The Topic Enterprise Strategy Commerce Essay Example

sharing that while he was in school, he came up with the easiest and most profitable idea he had ever thought of at that time. Unfortunately, selling items around the school premises was not allowed and was considered a punishable offense by the schoolmaster. However, Adam did not give up. He started a secret operation to sell ice lollies at his school, ensuring that neither the teachers nor the schoolmaster were aware of his business. Throughout the day, he sold ice lollies discreetly on the premises.

Adam's determination to grow his business was fueled by his mathematical skills, which he used to monitor his daily earnings. His ultimate ambition was to establish a shop close to his school, specializing in the sale of sweets and treats. As his business flourished, he started neglecting his school books; instead, their former space became occupied by the ice lollies he sold.

In 2007, a young and ambitious man named Adam ventured into Botswana's publishing industry. He views this decision as the most crucial one he has ever made. Kgotla Communications, his publishing company, encompasses Wealth magazine. Adam, being intelligent, acknowledged the importance of beginning with modesty and trusted his gut instincts in pursuing risks as the ultimate route to achievement.

Despite the need to avoid excessive risk, Adam believed that avoiding taking any risks at all would lead to stagnation. Therefore, he decided to disregard conventional wisdom and take bold actions. While others followed the predictable path, Adam chose a different direction, creating his own set of rules. This is how WealthA Magazine came into existence.

Financed by his personal savings derived from the ice lolly business, this modern and straightforward magazine

serves as a tough-love companion for entrepreneurs in Botswana. Wealth magazine offers a wealth of content and serves as a monthly guide for starting and growing a successful business in the country. It has gained a significant following, particularly among middle to high-income buyers, and has established itself as the top-selling local magazine in Botswana. The market enthusiastically embraced Wealth's innovative approach to business in the country.

Word quickly circulated about the small magazine that could help you accomplish significant things and sales skyrocketed.

The Significance of Entrepreneurship

According to Rob Moon and Simon Gee (2012), entrepreneurship stimulates competition by increasing the number of businesses. This not only promotes growth but also fosters the spread of knowledge and new ideas, as competition is more conducive to knowledge sharing than local monopolies. Therefore, entrepreneurship fosters further entrepreneurship.

Entrepreneurship is a mechanism for transmitting knowledge and promoting endogenous growth. Start-ups, or entrepreneurs, are skilled at acquiring knowledge from various sources and using it to create value by connecting needs/opportunities with capabilities/resources.

OPPORTUNITIES

Customers, markets, wants and demands, possibilities and benefits Resources: Money, people, Knowledge, technology

CREATING VALUE SUPPLY SIDE DEMAND SIDE

Entrepreneur

Entrepreneurship involves identifying or creating market opportunities and leveraging resources to capitalize on these opportunities. This leads to the creation of new value in financial, social, creative, technological, and environmental aspects.

Entrepreneurship enhances the value of invention, engineering, and cognition while decreasing costs and timescales for transferring information and materials, thereby creating competitive opportunities. It is recognized as essential for economic rejuvenation due to its ability to foster innovation, demand, wealth, and employment. Entrepreneurs play a crucial role in creating opportunities, acquiring resources, and expanding business ventures.

Entrepreneurial traits

Burns (2011) suggests that entrepreneurs

share the characteristics of owner-directors.

However, they possess certain additional characteristics. Opportunist: Adam pursues opportunities to earn money. In other words, he actively seeks out chances to make a profit. While regular people may see a job, Adam sees an opportunity in a different position. He believes that he has a significant advantage in this regard and many entrepreneurs struggle with this issue. Within a week's time, he can identify a couple of opportunities. However, the challenge he faces is that he cannot fully commit to one opportunity because he becomes attracted to new ones that catch his attention.

Just like Duncan Bannatyne of UK, I believe Adam is a successful entrepreneur. Even though Mr Jones has sold about four businesses that were operating at full capacity, he has never considered selling Wealth magazine. The reason for not selling is that he wants to offer words of wisdom and courage to entrepreneurs, leaders, managers, and anyone whose goal is to run a successful business. Innovation: Moon and Gee (2012) argue that innovation is the main tool entrepreneurs use to create or exploit an opportunity.

