Top Earners in The World Are Entrepreneurs Essay - 2764 Words

Introduction Entrepreneurs exist due to consumers wanting something new and relevant, which will also make an impact in the market place. Entrepreneurship is about individuals recognizing a need for a commercial application and being able to innovate their ideas to meet the needs of the consumer (Baron Shane, 2008). On average, there are over 1400 billionaires in the world, and of those 960 are entrepreneurs who were successful, while the rest were fortunate to inherit their wealth (Vital, 2013). If we focus on the 960 and how they made their fortune we find out they became billionaires from either a single or multiple business ventures. The majority of the 960, which equates to 830, owned more than one business, and remaining 130†¦show more content†¦There is a distinct difference between entrepreneurs who are successful and ones who are not. The successful ones seem to have a better cognitive ability, and this skill helps serial entrepreneurs to identify further opportunities (Baron Shane, 2008). Smith, a serial entrepreneur who was responsible for Tazo Tea, overtime built and sold many businesses before selling Tazo Tea to Starbucks for $9 million dollars (Schoenfeld, 2012). Smith was approached forty years ago to work a deal with some Oregon farmers to buy their mint leaves as peppermint oil was on the decline, and he eventually sold them to Celestial Seasoning and Lipton. His vision of opportunity and foresight turned around a failing $800 month peppermint oil supplier into a multi million-dollar brand, which led to the building of the Tazo tea company (Schoenfeld, 2012). Serial entrepreneurs are unique by owning the vision and tenacity of turning opportunities, like Smith did with Tazo, into a profitable going concern, selling it to another company. Top entrepreneurs progress from one company to the next and are in charge of multiple companies at the same time. Entrepreneurs like Branson, Cuban, Adelson, and Lefkovsk, all started young selling items door to door. These serial entrepreneurs progressed their selling capabilities into larger things like hotel chains, casino’s, computer companies and recordShow MoreRelatedImmigration And The United States1469 Words   |  6 Pageslarger competition for jobs because immigrants are more likely to accept lower paying jobs than American born workers. But what these Americans do not know is that once immigrants arrive to the United States, many actually become small business entrepreneurs. Most immigrants see the United States as a way to be able to start over and many believe that in immigrating to the United States, they will be able to create a better life for themselves and their family if they have one. One way some of themRead MoreMoney Too Richer While The Poor Are Getting Poorer1618 Words   |  7 Pagesenough in taxes. In the bigger picture our country, schools, roads, and people are going down fast and hard. The government can choose to raise the federal tax rate on the rich but â€Å"high-earners also happen to be business owners, investors, and entrepreneurs† (Dubay 353). The government’s excuse saying high earners are an integral part of the economic opportunity in employing low and middle-class families is only an excuse for letting the rich keep their money and earn more. The government says theRead MoreEssay on Class in Australia Today1059 Words   |  5 Pagesmeaning, referring to a particular type of society. When we talk about the â€Å"class structure† in Australia, we are saying that the facts of power, privilege and poverty in this country have a definite pattern, one that is familiar over much of the world. Helen Marshall (2005) reveals a simplistic view on what classes are and the inequalities existing within; Marshall. Part 2, (2005: p1 p6). (p1) Broadly speaking, class is about economic and social inequality†¦ (p6) We have a tendency forRead MoreGlobalism And The Growth Of Income Disparity889 Words   |  4 Pagescommunication networks that span continents and bring the world s people closer together, and globalization refers to how globalism increases or decreases. Digital technology has increased globalism, global marketing and business opportunities, but this growth doesn t mean that everyone gets a share of the wealth. There has been a growing gap between the richest and poorest people that only seems to increase as globalism generates more opportunities. The top fifth of U.S. households, for example, own 84 percentRead MoreIncome Inequality3032 Words   |  13 Pagesreason he foresaw an evolution was due to the recurrent nature of income inequality. In an income inequality situation, the richer keep getting richer due to a better income, while the poor keep getting poorer. The gap between the top earners and the low-income earners keeps widening in an income inequality situation. In America, almost 95% of the national wealth is under 5% ownership; this situation leaves 95% of the population to scrounge for the limited 5% wealth (DeNavas et. Al, 2005). Introduction Read MoreReasons For Wealth And Income Inequality1758 Words   |  8 PagesCanada for many years. In the past 50 years, the percentage difference between the first and last income quintiles has rapidly increased (Statistics Canada, 2015). For example, by the end of 2017, it is expected that the richest one percent of the world will own more combined wealth than the other 99 percent. Specifically, in Canada, the richest 86 families have more wealth than the bottom 11 million (Broadbent, 2015). These statistics provide a testament to the severity of this issue and are furtherRead MoreThe Glass Ceiling and How Gender Discrimination Affects Women1277 Words   |  6 Pagesorganizations have been created by men for men and they have great opposition to women infiltrating their management positions. Men have created glass ceilings for women in the workplace. A glass ceiling is an artificial barrier that allows women to see the top of the corporate ladder but at the same tim e denies them access to the higher rungs of that ladder. Women keep hitting their heads on the glass ceiling until they develop so many knots on their heads that eventually they give up on their goals andRead MoreEmployment Is Falling Off A Cliff And It Doesn t Matter A Country2473 Words   |  10 Pagesand preparing the future generation to acquire the skills of the future. Similar sentiments are espoused in the â€Å"World without work† in the Atlantic. This article takes a pessimistic look at automation replacing traditional jobs. It also takes a serious look at the increasing income inequality because of wealth generated from hi-tech jobs being concentrated in the hands of entrepreneurs and specialty workers. Another important and concerning factor with regards to the current labor situation is theRead MoreHow Neoliberalism Has Changed The World1221 Words   |  5 Pages I will briefly explain the term neoliberalism and how it has affected the world. Secondly, I will explain how neoliberalism has influenced managers and their strategic reforms. Thirdly, I will further explain the importance of strategizing and planning in regards to managers in today’s market. Finally, the conclusion will summarise the preceding points of the essay aimed to argue that neoliberalism has changed the world including the way managers strategize and think in today’s economy. The termRead MoreThe United States National Debt1328 Words   |  6 Pagesand healthy. The U.S. Government receives most of its tax revenues from the labor of its people and profits of entrepreneurs through personal income taxes (46% of revenues), payroll taxes (34% of revenues) and corporate income taxes (11% of revenues). The remaining nine percent of revenues comes from excise, estate and gift taxes. Where does all that revenue get spent? Right off the top, 6% of the budget goes towards paying interest on the national debt, while the remainder of the spending is broken

The Criminal Justice System Is Not Perfect - 1331 Words

