my_melissa_butler

__**My Research Page**__

This page outlines my research concerning Global Entrepreneurship and the application of my findings to my business idea. You can find more information concerning my business, Green Life Makeovers, on my blogpage. The presentation I used in class to introduce my idea can be accessed here Since the class presentation, I have reworked some ideas and I have created what I believe is a more suitable presentation of my business idea, which can be found here.

//My Entrepreneurial Personality// The results of the entrepreneurial personality test were not very surprising to me. I recognize many of these qualities in myself, both good and bad. In the section titled "Need for Achievement", I scored a higher than average score, with named traits such as persistent, determined, energetic, restless, and optimistic. I am a highly optimistic person, which allows for a fun-filled, fairly stress-free lifestyle, however, this can also be a downfall in terms of entrepreneurial pursuits because I may downplay the significance of problems or rely on the philosophy that issues will "work themselves out". I certainly need to remind myself to be realistic in order to keep my blind optimism in check! Next, I have always been an energetic person, and I am determined and persistent when I have my mind set on achieving a particular goal. This is also a two-sided quality - I will not give up easily which is a positive attribute when considering the challenges that will most likely arise during entrepreneurial pursuits, but I can also be stubborn, which can be a downfall in some instances. The trait of restlessness is the least surprising for me of all. I actually had this word tattooed on my body several years ago, and I like to view this as a positive attribute. I get bored easily and trying new things allows my mind to be entertained. Without this quality, I would be too scared to take the risks necessary to achieve great results.

In the next section titled "Need for Autonomy/Independence", I got the maximum score, which was not surprising. The named attributes such as being determine and stubborn were expected, and I am well aware that I dislike taking orders or following a crowd. I have always thought that I could carve out a path for myself better than anyone else, and I have a great curiosity which has led me to learn many lessons through experience. It is important to be aware of this high need for independence however, as it is imperative that I take help or advice from others in areas where I am not an expert. Further, my disdain for following the crowd sometimes leave me behind. An example of this are the joining of electronic communities, such as Facebook, which I refused to do until very recently. I am now having to play catch-up in order to understand their uses, as these forums have become so popular that they are great tools in the business world.

I achieved a slightly higher than average score in the next section, "Creative tendency". This is to be expected, as I am very curious and love to try new things. In the last year alone, I have tried excitedly tried several new activities such as guitar lessons, trapeze classes, and sky-diving. I am constantly looking for the next opportunity to explore and experience something new.

The following section, "Moderate/calculated risk taking", gave me a slightly higher than average score as well. I enjoy challenges and I always set ambitious goals for myself. When making decisions, I sometimes act on incomplete information in order to negate the possibility of losing out on an opportunity. It is important to recognize this as both a constructive and unfavorable attribute, because not enough thought before taking a risk can result in an impulsive and overly risky move.

Finally, in the last section named "Drive and determination" I got the maximum score. I was not surprised by this score, as I am a strong believer in controlling your own destiny. A favorite saying of mine is: "You won't get what you don't ask for", and I think this is a great motto to live by. Why let an opportunity pass you by out of fear of failure or rejection when the benefits of such an opportunity could well outweigh the possible downsides? I am very determined to create my own path in life, and living without regrets. Compared to my classmates, it seemed that I consistently scored towards the maximum in each category. I am opinionated and I like extremes, so this is not too surprising!

//Talent Management//

Additional skills that I believe I should master in order to be a successful entrepreneur are to overcome the fear of failure/rejection and to incorporate a higher level of realism in my thinking. Overcoming the fears associated with possible failures are important in order to aggressively pursue goals. I believe to be truly successful as an entrepreneur, I will need to set these natural fears aside so that I can pursue my objectives wholeheartedly. I also feel that I will have to monitor my optimism so that it doesn't lead me to make blindly optimistic decisions or possibly, ignore problems. Being a positive person is a wonderful attribute, and can certainly aid in creating a network of friends and associates, taking a creative approach to problem-solving, as well as allowing for a high level of enjoyment in life. However, this same optimism could also deter me from correctly assessing problems in my entrepreneurial pursuits, and a more realistic viewpoint would certainly be favorable in these cases.

