Role of Social Entrepreneurship Assignment Sample

Digital Entrepreneurship in Business Enterprises

Table of Contents

Introduction.

Identification of issues.

Analysis.

Theoretical interpretation.

Application of appropriate practice.

Success in tackling growth and international issues.

Conclusion.

References.

Introduction to Role of Social Entrepreneurship

The significance of entrepreneurial development can be noticed in economic development and business growth. The main objective of entrepreneurial growth is to enhance the employ generation, regional growth, as well as industrial development. Innovation, potential to making profit, risk bearers, idea generation, dynamic in economic decision making are conducted with good entrepreneurial skills. In the current study, a systematic discussion has been conducted on the company Icebreaker and their strategy making in order to penetrate the Chinese market. The entrepreneurial attributes of Jeremy Moon in this context have been analysed with the help of theories.

Identification of Issues

The company has encountered several issues before their penetration in Chinese market. One of the most significant issue is stagnation in the US and European market. Stagnation in these two major market has led the company lack of innovation and threat of more competitors. The opportunity in the outside market has not been identified by Icebreaker for a long time. The technical apparel market has become consistent and lack of innovation. For this reason, they had to encounter several challenges in terms of competition. Being a fashion retail company, they are having a high revenue in the US and European market (Tur-Porcar et al. 2018). However, they are now facing several challenges and among them the most significant one is supply chain. The founder wants to have a high control over supply chain but wants it as a third party business. The business partners and supply partners could not able to meet the expected standard of Icebreaker. Along with this, as the market is already dominant with low priced Chinese products, the company had to develop the original material products. On the contrary, the demand of high quality raw materials like wool and others are not fulfilled by the supply chain of the company (Ogbari et al. 2016). In the meantime, the company has faced great challenges for having a strong supply chain and supply of woollen raw materials is the entrance of great rivals like The North Face and Patagonia. Therefore, in the US market, the Merino wool segment has faced major threat regarding market sustainability and competitive advantage. On the other hand, another challenge has been faced after entering the China market. in the Chinese market, the existing competitor are providing great threat in terms of cost leadership. In comparison with Icebreaker, the other Chinese companies are providing low cost products. For this reason, the first mover advantages have been lost (As per the case study).

Analysis of Role of Social Entrepreneurship

The founder, Moon has stressed on the aspect of being the marketing company instead of apparel manufacturing company. On the contrary of focusing on the product, they have focused on the intangible asset settings. Therefore, in order to mitigate the issues that have been encountered at the time of US distribution, technological strategies have been triggered (Chienwattanasook et al. 2019). Based on the demand of different genera of bikers, trekkers and others, the production line as well as marketing have been developed. In this way, migration path of the brand has been included in long-term aspect. However, the company has not come up with the new entrants in the US market which has resulted in revenue loss. The company has achieved about $110,000 revenue in their first year business due to wise and tactical entrepreneurial strategy of the CEO, but huge revenue loss has been identified in the recent business due to lack of motility and innovation (similarweb.com, 2020). Therefore, in the US distribution, the company has faced sincere challenges which led them to enter into the Chinese market. in the Chinese market, the CEO has noticed several opportunities including low cost supply chain system (Gregori and Holzmann, 2020). Apart from being low cost supply chain, the china market is providing a full controlled supply chain owned by third party.

The founder has worried on the part of being the promoting organization rather than clothing producing organization. On the opposite of innovating in on the item, they have zeroed in on the impalpable resource settings (Ahn and Kang, 2019). Consequently, so as to relieve the issues that have been experienced at the hour of US circulation, mechanical procedures have been set off. In the US conveyance, the organization has confronted genuine difficulties which drove them to go into the Chinese market. in the Chinese market, the CEO has seen a few open doors including minimal effort flexibly chain framework. Aside from being ease in supply chain, the china market is giving a full controlled flexibly chain claimed by outsider. On the contrary, at the time of penetrating in Chinese market, the Icebreaker has developed strategies of conducting partnership with Chinese brands in Shanghai. However, in this areas, the main issue is quality and standard of clothing materials. Most of the firms are conducting business with artificial materials in a low cost leadership strategy (Chell et al. 2016). On the other hand, the Icebreaker company is having product leadership in terms of quality and comfort. For this reason, the collaborative approach could not be included.