The criminal justice system is not perfect, although it has its rewards when justice is being served to either a victim or a suspect. A part of the criminal justice policy I will analyze sentencing for psychopaths and juveniles. Should psychopaths plead insanity for their irresponsible actions. Should the judicial system keep juveniles in prison or let them out due to their age? Are juveniles irresponsible in a result of that they know not what they do? According to the 8th amendment, it states, Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted. A lot of states seem to have their way of doing things in finding ways how they can impose cruel and unusual punishment. Psychopaths are among us, and they’re growing vastly in many communities. Should we accuse mental cases of their unsafe activities? A significant part of the late open deliberation over this inquiry has concerned the limits of mental cases, and specifically, whether they are fit for learning. A few scholars have contended that mental cases deficiencies in sympathy cause them to experience issues with the securing of good ideas. These challenges in this way involve that they need good obligation about their activities. An article I read â€Å"The campaign for the fear sentencing of youth†, states that more than 25 percent of people is serving life without parole. After being sentenced as children were convicted of felony murder or accompliceShow MoreRelatedThe Criminal Justice System Is Not A Perfect System Essay2359 Words   |  10 Pages â€Å"Innocent until proven guilty.† The entire basis of the criminal justice system is to prosecute those who commit crimes and to validate every piece of evidence before prosecuting a suspect. It can be difficult for law enforcement to be precise and procedural in their quest for arresting and convicting a criminal as public outrage and pressure can affect the process of arrest and conviction. However, in other instances, the errors of law enforcement officials are not always due to outside forcesRead MoreMinority Report : The Criminal Justice System1472 Words   |  6 PagesIn this film â€Å"Minority Report† the Criminal Justice Sy stem, and the way crime is handled is different from the way our criminal justice system is structured and runs. In the film â€Å"Minority Report† the year that is taken place in 2045. This means that their technology in their year is more advanced comparing to our current technology which would interfere with our criminal justice system being slow. Starting from the beginning of this film what is shown is how the pre-crime team prevents crime fromRead MoreThe Death Penalty And The Safety Of The United States1180 Words   |  5 PagesThe criminal justice system was made to protect the rights and the safety of the citizens of the United States, It was created to have justice in the United States, But even then it has some flaws. Three of the faults I decided to discuss about are the death penalty, Issues within prison for example; weapons and riots, and high incarceration rates. The death penalty is just one of many faults in the justice system. It is legal in 31 states such as Alabama, Arizona, Arkansas, California, ColoradoRead MoreThe Jury System And The Criminal Justice Process1639 Words   |  7 Pagesimpartiality to criminal procedures than the jury system. The jury system allows us, the average American, to have our say in the criminal justice process in perhaps the most important role: we can determine whether or not a person is guilty of a crime and we can do so uninhibited by our own personal biases, the biases of judges, and the biases of the federal government. In a perfect world, an impartial, well-educated judge would be the perfect arbitrator of the criminal justice system. However, sinceRead MoreThe Three Components Of The Criminal Justice System766 Words   |  4 Pages Criminal justice! I’ve been asked plenty of times what is your definition of criminal justice or how would you explain criminal justice? My definition of it is when an individual who do a criminal act to someone or something to where the victim needs justice from it. You can explain what is criminal justice in many ways but I’m not here to discuss only the definition of it, today I will be discussing the three components of the criminal justice system. The criminal system consists of the policeRead MoreFilm Review : It s The Law1375 Words   |  6 PagesThe film â€Å"It’s the Law†, talks about the criminal justice system and all off its concepts and rules. The three most important concepts discussed in the film include the following: The Crime, The Investigation, and The Arrest. The film describes a crime as being a violation of public laws which are the laws imprinted in the constitution and the law book of our society. According to the text Criminal Justice in Action, a crime can be defined as an action or activity that is considered an offense againstRead MoreCrime Prevention1330 Words   |  6 Pagesprevention suggests using a proactive approach. In a perfect world there would be no need for crime prevention, unfortunately there is no perfect world therefore the need for prevention is great. According to Lawrence W. Sherman (n.d.), some of the key concepts to crime prevention are criminal events, criminal offenders, amount of harm, reduction of risk factors, and the increase of protective factors. The goal of the Criminal Justice System is to deter crime by the apprehension and incarcerationRead MoreThe Criminal Justice System Is A Big Part Of Why We Have Order1205 Words   |  5 PagesThe criminal justice system is a big part of why we have order. If there was no criminal justice system and its components that keep it running, the population would run wild. There are three major components of the criminal justice system, the criminal courts, corrections, and law enforcement. These components help uphold the law and protect people from others who do break the law. The world is not perfect, but there have been many examples in real life and in literature and films that show whatRead MoreThe International System And Contemporary International Law Essay1458 Words   |   6 PagesIn Unjust Justice, Chantal Delsol evaluates the contemporary international system and contemporary international law, the regulation of relations between sovereign states, by defending various principles that she claims will be violated by the potential formation of a â€Å"world government†. The principles that Delsol defends in response to recent steps toward a universal state are found in the works of modern thinker, Emer de Vattel, and medieval thinker, Thomas Aquinas. Furthermore, her critiqueRead MoreAmerican Criminal Justice System Change990 Words   |  4 PagesAmerican criminal justice system change? At first, I didn’t know anything about American Criminal Justice System. The definition of criminal justice system I looked up on the internet was that it is a system that is established to control crime and impose penalties on those who violate the law in order to maintain social order. But is it the full definition of criminal justice system in America? Are there any aspects that can be added to this definition? American criminal justice system seems like

The Significance of Sound and Music in The Tempest Essay

The Significance of Sound and Music in The Tempest ‘The Tempest’ is on a basic level a play about a magical island, complete with its own wizard, monster and handsome prince. However, it is much more than a fairytale. Complex themes such as usurpation, colonialism and the supernatural are interwoven into the plot to produce a play so diverse that it is widely considered to be one of Shakespeare’s finest works. Music and sound are dramatically significant in this diversity. This makes ‘The Tempest’ very different to other Shakespeare plays. For example, ‘The Tempest’ –along with ‘Twelfth Night’- contains nearly three times the amount of music normally present in his plays. In this essay I will†¦show more content†¦The thunder displays Prospero’s anger towards his usurping brother, Antonio. In Act 1 Scene 2, Prospero again uses music and sounds to portray his feelings about his brother. He uses musical imagery –‘set all hearts I’ th’ state to what tune pleased his ear’- to indicate the disharmony of the relationship he has with Antonio. Sounds are significant to the play in this circumstance because they reflect the mood and feelings of the characters. It helps the audience to gain an insight into the minds of the characters and to empathise with the emotions that they are experiencing. Whilst Prospero is the composer of the play, Ariel is his main performer. He/she is the main musical contributor to the play, and this is much of what his role involves. He uses music subliminally to create the mood and affect the activities of the characters. For example, in Act 1 Scene 2, Ariel lures Ferdinand to Miranda with the song, ‘Come unto these yellow sands.’ In this same scene Ariel attempts to console Ferdinand (who thinks that his father has been killed by the shipwreck) with a soothing song: ‘Full fathom five thy father lies†¦Ã¢â‚¬â„¢ In Act 3 Scene 3, he torments Antonio, Sebastian and Alonso with a banquet. At the beginning of the scene he produces a banquet, accompanied by ‘solemn and strange music.’ This affects the characters in a positive way, their languageShow MoreRelatedEssay on Importance of Setting in Shakespeares The Tempest1275 Words   |  6 PagesImportance of Setting in The Tempest  Ã‚   The island of magic and mystery that Shakespeare creates in The Tempest is an extraordinary symbol of both the political and social realities of his contemporary society, and of the potential for a reformed New World. Shakespeare’s island is a creation which allows the juxtaposition of real and idealised worlds, and shows his audience both what they and what they ought to be. The seventeenth century was a time of ideological upheaval in Europe, with MedievalRead More Essay on the Setting in Shakespeares The Tempest1072 Words   |  5 PagesImportance of Setting in The Tempest   Ã‚  Ã‚  Ã‚   Shakespeare’s enchanted island in The Tempest is a restorative pastoral setting, a place where ‘no man was his own’ and a place that offers endless possibilities to the people that arrive on it’s shores. Although the actual location of the island is not known, the worlds of Seneca aptly describe it’s significance to the play – it represents the ‘bounds of things, the remotest shores of the world’. On the boundary of reality, the island partakes of bothRead MoreThe Tempest By William Shakespeare1603 Words   |  7 PagesShakespeare’s play, The Tempest, power is manifested in several forms: the investigation of the power of love, the power of magic and illusion, or the power of nature. However, in The Tempest, power is most clearly defined as dominance. Throughout the play, there is a universal pursuit of dominance over other people, dominance over property, or dominance over cultural ideals. These pursuits of dominance are used in an attempt to further ones authority, and, ultimately, one’s life. In The Tempest, a motif ofRead MoreThe Tempest By William Shakespeare Essay2325 Words   |  10 PagesThe Tempest is equipped with an elaborate sound track, in which episodes of violent, discordant, and chaotic noise are set against the harmonious songs and instrumental music performed by Ariel and his consort of spirits. It is not, of course, that this play entirely eschews spectacle, but The Tempest begins with a scene of storm and shipwreck that might appear calculated to vie with the scenic extravagance of masque. The storm called for in the opening stage direction one for which there are veryRead MoreAn Analysis of the Supernatural in Inferno and The Tempest2805 Words   |  11 Pages11 October 2011 The Supernatural of the Inferno and the Tempest Inroduction Shakespeares The Tempest and Dantes Inferno both exhibit supernatural situations in both pieces of literature by utilizing different practices. It is clear from reading both pieces that the supernatural used was different because each reading explored different worlds of the paranormal. Dialogue played a great role with introducing the supernatural. This dialogue along with the symbols and metaphors clearly showedRead MoreCell Phones And Its Effects On Our Lives Essay1222 Words   |  5 Pagestelephone. In today s opportunity, it s elusive a man who does not possess a cellular telephone. The little contraption is an essential need of life. In any case, why everybody labels the cellular telephones as essential need of life? What is the significance of cell telephones in our lives? Here is the answer. Simple Way of Communication What the cell telephones are implied for? Better believe it, you addressed it a good fit for correspondence. So the above all else part that cell telephones playRead MoreThe Theme of Julius Caesar Essay2961 Words   |  12 Pageseffect. In modern theatre, ghosts and supernatural occurrences are difficult to stage. The audiences of today are used to â€Å"realistic† theatre, such as Shakespeare’s ghost are produced on our stages with strange lightning effects, off-stage sounds. The Elizabethans had no such problem. They just accepted ghosts and witches as the case may be. This is how the supernatural would have had a lasting impression on them. Shakespeare’s development of style falls into quite a well-defined Read MoreComparing The Station Twelve And Brave New World By Aldous Huxley1112 Words   |  5 Pagesout by the government meaning the subjects are unable to express themselves for who they are. A character describes the beauty of a lady saying â€Å"Oh you so perfect so perfect and so peerless are created of every creature’s best† which is from the Tempest play. They had to rely on Shakespeare to successfully describe the lady’s beauty as they could not create their own descriptive words. Art and culture is a form of expression and Huxley used Shakespeare as a way to symbolize the lost culture whichRead More Prospero and Ariel in The Tempest by William Shakespeare Essay2316 Words   |  10 PagesProspero and Ariel in The Tempest by William Shakespeare Throughout the years since The Tempest was first published in the 1623 Folio, there has been much debate among Shakespeare’s contemporaries and critics as to the significance of the figure of Prospero and other major characters featured in the work. In this paper, I want to examine the figure of Prospero and his relationship with the character Ariel. In doing this, I want to show how Prospero is a figure for the artist, how Ariel isRead More Imagery in The Tempest, by William Shakespeare Essay3748 Words   |  15 Pages   Ã‚  Ã‚   William Shakespeares play The Tempest utilizes extensive imagery which goes beyond merely creating atmosphere and background or emphasizing the major themes of the play. The supernatural plays a considerable role in the play, thus so does the use of imagery, which is more extensive and somewhat different from many other of Shakespeares works. The imagery is used as a mediator of supernatural powers, to emphasize the natural scene of action, and establish the enchanted island which

Feminist Analysis The Yellow Wallpaper - 2184 Words

Joe Purcaro English 155 Literary Analysis 04/17/2016 Feminism in the Yellow Wallpaper Everyone experiences life, whether it be happy times, bad times; it’s one big circle every human being goes through. In the story, â€Å"The Yellow Wallpaper, which is a feminist story that portrays the terror of the rest cure which is a period spent in inactivity or leisure with the intention of improving one s physical or mental health. Women especially, as it opposes many challenges that affects many female lives all over the world. The story, which who was written by Charlotte Perkins Gilman, a well known American journalist, and a female icon who fights for what she believes in; women s rights. The author who has gone through the traumatizing, life changing effects of this â€Å"rest cure.† The Yellow Wallpaper can be looked as this gothic horror story, and also a feminist parable, which gives us the idea that portrays the woman forced to obey her husband by all means, which causes her downfall to her mental sufferings. The nameless narrator, developed a nervous disorder from post giving birth which has forever changed her life. Thus, the narrator’s husband improperly treats his wife’s condition as basically nothing more than just â€Å"bed rest† which results into her clash into this world behind this garish wallpaper. This story indicates the narrator who again, is maybe named Jane, were not really sure but she is suffocating emotionally andShow MoreRelatedFeminist Analysis of Yellow Wallpaper1326 Words   |  6 PagesA Woman Trapped: A Feminist Analysis of the Yellow Wallpaper The short story, the Yellow Wallpaper by Charlotte Perkins Gilman can be analyzed in depth by both the psycho-analytic theory and the feminist theory. On one hand the reader witnesses the mind of a woman who travels the road from sanity to insanity to suicide â€Å"caused† by the wallpaper she grows to despise in her bedroom. On the other hand, the reader gets a vivid picture of a woman’s place in 1911 and how she was treated when dealingRead MoreThe Yellow Wallpaper, By Charlotte Perkins Gilman1271 Words   |  6 PagesCharlotte Perkins Gilman, author of the novel entitled, The Yellow Wallpaper significantly used the aspects of literature such as genre, stance, and register to express the social message concerning the sufferings that women undergo in their daily affairs. However, most of the females do not have control over the challenges that develop