Entrepreneurship Dedication and Competitive

Queston: Discuss about theEntrepreneurship for Dedication and Competitive. Answer: Introduction Entrepreneurship is referred to as the ability to create and controlling any business initiative of its own, which include the objective of making a profit. To become a successful entrepreneur an individual should have some common features which include confidence, determination, creativity, passion, dedication, competitive, flexibility and discipline (Eckhardt and Shane, 2013, pp.160). It is an essential factor for any country to cope up the pace with aspirants, in the long run of the global market competition. For being a successful entrepreneur and run any new business smoothly, it is further essential to have funding support, and ability to make effective decisions (Shepherd, 2015, pp.489). A successful entrepreneur should always try to learn from the failures of others and do those things rightly to avoid any further mistakes. A successful entrepreneur should have the capability and courage to take risk for a new business venture. Though the risk taken may succeed or fail, but t his should not change the determination of entrepreneur (Bridge and O'Neill, 2012). Scope of the Report The present discussion about an entrepreneur makes us remind about a very renowned female entrepreneur named Jodie Fox. She is the co-founder and chief creative officer of Shoes of Prey, a footwear company from Australia. She started Shoes of Prey in the year 2009 along with her friends Michael Fox (Co-founder and co-chief executive officer of Shoes of Prey) and Mike Knapp (Co-founder and co-chief executive officer of Shoes of Prey). Being a student of advertisement and law, Jodie, later on, decided to be an entrepreneur and opened her shoe company. Jodie has a great sense of style, and she uses this style statement to her passion by creating fashionable and trendy heels for women worldwide (Feagins, 2014). History of Jodie Fox As discussed Jodie Fox comes from a background of law and advertising. But she decided to move out of her field her do something new according to her passion. Being in the area of advertisement and law, Jodie possesses an outstanding communication skill which Jodie uses in her enterprise. Besides having a great communication skill, she has a good sense of style, and this can be seen in the shoes of the brand. As an independent entrepreneur, she plays various roles which are (i) product development which includes technological implementation in latest design (ii) public relation to frame accurate relationship between clients and merchandised corporate (iii) promoting the brand at global level by virtue of her personality, networking and communication skill (Schwerdt, 2015). She has been awarded many times for her brilliant performance towards her brand (Shoes of Prey). In the year 2014, she received the award for best entrepreneurs among Australian retailers and that her success trail also results in fetching top Australian female entrepreneur award in 2015. Her success as an entrepreneur is reflective by her dream of becoming international business women since her young life stage. Her competency level and learning skills are attributed to her strong commitment towards developing a problem-solving approach and that her business is inspired by legacy to make better shoe shopping platform for women. The problem-solving approach in this success trail is attributed to the inclusion of latest product requirement by customers, using the latest technology, important pricing strategy, and focusing on RD for innovation in retailing style (Keskin, 2011). Above all, her business attitude and excellent communication style are responsible for her present success profile. According to her, there is always a scope of further improvement for any type of field particularly in an outfit like shoes. Role of Family and Friends Jodie started the business set up along her husband (Michael Fox) and a common friend (Mike Knapp). These three entrepreneurial friends were all set to establish a new company by leaving their respective careers and utilised all their resources for the new start up. Her family provided her full support and strength throughout her journey to become an entrepreneur and even her friend circle too supported and encouraged her credentials. In the initial stage of her life to become an entrepreneur, both her family as well as her husband supported her mentally and financially (Bishop, 2014). In the initial days, her relationship with her husband is unclear but eventually it turned out to be in dry condition. On the other hand, her personal life never affected her professional life by keeping her personal disturbance away (Smith, 2014, pp.219). Business Type and Competitive Advantage Jodie Fox along with her two co-founders Michael Fox and Mike Knapp dreamed of building an online retail business. Jodie was doing law, whereas her two pals were in Google. Her passion of becoming an international business woman and her friends idea of online gave birth to a footwear company - Shoe of Prey (Feagins, 2014). By trade, she is finance and banking lawyer and had also been in the field of the advertisement; but her passion was something else. Her vision to design heels for women worldwide and bring a change in the world of footwear. She was really particular about her shoes and designed her personal shoes. Her friends liked her collections and motivated to design shoes for them. All this encouraged and inspired her to follow her passion and dream of opening a footwear retail shop and becoming an independent entrepreneur (Bishop, 