Analysis of Six Themes in Entrepreneurship

Entrepreneurship
Introduction
The company selected is Dar Almanthour for Fragrance. The company was established in the year 2000 by the owner, Mr. Therar AlTararwa. The key products retailed by the company comprise of Bakhour, perfumes, scents, perfume oil and designed boxes for formal events. It started off with his friend at work wanting to sell his own made up fragrance and offered Mr. Therar AlTararwa to sell these fragrances to his family and when he did Mr. Al Tararwa saw an opportunity that selling these fragrances made money and so he wanted to get in the game he bought dozens of fragrances from his friend and made a guy sell them and he had his percentage of the sales. So then and there, Mr. Al Tararwa saw an opportunity and offered his friend money to sell him the mixture ingredients of the fragrance so he can open up a fragrance shop his friend then joined the offer and they became partners and opened there first shop in Al Mubarikeya and the shop was running well Mr. Al Tararwa quit his job and started to work inside the shop and by then the shop sales went well , the paid up capital for the shop was 1500KWD there was a breakeven the second month of sales in year 2003 he bought a new shop for 3000KWD and then Mr. Al Tararwa started to travel to Singapore and Thailand and China to look for unique products to offer in his shop. Dar Al Manthour Fragrance has since then grown to become one of the biggest wholesalers of fragrance in the entire nation. In the present day, Dar Al Manthour Fragrances have 13 different shops in the GCC nations. From the outset, the company solely had two employees who were Mr. Al Tararwa and his business partner. However, subsequent to the business expansion, the company presently has 50 employees. The main objective of this paper is to examine and analyze the business of Dar Al Manthour Fragrance from an entrepreneurial perspective using different entrepreneurial themes.
Opportunity Discovery
Entrepreneurial activity takes into account a future circumstance that is both needed and achievable, irrespective of the resources that are presently under the control of the entrepreneur. In delineation, opportunities are objective actualities in the sense that they are existent aside from the entrepreneur and therefore, they can be discovered by more than one individual. In spite of the fact that opportunity acknowledgement is subjective to the person, opportunities themselves are deemed to be objective phenomena that are not recognized by all parties every time (Maastricht School of Management, 2018: Theme 2). Opportunities await to be discovered and different aspects elucidate who discovered such opportunities including alertness, opportunity cost, the kind of opportunity present, preceding knowledge and information symmetry and also personality traits. A fundamental aspect pointed out by Maastricht School of Management (2018: Theme 2) is alertness, which is delineated as an inclination to identify and be sensitive to information regarding objects, events and behavior patterns within the environment.
This perspective is buttressed by various authors. In accordance to research conducted by Alvarez and Barney (2007), the discovery theory makes the assumption that entrepreneurs who discover opportunities are substantially dissimilar from others in their capacity to either perceive opportunities, or the minute that are perceived, to make the most of these opportunities. The authors point out the notion of alertness, which makes entrepreneurs associated within a market to become aware of opportunities generated by external shocks whole others disregard them. In the same perspective, Ardichvili, Cardozo, & Ray (2003) employ the Dublin’s theory building framework to proposition a process of opportunity identification. The authors point out that entrepreneurial alertness is a fundamental aspect for the achievement of opportunity identification, which encompasses three different factors including recognition, development, and evaluation.
Furthermore, in regard to opportunity discovery, Baron (2006) makes the argument that opportunity recognition is a form of pattern recognition. This is in the sense that entrepreneurs ascertain opportunities for fresh business ventures by utilizing cognitive frameworks they have attained through experience to see connections between apparently unconnected events or trends in the external world. Basically, Baron (2006) points out that entrepreneurs capitalize on cognitive frameworks that they have in possession to connect the dots between the alterations and transformations in demography, technology, markets as well as other factors. It is through these patterns that are perceived that new products or services are suggested. Entrepreneurial opportunity discovery can be outwardly noted in the case of Dar Almanthour for Fragrance. The business started off with Mr. Al Tararwa’s friend offered to retail fragrances to his family and he perceived an opportunity to sell these fragrances to generate profits. Therefore, Mr. Al Tararwa opted to purchase dozens of fragrances from his friend and made a different person to retail them and obtained a percentage of the sales.
