Entrepreneurship Essay Example | Topics and Well Written Essays - 2750 words

Entrepreneurship - Essay Example As a fast growing company that cares for the environment, Greenenergy has received many awards and recognition in the UK and other markets. Greenenergy started supplying low sulphur fuels to reduce on air pollution in all markets. However, the company shifted from low sulphur fuels to bio fuels to address the growing concern of global climatic change. Greenenergy has grown rapidly to be a leading supplier of fuel in the UK. The company supplies about 10 billion litres fuels including petrol, bio fuels and diesel. This is more than 25% of all road fuel that is supplied in Britain (Greenenergy 2012). Greenenergy’s main customers include supermarkets and oil companies. These are the major retailers of road fuels. Fleet users are major customers for diesel. Although Greenenergy supplies large amounts of road fuels, it does not own any petrol stations but supplies fuels to its customers in bulk. Greenenergy’s objective is to expand its operation by offering high quality prod ucts at low prices to its customers. This strategy has worked to attract new customers and retain existing customers. Consequently, Greenenergy’s market share has been expanding since its establishment. The company evaluates its supply chains to increase their efficiency and cut costs. Consequently, Greenenergy can sell its products at low prices without compromising on quality. ... Some of the factors that influence a new venture’s success include the time spent in the business, amount of start-up capital, risk management strategies, and government policies. The characteristics of the entrepreneur have significant influence on business success. The level of ambition and experience of the entrepreneur will determine their persistence in new markets. Experienced entrepreneurs are likely to last longer in the market and achieve significant levels of success (Gelderen, Thurik & Bosma 2003, p.319). This implies that an entrepreneur plays a significant role in the growth and sustainability of a new business in the market especially in risk management. The approach that an entrepreneur uses to launch their business will depend on the amount of information, experience and skill that the entrepreneur possesses. Gilbert and Erying (2010, p. 92) indicate that successful entrepreneurs have the capacity to analyse risks involved in a new venture. Successful entrepren eurs identify and eliminate risks systematically. Ignoring risks could lead to losses in a business and sometimes an entrepreneur is forced to exit the industry. Thus, systematic elimination of risks enables entrepreneurs to tackle risks in the right order with the right methods and resources. Every entrepreneur must recognise that risks are different and have different effects on a business’s growth process. A wrong approach to eliminating risks may lead to the failure of a new business venture. This implies that the level of success for any new venture depends on the capacity of the entrepreneur to deal with all the risks involved correctly. Effective risk