Entrepreneurship is a phenomenon that has been practiced throughout the world since the earliest times. It refers to the process or act of identifying a business opportunity and gathering the required resources to initiate a successful business activity. The people who practice entrepreneurship are called entrepreneurs and are supposed to possess certain qualities for the success of their enterprises.
The case study presented is all about this concept. It is about two entrepreneurs J.C Egnew and John F. Moore. The two are employed by a tent producing company called Wilderness Products. Inc. While working in this company, they realize that it does not put into practice the essential business operating skills like new product improvement and expansion, and profit concern. With the high demand of tents, Egnew is intrigued with a possibility of venturing into this business by starting his own tent manufacturing company. He discusses this idea with his co worker J. F. Moore. Since the two are business minded people and posses entrepreneurial qualities they assess their management and entrepreneurial weaknesses and strengths to make sure that their business will be successful.
The two entrepreneurs have the strengths of persistence, control, and goal oriented. They have the willingness to keep trying despite many obstacles on their way. In terms of control, they appear to be involved in all company operations. Alternatively, they have their own weaknesses. For instance, they lack courage and enthusiasm. The business opportunity to the two is that of starting a tent making company. I would invest in this opportunity since they have analyzed all the vital requirements for their business opportunity. The critical resources and skills those are necessary to succeed in the business are passion, honest, integrity, being a risk taker, financial resources and human resources. The entrepreneurs should seek the advice of business experts such as risk assessment experts to add their knowledge on this opportunity.
References
Tom Huggler, camping editor. The Compleat Camper, Outdoor Life. June 1993, P 59