Theoretical Interpretation

In the context, the theory of need for achievement by McClelland can be stated that focuses on the factor associated economic growth of a place or business. In order to take favourable trade opportunity, human motives and values play significant role. This type of entrepreneurship is known as need for achievement or n-achievement. This is required to ensure high level of development in economy (Karimi and Walter, 2016). The developed motive is known as tendency for striving success. In the current case, this type of strive in enhancing economic development has been identified about Moon’s strategy and business philosophy. It is essential for creating business climate in the Chinese market with several strategic initiatives. Apart from this, this aspect helps to improve the performance of the company in the China market. The organization has experienced a few issues before their entrance in Chinese market. One of the most critical issue is stagnation in the US and European market. Stagnation in these two significant market has driven the organization absence of advancement and danger of more contenders. The open door in the external market has not been distinguished by Icebreaker for quite a while. The specialized attire market has gotten steady and absence of development. Thus, they needed to experience a few difficulties regarding rivalry. Being a style retail organization, they are having a high income in the US and European market. They are currently confronting a few difficulties and among them the most noteworthy one is flexibly chain (Alonso-Gonzalez et al. 2017). The organizer needs to have a high power over gracefully chain yet needs it as an outsider business. The colleagues and flexibly accomplices could not ready to satisfy the normal guideline of Icebreaker. Alongside this, as the market is now prevailing with low estimated Chinese items, the organization needed to build up the first material items. The business is conducting as per marketing aspect, not in terms of a manufacturing company.

Application of Appropriate Practice

For mitigating the current issues, the company has focused on the strategy of promoting market in the Chinese market. They have accepted the fact that the company in here is not conducting market as a technical apparel company, but as a new market entrant. The company has focused as being luxury, style and quality clothing. In this way, the company has started to enrol their name as ‘fashion apparel’ (As per the case study). As the city of Shanghai is rapidly changing in terms of fashion business, it has become necessary for the company to create their business line for achieving customer profile. Apart from this, the third party distribution channels have been acquired by the brand which has been done by incorporating local distribution group. Both natural as quality product and synthetic products as more’ modern’ aspect has been attributed. In this way, the company has started to advocate the sale reps and customer outcome. Along with this, a competitive advantage has been achieving by the company. For alleviating the current issues, the organization has zeroed in on the technique of advancing business sector in the Chinese market. They have acknowledged the way that the organization in here isn't directing business sector as a specialized attire organization, however as another market participant. The organization has engaged as being extravagance, style and quality apparel. Along these lines, the organization has begun to enlist their name as 'design clothing'. As the city of Shanghai is quickly changing regarding style business, it has gotten important for the organization to make their business line for accomplishing client profile (Kim and Kim, 2017). Aside from this, the outsider circulation channels have been obtained by the brand which has been finished by consolidating nearby conveyance gathering. Both common as quality item and engineered items as more' present day' perspective has been credited. Thus, the organization has begun to ensure more sales growth and taking over on supply chain. Alongside this, an upper hand has been accomplishing by the organization.

Success in Tackling Growth and International Issues

The segmentation of customer and categorisation of business strategy is differentiated as per geographical distribution. It is the entrepreneur duty to develop product and marketing differentiation strategy as per the concerned market. Besides being fashion friendly, the company has to create pocket-friendly approach in order to compete with the local Chinese brand. Icebreaker can engage small companies and conduct market acquisition. Broadening the penetration and market promotion in china requires more support in business by including customers. As to accept positive exchange open door, human intentions and qualities assume noteworthy job (Agustina et al. 2020). This kind of enterprise is known as requirement for accomplishment or n-accomplishment. This is needed to guarantee significant level of advancement in economy. The created intention is known as inclination for endeavouring achievement. In the current case, this sort of endeavour in upgrading financial advancement has been distinguished about Moon's technique and business reasoning. It is fundamental for establishing business atmosphere in the Chinese market with a few vital activities (As per the case study). Aside from this, this angle assists with improving the exhibition of the organization in the China market. The association has encountered a couple of issues before their passage in Chinese market. The author needs to have a high command over flexibly chain yet needs it as an outsider business. The colleagues and gracefully accomplices couldn't ready to fulfil the normal guideline of Icebreaker. Alongside this, as the market is as of now predominant with low evaluated Chinese items, the organization needed to build up the first material items. Unexpectedly, the interest of excellent crude materials like fleece and others are not satisfied by the gracefully chain of the organization. Meanwhile, the organization has confronted incredible difficulties for having a solid flexibly chain and gracefully of woollen crude materials is the passageway of extraordinary adversaries (Anim-Yeboah et al. 2020). In this way, in the US market, the Merino fleece section has confronted significant danger with respect to advertise supportability and upper hand. Then again, another test has been looked in the wake of entering the China market. in the Chinese market, the current contender is giving extraordinary danger regarding cost initiative. In examination with Icebreaker, the other Chinese organizations are giving minimal effort items. Consequently, the primary mover preferences have been lost. In this way, the merino wool apparel can achieve the competit8ive advantage and market sustainability in the Chinese market.