//Relevant websites for Entrepreneurs//

The first website that I think is useful to entrepreneurs is The Art of Non-Conformity: Unconventional Strategies for Life, Work and Travel. It is essentially a blog by writer and entrepreneur Chris Guillebeau. While this website is certainly quirky, its messages are inspirational and the underlining themes are practical for use in the business world, especially for up-and-coming entrepreneurs who may be seeking advice on how to forge their own career paths. Not only does this site cover entrepreneurial pursuits, but also topics concerning travel and cultures, and unconventional methods of obtaining financing and developing relationships. The entrepreneurial success of the blogger, Chris Guillebeau, leans credibility to the advice he gives, and to the website overall. An interesting and provocative read!

Another website that I believe is pertinent to entrepreneurs is Inc.com. This website is geared toward small businesses, and is full of useful information on subjects including market trends, human resources management, financial tools, and marketing for small businesses. The website offers guidance in particular on technology, which is especially important to me in my entrepreneurial pursuits, as this is an area of weakness of mine. The site also includes real-world stories to illustrate successes and failures, and lessons learned. This website is a great tool for any aspiring entrepreneur, in particular those struggling to keep up with technological trends.

Other websites that I found relevant are smallbiztrends.com and entrepreneur.com.

//Picture Search// The picture I chose is here. This picture reminds me of the entrepreneurial spirit, and in particular, a quote by Frank Zappa: "Without deviation from the norm, progress is not possible". An entrepreneur is a natural leader, someone who decidedly takes a path not chosen by others, whose ideas are abundant and bright. I believe that Frank Zappa also had these attributes, which is perhaps why his quote comes to mind when I see this picture. He was creative, forged his own path, and was so innovative in his compositions that they were impossible to classify in one genre. These entrepreneurial qualities are what also makes it impossible to classify entrepreneurs as a particular personality type, and are also what fuels the debate regarding whether entrepreneurs are made or born. Entrepreneurs may share similar traits or talents, but more specifically, they are a special mix of said attributes which are conducive to innovation. This picture demonstrates the abilities of the entrepreneur to be a bright and powerful force, to take risks and not follow the crowd, and to motivate and organize others to achieve unique goals.

The picture I shot myself is actually a card I received from my mother, who thought that the image captured my personality well. I believe it's a great representation of the entrepreneurial spirit as well. The entrepreneur must be brave and accept risks and the possibility of failure, but must also be personable, and able to influence or lead others. The entrepreneur has a stated set of skills, but also holds a perhaps secretive or unexpected set of abilities and ideas. The entrepreneur has the ability to be patient in the face of obstacles and aggressive in the pursuit of abilities.

//Trend Watching//

The story on trendwatching.com which most impressed with is among the Consumer Trends for 2010, and is entitled Eco-Easy. This is also related and complementary to the trend of Eco-Bounty, outlined in the March 2009 and reportedly still relevant. “ECO-BOUNTY refers to the numerous opportunities, both short and long term, for brands that participate in the epic quest for a sustainable society. Some of these opportunities exist despite the current recession, others are fueled by it, not in the least because of new rules and regulations. Downturn-obsessed brands who lose their eco-focus will find themselves left out in the cold when the global economy starts recovering." The Eco-Bounty trend can be coupled with the Eco-Easy trend and together they represent a favoritism of consumers towards sustainable products and services, but with the desire for ease of transition and usage. Companies who are successful at tapping into this trend will offer sustainable solutions to its customers that do not require extra effort and which are of superior quality, or on par, with alternative options. Basically, the trend towards environmentalism and sustainability is still relevant, but offerings must be made in such a way that consumers can consume effortlessly.

