MNG91002 – Entrepreneurship Assignment Help
a) Entrepreneurs - and by extension, the firms they run - have been identified as having certain traits and characteristics. Some of these traits are evident in the case of Fairphone, and how they ‘go about' developing and implementing their business model. Discuss the extent to which Fairphone exemplifies these entrepreneurial traits and characteristics. Justify your response with reference to academic sources (e.g. academic journal articles, textbooks, etc.).
b) The article clearly outlines what we might consider 'social entrepreneurship', whereby an entrepreneur establishes and/or leads an organisation or initiative engaged in social change. But launching and running a social enterprise is not without its challenges. Describe at least three major boundaries or challenges involved in running a social enterprise. Again, you should be looking to use academic sources as the foundation of your review. Wikipedia or web blogs are not considered as 'sound' academic sources. Write up your analysis. This should be in a report format.
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The entrepreneurship is about the process to design, launch and run a new business which is initially a small business, and taking financial risks in a hope for a better profit. It is important for the company Fairphone to work on improving their civil conflicts with handling challenges in social entrepreneurship (Tombs, 2018). For the company the public relations need to be managed in an effective manner, with focusing on how the company is able to gain momentum in the market with handling the production of the electronic goods as well as minerals. It is important to be determined with creativity for getting success and highlighting on not-for profit organization which is established as a campaign with the mission of raising awareness for the supply chain (Tombs, 2018). The company aims for making the profits with assisting the marginalized communities that help in producing an aesthetic pricing smartphone.
Analysis of Entrepreneur Traits and characteristics
Considering the different improvements in the industries, there are different traits which an entrepreneur company needs to focus upon. Some of them are the stronger skills for the people, where the power is about motivating them to work further (Kazmi et al., 2016, pg., 161-166). The company, in the given case study, Fairphone has been able to determine and help in bringing creativity to find a better relationship between the two different unstated events.
Some of the major characteristics of entrepreneurship are:
a. Willingness to break the rules: There is competitiveness which is through setting the parameters and planning about the open-minded approach to understand the different situations and events (Caputo et al., 2016, pg 384-409). For example, Fairphone has not been following the strong ethical responsibilities, where they are experiencing conflicts due to the exploitation of minerals (Tombs, 2018).
b. Passion & Strong work ethics: The company claims itself to be the ethical cellphone company that produces the cool phone to put the human values first. But it is not able to follow the traits as they do not have any expertise in the same (Welsh et al., 2016 pg 3-12).
c. Competitiveness: It is important for the Fairphone company to handle the mid-range competitively priced smartphone with producing it in a manner that will help in handling the supply chain. They are working on profit standards along with establishing some good relationship with the fair working conditions (Welsh et al., 2016 pg 3-12). It can be done through improving the quality and reflecting the user-friendly factors which will be a major concern for the environment and the company will be able to rise itself (Tombs, 2018).
d. Confidence: Considering it as a major factor, the company goals are to focus on inspiring the social change through long lasting designs, fair materials and the good working conditions. This will make the product reusable and recyclable (Tombs, 2018).
e. Determined: As per the case study, it is seen that the employees have been launching crowdfunding campaigning with focusing on selling the 25000 non-existing smartphones. They have been able to produce and deliver approximately 25000 fair smart phones to the people (Tombs, 2018).
f. Strong working skills: This trait highlights mainly on the communication factor. It is due to their capability, that Fairphone has been able to convince and sell their products to the people. They are able to convince China and Singapore companies to help them for the manufacturing (Tombs, 2018). They have been involved in the investigation of the people’s feedback so that they can try to improve the quality of the product.
g. Value Achievement: Fairphone has been aiming to profit from the smart phone without thinking of the consequences and the impact on the other industry (Tombs, 2018).. There has been a major loss in the minerals which is deteriorating the other industries as well. Hence, it becomes important to focus on handling waste by designing and properly manufacturing a phone which could easily be recycled (Rahdari et al., 2016 pg 384). Apart from this, a good life of phone is more in demand by the people, which helps in ranging to the long-lasting procedure. It will help in building a better environment as well.
Major Challenges in Social Entrepreneurship
For the company with the different challenges, they need to focus on the social standards where Fairphone has to work on efficiently using the products and not exploit the use of minerals (Tombs, 2018). The company should aim towards the profit of the organization and for the environment, in order to last long the product (Ruppert et al., 2015, pg 200). The exploitation of minerals need to be handled effectively and the prototype is considered to be a concept device which is not functional.
For the company to be handling the social entrepreneurship, they need to focus upon:
a. Funding: Fairphone company plans about the crowdfunding campaign in mid-2013 with website and aiming of pre-selling to a maximum of 5000 fair smartphones. The company needs to focus on approaching the investors which might not be easy with creating awareness raising campaign explaining relationship for smartphones (Martin, 2016 pg 432-450). Fairphone is including the raising of awareness and planning on the pre-selling of the phones which has a maximum of 5000 fair smartphones. The company has been working on planning raising of small amounts from large people.
b. Communicating Value: Fairphone has been working on improving their social value by launching it as a “social enterprise” in January 2013. The company aims to provide the profit from making the smart phone with marginalized communities and reducing any impact on the social environment (Tombs, 2018). Fairphone aim for the better consumer experience. The company is taking care of the funding issues along with handling the success or the donations. There are lack of the skilled man force which can be a major reason for the failure (Rhdari et al., 2016 pg 200-250).
c. Strategy and Long-term focus: For a long-term focus, the company is able to focus on the long-lasting designing, fair material use, and the proper working conditions. The method of using the recycle and reuse technology has been effectively for the company to work on the ethical standards and match the environmental conditions as well (Tombs, 2018). The social challenge is also about whether the product is able to recycle and handle the production, which is free from exploitation (Dees, 2016 pg 34-42). Fairphone factory workers need to work on the advancement of technology and plan it effectively. The approach is to look forward for the improvement of ethical manufacturing, where the problems are properly noticed and addresses.
d. Remaining true to the mission: A better strategy for the social enterprise of Fairphone could be helpful to fight against the problems. The review of strategy and improving the work will lead to handling the changes in the mission and planning for handling organization impact (Hlady et al., 2018 pg 20-80). The challenge is about getting the talented volunteers who could work and be involved in the production of the company. The company agenda of Fairphone was only to produce a cool phone, which attracts the customer and compel them to buy (Glanzel et al., 2016 pg 1640). They did not think about the central agenda, about making an environmentally friendly phone which could be recycled or reuses. One needs to establish a good strategy which will help in fighting the problems and focus on the long-term goals which will continuously help in reviewing the strategies and work on improving it further (Hlady et a., 2018 pg 55).
Fairphone has been a non-profit company which is working on improving the trends and patterns of the market. The company aims now to provide a better experience which will be helpful through using the tools that could be improving the company image in the industry as well. (Hlady et a., 2018 pg 55). After facing the issues, the company of phone Fairphone has been working on improving the climate of increased concern of environment, where there is an awareness for the global human rights abuses and the widespread problems. This shows the determination of the employees to work hard and plan their work, towards a better approach. The company is able to highlight on doing the right thing and plan on hard factors of how the commodities are made (Hlady et a., 2018 pg 55). (Hlady et a., 2018 pg 55).
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