Conclusion on Role of Social Entrepreneurship

Henceforth, it can be concluded that with the help of effective marketing and entrepreneurial strategy, success in Chinese market can be achieved. The previous experience of US and European market competition management can be incorporated. Along with this, more market acquis ion is required for Icebreaker company. The hugeness of enterprising improvement can be seen in financial turn of events and business development. The principle goal of innovative development is to upgrade the utilize age, local development, just as mechanical turn of events. Advancement, potential to making benefit, hazard carriers, thought age, dynamic in financial dynamic are directed with acceptable pioneering abilities.

References for Role of Social Entrepreneurship

Agustina, T., Budiasih, Y., Ariawan, K.E. and Gorovoy, S.A., 2020. Role of social entrepreneurship in business management. Journal of Critical Reviews, 7(1), pp.257-262.

Ahn, T.U. and Kang, T.W., 2019. The Impacts of Startups Entrepreneurship on Business Performance: Focused on the Mediating Effect of Dynamic Capabilities. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 14(4), pp.39-49.

Alonso-Gonzalez, A., Plata-Rugeles, D., Peris-Ortiz, M. and Rueda-Armengot, C., 2017. Entrepreneurial initiatives in Colombian universities: the innovation, entrepreneurship and business center of Sergio Arboleda university. In Entrepreneurial universities (pp. 151-163). Springer, Cham.

Anim-Yeboah, S., Boateng, R., Kolog, E.A., Owusu, A. and Bedi, I., 2020, April. Digital Entrepreneurship in Business Enterprises: A Systematic Review. In Conference on e-Business, e-Services and e-Society (pp. 192-203). Springer, Cham.

Chell, E., Spence, L.J., Perrini, F. and Harris, J.D., 2016. Social entrepreneurship and business ethics: Does social equal ethical?. Journal of business ethics, 133(4), pp.619-625.

Chienwattanasook, K., Wattanapongphasuk, S., Prianto, A.L. and Jermsittiparsert, K., 2019. Corporate Entrepreneurship and Business Performance of Logistic Companies in Indonesia. Industrial Engineering & Management Systems, 18(3), pp.541-550.

Gregori, P. and Holzmann, P., 2020. Digital sustainable entrepreneurship: A business model perspective on embedding digital technologies for social and environmental value creation. Journal of Cleaner Production, 272, p.122817.

Karimi, J. and Walter, Z., 2016. Corporate entrepreneurship, disruptive business model innovation adoption, and its performance: The case of the newspaper industry. Long Range Planning, 49(3), pp.342-360.

Kim, K.W. and Kim, M.S., 2017. An Empirical Analysis of Influence of Corporate Entrepreneurship on Business Performance from the Viewpoint of SMEs' Growth. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 12(5), pp.13-28.

Ogbari, M.E., Oke, A.O., Ibukunoluwa, A.A., Ajagbe, M.A. and Ologbo, A.C., 2016. Entrepreneurship and business ethics: Implications on corporate performance. International Journal of Economics and Financial Issues, 6(3S), pp.50-58.

similarweb.com (2020) Icebreaker, Available at: https://www.similarweb.com/website/icebreaker.com/#overview [Accessed on: 3 October, 2020]

Tur-Porcar, A., Roig-Tierno, N. and Llorca Mestre, A., 2018. Factors affecting entrepreneurship and business sustainability. Sustainability, 10(2), p.452.

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