in their surroundings. Gilman also uses the book to entertain the society members thus providing relief to the readers. In essence, the author of the novel aboveRead MoreCultural Analysis : The Yellow Wallpaper927 Words   |  4 PagesCultural Analysis: The Yellow Wallpaper Charlotte Perkins Gilman’s â€Å"The Yellow Wallpaper† is a short story told from the perspective of a woman who’s believed to be â€Å"crazy†. The narrator believes that she is sick while her husband, John, believes her to just be suffering from a temporary nervous depression. The narrator’s condition worsens and she begins to see a woman moving from behind the yellow wallpaper in their bedroom. The wallpaper captures the narrator’s attention and initial drives herRead MoreThe Yellow Wallpaper By Charlotte Perkins Gilman846 Words   |  4 Pagesjourney of the admirable story â€Å"The Yellow Wallpaper† created by Charlotte Perkins Gilman’s, gave the thought whether or not the outcome was influenced by female oppression and feminism. Female oppression and feminist encouraged a series of women to have the freedom to oppose for their equal rights. Signified events in the story â€Å"The Yellow Wallpaper† resulted of inequ ality justice for women. Charlotte Perkins Gilman gave the reader different literary analysis to join the unjustifiable lifestyleRead MoreThe Yellow Wallpaper, By Harriet Beecher Stowe1603 Words   |  7 PagesThe Yellow Wallpaper is a feminist piece of literature that analyzed women’s struggle in the 1900s, such as medical diagnosis and women’s roles. Over the years, women struggled to attain independence and freedom. In order to achieve these liberties, they were females who paved the way and spoke out about these issues to secure equal rights for women. In addition, these powerful females used their vulnerability to challenge the male domination through their literary work. The Yellow Wallpaper is aRead MoreA Critical Analysis Of The Yellow Wallpaper By Charlotte Perkins Gilman1051 Words   |  5 Pages Patel 1 Aditi Patel 3/14/16 English 102 Esposito, Carmine. A Critical Analysis of The Yellow Wallpaper by Charlotte Perkins Gilman Charlotte Perkins Gilman was a famous social worker and a leading author of women’s issues. Charlotte Perkins Gilman s relating to views of women s rights and her demands for economic and social reform of gender inequities are very famous for the foundations of American society in the late nineteenth and early twentieth centuries. In critics GilmanRead MoreFeminist Perspective on Charlotte Perkins Gilmans The Yellow Wallpaper1274 Words   |  6 PagesThe Yellow Wallpaper, Written by Charlotte Perkins Gilman, is comprised as an assortment of journal entries written in first person, by a woman who has been confined to a room by her physician husband who he believes suffers a temporary nervous depression, when she is actually suffering from postpartum depression. He prescribes her a â€Å"rest cure†. The woman remains anonymous throughout the story. She becomes obsessed with the yellow wallpaper that surrounds her in the room, and engages in some outrageousRead MoreThe Ye llow Wallpaper By Charlotte Perkins1189 Words   |  5 PagesAubi-Ann Genus Ms.Vedula 4 December 2015 â€Å"The Yellow Wallpaper† a Feminist Story â€Å"The Yellow Wallpaper† by Charlotte Perkins Gillman focuses on the oppression of women in the 19th century. The story introduces us into the awareness of a woman who is slowly going insane over the course of the summer. She recently just gave birth to a baby and is most likely suffering from some type of depression. Analyzing this story, we see the frustrations of women during The Victorian era. Women were manipulatedRead MoreThe Yellow Wallpaper By Charlotte Perkins937 Words   |  4 PagesIn January of 1982 Charlotte Perkins published â€Å"The Yellow Wallpaper†. This story was written based mainly on feminism, and how men controlled women during that time. Perkins was very active in women’s rights. In her story she is telling us the story of her real life, and it is based off of the events that happened to her throughout her marriage and the depression she suffered. Perkins was put on a â€Å"rest cure† for her depression where she was to stay in bed until she was better, but as she went throughRead MoreThe Yellow Wallpaper, By Charlotte Perkins Gilman Essay1687 Words   |  7 PagesImmediately in Charlotte Perkins Gilman’s story â€Å"The Yellow Wallpaper,† readers are able to tell that the protagonist feels trapped in the room, in which she is being placed. The female narrator also mentions to us that her husband â€Å"John is a physician, and perhaps –– (I would not say it to a living soul, of course, but this is dead paper and a great relief to my mind –– perhaps that is one reason I do not get well faster† (Stetson 1892, 129). That is to say, this statement clearly indicates that

How Volvo Evolve in the Changing Market Free Essays

string(51) " in order to compete with Toyota for market share\." BK 3037 Strategic Marketing Question 1: PESTEL Answer: Political One of the macro-environment factors which influencing Volvo’s strategy is the large taxation toward automotive trade by the government. Government is putting in place taxation structures that penalize large cars, with large CO2 emission. According to the case, Volvo’s biggest seller was its XC range, now being particularly successful in America, where big cars typically equated to big success. We will write a custom essay sample on How Volvo Evolve in the Changing Market or any similar topic only for you Order Now This government acts is encouraging consumers to move to hybrid or fuel efficient cars from big cars because the selling price of big cars would be more expensive when governments impose larger taxation on large vehicles. Consequently, the demand for big cars would drop significantly as consumers would prefer smaller cars due to high price sensitivity level and benefits gained from the government on smaller cars (Yoon and Tran, 2011). Therefore, large taxation on large cars will affect the sales and revenues of Volvo who mostly sells big cars. Legal The enforcement of US government toward the safer initiatives for automobile industry has challenged most of the automobile manufacturer which included Volvo. Therefore recently, Volvo invested heavily in safety research and development; its Goteberg Safety centre is world-renowned. Hence, Rudall (2011) emphasizes that the cost per unit of car has increased as research and development require a lot of experiments and tests to assure the performance. Besides that, research and development in new products involves a risk of whether the consumers will like the new features that have been added to the new or existing product. The more Volvo invests in research and development, the less cash flow they have in hand, thereby affecting the smooth running of daily operations. Economic Oil is the major ingredient in the production of tires. According to Li and Zhao (2011), increase in oil prices means that the cost to make the tires also increases. These tire production affects the Volvo as the increase in the price in tire production affects their profit margin. Additionally, rising commodity prices also affects Volvo’s strategy as 1 BK 3037 Strategic Marketing he raw materials for automotive industry are basically rubber and steel. Since, the prices of these commodities have gone up; Volvo would have to spend more money to purchase the auto component to make the entire cars. The higher the price Volvo purchases these commodities, the higher the selling price that Volvo would have to charge their customers. If they were to transfer the cost to their customers, there is a possibility that customers would shift to Volvo’s competitors as customers are very price sensitive (Lee and Cheong, 2011). Hence, the sales and profits of Volvo will decline and they might lose market share. Moreover, with the rising price of oil in the American market, sales and revenues of Volvo has dropped dramatically because their main business comes from fuel grueling SUV’s. With the increasing fuel prices, the trend has shifted from bulky cars to smaller and fuel efficient cars, thus, Volvo will be faced with many competitors such as Toyota while dealing with satisfying their customer demand (Hilmola, 2011), and hence, it affects the profit margins of Volvo. Moreover, increased oil prices is affecting the type of vehicles demanded by the customer and the way those vehicles are designed. According to Xia and Tang (2011), since there is a big shift from SUVs to