1. IntroductionIn this assignment. I have chosen a instance survey of a Singapore enterpriser. Charles Wong. whom together with his brother. Keith. established a popular Singapore trade name. ‘Charles & A ; Keith’ . now an international concatenation valued at S $ 200 million with over 170 franchises worldwide. known for women’s footwear and accoutrements.
In this paper. I will foreground the journey and entrepreneurial success of Charles & A ; Keith by mentioning to the theories and rules addressed in the text edition. I will get down by giving a historical background and environmental conditions that led to its outgrowth.
Following. I will mention to the theories and attack that Charles took as an enterpriser. touching upon his attitudes and behavior towards the concern. Finally. I will turn to the schemes that the brother employed. which I believe contributed the most to their success.
2. Historical Background2. 1 The beginningIn the 1990’s in Singapore. there was a period of weak economic system ( NWC. 1996 ) . To procure a occupation was competitory. particularly for the Wong brothers.
who had both non done academically good in their ‘O’ degrees. ( Spring. 2010 ) . The brothers had no pick but to assist out in their mother’s ladies shoe store in a residential country for about five old ages after finishing their ‘O’ degrees and national military service.
2. 2 The chance discoveredDuring the clip he spent working at his mother’s store. Charles learnt a batch about the clients. He realized that one terminal of the market spectrum was dominated by imported places whilst ill made places that were available in other vicinity shops ruling the other terminal. There were no homegrown trade names in the stylish footwear market ( in-between section of the market ) ( ‘From dream to reality’ 2007 ) .
The chief grouses of his clients were that the places that were available were non merely dearly-won but besides unbefitting for the Asiatic pess. In add-on. Charles besides noted that the local ladies had become more fashionably witting. Based from client feedback. Charles observed that simply selling places bought from sweeping providers did non supply a assortment of designs and picks to clients ( Chan. 2011 ) . With this chance. Charles decided to establish their ain trade name ‘Charles & A ; Keith’ with Charles. the older brother. spearheading the operation. fabrication and retailing as Managing Director and Keith as Chief Designer.
In 1996. the brothers. Charles and Keith started out their first shoe shop in Amara Shopping Centre based in the fiscal territory in Singapore ( ‘From dream to reality’ . 2007 ) .
3. Approach. Attitudes and BehaviourI have identified the chief attacks that I believe Charles took towards his concern. chiefly covered in the macro and the micro position.
3. 1 Macro positionUnder the macro position Kuratko examines how there are a wide array of factors that can associate to success or failure in ventures. This includes external procedures that are sometimes beyond the control of the single enterpriser. for they exhibit a strong external venue of control point of position. This attack. focal points on events from the outside looking in ( Kuratko 2009. p. 9 ) . Three schools of ideas represented by Kuratko in the macro position include environmental. fiscal and displacement schools of ideas ( Kuratko 2009. p. 9 ) . I believe that Charles was chiefly influenced by the supplanting theory in which Kuratko says that merely “bad times” can make the foundation for entrepreneurial chases ( Kuratko 2009. p. 10 ) .
3. 1. 1 Displacement TheoryKuratko discusses that enterprisers concerned with the economic fluctuations of recession and depression. occupation loss can animate enterprisers to happen their ain waies ( Kuratko 2009. p. 10 ) . Kuratko notes that persons will non prosecute a venture unless they are prevented or displaced from making other activities. The three major types of supplanting exemplifying this school of thought include political supplanting. cultural supplanting and economic supplanting. In my position. the displacement school of idea had the strongest impact on the Wong brothers during the start up phase of their concern. peculiarly the economic supplanting theory. The fact that the Wong brothers didn’t have much employment chances at the clip. likely led the older of the two brothers. Charles. to venture out and seek chances of his ain.
3. 2 Micro positionEntrepreneurship in a micro position point examines the specific factors to entrepreneurship and that are portion of the internal venue of control. The enterpriser has the possible capableness of straight commanding the result of the influential factors. ( Kuratko 2009. p. 10 ) . In the text edition. Kuratko explores the entrepreneurial trait theory. venture chance and strategic preparation schools of idea ( Kuratko 2009. p. 9 ) which I believe were the chief attacks Charles took towards turning his concern. These attacks are specific and concentrate on the events within and non out of the concern environment.
3. 2. 1 Entrepreneurial trait school of ideaThe attitudes that Kuratko speaks of such as the ‘determination. creativeness. proficient cognition and a sense of achievement’ under the entrepreneurial trait school of idea is what the Wong brothers had.
