Entrepreneurship Case study Essay Example | Topics and Well Written Essays - 1750 words

Entrepreneurship Case study - Essay Example The most obvious reason for branding him as one is that he sought and recognized an opportunity in the niche market took a risk and organized his resources (Harper, 2003; pp 10). He realized that ladders were used in everyday setting thus he created a set of rails that went attached to the ladder would increase the safety levels. This was a new product that is handled well would transform into a profitable venture. By so doing, he hoped to attain financial freedom and provide a better life for his family. He is an entrepreneur as he was future oriented and had a vision that by investing in his business venture, his financial status would be improved and he would spend more time with this family. The only way one can determine his future is by investing in it. He was willing to sacrifice in the short run to reap benefits in the long run. He spent time in developing an idea that had never been tried before but this did not mean that it could not be achieved (Harper, 2003). Sid mobilize d at his all the capital resources at his disposal due to his innovative nature. The general blueprint of his entrepreneurial strategy was rather simple and centralized as Sid wanted to simply sell his product to the local market as he had previous interactions with them (Economic Expert, 2008). Sid Stevens was market driven and was well aware that his success was pegged on the satisfaction of his customers. He was ready to modify his approach to be synonymous with the market demand when there was a demand for different rail specifications. He also managed to create employment and this had an impact on the economy in the long run due to the accelerator and multiplier effects on the economy. Sid Stevens was committed to being the best in his venture and his frustration with his employees on their compromise on quality was unending. He has a strong sense of business ethics that guided his desire to provide quality products. Despite the challenges and frustrations, his resilience in the pursuit of success was undeterred. Initially, his wife, the banker and his former employer expressed their skepticism on the viability of the project. However, Sid's optimism on the possibility of what the future held saw him remain true to his cause (Knight, 1967). Once it took off, he was a f ocused and effective decision maker as any delay in the decision making process will compromise the business. QUESTION 2: The Beermat Entrepreneur notes that four cornerstones are necessary for an entrepreneurial endeavor to succeed. What cornerstones did the Ladder Rail venture have, and which were missing What could Sid have done to fill in these gaps in his business The Beermat entrepreneur demands that ha potential entrepreneur profiles himself so as to determine if one should embark on an entrepreneurial venture or to team up with an actual entrepreneur as a corner stone of a new company or as a member of the dream team of a more established company. A cornerstone is an individual with expertise in certain business areas such as management, leadership, public relations, recruitment, marketing and finance. The four cornerstones according to the Beer Mat entrepreneur are involved in finance, technical operations, business' sales and delivery. These individuals are instrumental in the overall well being of the company as they have the technical know how to deal