fuel efficient or hybrid cars due to the rise of fuel prices, the problem of manufacturing overcapacity has incurred, where supply is more than demand, thereby, sharply dropping the SUV price. Additionally, when Volvo lowers down the selling price of SUVs, the profit margins of each car will become smaller, as their selling price might just be sufficient to cover the total cost of the production. Besides, when supply is more than demand, they would need more space or bigger warehouse to store the cars, and hence, higher cost of storage would incurred. Consequently, it forces Volvo to change their strategy to produce fuel efficient cars instead of SUVs. Environmental Furthermore, the community realizes that the transportation sector is becoming increasingly linked to environmental problems. With a technology relying heavily on the combustion of hydrocarbons, notably with the internal combustion engine, the impacts of transportation over environmental systems has increased with motorization (Bernon, et al. 2011). According to case study, Volvo’s main strategy is to produce SUVs but the consumers are engaging with environmental concerns where they are 2 BK 3037 Strategic Marketing demanding from fuel-efficient cars that release less pollution and absorb lesser fuel. Hence, this forces Volvo to offer Flexi-Fuel (combination of Petrol and Ethanol) in certain geographic mark ets in order to catch up the latest trend. Due to this reason, Volvo has to spend vast amount of money to purchase new raw materials and develop the technology to produce fuel-efficient cars to meet the current demand. Under such conditions maintaining market share and customers is difficult as the selling price needs to be lower to beat the competition, thereby, forcing Volvo to absorb the production costs (Needles, et al. , 2010). Social On the other hand, the changing social culture is affecting Volvo’s strategy as well. There are declining birth rates in Europe, smaller families and more couples choosing to remain childless. This demographic change has influenced Volvo significantly as their main product, SUVs, as it is suited well for big-size families. However, due to the increase of nuclear families consumers are willing to purchase smaller cars because of their small family size and smaller cars consume less petrol, thus it saves cost (Gwartney, et al. , 2008). In addition, many cars on the road today are used by just single occupants, commuting to work. Hence, the socio-cultural changes affect Volvo business strategy as the demand for SUVs is declining but demand for smaller and fuel-efficient cars is increasing. Besides that, they have to invest a big amount of money to do research and development for fuel-efficient cars in order to compete with Toyota for market share. You read "How Volvo Evolve in the Changing Market" in category "Essay examples" Baumol and Blinder (2011) emphasizes that heavy RD will lead Volvo to incur higher cost of production and profit margin will decline as they cannot sell the cars at a high price since to their competitor (Toyota) is offering reasonable price for fuel-efficient cars. Technological Technological factor plays an important role in automotive industry because consumers always demand for better and higher quality technologies in their cars so that the technologies can help consumers to save petrol, bring greater convenience to them, and ensure their safety (Hage, 2011). Based on the case study, Volvo took the first step as the pioneers of the safety cage, crumble zones, side-impact protection, antilock brakes, whiplash protection, and airbags. As the first mover, Volvo is able to 3 BK 3037 Strategic Marketing enjoy great profits before their competitors come out with the similar technologies but with lower prices or better quality (Aswathappa, 2005). Hence, Volvo would have to invest heavier in RD to develop innovative technologies that create the safest most exciting car experience to customers. Additionally, Volvo also needs to invest in RD for fuel-efficient cars as it is the current of the market. If Volvo fails to produce hybrid or fuel-efficient cars with a reasonable price, they will lose market share due to competitors are offering customers with the demanded products (fuel-efficient cars) (Schwartz, et al. , 2010). Heavy RD is required from Volvo and at the same time they cannot charge higher prices, and hence, the profit margin of Volvo will be smaller. 4 BK 3037 Strategic Marketing Question 2: Five Forces framework Answer: Five Forces framework included the bargaining power of supplier and buyer, threat of substitute, threat of new entrants and power of rivalry. Any changes from any of the forces will bring huge impact to an industry. As the world is going to global, competition arise and it make the five forces framework even more competitive and it affect the global automobile market directly. Bargaining power of buyer Bargaining power of buyer are referring to the negotiation power or influencing power of the buyers toward the prices charge by a company (Jones and Hill, 2010), the buyer of the automobile company may refer to the end user of the automobile. As year by year, there are more and more new players joining the market of automobile. One of the reason contributes to high bargaining power of buyer is low switching (Jones and Hill, 2010). As times past, there are more and more players join to the automobile industry. For example, U. S’s automobile market shares which used to dominate by the Big Three (Ford Motor Company (Ford), General Motors Corporation (GM) and DaimlerChrysler (DC)) had been taken over by foreign brands such as Honda, Toyota and Mitsubishi in 2005 (Gopal, n. d. ). Hence, this provides larger range of choices for the consumers and this makes the buyers have high bargaining power toward the industry. Since there are more choices in the market, consumers’ dependency toward the particular brands will decrease, as the product does not fulfil the customers’ expectation, they might switch to another brand with low or even non switching cost. For example, as according to research, the sale of new car in U. S market has increase, as people are willing to pay for better quality cars (Gopal, n. d. ). The world now is moving to the environmental friendly site, thus, most of the automobile firms are facing challenge by switching their focus from big car, large engine to fuel-efficient engine. Beside, due to the availability of information, buyers nowadays are more educated and they are very concerning about the effect of the automobile to the environment and this has relatively increase their bargaining power as buyer. For example, there are more than 100 type of motor magazine in the market 5 BK 3037 Strategic Marketing which provides reliable and sufficient information for consumers (Gopal, n. d). Since the switching cost of the buyers is low due to the fierce competition, buyers’ brand loyalties have decrease. Bargaining power of supplier Bargaining power of supplier is referring to the negotiation power of the supplier for the business which may include supplier of human resource, supplier of raw material, and other outsourcing partners (Jones and Hill, 2010). For the auto component supply industry, the bargaining powers of suppliers are relatively low, as there are many available suppliers of raw materials in the market, the switching cost of the cars manufacturer to other suppliers are low or even none. For example, large automobile manufacturers such as GM, Ford and Toyota have strong bargaining power as they always purchase the raw material in large quantities (Jones and Hill, 2010). The sizes of auto components are typically small (Ahmadjian and Lincoln, 1997), meanwhile the big players are able to use the threat of manufacturing a component themselves rather than buying it from auto component suppliers to played off suppliers against each other, forcing them to lower down the price and increase the quality (Ahmadjian and Lincoln, 1997). Hence, we can say that the bargaining powers of auto component suppliers are relatively low. Unlike air line industry, which the air line are highly depend toward the suppliers, automobile manufacturers such as Toyota, Honda or Volvo, it has own research and development department (RD) which helps in exploring all the latest technology. It contributes in lowering down the dependency toward the suppliers as suppliers merely involve in supplying raw material instead of important technologies as like Boeing (air plane manufacturer) and other air line. Hence, in