Breaking grounds through innovative strategies: an entrepreneurial feat

Abstract

The case study describes the evolution of a small entrepreneurial business, which has adopted appropriate strategies for its survival and growth in the competitive market. It reflects on the important entrepreneurial characteristics involved in the establishment, management and growth of the entrepreneurial venture, while highlighting on other factors, responsible for the success of the business. Entrepreneurs are quick to recognise business opportunities and exploit them through creative means for profit. They realise this by introducing innovative products and services or modifying the existing ones to gain a competitive advantage. It is imperative for them to mobilise human resources, financial resources, technical skills, raw materials and assets, while establishing their businesses, which they own but largely depend on others. Besides, entrepreneurs grow their firms internally (organic growth) by introducing innovative products and services for gaining a competitive edge; and through amalgamations or mergers with established firms (inorganic growth). However, they need to flex their styles of management and strategies according to the changing needs of the business, which is largely determined by the market forces of demand and supply, labour market, suppliers, and consumers for striking a successful business.