Sub-trends to the Eco-Easy movements that are relevant to my business idea are the tendencies towards Eco-Frugal and Eco-Intel (Econcierge and Eco-Tips). Similar to the case of Naked Pizza, my new venture can cater to the existing "green" consumer market, while also appealing to a new segment - consumers interested primarily in cost-savings. Consumers who were not previously interested in "green" initiatives can be persuaded by the savings correlated with a "greener" lifestyle. Further, trendwatching.com predicts a trend towards Eco-Intel, which is the demand for green intelligence services such as Econcierge firms, which are consultation services who offer advice of how to green your home in terms of energy and water savings, as well as Eco-Tips organizations, which are offer advice on how to lead a "greener" lifestyle. My proposed venture incorporates these opportunities, while adding more value to consumers by provided a complete solution, with the "starter kit" needed to "green" your entire life in terms of health, home and lifestyle.

//Best Practices vs. Next Practices//

In my own words, best practices are methods or techniques which have been tried and tested, and which have been proven to be reliable in achieving certain stated, desired results. Best practices have been developed in numerous capacities in the business context, for example how to manage cash and cash flows, or how to build long-lasting, efficient relationships with suppliers.

While best practices are well-established proven methods, next practices are conversely forward-looking creative techniques which combine practical knowledge and imagination in order to achieve desired results. Next practice is innovation aligned with accurate predictions.

In terms of my business idea, next practices could incorporate the application of current trending towards environmentalism and "green" companies. My proposed venture would also benefit from developing next practices which incorporate individualism. In general, companies who offer products or services as standardized as possible save on production costs. Perhaps in the case of my venture, the customization of "green" solutions can be done in an innovative, cost-sensitive manner. For example, Green Life Makeovers could offer a selection of pre-set packages to customers at different price points, with further options to enhance customization. This would allow the company to take advantage of the established best practice (ie. standardization = cost control), which developing its own unique next practice.

Naked Pizza is a prime example of a business developing its own innovative next practices. The company has applied current trends in its operations in terms of the health-consciousness of consumers, as well as the heightened importance on social responsibility. The company's offerings are also a mechanism for information sharing with the goal of building its community.

The company is also quite unique. The best practice in the pizza industry is the proven model of "fast food" pizza with take out or delivery options. Naked pizza created its own next practice by instead offering healthy pizza, with a unique pizza crust made of 12 grains, nuts, roots, probiotics, and prebiotics. In the video, the company claims to have "rebranded fast food" and in the instance of pizza, it certainly has. Further to offering a healthy fast-food solution, the company has also taken advantage of the current pizza consumer market, as well as appealed to a new market of health-conscious consumers who did not eat pizza prior to Naked Pizza's healthy alternative.

//Competencies//

Five core competencies that I believe are imperative to have for the successful implementation of my business idea are:

1) Technical Knowledge - Some of the solutions that Green Life Makeovers provides are quite simple, such as LED lightbulbs, while other are technically complicated. For example, the proper use and installation of solar panels is not common knowledge and technical competencies relating to this is necessary to in order to market the brand and sell to customers. Further, it is important that the company is always on the leading edge of new "green" initiatives in order to satisfy customer expectations and sustain competitiveness.

2) Sales Skills - The nature of Green Life Makeovers' business means direct contact with end consumers, namely in their homes. It is important that these staff are personable, trustworthy, informative, and possess the skills necessary to obtain sales. Sales staff must also be also to identify customer needs and wants, and provide an individualized experience and solution for each client.

3) Marketing Skills - More specially, event organization and management would be key to the success of the venture. Building a community of green-minded consumers will help the brand build notoriety, while keeping in close contact with its customer base. Also, social networking and event management skills would be very useful in the creation of a "buzz" surrounding the emerging company as well as aid in promotional efforts.

4) Relationship Management - Green Life Makeovers has a wide array of products and services in order to be able to provide customized solutions to its clients. It is pertinent that relationships with suppliers are stable and well-organized so that these individualized solutions can be provided in a cost-efficient and timely manner.

5) Pricing Skills - Abilities concerning costing and pricing would be very useful to Green Life Makeovers. The venture will have relations with numerous suppliers, and will be providing a unique package of products and services to each customers. It is important that pricing is structured in such a way that it is affordable for the client and not too labor-intensive for the company.