When the brothers started their concern. there were tonss of challenges. In an article Charles shared the challenges they faced. including thin net income borders because there were many jobbers in the retail concatenation before the merchandises eventually reached the retail merchant. As Charles was merely 22 old ages old. the providers felt that Charles was immature and unqualified. They were non willing to co-operate and frequently introduced expensive designs that had been rejected by other retail merchants ( ‘From dreams to reality’ . 2007 )
However the finding. difficult work. doggedness. proficient cognition and know- how of their concern. every bit good as the sheer doggedness that the brothers had helped them remain true to their vision. In an interview when Charles won the Enterprise Award for the Singapore Business Awards in 2009. he said that he was “literally hungry to succeed” when he and his brother started the concern. He besides said that though he didn’t do good at school. he instinctively knew how to last in the early old ages of the concern ( Sim. 2009 ) .
3. 2. 2 Venture chance school of ideaFurthermore. it was the brothers’ deep apprehension of the local shoe scene and their clients that allowed them to bring out the chances that awaited them. This ability to place the chance falls upon the venture chance school of idea as discussed in the text edition. Harmonizing to Kuratko. the hunt for thought beginnings. the development of constructs. and the execution of venture chances are the of import involvement countries for this school ( Kuratko 2009. p. 11 ) . Creativity and market consciousness are viewed as indispensable and “developing the right thought at the right time” for the right market niche is the key to entrepreneurial success” ( Kuratko 2009. p. 12 ) .
3. 2. 3 Strategic preparation school of ideaFinally. under the micro position of entrepreneurship. Kuratko speaks about the strategic preparation school of idea. In this theory. ‘unique markets. alone people. alone merchandises and alone resources’ are cited ( Kuratko 2009. p. 12 ) .
In the instance of Charles & A ; Keith a alone market was unfastened ( the center section of the ladies shoe market ) to them as there was no trade name or provider to make full the spread. The brothers were able to do the merchandise unique by making a niche that the market did non hold ; stylish places at a sensible monetary value catering for the Asian adult female.
3. 3 Behaviours and features displayedThe Wong brothers emulated many of the behaviors and features of a successful enterpriser documented in the text book. These included holding entire committedness. finding. doggedness. thrust to accomplish and turn. seeking and utilizing feedback. internal venue of control. optimism. ability to influence others. exposing bravery and assurance. taking deliberate hazard and hazard seeking. taking inaugural and personal duty and being end oriented ( Kuratko 2009. p. 30 ) .
The first old ages saw the two brothers plug awaying it out as they juggled carrying stock list. designing places. be givening to the hard currency registry and inventing scheme ( ‘The universe at their feet’ . 2009 ) In an interview Charles stressed that difficult work and doing forfeits was required. He noted that he and his brother worked long hours. over 12 hours a twenty-four hours. gaining a basic wage in their mother’s shoe store merely to larn the ropes. Charles besides stressed that taking deliberate hazards was of import. He said that it was of import to cognize the competition and to make research and survey where the chances were ( ‘A shoe in success’ . n. d. ) . He besides noted that holding a positive head set was necessary ( Yun. 2009 ) An interview with Charles demonstrates how dedicated Charles is to his concern ; “Charles made it his personal mission to win in China. and moved at that place for good to supervise the business” ( Chan. 2011 ) .
4. Schemes that contributed mostThere were many schemes that contributed to the success of Charles & A ; Keith. The undermentioned schemes. in my sentiment. contributed most to the success of Charles & A ; Keith.
4. 1 Clear visionFrom origin. the brothers had a clear vision ; to supply low-cost places with modern-day designs for the discerning Asiatic adult female. Charles knew that “innovation was the key to success” ( Wong 2008 ) . Furthermore. they didn’t want to be like their rivals who were bring forthing at the same mills in China and Malaysia. They wanted to distinguish their merchandise. so they decided to concentrate on design and within three old ages of operation. all of their places were designed in-house ( ‘The universe at their feet’ . 2009 ) .