Opportunity Development
The opportunity development process is one that is recurring and iterative. The inference of this is that there is a likelihood of an entrepreneur undertaking evaluations numerous times at dissimilar phases of development. In addition, evaluation could also give rise to recognition of extra opportunities or changes and adjustments to the original version (Ardichvili, Cardozo and Ray, 2003). Opportunity production starts with the perception of an entrepreneur regarding a prospective opportunity in the form of an idea or conception. At the beginning phase, there is an imagination of the opportunity and there is the likelihood of the entrepreneur to be indeterminate and unclear regarding the feasibility of the opportunity. That is, there is conviction of an opportunity. Numerous opportunities are the result of social construction. It is not necessary for opportunities to be preexistent entities conditional on being discovered by entrepreneurs who are aware. As a result, entrepreneurs can play a practical and fundamental role in shaping the prospects that they might in the end capitalize on (Maastricht School of Management, 2018: Theme 2).
Based on research undertaken by Alvarez and Barney (2007), opportunity development necessitates decision making. The context of decision making is one that is risk if, during the period when the decision is being undertaken, decision makers are able to gather sufficient information regarding a decision to expect possible outcomes linked with that decision, and the likelihood of such outcome. This context is risky owing to the reason that it makes the assumption that opportunities are objective. An entrepreneur can capitalize on an assortment of data collection and analysis methods to comprehend the possible results linked with an opportunity, together with the probability of those results. Alvarez and Barney (2007) give the example of Mount Everest. In particular, it took several years to notice that the mountain exited, and several years more to be able to determine the height. However, in spite of these difficulties, at no point did any individual doubt whether this information could be obtainable. Gruber, Kim, and Brinckmann (2015) point out that, agents create or develop their opportunities by uniting what they have at hand, by carrying out trials with a particular set of means, and by enthusiastically engaging with consumers and other stakeholders. Basically, opportunities can be developed on the basis of social interaction. In the initial stages of creating the firm, an entrepreneur lacks sufficient information regarding future development of the business and therefore tries to control the existing configuration of resources through social interactions.

Once the opportunity concept has formed in the mind of the entrepreneur, he or she tests the idea’s feasibility and viability through interaction with peers. The entrepreneur values the opinion of the peers regarding the actual existence and manifestation of an opportunity. In the case of Dar Almanthour for Fragrance, Mr. AlTararwa’s friend at work wanted to sell his own made up fragrance and offered him to sell these fragrances to his family and when he did Mr. Al Tararwa saw an opportunity that selling these fragrances made money. The entrepreneur becomes pursuant of an external source of affirmation that the idea is actually, feasible. Subsequently, the objectification process will change the subjectively signified idea into an objectified opportunity that has the quality of an external reality. Mr. AlTararwa bought dozens of fragrances from his friend and made a guy sell them and he had his percentage of the sales. The following phase of opportunity development or production encompasses soliciting stakeholder support to transform an objectified opportunity into a working venture. This encompasses the development of an alliance of partners and affiliates that supplies the resources to carry out the means-end trail imagined at the opportunity objectification stage. Mr. AlTararwa and his friend joined hands and become partners and thereafter opened their first shop that was situated in AlMubarikeya. The partners removed a paid up capital for the shop amounting to 1500KWD and bought a new shop for 3000KWD after the second month.
