ENTERPRISE AND ENTREPRENEURIAL MANAGEMENT

Enterprise and Entrepreneurial Management



Enterprise and Entrepreneurial Management

Introduction

A company is more likely to be hurt by emerging competitors or new technologies than by current competitors. For example, this certainly has been true for Toys and other major toy retailers (Hays 2003; Barbero 2004). In other words, it will be difficult to hurt or outdo competitors by following the existing technologies. Hence the business philosophies of Amar Bose?ignore existing technologies and started entirely from scratch by continually focusing on research and development that other companies do not have, can strongly construct the competitive competences of Bose Corporation. In addition, it seems other competitors within the industry strive to maximize profits, especially the short-term profits, while Bose Corporation focuses on the long-term profits by making outstanding products that will satisfy customers, guided by their own technologies.

In addition, degree of globalization in the industry where Bose Corporation is currently competing is high. Hence Bose has also expanded its operations globally, such as in numerous Asia countries. In fact, companies in global industries need to compete on a global basis if they are to achieve economies of scale and keep up with the latest advances in technology (Porter 1980). Moreover, the market concept of competition reveals a broader set of actual and potential competitors. And marketers must overcome ?marketing myopia and stop defining competition in traditional category terms (Levitt 1960). For example, Coca-Cola, focused on its soft-drink business, missed seeing the market for coffee bars and fresh-fruit-juice bars that eventually impinged on its soft-drink business. Based on this point, Bose does not just focus on one type of product, for example, only focus on speaker or headphones, but rather Bose has a breadth of product lines (target a variety of applications) beyond its core home audio line.

Discussion

An entrepreneur is defined as a founder who is talent and experienced pursuing attractive opportunities, which are able to attract the right and the necessary people as well as financial and other resources to make the venture work. In other words, the entrepreneur is the soul of the entire organization. There are effective executives and directors in many fields often concentrating on increasing entrepreneurship and undertaking innovative training methods. According to the late great management expert, Peter F. Drucker, "The entrepreneur always searches for change, responds to it, and exploits it as an opportunity. Innovation is the specific instrument of entrepreneurship. (It's the entrepreneurial) act that endows resources with a new capacity to create wealth." (Thomas, 2008), apparently, a fully functioning, successful individual should cultivate the right attitude and behavioral traits such as responsible, hard working, risk taker, innovative, perceptive, etc.

Entrepreneurial marketing: Most companies are started by individuals who live by their wits (Kotler 2002). They visualize an opportunity, construct flexible strategies on the backs of envelopes, and knock on every door to gain attention (Kotler 2002). For Bose Corporation, Amar Bose is its founder and still CEO. The company was started by the wits of Amar Bose who was disappointed to the existing hi-fi system ...