short, the bargaining powers of suppliers are relative low as the low dependency toward the suppliers and the threat of switching to other suppliers always work as a strong bargaining tool for the automobile manufacturers. Threat of Substitution This refers to the product of different businesses or industry that can satisfy similar customer needs (Jones and Hill, 2010). For automobile industry, due to the increasing 6 BK 3037 Strategic Marketing number of public transport and other way of transportation, the demand toward automobile has gone down. For example, as according to research, nowadays people might choose to take public transport as their daily transport instead of own private car due to cost and environmental issues (Eboli and Mazzulla, 2008). Beside as government is placing pressure toward the environmental issue, public transports are being well develop day by day (Eboli and Mazzulla, 2008), and it actually decrease the dependency of owing a private car. In addition, as the social-culture has changed, people nowadays are reluctant to give birth and hence it decreases the willingness of consumer to own a car. As according to research, the birth rate of developed countries such as Japan, Korea and State are relatively low and it actually affected the several industries and this included automobile industry (Powell and Hendricks, 2009). In this case we can justify that only small part of the automobile industry are highly affected by the substitution, however, for those luxury brands such as Volvo, BMW or Audi, their target markets are hardly affect by the improvement toward the public transport (Svensson and Wagner, 2011). In short, the threat of substitution toward the automobile industry is not high as it merely affected those below middle-income. Threat of New entrant New entrant may refer to potential competitors that are not currently competing in an industry but have the capability to do so if they choose so (Jones and Hill, 2010). As refer back to the case, the automobile industry has facing increasing deregulation; this had broken down the entry barrier for new entrance. For example, Volvo needs to compete with not only the local market players but also the Asia market player such as Toyota since there entry barrier of foreign brands to the local market had been broken down. As more new entrance coming into the market, the switching cost of the consumer from one brand to another brand is even lower than before (Che and Seethu, 2008). Hence, there deregulation may affect partly of the industry but not whole. Firstly, setting up a new automobile manufacturing company requires huge capital injection which decreases the willingness of new player to enter the industry. This may due to the high risk of huge capital injection and hence potential companies dare not to grab the opportunity. Beside there are already few strong players in the automobile manufacturer industry such as GM, Ford, Toyota and Honda, which have 7 BK 3037 Strategic Marketing already gain certain economic of scale in term of buying large quantity of auto components (Xia and Tang, 2011), and this had build barrier of entry for potential players. In short, the threat of new entrant is low as it is high risk business. Rivalry among established companies It refers to the current struggle between companies in an industry to gain market share from each other (Jones and Hill, 2010). For automobile industry, the rivalry is intensified due to the high exit cost and the industry demand. As mentioned earlier, the set up cost of an automobile manufacturer is relatively high and hence this has created exit barrier. Hence, even the business of an automobile manufacturer is bad; it will still lock into the industry where overall demand is static or declining (Jones and Hill, 2010). For example, GM, had struggled in the industry for more than 8 years due to declined sale, because of the high exit cost, it had been locked within the industry (Terlep, 2011). Besides, the declining demand from customers as mentioned earlier had contributed to intensify the rivalry as well. As consumers are reluctant to buy a new car due to environmental issue or declining birthrate, it actually forcing the automobile manufacturers to play off against each other for larger market shares (Eboli and Mazzulla, 2008). Hence, we can conclude that the rivalry among the established companies of automobile industry is intensified due to the declining demand and high exit cost. 8 BK 3037 Strategic Marketing Question 3: Answer: There are many different brands of vehicles. As to stand with one foot crossed in front of the other competitors, Volvo has adopted the focused differentiation strategy (Dinitzen, 2010). A focused differentiation strategy is aimed at a niche group of customers with unique tastes (Schermerhorn, 2010). The cars produced by Volvo are targeted at a niche market of safety conscious upscale families. These upscale buyers of Volvo are those who value Volvo’s reputation for durability, and are willing to pay high dollars for this Swedish brand of luxury. Volvo has differentiated their cars by adding additional features that are not available on other cars. Their cars are known as extremely safe cars for families due to the design, which its innovation in car safety enhancements, being pioneers of the safety cage, crumble zones, side-impact protection, antilock brakes, whiplash protection, and airbags, as stated in the case. One primary means of differentiating Volvo’s cars is through its research and development department to produce cars model that exude quality, performance and safety which emphasize on creating luxury automotive brand for family sector. This can be seen from the case that the model of XC90 is well-designed with a large SUV and the price range from ? 33,000 to ? 54,000. However, Volvo continually develops and adds new features that increase values to customers. Some recent innovation of Volvo’s that differentiates their products is Volvo’s sporty hatchback S30 which the engine and brake system of the S30 is designed differently from any compact executive hatch class cars in existence and is destined to compete against high-end versions of VW’s Golf. This shows Volvo attempted to broaden their target market by attracting younger drivers to their car marque (The Sydney Morning Herald, 2007) and Volvo sees their future as delivering safe, premium and exciting driving suitable for families. At the same time, Volvo has reached a level of maturity, by providing a better balance between sportiness and comfort, and also achieved high level of safety. Besides using focus differentiation strategy, Volvo should use differentiation strategy with a little of expansion strategy. A differentiation strategy depends on developing resources that set the company’s offer apart in a way that is meaningful and difficult 9 BK 3037 Strategic Marketing to duplicate (Lowy and Hood, 2004). This can be achieved through keeping ahead of competition, satisfying customer’s wants and also expectations better than business rivals (Moynihan and Titley, 2001). Volvo’s cars consist of those attractive features which meet customers’ exact demands in terms of passenger comfort, driving safety and total economy. This enables Volvo to sell their cars at a premium price and satisfy the unique needs or preferences of customers (Hills and Jones, 2007). Furthermore, people are becoming more conscious about what they are buying, and are more environmentally and safety conscious too in today’s trends (Aarts, 2010). This means that quality work is a crucial part of all areas in their global organisation from product development and design to purchasing, manufacturing, sales and service. Therefore, Volvo should expand their products and focus on product innovation that developing product features that customer value to prevent eroding the current market and increase overall sales and profits (Hunt, 2003). This is to ensure that in case the existing market for the type of product that Volvo offers is already saturated and there are convenient ties to other product types. This strategy helps reduce overall business risk by offering products in a variety of customer categories. With this, Volvo may build up a brand name that evokes the feeling of safety and luxury in an expanding market base. The uniqueness of Volvo may insulate the company from competitive rivalry and reduce customer sensitivity toward price increases. Consequently, these will increasingly affluent public and they will become more famous and trusting of automotive industry. 