Discussthetraitsapproachtotheentrepreneurialpersonalityandthereasons Essay

Discussthetraitsapproachtotheentrepreneurialpersonalityandthereasons why it fails to properly predict the behaviour of entrepreneurs - Essay Example Traits can be defined as habitual behavioural and thought patterns of people. Traits have been measured to reflect how much of a particular trait does a specific category of people reflect. This also implies that individuals that behave in a similar fashion can be compared and norms for various categories of people can be identified based on trait patterns. The trait approach has set down these patterns for entrepreneurs (Okhomina, 2010). The trait approach has set down certain parameters based on this very measurable feature of behavioural pattern and the paper seeks to study this approach. It moves on to explore the drawbacks of the trait approach and discusses the reason behind the failures of the theory. Entrepreneurship can be narrowly defined as a person who establishes and runs his or her own business. An aspiring entrepreneur is a one that hopes to establish and run his or her own business at some point in time. Entrepreneurship can also be defined as creation of something that adds value with appropriate time and efforts going towards its development. This definition assumes that personal satisfaction and monetary gains are rewards for various risks (social, physical and financial) undertaken. Entrepreneurship and the entrepreneur have changed that path for markets and economies. They have contributed in developing new services and products and have given way to creativity and innovation that made economic development and prosperity possible. It is because of this importance that entrepreneurs hold in shaping the economic future of the country, that studies have been conducted to study entrepreneurial behaviour and define traits that would in turn help in developing entrepreneurial ability in the nations. There are many traits for an entrepreneur but the trait that has been identified as one of the critical ones is the ability to identify opportunity and making profits

Competitive Advantage of Marks and Spenser Essay - 1

Competitive Advantage of Marks and Spenser - Essay Example The present research has identified that during the 1997 period Marks and Spencer took important strategic decisions like pushing the supplier groups to procure materials the far eastern and African region to help lower the cost of production. Side by side the firm also focused on not only enhancing the product assortments but also transforming its image from conservative to fashion minded.In taking such decisions the company found that the cost of supply chain activities increased for the goods being procured from Asiatic and African countries to their United Kingdom distribution houses. Again focusing on enhancement of product assortments meant the display of garments in small numbers thus failing to counter high demand. Moving over to high trend fashion wear also led the company to bear large chunks of unsold merchandises. Thus the past strategic decision taken by Marks and Spencer is found to render negative impact on its competitive advantage. In the present scenario, Marks and Spencer also were noted to carry out some important strategic activities like focusing on rendering diversification to the existing category and groups of products. Moreover, the company also worked in an expansion of the size of the stores from small units to help in the effective stocking of its diversified displays and thus gaining in more consumers. Other strategic decisions incorporated by the firm are acquiring of other small firms for expansion of business to other areas and also in creating distribution houses for stocking merchandises. Marks and Spencer did not only focused on filling up the stores with different product categories and assortments but also in opening up diversified units like food marts and other specialty stores. Strategic decisions like changing on in displays to help stock more products also helped the store in grabbing more consumers. Again the business of Marks and Spencer also took resort of a diversification strategy thus moving into newer service se ctors like finance and insurance. All these strategic decisions taken by the company helped in augmenting the level of competitive advantage of the concern in the light of other competitors.