2014). Jodies idea of creating a footwear company helped her gain competitive advantage from another entrepreneur. Jodies company is one of the best and demanding womens footwear shops all over the world. Her designs were unique and remarkable, which attracts every womans eye. Her sense of style can be clearly seen in her shoes, which are very trendy and classy. For the satisfaction and demand of the customer, she believes in manufacturing custom-based-design and then shipping it to that particular customer (Feagins, 2014). Being a successful entrepreneur, she never compromised with the quality and quantity of her products. All these factors provide a competitive advantage over another entrepreneur (Leadership Expert, 2016). Future Prospective Apart from designing the footwear for women, Jodie should try some other women accessories which may include handbags, clothing, and make-up accessories (Smith, 2014, pp.219). She needs to use her creativity, innovation and styling sense in other products and not limits it only in footwear. Her customers will be benefited if they will be provided all the styling accessories under one roof, and apparently, this will help her to expand her business. Her creativity can also be used in some other home decor accessories, which can again attract her female customers (Short, Toffel and Hugill, 2014, pp.14). She has her retail store in US other than Australia; so she needs to open some new stores in other parts of the world to compete in the global market. Different Possibilities Required for her Business Development The above mentioned section details the business strategy and visionary rationale of Jodie which in turn is responsible for her success. In the present section, a futuristic analysis is presented based on the technological implementation, which are suitable for the current business form and is believed to be helpful in making progress as well as development of company in future system. Payroll system should be initiated in Jodies company for smooth transaction of her employees payment as it reduces the error in accounting. This will also be helpful in managing account, information transaction, and automated update to the routine work procedure. Another important prospect is related to data and information management that are valuable according to current practice of e-commerce. Since, her business is an online retail business, she should use cloud computing to manage the e-commerce and reduce the internet traffic. This will also offer smooth transaction of information and manages the information flow to customer, supplier, collaborators, and other external associates of the business (Figueiredo, Costa and Aparicio, 2012, pp.45). Managing accounting and routine operation is also critical for the whole business run. In order to handle the market research activity of the organisation, Jodie should adopt the ERP system to handle the business practice like controlling m anufacture, accounting, and managing orders. This ERP system will help her business by increasing functional efficiency and competitiveness (Figueiredo, Costa and Aparicio, 2012, pp.45). For the logistics management of her business, ICT (Information and communication Technologies) should be used. For any business (especially online business) which involves a delivery process by transporters and transport service providers, ICT is very much needed for them (Majchrzak, Markus and Wareham, 2016, pp.267). Conclusion Jodie Fox is a successful as well as a confident entrepreneur, who knows the right procedure to manage her business towards success. Indeed, apart from being the co-founder of an e-commerce company, she also shares a unique modish style which is a clear reflection in her shoes. Jodie is the inspiration for women all over the world to follow your passion and fulfilling it until success is achieved. For being a successful entrepreneur, she possesses all those traits like vision, creativity, correct intuition and impressing others. To work and develop new ideas and innovation, she prefers a creative, energetic, and an open-spaced environment. References: Bishop, J. C., 2014. ovet my coffee table: with Shoes of Prey co-founder Jodie Fox. Retrieved from https://theinteriorsaddict.com/covet-my-coffee-table-with-shoes-of-prey-co-founder-jodie-fox Dated 04 Sep 2016. Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan. Eckhardt, J.T. and Shane, S.A., 2013. Response to the commentaries: The individual-opportunity (IO) nexus integrates objective and subjective aspects of entrepreneurship. Academy of Management Review, 38(1), pp.160-163. Feagins, L, 2014. Jodie Fox of shoes of prey. Retrieved from https://thedesignfiles.net/2014/03/interview-jodie-fox-of-shoes-of-prey/ Dated 04 Sep 2016. Figueiredo, R., Costa, C.J. and Aparicio, M., 2012, June. Information aggregation in an entrepreneurship portal. In Proceedings of the Workshop on Open Source and Design of Communication (pp. 45-50). ACM. Keskin, C., 2011. Cihan Keskin BUSP01 Business Plan Theoretical Reflections-Being an immigrant entrepreneur in Sweden. Retrieved from https://lup.lub.lu.se/student-papers/search/publication/2004323 Dated 04 Sep 2016. Leadership Expert, 2016. Entrepreneur raises $15.5 million but investor more interested in commenting on her looks. 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Smith, L., Thomas, E., McGarty, C. and Gavin, J., 2014. Becoming the change: Integrating norms and identities through social interaction: Symposium: New Communication Technologies, Social Identity and Group Processes. In General Meeting of the European Association of Social Psychology 2014 (p. 219).