Sources of Opportunity
Opportunities bring into play the existence of new goods, services, raw materials as well as organizing approaches that permit outputs to be retailed at more than their cost of production. Technology is perceived as a source of opportunities not only for start-ups but also for established businesses (Shane, 2000). Such new technology may be a prospect for improved performance, decreased cost levels, better durability and also better aesthetics. The formation of a firm or business is centered on three key aspects (Shane, 2001). The first aspect is the characteristics of the founders. This includes the prior knowledge amassed from different experiences and also their traits and individualities. The second aspect is the characteristics of the industry, which encompasses the prevailing structure of the market and also the existing technology regime. Third, there is the nature of the opportunity and this takes into account the need within the market and also technological capability. It is imperative to note that such technological opportunities will not perceptible to all individuals and therefore necessitates early access to it and previous knowledge on how it would operate and be different and be pertinent. In addition, a source of opportunity may emanate from the new reconfiguration of existing products (Shane, 2001; Maastricht School of Management, 2018: Theme 3).
According to Andries, Debackere and Van Looy (2013), effective exploitation of an entrepreneurial opportunity requires the translation of that particular opportunity into a business model that is viable. This is particularly the case in emergent industries where what the market will end up becoming is reliant on multiple decisions by dissimilar stakeholders and clarity will only come about when entrepreneurial activities bring about the development of the industry. For this reason, the sequence of viable opportunities and feasible business models is usually not foreseeable in advance. This is especially the case in regard to the company in question. In particular, the fragrance market is reliant on the actions of various stakeholders such as the consumers, rivaling companies, suppliers of ingredients and also the external supplier prices, for instance, the prices of international fragrances.
The theme of sources of opportunity can be examined in relation to Dar Almanthour for Fragrance. To begin with, as one of the founders of the company, Mr. Al Tararwa had prior experience at his work. In addition, based on his actions, it is perceptible that Mr. Al Tararwa is a go-getter. He immediately notices the chance to generate profit and once the first batches of fragrances are sold and create earning, he decides to quit his job in order to further develop the business prospect. Secondly, the nature of the market was also a source of opportunity. By having fragrances made from individually created ingredients, this was a niche in the fragrance market not only in terms of differentiation but also cost advantage.
Opportunity Validation and Selection
Validation of a business conception is as significant as the product itself. More often than not, owing to the urgency to bring the product to the market on solely the basis of the strengths and views, entrepreneurs have a tendency to disregard the validation of the product or the business as a whole. Opportunity validation is deemed to encompass the assessment of feasibility and assessment of attractiveness. It is imperative to note that there is idiosyncrasy in the attractiveness of a business opportunity (Maastricht School of Management, 2008: Theme 4). The inference of this is that there are major dissimilarities in the opportunity preferences of persons with experiences in technology, management, and entrepreneurship. Taking this into consideration, it implies that a certain opportunity might not be similarly appealing to all individuals. This brings into play the aspect of opportunity evaluation and selection (Maastricht School of Management, 2008: Theme 4). Notably, individuals with dissimilar experience backgrounds will be inspired by and resort to unique opportunity exemplars in the evaluation process of business opportunities. Such evaluations play a fundamental role in ascertaining whether it is meaningful and sensible for the agent to go ahead and capitalize on the opportunity, become accustomed to the selected course of action, shift to an alternative opportunity or get rid of the entrepreneurial endeavor altogether (Maastricht School of Management, 2008: Theme 4).
Gruber, Kim, and Brinckmann (2015) conducted an empirical research study examining the different opportunity evaluation decisions undertaken by managers, technologists, and entrepreneurs. The individual conviction of an entrepreneur that an opportunity makes it possible to generate value is what fundamentally impels entrepreneurial action all through the process of creating new firms. It is also pivotal in comprehending different entrepreneurial behaviors and results. Bearing in mind that the exploitation of opportunity usually necessitates agents to dedicate significant amounts of resources, their evaluations play a key role in ascertaining whether it is sensible for the agent to ahead and exploit the opportunity. According to Gruber, Kim, and Brinckmann (2015), bearing in mind that opportunities are multidimensional constructs, the evaluation of the potential value that is intrinsic in a business opportunity depends on subjective judgment concerning various features of a pinpointed opportunity. For instance based on their study, the authors established that individuals with experience in specialty or technology lay emphasis on smaller opportunity dimensions compared to individuals with experience in management and entrepreneurship.