4. 2 InternationalizationProper planning and strategic thought were behind the growing scheme of Charles & A ; Keith. Sing the potency for the trade name to make good in planetary markets. Charles & A ; Keith decided to internationalize. They began spread outing its concern overseas early on in their concern and to day of the month Charles & A ; Keith own more than 170 mercantile establishments in 22 states including Japan. Cyprus. Brunei. China. Middle East and Indonesia. The company is looking to open another 500 shops of which 100 shops to be situated in China over the following 5 old ages ( Chan. 2011. )
4. 3 Cost efficientFrom really early into the concern. Charles looked for ways to do the concern cost efficient. He took several bold stairss to stream line the procedures and cut down costs where he could. One of the cardinal ways he managed the cost was to cut out the in-between adult male and bought stuffs straight from the provider in China alternatively of purchasing from the jobbers in Singapore ( ‘The universe at their feet’ . 2009. ) . Further costs were besides reduced by guaranting all R & A ; D and merchandise development were done in-house ( Yun. 2009 ) .
4. 4 Optimizing WorkflowCharles believes that companies should ever happen new ways to optimise their work flow. In an interview. Charles said that it is of import to follow new procedures and accomplishments ( Yun. 2009 ) . He said in the yesteryear. the company did non hold visibleness into their supply concatenation. and frequently had multiple people making one occupation and sometimes a extra of merchandise designs. In an interview. Charles said. “we are invariably introducing new systems. improvizing our ain systems and concentrating on the supply chain” . He besides commented that he believed a batch in KPI’s. He said. “whatever gets measured gets done” ( Wong. 2008 ) .
4. 5 Listening to the clientListening to client feedback has been an of import portion of Charles & A ; Keith’s scheme. In an interview Charles said. “It helps us expect customer’s demands and outlook. and supply the expected solution. This enables the trade name to invariably accommodate to market demands and offer fashionable merchandises for the client ( ‘make client demands your competitory advantage’ . n. d. ) .
Listening to the feedback of their clients and cognizing what they want besides led to Charles and Keith increasing their merchandise offerings. In reacting to feedback from clients. Charles & A ; Keith launched their bag aggregation in 2005 and in 2007. their accoutrements collection dwelling of oculus ware was released to increase their market portion. Besides launched was the Charles & A ; Keith Signature Label – a trade name extension of its modern-day line utilizing quality leather and intricate designs to appeal to the sophisticated ladies who appreciate the finer inside informations in life ( Spring. 2010 ) .
4. 6 Seek capital at the right clipTo turn the company’s gross even further. the brothers sold a 20 per centum interest to Louis Vuitton Moet Hennessey ( LVMH ) for more than S $ 30 million ( Sim. 2009 ) . In an interview with Charles. he said “We were decidedly loath to sell the interest. but in the terminal it was more for the company to turn to the following degree. We were looking chiefly at cognition transportation and for person to assist us understand certain markets deeper. We are looking at the bigger image and how we can turn our company’s gross to three to five times what it was last twelvemonth in a short time” ( Chan. 2011 ) .
4. 7 Investing in their nucleus concern. designCharles identified what the nucleus discriminator was ; great designs. and stuck to it. Charles & A ; Keith now employ over 70 interior decorators and pass money on preparation and exposing them to the manner industry to larn. In an interview. Charles said that the company spends 3 % of its one-year gross on developing their interior decorators. The interior decorators are besides sent on regular trips to acquire inspiration from Europe. Taiwan and U. S. to go to manner shows and behavior market research ( ‘The universe at their feet’ . 2009 ) .
4. 8 Learn from other companies schemesThe Wong brother’s felt they had much to larn from other companies schemes. particularly in come ining markets such as China. Therefore when they sold a portion to LVMH. who besides owns planetary women’s decorative concatenation. Sephora. they studied Sephora’s growing scheme closely. They intend to open 100 shops in China in the following five old ages ( Chan. 2011 ) .
4. 9 Bing a airy leaderAs a leader. Charles believes in maintaining an unfastened head. He said. “any thought raised should be considered carefully as it might good be a good turning point for the company. Keeping an unfastened head besides builds trust and promotes ownership and duties. ” Charles besides commented that a leader must besides be able to listen and understand the demands of his clients and employees. By holding regular sharing Sessionss. employees are able to portion the troubles they face in their occupation and therefore better on their on the job status. In order to work as a united and first-class squad. adhering with the employees is really of import. ” ( ‘Walking the talk on learning’ . 2010 )
5. DecisionIt is a true inspiration to see how Charles managed to maneuver the company. Charles & A ; Keith. and do it into such a successful international concern today. It is clear that it took more than merely being at the right topographic point and the right clip. Charles grabbed the chance when he saw it. and through labor. finding. doggedness. forfeits. sheer motive and difficult work brought Charles & A ; Keith to go a family name in places in so many states today.
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