entrepreneurs. I selected the above-mentioned business persons because I thought that they will surely be helpful in giving me all the necessary information that is needed.

The interview was conducted on the 2nd of November, 2018. As I was a college student I thought that meeting with the entrepreneurs for coffee and then taking the interview will be a better option rather than making phone calls. I was a bit tensed in the beginning but then I thought that talking over the phone will be risky. I might get afraid and stumble in between. Therefore, I thought that it will be good if I meet them in person and then carry on with these interview sessions. The first person that I interviewed was Jim Pattinson. He is the owner of the company called the Jim Pattinson group. It is primarily based in Canada and in the U.S. They have their headquarters located at the British Columbia (Vancouver). However, they have their branches in several parts of the world. They aim at improving their services and also developing a strong operating system. They have a large number of employees as they deal in multiple numbers of products like real estate, media and entertainment, operations and distributions, agricultural products and many others.

 


The second entrepreneur I interviewed was Heather Reisman. She is the CEO of the company called the Indigo Books and Music Inc. This organization is mainly devoted in selling gift items, books, toys, and many other such materials. It operates in the form of small format stores under the name of Indigo, Coles, Chapters and many other such places. This company also operates in many malls.

 Paul Browning was the third and the last person that I interviewed. He is associated with the company called the Irving oil company. It is the largest oil refinery company located in Canada. This organization is very well known for a large number of people that it appoints. This company is not just devoted to creating personal profit but they believe in providing employment to the maximum workforce. It is named as Canada’s Top Employers for the year 2017.

Indigo Books

  • Strategy Description

The kind of strategy that is mainly responsible for the success of this organization is to not be afraid of change. In other words, Heather Reisman is very dynamic as an entrepreneur. She is very open to any kind of changeShe has tried to use the phygital strategy so that she can sell books both in the digital and also open the physical store. This will make sure that she is being able to appeal to the mass customers. The customers will be able to buy books online and also from the digital stores as well.

  • The process

They have implemented the process by analyzing the current trends in the market. They have realized that the customers in the modern day scenario are looking for something more convenient and user-friendly. They involve all the employees of the company and also undertake the customer review.

  • Influences

They make sure that the new change that they are creating is for the betterment of the customers. They are wise enough to do a complete review of the present state of their capital, assets, and expertise. They have been largely influenced by the changes in the needs and demands of the customers. The entrepreneur is worried about the rapidly advancing technologies that might turn out to be a better alternative for the customers. The customers might get attracted to the new alternatives if they get better opportunities.

  • Performance evaluation

They make sure that their success is reflected through the response that they are receiving from their potential customers. They make sure that they are getting good and positive reviews from their customers.

  • Continuous Improvement

The company has learned that in order to survive in the long run they need to have a very open mind. They have to make sure that they are following a method of constant up gradation and improvement. They have to make sure that they are being able to give their employees something more than what their competitors are providing.

 

Irving Oil Company

  • Strategy Description

They have used the strategy called staying focused in the work. This is really one of the most essential business strategies. This has helped them to become the first oil refinery in Canada by Hart World Fuels. This company was recognized as theRefinery of the year.

  • The process

They formulate their strategies after taking into consideration the opinion of their customers and keeping a long-term focus on their strategies. They believe in maintaining the quality of gratitude. In other words, they know how to balance the opinion of their employees and the customer needs at the same time. They have been recognized as the top employers of Canada. They maintain the strategy of gratitude and employee recognition. Irving oil has its unique way of recognizing the talents and efforts of their employees. They know how to blend a touch of professionalism along with the affection. They make sure to involve their employees and consider their opinion in the decision-making process.

  • Influences

They are mainly concerned about customer satisfaction and in maintaining long-term focus over each and every project that they undertake. They even think about the future of the students. Therefore, they make sure that they are conducting many campaign sessions in their schools and colleges as well. This helps them to understand the upcoming trends and take necessary strategies. Moreover, , the strategies taken by them are always in the interest of their employees and potential customers. The fear of the entrepreneur is that they do not fall back in this modern and highly competitive environment.

  • Performance evaluation

They define success by getting the positive review and feedback from their employees and the customers as well. Their greatest strength is the ability to strike the right balance in their employer centric and customer-centric approach.

  • Continuous Improvement

They believe in providing quality service to their customers. At the same time, Irving oils makes sure that they are also being able to contribute properly in keeping their environment clean. They have learned from their past failures that in order to shine in the long run they have become much more responsible and keep on updating their services.

 

Jim Pattinson Group

  • Strategy Description

Their main strategy is to keep a proper fund of capital and follow the method of constantly improving. They have been following the strategy of constant acquisition. Jim Pattinson group started as an automotive retailer and then kept on expanding themselves by following the process of acquisition.

  • The process-They mainly reach their strategies by doing an in-depth market research. They make sure that they are being able to find out companies that have good growth potential. They believe in entering into the right partnership at the right time.
  • Influences

Their strategies are mainly influenced by the customer reviews that they are getting from time to time. They consider their customers as their major influencer and driving force.

  • Performance evaluation

They evaluate their performance by measuring the number of acquisitions made by them and the kind of success that they are receiving. They make sure that they are always being able to satisfy the needs and demands of their customers.

  • Continuous Improvement

They follow the method of constant improvement by investing in their research and development team. This will help them to get information about the best markets that are suitable for collaboration.

Reflection of learning

I am really glad to get a chance of interviewing such great entrepreneurs. It has really helped me a lot in understanding the essential aspects for carrying on a successful business. I felt that the three entrepreneurs were more or less same in their thought. I also found a proper synchronization and similarity between what they were saying and what I knew about their actual business approach. They were mainly talking about sound leadership strength and a balanced approach to the proper functioning of the business.

 

Self-reflection

I was initially feeling a bit tensed and nervous while beginning the interview. However, as I started on with the interview I was gradually becoming comfortable. It was also because of the fact that I find all the three entrepreneurs to be very frank and friendly with me. I would like to give a special emphasis on the CEO of Irving Oil company that is Paul Browning because he was really interested in this interview and encouraged all the students like us to enter into the business.

He was of the opinion that it is through these interviews that they get the opportunity of interacting with students like us. I think that this interview session has really been very helpful; as it helped me a lot to gather knowledge about all the tips for becoming a good entrepreneur.It has also been very helpful for increasing my level of confidence. I was able to learn about the pro tips that will surely be very useful for me in my professional life.

 

Reference list

Bell, R. (2015). Developing the next generation of entrepreneurs: Giving students the opportunity to gain experience and thrive. The International Journal of Management Education, 13(1), 37-47.

Bolzani, D., & Der Foo, M. (2018). The “why” of international entrepreneurship: uncovering entrepreneurs’ personal values. Small Business Economics, 51(3), 639-666.

Right place for the right whale - Irving Oil. (2018). Irving Oil. https://irvingoil.com/en/who-we-are/our-stories/right-place-for-the-right-whale

Rugman, A., & Verbeke, A. (2017). Global corporate strategy and trade policy. Routledge.

Salo, E. (2016). Red, White, & Black Make Blue: Indigo in the Fabric of Colonial South Carolina Life. Material Culture, 48(1), 72.

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