Gaglio (2004) points out that the process of identifying, shaping as well as going after market opportunities has become a significant aspect in entrepreneurship. Specifically, the author maintains that cognitive heuristics, for instance, mental stimulations and counterfactual thinking, may impel the whole process of opportunity identification. In addition, this is beneficial in comprehending how entrepreneurs think and reason. A fitting instance of mental stimulation encompasses simulation of possible future by mentally considering sales pitches together with solutions of possible oppositions while heading for a meeting with a client. These tools can be used in different ways and are beneficial in anticipating the future in addition to gaining insight from past mistakes. Imperatively, the form and direction that these mental stimulations and counterfactual thinking take, can impact whether an individual and come up with various alternative and pinpoint innovative market opportunities.
According to Hayton and Cholakova (2012), the emergence of entrepreneurial opportunities signifies the essence of entrepreneurship. From the standpoint of a potential entrepreneur, everything starts with an idea or a conception. It goes on with a wide range of actions that comprise of ascertaining whether such an idea is one that is sufficiently attractive and feasible to justify further attention, collecting information to decrease ambiguities associated to the value and feasibility of the idea and changing the idea to meet existing facts. Hayton and Cholakova (2012) insist that the cognitive processes of the entrepreneurs help in understanding how they perceive their world, learn from it and also have different thinking on economic opportunities.
In the case of Dar Almanthour for Fragrance, Mr. Al Tararwa selected and evaluated the business opportunity of selling fragrances based on the mixture of ingredients given to him by his friend. Owing to the impressive sales that he obtained from selling the first batch of fragrances, Mr. Al Tararwa ascertained that it was sensible and rational to forge ahead with the business opportunity. This was a validation that the business opportunity at hand was suitable to continue with it. In this regard, subsequent to opening the first shop in AlMubarikeya and the shop continuing to run well, Mr. Al Tararwa made the decision to quit his job and started to work inside the shop.
Business Modeling
The business model delineates the system of interdependent activities undertaken by a main together with its various partners in addition to the mechanisms that associate these activities to one another. Notably, an activity within the business model of such a firm can be perceived as the incorporation of human, physical and capital resources of any party to the business model to undertake a particular objective toward the accomplishment of general objective (Amit and Zott, 2015). Business models translate technical potential into economic value. These models make certain that the technological essence of one’s product or service innovation renders value to the consumer. Furthermore, business models propel venture design in regard to competitive strategy, sales strategy, resource needs, staffing, operations, and finances. A business model portrays the content, structure as well as governance of the transactions designed in order to generate value through the capitalization of business opportunities. It delineates the underlying principle of the manner in which an organization generates, delivers and seizes value. Business modeling has an impact on what the business undertakes and therefore, the manner in which a business is arranged and coordinated. It is possible to proposition switching from one model to another in the course of time. However, it is imperative to note that models might have dissimilar resource requirements, timelines, as well as value promises ((Maastricht School of Management, 2018: Theme 6).
Amit and Zott (2015) established four different antecedents linked to the design themes of business models. The first antecedent is that the design of a business model needs to satisfy the incentive compatibility constraints of all stakeholders, not only the firm but also strategic partners, consumers and suppliers. Secondly, there is the antecedent of utilizing templates in business model. This is imperative owing to the reason that templates are an indication of prosperous concepts and can be employed for framing and standardization and therefore for fashioning the perceptions of one’s own and those of others. The third antecedent encompasses the manner in which activities undertaken by stakeholders could improve business model designs by reinforcing the complementarities and put in place design themes. This is imperative owing to the reason that it lays emphasis on the business model as a unit of analysis that is positioned between the firm and network levels. Finally, there is also the antecedent of environmental constraints. This prompts researchers and entrepreneurs regarding the significance of perceiving limitations not just as challenges and possible sources of letdown, but also as opportunities for designing innovative solutions (Amit and Zott, 2015).
