Entrepreneurial Analysis of Maxine Horne-Free-Samples for Students

Question: Analyse Entrepreneurial of Maxine Horne. Answer: Introduction In todays growing business world, Entrepreneurship is considered as one of the major concepts. Entrepreneurship refers to the capacity and enthusiasm for developing, organizing and managing different business ventures along with all the risk factors in order to gain profit. Thus, it can be understood that entrepreneurship is not a simple process (Drucker 2014). The main objective of this report is to analyze and evaluate different entrepreneurial aspects of one of the best Australian female entrepreneur, Maxine Horne. The main reason of the selection of Maxine Horne for this analysis is her unique entrepreneurial characteristics along with her opportunity recognition and idea development process. This report will first analyze the background of Maxine Horne. After that, het major entrepreneurial traits or characteristics will be evaluated. After that, the report will take an honest attempt to recognize the opportunity recognition and idea development process of Maxine Horne. The next step is to discuss the competitive advantage of Maxine Hornes business Vita Group Limited. Background of Maxine Horne Maxine Horne is one of the top female entrepreneurs of Australia. Maxine Horne is the co founder and Chief executive Officer (CEO) of the famous Vita Group Limited. Vita Group Limited is Australias major computing, electronics and communication provider. One of Maxine Hornes friends pointed her out that the Australian people were not able to buy mobile phones from shopping centers. Thus, Maxine Horne decided to open a store in the Gold Coasts Pacific shopping centre. This was the starting of the great entrepreneurship journey of Maxine Horne. With the help of this start up, Maxine Horne along with David McMahon established their company, Vita Group Limited in the year of 1995. After that, Maxine Horne became the co-founder and CEO of Vita Group Limited. Apart from this highly developed professional life, Maxine Horne has a lovely personal life. She is a married women and the mother of two children. The most important characteristic that has been helping her throughout these year to b ecome a successful entrepreneur is the never give up attitude. According to Maxine Horne, making mistakes is the part of life, but it is important to get and start again (Maxinehorne.com.au 2017). Entrepreneurial Characteristics of Maxine Horne It needs to be mentioned that an entrepreneur needs to have certain characteristics like the risk taking ability, innovation skills, good future vision and many others (Kirzner 2015). It has been seen that Maxine Horne some specific entrepreneurial traits. It can be seen that Maxine Horne established herself through a challenging career. The reason is that she loves to face challenges. This is a major characteristic of an entrepreneur as the entrepreneurs have to face many challenges in order to set up startups (Kuratko 2016). The next major characteristic of Maxine Horne is the risk taking ability. As an entrepreneur, they have to take moderate high risks. Maxine Horne has become this much successful as she has always been ready to take risk for her business. The next characteristic is that Maxine Horne values the value of her business. It has been seen that Maxine Horne develops the business strategies of her company by taking into consideration the eight core values of their busin ess. This is a major characteristic of Maxine Horne. These major characteristics of Maxine Horne have been helping her to become successful as an entrepreneur (Delaney 2013). Opportunity Recognition and Idea Development Process Opportunity Recognition From the entrepreneurial development of Maxine Horne, it can be seen that Maxine Horne has a powerful ability to recognize the business opportunities. One of the friends of Maxine Horne once pointed het out that the people of Australia were not able to by mobile phones from the shopping malls. This was a major influencer to Maxine Horne to become an entrepreneur (Tang, Kacmar and Busenitz 2012). At that time, she suddenly realized that was of mobile phones and the supply of the mobile phones were not matching the demands. On the other hand, there were many shopping malls all over the Australia. In case the mobiles phones can be sold in the various stores of the shopping malls, a large number of customers will be able to buy them. After this realization, she opened her new store in Gold Coasts Pacific shopping centre and that was the starting of her journey (Chell 2013). Thus, it can be seen that Maxine Horne recognized the business opportunity at the correct time. Idea Development Process From the above discussion, it can be seen that Maxine Horne has a strong ability to recognize the business opportunities. She has been able to develop the business ideas in such a ways that from a single phone store in Gold Coasts shopping center, she now owns a whole empire. Thus, it can be seen that Maxine Horne has been able to develop her business idea in the perfect way (Mabogunje 2015). Her open mindset helped her to develop her business idea in a large way. Apart from this, here good and bad experience from the different stages of business has helped her to develop her business idea. Thus, from the above discussion, it can be seen that Maxine Horne has been able to develop the business in the perfect way and for this reason, she has became able to transform her business idea to a large business (Naud 2013). Business Development and Competitive Advantage of Vita Group Limited Type of Business Development As per the above discussion, Maxine Horne first started the business from a single store in a shopping mall in 1995. She started the business under the brand name of Fone Zone as a licensed dealer of Telstra. In that particular year, the company started their trading. After that, from the year 2005 to 2008, Maxine Horne expanded the business of Fone Zone with the help of various acquisitions and the purchase of Telstra dealer One Zero Communication, Apple reseller, Next Byte (Vitagroup.com.au 2017). In the year 2009, Maxine Horne signed a dealer and master license agreement with Telstra and with the help of this move, Maxine Horne acquired 100 Telstra brand stores. As a part of expansion from 2010 to 2015, Vita Group Limited entered into the business of information and communication technology with the help of the acquisition of Camelon IT. At present, Vita Group Limited is one of the major companies of Australia. Vita Group Limited throughout all these years with the help of the str ategies of Maxine Horne has been delivering quality products and service to their customers. Competitive Advantage of Vita Group Limited Competitive advantage refers to the process of putting the company in such superior and favorable position so that other companies can face difficulties to replicate them. Vita Group Limited has been providing superior quality of products and services in order to fulfill the demands of their customers (Porter and Heppelmann 2014). This aspect provides major competitive advantage to the company. With the help of strong operating cash flow, Vita Group Limited has been able to register strong business growth over the years. With the help of this business growth, Vita Group Limited has been able to capture the major market share compared to its other competitors. This is a major competitive advantage of the company. Recently, Vita Group Limited has sold the Apple retail business operation named Next Byte in order to extend the business operations of Telstra SMB. Thus, based on the above discussion, it can be said that the partnership with Telstra provides Vita Group Limited with the bigg est competitive advantage (Singh 2012). Recommendations Based on the above discussion, some recommendations are provided below: From the business development part of the report, it can be seen that Vita Group Limited has all of its business operations in Australia only. Thus, it is recommended that the company should develop strategy for the business expansion outside Australia. With the help of international expansion, Vita Group Limited will be able to make their brand known all over the world and the company will get international recognition. Apart from this, international business expansion will help the company to register high amount of revenue and higher profit margin. It is recommended to Maxine Horne that she should consider the starting of other new business operations apart from telecommunication and information technology. Retail business market is one of the major profitable markets of Australia. Thus, it is recommended to Maxine Horne that she should invest in retail businesses. Conclusion From the above study, it can be seen that Maxine Horne us one of the best female entrepreneur of Australia who established the business of Vita Group Limited. She started the business in 1995. From that time, with the help of her entrepreneurship traits and qualities, she has been able to establish the large business operations of Vita Group Limited. He ability to recognize the business opportunities and ability to develop the business ideas have been her main strengths over the years of development. 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