Adam is an individual who possesses a strong inclination towards innovation and creativity, frequently engaging in the exploration of fresh ideas and possibilities. The topic of "Creativity and Innovation" will further delve into this particular aspect. Just like other entrepreneurs, Adam requires a significant amount of confidence to propel the advancement of his business amidst the uncertainties it encounters. The triumph of his enterprise heavily depends on his unwavering belief in its future prospects. However, it is important to note that an excessive level of confidence can prove detrimental as it may impede an

entrepreneur from accurately evaluating challenges and formulating effective strategies to overcome them.

Adam is a motivated and proactive individual who actively seeks opportunities and works diligently. He devotes several hours each day to his work because it is his passion and he believes in putting in the effort. This dedication allows him to quickly identify and seize opportunities before others do. In summary, Adam's strong self-motivation sets him apart.

According to Burns (2011), Adam exhibits a strong internal drive, passion, and enthusiasm in pursuing his goals. Unlike other entrepreneurs, Adam's motivation is not money-driven; rather, he views it as a symbol of his success and a measure of his achievements. Moreover, he possesses a clear vision for attaining accomplishments in life and is willing to undertake risks. Additionally, networking is an area where Adam excels.

Enterprise Culture

The term "enterprise culture" poses challenges in its precise definition for many authors. In simpler terms, within a business or organization, an enterprise culture fosters creativity and innovation instead of being apprehensive about taking risks.

Adam motivates his subsidiaries to think creatively and innovatively for the purpose of generating distinctive and captivating content for their clients. The company offers guidance and insights to enhance leadership and marketing abilities. Their commitment and consistency are crucial factors contributing to their achievements. They are devoted to providing valuable and current information to a wide audience, resulting in a devoted following among business enthusiasts in Botswana. They aim to consistently populate their magazine with dependable and pertinent content.

Wealth magazine values the reader's respect and is dedicated to meeting the specific needs of Batswana through a wide range of article categories. The magazine covers various aspects, including entrepreneurship

and management, which are essential for achieving long-term success in business.

Adam Jones demonstrates an entrepreneurial approach through his leadership style. As an entrepreneur, he takes ownership of the business and has introduced a novel way of managing it. He consistently brings innovative ideas to the market and continues to do so with each publication. Moreover, he is skilled at identifying new market opportunities and efficiently allocating limited resources.

Adam not only provides leadership to his subsidiaries but also focuses on making alterations that add value to the economic system. His entrepreneurial direction emphasizes both innovation and opportunities. In terms of innovation, Adam is actively involved in managing reforms.

The individual successfully gathers people, funds, ideas, and materials for the purpose of establishing a fresh management. The team consists of approximately 20 individuals, such as editors, authors, and sales/distribution agents. With emphasis on seizing opportunities, the individual perpetually strives to innovate and improve. Their invention generates additional worth and they excel at pursuing new opportunities rather than preserving resources, indicating that they view resources as means to an end rather than an end in themselves.

The type of organizational structure evident in his concern is entrepreneurial. This structure revolves around the entrepreneur himself, who possesses specialized knowledge of the product. The advantage of this structure is that decisions can be made quickly since the entrepreneur is the one making them. The structure is also highly responsive to changes in the market; as soon as a market element shifts, the entrepreneur can recognize it and take immediate action. However, the downside of this structure is that the organization relies on the abilities of the entrepreneur. Consequently, it struggles to handle

diversification or growth.

This is because one person cannot handle the increased number of decisions as the concern grows. This structure promotes entrepreneurial outcomes as there are no career paths for employees.

Intrapreneurship

An Intrapreneur is someone who acts like an entrepreneur within a larger organization. We can say that they are action oriented and proactive. They are also risk takers and able to think outside the box.

Adam possesses the qualities necessary to be an intrapreneur in any large company, but he dislikes working for others. Instead, he aspires to create small businesses that will eventually become large.

Strategy and Entrepreneurship

Adam claims that his magazine targets a specific market segment.

Instead of being a jack of all trades, he excels in one particular area. He has a specific method of outshining his competitors. For instance, if his competitors offer a full-page coloring advertisement at a lower price than his usual rate, he provides a substantial discount to attract advertisers. He mentioned that although this may not generate as much profit initially, it will eventually create a devoted advertising clientele.