Three of Prasena's Competencies that are required for the successful operation of the venture are:

1) Materials Requirements Planning - This is important for cost efficiency and for logistical planning. Due to the non-standardized nature of the company's offerings, efficient logistical planning regarding shipments from suppliers is necessary. Further, well-organized logistics can reduce Green Life Makeovers' carbon footprint, in turn strengthening its brand positioning.

2) Ability to Analyze and Solve Problems - The solutions that Green Life Makeovers will be providing will be unique to each customers and the operating environment (household, city, etc.) will also be different for each sale. It is important to have a team who can think creatively to analyze and solve problems surrounding new situations.

3) Local Laws - It may be necessary to be aware of local laws, in terms of permits needed for modifications to homes, or possible liability responsibilities. Also, being aware of local government incentives for homeowners who undertake green initiatives in their homes would be useful to customers and could be a part of the information package provided by the company.

//Blue Ocean Strategies//

Net Jet - Net Jet stepped out of the red ocean of the business segment of the airline industry which is characterized by heavy congestion and questionable reliability. The company instead focused on customers (ie. corporate) who want dependability in flight schedules, hassle-free travel, and reasonable pricing. The company's strategy involves "fractional jet ownership" which is a new concept, whereby one-sixteenth of a jet is sold to a company for its use, eliminating the huge investments required for the purchase of a jet. Net Jet really thought "outside the box" and gave their customers the convenience of a jet, at the price of a commercial airline.

Body Shop - Instead of competing with rivals for a minimal market share, Body Shop employed a blue ocean strategy and created its own market. The cosmetic giants traditionally used emotional appeal to lure consumers, but Body Shop offers something different - a no-frills, no-nonsense cosmetics company with a social mission. Body Shop tied in social responsibility by raising awareness on ethical sourcing issues as well as tying in donations to sales, which made competitors irrelevant while forging a new market space for itself.

Starbucks - Starbucks used the blue ocean idea to create its own loyal customer base. Starbucks does not merely sell coffee, it provides an "experience". Customers are drawn to the atmosphere provided by Starbucks locations, which have become hot spots not just for coffee consumption, but for socialization, reading, and working online. Starbucks redefined a coffee consumer's brand experience and is unique in this way.

eBay - eBay introduced the world to what has become highly-popular online auctioning. Although regional "buy and sell" publications existed in print, eBay was the first to effectively create a global community of consumers who could connect, sell, and purchase just about anything. eBay used the blue ocean strategy to create its own market, a market free of relevant competitors.

Nintendo Wii - Nintendo Wii changed the gaming experience for consumers by allowing users to engage in games physically. Further, while Nintendo Wii remained competitive in the market of current gamers, it also created a market segment of consumers new to gaming. Due to the simplicity of the Wii, anyone could game. Also, consumers were using the Wii not solely because they liked gaming, but also for physical fitness. Nintendo Wii forged a created a brand new segment of gamers for itself with its blue ocean strategy.

Ikea - Before Ikea, furniture retailers were known for high prices as well as high levels of customer service. Ikea employed a blue ocean strategy and moved away from the norm by offering a wide selection of products, at reasonable products, without a strong focus on customer service. In essence, it became the first discount furniture retailer and has created its own market and success.

Fedex - Fedex changed the shipping industry by offering overnight delivery and priority options, as well as employing technology to give customers the power to track their shipments. This blue ocean strategy allowed the company to operate in an environment that was not competitive, because no other postal service could match its offerings. Fedex has become so widely popular that its name is now top of mind, and even used as a verb for shipping.

CNN - CNN created its own market with a blue ocean strategy many years ago with the launch of the first and only live news broadcasting station. The company's goal was to provide up-to-the-minute coverage of breaking stories, 24 hours a day, 7 days a week, without the unnecessary elements of news broadcasting, such as star anchors. Although many doubted its strategy, CNN was and still is greatly successful, so much so that many have tried to copy its strategy.