Zott, Amit and Massa (2011) examine the conception of the business model through manifold lenses of the subject matter. One of the key aspects established from the article is that the business model is emanating and developing as a new unit of analysis. It is unique from the product, company, industry or network and it is based on a focal company, but its boundaries are wide ranging compared to those of the company. Secondly, the authors establish that business models lay emphasis on a system-level, holistic approach to elucidating the manner in which firms conduct their business operations. The third aspect that Zott et al. (2011) establish is that firm activities play a fundamental role in the different conceptualizations of business models that have been proposed. Finally, the authors assert that business models attempt to explain the manner in which value is created and not solely how it is captured.
Fombrun and Wally (1989) investigate the structuring of small firms for rapid growth. Such fast-paced growth generates problems that threaten the capability of a firm to sustain and survive in the course of time. Such firms end up experiencing challenges including insufficient resources, lack of competent and trained staff, and the lack of coherent systems and structures. In order to accomplish growth, it is imperative for firms to design and institute structures that support their strategic drives and promotes their competitiveness in the market. According to the research study undertaken by Fombrun and Wally (1989) firms that are experiencing fast-paced growth have to find ways of coping with contradictory pulls. First, there is the pull between bureaucratization and decentralization. As firms hire more employees, they experience increased bureaucracy owing to formalized processes. Nonetheless, there is also a high level of decentralization in product offering, which facilitates decision processes that are less formal. The second contradictory pull takes into account environment against strategy. Major commotions in the business environment and competitive circumstances favor corporate cultures that support being risk taking, autonomous and employee participation in decision making. Nonetheless, firms deal with rivals via strategies whose execution is reliant on the design of formal systems that hamper risk taking and independence. Lastly, there is the focus on cost versus quality versus innovation. Fast-paced firms endeavor to control costs, improve product quality and enhance product offerings all at the same time. Nonetheless, cost minimization and undercutting rivaling prices are ideally attained through traditional hierarchical decision making systems that go against autonomous processes.
In the case of the company in question, the business model of Dar Almanthour for Fragrance changed owing to the growth and development achieved. To begin with, the initial business model encompassed retailing individually made fragrances from a mixture of ingredients. In addition, the business encompassed only one shop that was run by Mr. Al Tararwa and his business partner. However, owing to the growth and development of the company, Mr. Al Tararwa began traveling to different nations such as China, Thailand and Singapore to seek out distinctive products to offer in the shops. Further along, the company opened 13 shops in total with the employment of 50 employees. In addition, Mr. Al Tararwa purchased perfumes from nations such as Spain, Italy, and France. However, one key aspect has remained the same and this has been the fact that Mr. Altarawa individually picks the products on the basis of his taste and also the uniqueness of the products being retailed.
Mobilizing Resources
Mobilizing resources is imperative for entrepreneurs and start-ups in order to survive in the market. It is imperative to note that businesses plans are not beneficial in obtaining external funding. Start-ups do not experience real external funding. In fact, according to statistics obtained from a survey undertaken for UK SMEs, it was established that approximately 70 percent of start-ups are funded by the owner’s savings. The major external source of capital encompassed loans from banking institutions, constituting 20 percent (Maastricht School of Management, 2018: Theme 7). Venture capital constituted solely 1 percent. In this regard, external funding from financing institutions more often than not involves the firm’s credit scores and not a business plan. Venture capital is delineated as private equity that is invested by a professionally steered firm that makes an investment of their money from institutional investors and private individuals, more often than not in return for a minority stake at the firm. On the other hand, individual investors are private persons that usually investment a percentage of their own capital in corporations, mostly in exchange for a minority stake (Maastricht School of Management, 2018: Theme 7). Startups usually fail to obtain venture owing to their high level of risk associated with such businesses. Literature in the finance field would give the suggestion that any investment with the ability to provide a return that is able to match the project risk with a positive and favorable forecasted relative return will be able to get financing. However, start-ups are usually risky business endeavors with statistics indicating that approximately half of newly established businesses disappear and die out within a span of 5 years (Maastricht School of Management, 2018: Theme 7).
