Select an entrepreneur who has had measurable success with at least one venture. The situation involved could be a new business venture, a new product or a new process but it should represent a significantly new direction for the entrepreneur.
Write a short report about what happened and how it confirms or disconfirms the principles in your textbook, emphasising:
* The historical background and environmental conditions that led to its emergence * A description of the approach, attitudes and behaviour towards the innovation. * The strategies that were employed and which ones contributed most to the innovation’s success.
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The three major types of displacement illustrating this school of thought include political displacement, cultural displacement and economic displacement. In my view, the displacement school of thought had the strongest impact on the Wong brothers during the start up stage of their business, particularly the economic displacement theory. The fact that the Wong brothers didn’t have much employment opportunities at the time, probably led the older of the two brothers, Charles, to venture out and seek opportunities of his own.
3.2 Micro view
Entrepreneurship in a micro view point examines the specific factors to entrepreneurship and that are part of the internal locus of control. The entrepreneur has the potential capability of directly controlling the outcome of the influential factors. (Kuratko 2009, p.10). In the textbook, Kuratko explores the entrepreneurial trait theory, venture opportunity and strategic formulation schools of thought (Kuratko 2009, p.9) which I believe were the main approaches Charles took towards growing his business. These approaches are specific and focus on the events within and not out of the business environment.
3.2.1 Entrepreneurial trait school of thought
The attitudes that Kuratko speaks of such as the ‘determination, creativity, technical knowledge and a sense of achievement’ under the entrepreneurial trait school of thought is what the Wong brothers had.
When the brothers started their business, there were lots of