10 BK 3037 Strategic Marketing Reference List Aarts, L. (2010) Feeding People. United Kingdom: Academy Press. Aswathappa, A. (2005) International Business. nd ed. New Delhi: Tata McGraw-Hill Education. Baumol, W. J. and Blinder, A. S. (2011) Economics: Principles and Policy. 12th eds. Ohio: Cengage Learning. Bernon, M. , Rossi, S. and Cullen, J. (2011) ‘Retail reverse logistics: A call and grounding framework for research’, International Journal of Physical Distribution Logistics Management, Vol. 41, No. 5, pp. 484-510. Dinitzen, H. B. (2010) Organisational Theory: A Practical Approach. Denmark: Hans Reitzels Forlag. Eboli, L. and Mazzulla, G. (2008) ‘Willingness to pay of public transport users for improvement in service quality’, European Transport. Vol. 38, No. 1, pp. 107-118. Gwartney, J. D. , Stroup, R. L. , Sobel, R. S. and MacPherson, D. (2008) Economics: Private and Public Choice. 12th eds. Ohio: Cengage Learning. Hage, J. (2011) Restoring the Innovation Edge: Driving the Evolution of Science and Technology. Stanford: Stanford University Press. Hills, C. W. L. and Jones, G. R. (2007) Strategic management: an integrated approach. USA: Cengage Learning. Hilmola, O. P. (2011) ‘Benchmarking efficiency of public passenger transport in larger cities’, Benchmarking: An International Journal, Vol. 18, No. 1, pp. 23-41. Hunt, B. 2003) The Timid Corporation: Why Business is Terrified of Taking Risk. England: John Wiley and Sons. Jones, G. and Hill, C. (2010) Theory of Strategic Management. 9th eds. South-Western Cengage Learning. Lee, K. H. and Cheong, I. M. (2011) ‘Measuring a carbon footprint and environmental practice: The case of Hyundai Motors Co. (HMC)’, Industrial Management Data Systems, Vol. 111, No. 6, pp. 961-978. Li, Z. and Zhao, H. (2011) ‘Not all demand oil shocks are alike: Disentangling demand oild shocks in the crude oil market’, Journal of Chinese Economic and Foreign Trade Studies, Vol. , No. 1, pp. 28-44. Lowy, A. and Hood, P. (2004) The power of the 2Ãâ€"2 matrix: using 2Ãâ€"2 thinking to solve business problems and make better decisions. United States: John Wiley and Sons. 11 BK 3037 Strategic Marketing Moynihan, D. and Titley, B. (2001) Advanced business. New York: Oxford University Press. Needles, B. E. , Powers, M. and Crosson, S. V. (2010) Financial and Managerial Accounting. 9th eds. Ohio: Cengage Learning. Powell, J. and Hendricks, J. (2009) The Welfare State in Post-Industrial Society: A Global Perspective. London: Springer. Rudall, B. H. (2011) ‘Research and development: Current impact and future potential’, Kybernetes, Vol. 40, No. 3/4, pp. 581-584. Schermerhorn, J. R. (2010) Management. United States: John Wiley and Sons. Schwartz, R. A. , Carew, M. G. and Maksimenko, T. (2010) Micro Markets: A Market Structure Approach to Microeconomic Analysis. Hoboken: John Wiley and Sons. Svensson, G. and Wagner, B. (2011) ‘Transformative business sustainability: Multilayer model and network of e-footprint sources’, European Business Review, Vol. 23, No. 4, pp. 334-352. The Sydney Morning Herald. 2007) Smallest, cheapest Volvo targets younger customers. [Online]. Available from: http://www. smh. com. au/news/news/new-targetmarket-forvolvo/2007/03/20/1174153023503. html%20Achieved%2013%20July%202011 [Accessed 13th July 2011]. Xia, Y. and Tang, L. P. Thomas. (2011) ‘Sustainability in supply chain management: Suggestions for the auto industry’, Management Decision, Vol. 49, No. 4, pp. 4955 12. Yoon, K. and Tran, T. V. (2011) ‘Capturing consumer heterogeneity in loyalty evolution patterns’, Management Research Review, Vol. 34, No. 6, pp. 649-662. 12 How to cite How Volvo Evolve in the Changing Market, Essay examples

Entrepreneurship Jamey Bennett of LightWedge

Question: Discuss about theEntrepreneurshipfor Jamey Bennett of LightWedge. Answer: Introduction Entrepreneurs and businesses across the world are trying to develop competitive advantage for them by reducing costs(Liu, 2008). The scope of this current case study examines an entrepreneurial venture of Jamey Bennett of LightWedge. The entrepreneur had previously set up BookWire.com and LendingTree.com in his latest venture LightWedge, he was manufacturing reading Lamp. He decided to shift production to China as that would reduce his manufacturing cost to about 30% as compared to manufacturing in U.S. Thus, he shifted out his factories and set up a trading company in Taiwan and Guangdong. Both the factories were not efficient at manufacturing the lamps and in time required. This led to the company missing out on sales during Christmas. Then subsequently he decided to shift the factories back to China after losing out on subsequent investment. The company is said to have lost out on USD $1.5 million from sales alone due to lateness of delivery. There was investment in factories that was involved in both the locations(Dollinger, 2008). The company currently manufactures lamp in Newport News Virginia with an employee base of 1500. The scope of the report is to identify the various trade-offs the entrepreneur was considering, the methods James could have adopted to avoid the problem and factors that needed consideration to establish appropriate factory in China. Analysis Trade-offs for factory in China China is an emerging economy with one of the fastest developing countries of the world. Various international businesses have built facilities in China, due to prevailing cost advantages. Manufacturing is the key function of the company that will render effectiveness to business functionalities(Hung Lau, 2006). China is a land that offers cheap access to resources for manufacturing units. Especially due to its robust population and lack of formal education cheap labor is available in China in abundant. When the company owner decided to outsource production of lamps to the Chinese territory it wanted to gain significantly on scale of production. Cost of labor in U.S. is particularly high which pushes the cost of production for any unit of goods produced. Thus, if an entrepreneur was to manufacture a product in the U.S and sell he will have lower amounts of profits. For small items as lamps with lower profits, it is nearly impossible to generate immense revenues for reinvesting in the company. But if the same company outsources or shift production and ships the units to U.S for sales he is more likely to incur less cost(Michael, 2008). As costs of production especially of human resource in China are nearly negligible, the entire cost from production goes down. After manufacturing and shipping products from China the company is more likely to remain with a larger proportion of investable profits. This is derived from the theory of comparative cost advantage. Such investible profits have a significant role in entrepreneurial ventures which often perish for lack of revenue generation(Tian, n.d.). U.S. market and its consumers are highly developed and specific in terms of its requirements thus it is almost impossible to sell a defected product in U.S. Hence the entrepreneur should have specified requirements pertaining to markets of U.S. specifically to Chinese factories. Entrepreneurial ventures need to earn a lot of profits especially in the initial years of its business establishment. Though the entrepreneur had earned success in two businesses previously but in the current venture, lack of foresight and absence of proper analysis of strategic environment led to the loss for the company. Any loss occurring to entrepreneurial venture can significantly increase its incidence of failure due to increased cash-flow. This idea of investing for a factory in China is the cost trade-off that the entrepreneur had in mind when planning for a factory in China. While planning to set up a factory and outsource manufacturing into China, the entrepreneur strategic intention was to enhance cash and fund flows in the business by making more than normal profits. With significantly low cost of manufacturing in China and availability to market access in U.S. enables the firms to take advantages from the condition. Though factories in China failed to meet desired output but in case of success it could have rendered immense profitability to the business. Measures to Prevent the Problem While investing in China there are several barriers which the entrepreneur needed to be aware of in order to prevent the venture running into loss. In case the entrepreneur was able to realize such gaps or barriers in China and U.S, then certain measures could have been taken to prevent