In spite of its popularity, there is substantial deliberation regarding the value of plans, and whether business owners that write formal business plans have a likelihood of accomplishing new venture viability. A key basis of this debate is that what instigates a business owner to create a business plan also impacts his or her probability of generating a new viable venture. In contrast aforementioned literature, Greene and Hopp (2017) establish that business planning does have a key role in the quest to attain new venture viability. The outcomes of their study demonstrate that business founders or owners with better education, those with the endeavor of growing and innovating and those necessitating external finance have a higher likelihood of creating business plans. Furthermore, the authors establish that is beneficial and meaningful to create business plans in regard to promoting venture viability.
In spite of the fact that it has been extensively acknowledged that start-ups as well as more established small companies have a significant role to play for the growth of the economy and creation of jobs within the society, they continues to face an incessant problem of lacking capital. Challenges in securing external institutional finance for sustaining the need for resources might give the implication that small business owners or managers deal with the need for resources through the use of different financial means. Winborg and Landstrom (2000) conducted a study examining the resource acquisition behaviors of small managers. As pointed out by the authors, small businesses are deemed to experience major challenges in securing long-term external finance, which is considered as limiting their growth and development. Owners and managers of such small businesses are presumed to capitalize on institutional finance as a way of meeting the need for resources, and as a result the fundamental part of the research on small business finance has laid emphasis on limitations in the supply of market finance. According to the authors, small business owners deal with the necessity for resources through other ways aside from external finance through the application of dissimilar sorts of bootstrapping techniques. This takes into account utilizing approaches for sustaining need for resources devoid of depending on long-term funding from debt holders or new stakeholders (Winborg and Landstrom, 2000).
Gerasymenko, Clercq, & Sapienza (2015) point out that business models have a fundamental role to play in the capability of a firm to obtain a sustainable competitive advantage and improved financial performance. Taking into consideration the rising volatility and dynamics of markets, the significance of prosperous business model adaptation as a means of sustaining a competitive market position is a real-world problem and difficulty for entrepreneurial managers. Entrepreneurial ventures more often than not are obligated to acclimatize their initial business plan, owing to wrong suppositions in their original business plan or substantial modifications in their external environment, necessitating a substantial reexamination of the business model that lies beneath this initial business plan. Consequently, business models may go through considerable change in the course of the initial stages of a firm’s existence. The research undertaken by Gerasymenko et al. (2015) demonstrates that the greater the number of venture capital firms involvement and participation, the better the portfolio company performance. It is also shown that both venture capital firms’ experience with the business model change and the inclusion of external CEOs to the portfolio company performance increases the effectiveness of the involvement of venture capital firms.
As a small business owner and manager, Mr. Al Tararwa decided not to use funding from external sources such as banks or individual investors who demand a stake of the business ownership. Rather, he decided to put up paid in capital with his fellow partner/friend. In total, the paid up capital for starting Dar Almanthour for Fragrance was 1,500 KWD. In addition, subsequent to the second year, owing to impressive financial performance in sales, Mr. Al Tararwa used the revenues generated from the business to purchase a new shop with the required capital amount being 3,000 KWD. Since then, the company has been able to capitalize on profits generated and earnings from the business for growth and expansion. At the present moment, the company has opened 13 shops in total in different GCC nations.
Scaling Up
Scaling up of a business takes into account setting the stage to facilitate and support growth in the firm. It encompasses having the capability to grow devoid of being hindered and this necessitates planning, financing, the ideal systems, staff, processes and technology. Scaling up takes into account an increase in revenue generated, personnel and also profit within an organization. Growth for a business comes with its own challenges. In the transitions between stages of growth encompass the emergence of fresh challenges, old practices end up becoming suboptimal and also reveal the need for entrepreneurs to lead and manager such transitions (Maastricht School of Management, 2008: Theme 8). There are four perceptible growth problems for fast growing firms. First, there is the aspect of instant growth size in these firms grow twofold and threefold in size very fast, which can cause issues of insufficient skills, inadequate systems and disaffection. In the case of Dar Almanthour for Fragrance, in short span, the company grew exceedingly fast to having 13 retail stores and 50 employees. A second issue is a sense of dependability. Owing to the success experienced, such firms more often than not perceive their strategies and behaviors as dependable. For instance, in regard to Dar Almanthour for Fragrance, Mt. Al Tararwa has been the one to select the fragrances being sold and also picking unique items for selling to consumers, a strategy and behavior that is deemed infallible. Furthermore, there is the issue of having extraordinary resource needs. Al Tararwa constantly used all of the profits generated to increase the growth and expansion of the business.