Mr. Jones stresses the significance of attracting major advertisers for a magazine publishing house, as it is essential for generating substantial revenue from advertisements, which comprises the majority of the profit margin. He values feedback from both readers and advertisers.

Adam Jones and his team prioritize acting on feedback they receive without undermining it, in order to produce content that aligns with readers' preferences rather than the opinions of editors or authors.

Creativity and Innovation

Adam Jones emphasizes the value of networking as a skill for establishing connections with industry leaders. He has developed his own networking strategy which

involves standing out, reaching out to numerous individuals, cultivating authentic relationships, and actively participating. Additionally, he highlights the importance of reciprocity in networking.

He is a reliable resource whom many people turn to for assistance. Moreover, networking for magazines takes various forms and caters to different audiences. Wealth magazine specifically targets ambitious individuals with a strong desire for knowledge and a drive for business, whether it be owning a business or managing one. This includes current students, recent graduates, employers, and employees of various backgrounds. In essence, the magazine reaches out to current business owners as well as aspiring entrepreneurs of the future.

This creates a wide and dynamic networking environment. This includes events such as young person exhibitions, seminars, and trade shows that promote entrepreneurship and diversify the economy in Botswana. The Wealth Magazine team is always eager to both educate those who are less informed and learn from successful individuals in various industries. Adam explains that they gain insight into their readers' needs and where their advertisers want to reach, ensuring they fulfill both requirements as promised. Additionally, attending important events like gala dinners also aids in networking with influential individuals.

Challenges

The challenges we face in our business involve the visibility of wealth to our prospective clients and the fluctuations in our advertising budgets. During difficult economic times, companies tend to quickly reduce their advertising budgets, which requires our team to work harder and faster to survive. Additionally, we have encountered distribution challenges as a result of our company's restructuring, which has limited our presence in stores outside of Gaborone.

The concern does not have distribution channels to readers in distant countries,

which affects the overall literacy of the country. However, thanks to Wealth Agents, the concern is now able to distribute to places like Kasane and Jwaneng once again. Distribution is crucial for the success of any magazine. Adam Jones, an entrepreneur, has faced numerous challenges before venturing into the magazine publication business, with many critics doubting his new idea.

Many of his friends doubted the possibility and urged him to pursue a different path. Surprisingly, his parents did not support the idea, considering it too risky and neglecting its potential benefits to the nation. When facing similar doubts, most aspiring entrepreneurs give up on their dreams prematurely. Many Batswana cannot tolerate such criticism, lacking mental resilience. However, Adam Jones possesses mental strength and successfully withstands the critics, which contributes to the success of his business.

Market Schemes

According to Adam Jones, modern marketing requires organizations to be dedicated to a market or client orientation. All aspects of their organization coordinate their activities to ensure that customer needs are met effectively, efficiently, and productively. Wealth Magazine remains a small organization and they strongly believe in viral marketing promotional techniques. "We often utilize existing communication networks such as word of mouth (W.O.M), public relations (PR), creating 'BUZZ' and many others to spread the word exponentially.

In order to effectively target Wealth magazine's audience, they have utilized various media tactics. They now advertise on DUMA FM through radio advertisements. Furthermore, they continue to promote the magazine through traditional print advertisements and by offering a free service. Cold calling has also proven successful in not only creating brand awareness but also generating sales leads. The employees at Wealth magazine are consistently and actively

involved in initiatives that encourage economic diversification and entrepreneurship in our country. This era is characterized by the emergence of the savvy consumer.

We live in a world where digital and societal media reign supreme. In this era of societal media dominance, to adapt and succeed, one must anticipate and fully embrace the inevitable changes it brings.

Adam added that their main focus has been their Facebook group 'Building Wealth in Botswana' and their blog hypertext transfer protocol: //wealthbotswana.tumblr.com/. The group currently has over 8800 members and their goal is to have ten thousand members by the end of the year 2012. The group serves as a welcoming and secure space where young business-minded Batswana can enhance their entrepreneurial skills, exchange ideas through discussions, express grievances, conduct market research, post job opportunities, and find strategic partners who can help them achieve their goals. Fortunately, thanks to online marketing, the company can attract targeted clients to their website, Facebook group, and blog at a low cost.