any loss to the business(Zahra, 2006). The following are measures which could have been taken; Prior to opening production facility in China it was pertinent to understand their culture and appoint an individual. This appointed individual should have had thorough knowledge and awareness regarding Chinese language and its culture. The person could have overseen the operation and reported any sort of discrepancies to the head office in U.S(Mankiw, 2006). Proper description of the lamp to be manufactured such that no discrepancies in the order arise. As Chinese are experts in mass productions, but do not cater to minute details proper and adequate information is required. Specific description and requirement needed to be supplied along with samples such that manufacturers could understand. Training and development of workforce back in China to handhold them into the process of manufacturing specific lamps as per requisites of the company(Kelley, 2012). As the company manufactured lamp of specific quality and standards it was necessary to present such samples and processes to manufacture similar lamps with similar components. Decision regarding outsourcing operations into China should have been considered by evaluating the various strategic alternatives. But the entrepreneur simply attracted by the low manufacturing costs risked the entire business. Hence a comprehensive risk assessment for the company would have enabled proper assessment of the country specific risk analysis of China. The entrepreneur could have easily adopted measures to overcome any challenges in regards to that. The entrepreneur needed to have proper strategic analysis of environmental factors impacting business in China along with clear expectations of what to expect from such businesses. Factors to Consider while Going Back to China The company while production of units of lamp in China had incurred immense losses and further shifting it to U.S needed additional costs. The venture had since the beginning not functioned appropriately and there was immense amount of investment tied to the venture(Jing, 2008). Instead of generating steady line of revenue the company had losses from not been able to sell during seasons and failing to meet requisite standards. In order to re-invest back into China there are several factors that the company needs to consider and understand. The following are the lists of factors that need to be catered to; China is a cheap outsourcing destination but they lack formal education in relation to production. In case the product manufactured in China is standardized then it is relatively easy to get highly valued and good products. Entrepreneur can easily make profits from manufacturing of such products as well but concerns are there in case of product having very minute details. Like in case of lamp production it failed to meet the desired standards(Olson, 2011). Appropriate training and proper guidance needs to be provided for such purposes to ensure that investment encompassing such production does not go into vain. Very few people in China understands and comprehends English language hence, the person-in-charge needs to have communication capabilities in English. As correspondent for the company did not communicate in English thoroughly it was more difficult to pass on instructions and requirement standards. In case the company decides to invest back and develop production facility in China then an appropriate person who can communicate in English needs to be appointed. The person needs to have communication capabilities both in English as well as Chinese to be able to take orders from US and make workers in China understand the same(Bi-fei, 2008). In regards to shipment where the entrepreneur had faced difficulties is another area that needs to be catered to while relocating back to China. The experience with Chinese manufacturers reflects that they have relatively low regards for deadlines and delivery timings. For an entrepreneurial venture every season and opportunity to build a brand name should not be missed, hence deadlines in products delivery to markets have an important factor. Maximum number of entrepreneurial ventures fails due to lack of ability in meeting order deadlines or taking advantages from taking product to market at appropriate times(Drucker, 2014). The entrepreneur needs to assigns order to Chinese offshore representatives with particular deadlines and put pressures such that they are able to meet them in time or before time. These recommendations will help the venture sustain business in Chinese offshore model and help attain comparative advantages aimed at. Conclusion Entrepreneurial ventures derive significant values from innovation time, bringing product to market at appropriate intervals, attaining success in revenue generation and so on. Any decision in an entrepreneurial venture needs to be adequately backed by strategic decisions such that it can enhance capabilities and competitive advantages for such ventures. While offshoring production in China offers a relatively easy and attractive opportunity for businesses the trade-offs of such decisions needs to be well comprehended. There are various reasons for Chinese manufacturing not being able to meet standards specified by international companies. Chinese lags training, formal education and communication skills. While major challenges exists in Chinese markets readily availability of cheap access to resources offers comparative advantages to the country. The possible trade-offs of each type of businesses needs to be values and drawback need to be overcome. The case is an example where negati ve possibilities from manufacturing in China had not been considered leading to double investments and loss in business. The entrepreneur needs to accomplish the following recommendations in order to enhance business viability. Recommendations Entrepreneurial ventures should not only examine validity of its business venture decision, but all decision pertaining to business venture needs to be adequately verified. The following recommendations will help overcome any possibilities of failures in entrepreneurial ventures; Entrepreneurs have to verify each and every aspects of business decisions by strategic analysis. Especially in international outsourcing or expansions environmental analysis of the host country needs to be properly examined by strategic choices. Every entrepreneurial venture has a lead time to establish business, hence while making investment careful analysis and consideration of factors needs to be done. Businesses are established with core motive to make profits thus, endeavors should be made such that maximum profits can be made from entrepreneurial ventures. Any situation that can have a potential loss or any incidence that can impact the business profitability has to be properly investigated to prevent its effects on the business. Reference List Bi-fei, T.I.A.N., 2008. Chinese Service Outsourcing Strategy Based on Global Value Chain Integration [J].. Commercial Research, 4, p.041. Dollinger, M.J., 2008. Entrepreneurship: Strategies and resources. Marsh Publications. Drucker, P., 2014. Innovation and entrepreneurship. Routledge. Hung Lau, K.a.Z.J., 2006. Drivers and obstacles of outsourcing practices in China. International Journal of Physical Distribution Logistics Management, 36(10), pp.776-92. Jing, Y., 2008. Outsourcing in China: An exploratory assessment.. Public Administration and Development, 28(2), pp.119-28. Kelley, D.J..S.S.a.H.M., 2012. The global entrepreneurship monitor. 2011 Global Report, GEM 2011, p.7. Liu, R.a.T.D., 2008. Much ado about nothing:American jobs and the rise of service outsourcing to China and India (No. w14061). National Bureau of Economic Research.. Mankiw, N.G.a.S.P., 2006. The politics and economics of offshore outsourcing.. Journal of monetary Economics, 53(5), pp.1027-56. Michael, S.C...C.J.G., 2008. Entrepreneurial failure: The case of franchisees.. Journal of Small Business Management, pp.73-90. Olson, D.L.a.W.D., 2011. Risk management models for supply chain: a scenario analysis of outsourcing to China.. Supply Chain Management: An International Journal, 16(6), pp.401-08. Tian, Y..L.F.a.D.F., n.d. An examination of the nature of trust in logistics outsourcing relationship: empirical evidence from China.. Industrial Management Data Systems, 108(3), pp.346-67. Zahra, S.A..S.H.J.a.D.P., 2006. Entrepreneurship and dynamic capabilities: a review, model and research agenda. Journal of Management studies, 43(4), pp.917-55.