Barringer, Jones, and Neubaum (2005) determined different attributes of rapid growth firms in different areas including the characteristics of the founder, attributes of the firm, business practices and human resource management practices. The founder characteristics comprise of having higher education, entrepreneurial stories and prior industry experience, firm started by a team and social and professional network. In regard to business practices, Barringer et al. (2005) established different attributes including adding unique value, consumer knowledge, superiority of the products and services, innovation, advanced technologies and research and development. The fourth aspect is firm attributes including commitment to growth, planning, and growth-oriented mission. Lastly, the authors also included HRM practices and the aspects included training, employee growth and development, financial incentives and stock options in addition to recruitment and selection (Barringer et al., 2005).
Zimmerman and Zeitz (2002) examine the ability of businesses achieving new venture growth by building legitimacy. Imperatively, legitimacy plays a fundamental role in the creation, survival and growth of new ventures. In fact, Zimmerman and Zeitz (2003) asset that legitimacy is as important a resource for any business venture as capital, personal, consumer goodwill, technology and networks. The authors make the argument that legitimacy is a significant resource for attaining other resources, for instance, top managers, quality personnel, financial resources, technology as well as support from the government. Secondly such resources are pivotal and play an essential role for new venture growth. In addition, legitimacy can be improved by the strategic actions of new ventures. Organizations can undertake different strategic choices and approaches to change the type and amount of legitimacy they possess. In delineation strategic choice encompasses the manipulation of the business environment and the selection of performance standards within which one will function and operate.
In the case of Dar Almanthour for Fragrance, the company has shown its ability to survive by being in operation for numerous years. Legitimacy of the company is perceived in the strategic choices undertaken by Mr. Altararwa. Specifically, being the owner of the fragrance company, he designs the products in regard to his own taste. Secondly, subsequent to generating enough profit, Mr. Altararwa purchased another shop with such revenues. This propelled the company to become the biggest wholesaler of fragrance in the nation. Furthermore, a strategic choice that the owner of the company has taken is the importation of perfumes from different overseas nations such as Spain, France, and Italy not only to satisfy market needs but also attain a competitive advantage.
Conclusion
In my own take, Dar Almanthour for Fragrance has experience significant success in a short span of time. This is perceptible in the fact that the company is presently the biggest wholesaler of fragrances and perfumes in the nation. In addition, the company has been able to open up 13 different retail shops in different GCC nations. Majority of the success of the company can be tied to Mr. Al Tararwa. In regard to the 8 themes of entrepreneurship, it can be seen that the company has followed the right steps. However, it can be noted that Mr. Al Tararwa could have done a number of things differently. As pointed out by Shane (2001) technology is a great opportunity for established businesses such as Dar Almanthour for Fragrance for attaining better performance, reduced cost levels and also improved durability and aesthetics. One of the ways in which Mr. Al Tararwa can do to accomplish this is by opening a website and also capitalizing on social media platforms such as Facebook and Instagram. These platforms are not only beneficial for e-commerce but also for marketing and promoting the products. This will enable the business to increase its consumer base and also generate greater revenues and profits. A second aspect that could have been done differently is business planning. As explained by Greene and Hopp (2017) it is beneficial and meaningful to create business plans in regard to promoting venture viability. Bearing in mind that Mr. Al Tararwa did not have a business plan while starting the firm, it can come in handy at the present moment. Specifically, the founder of the company can create a business plan for expanding his operations in terms of opening new shops in several more GCC nations and also brining a wider range of products for consumers.
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