Entrepreneurship Inherent Skills

Question: Mrs Gooch has inherent skills on entrepreneurship. When was it realised? Explain. Answer: Mrs Gooch has inherent skills on entrepreneurship but this was realised when she suffered from the external sources of harmful chemicals. After she has realised that she was allergic to the additives and chemicals of the products so began to study about nutritional facts in much more detail. This helped her to learn about the similar problems from which other too suffered (Lepoutre, Justo, Terjesen and Bosma 2013). Gooch to help the community started to explore the way of healthy eating and tried to propagate the same knowledge among the other people. The first step that was made is that she began to consult the chemists, biologists, herbalists and cosmologists regarding the facts on wholesome food, diet and allergens (Bridge and O'Neill 2012). After inculcating knowledge on nutrition, she was eager to utilise through performing business. In her business, she has collaborated with a friend of her who was already managing a health store. The first store was opened in Los Angeles. The business helped in getting larger amount of customers to the store which helped, in gathering popularity. This reflected Mrs. Gooch was a successful entrepreneur. Mrs Gooch wanted to increase the sales of healthy foods items among the people of the society. The mission was however affected due to the shortage in cash. There was poor management due to problems related to cash flow. Gooch wanted more of inventories for meeting the demand. Both Gooch and her partner were cash deficient. The banks were also not providing ant type of investment for a grocery business that was run by women. However, she has shown the high demand for her products still did not stir the intention of the banks. This is the reason Mrs Gooch has kept the cost low so that it does not affect the demand. This has helped her to keep a fair amount of demand. Intellectual Property Rights (IPR) is intangible nature. IPR will help in giving the creator an excusive right over the use of her creation for a particular time. Mrs Gooch with the IPR was getting a hand over the product that is sold by her. Since her company is just a start up so there is a need for excelling and protecting business. Every type of a business uses the logo, brand, trade name, design , invention , website and products where they use valuable IP rights (Kelley, Singer and Herrington 2012) . This needs to be followed by Mrs Gooch as well so that she is able to compete with the outside world. The company that is being started by Mrs Gooch must not violate the IP rights. The start-up by Mrs Gooch must be proactive in protecting and developing intellectual property right (McKenzie and Woodruff 2013). The primary areas in which the intellectual property is of utmost importance are trademarks, patents, copyrights, industrial design and trade secrets all this needs to be con sidered. There were inherent entrepreneurial skills of Mrs Gooch, which she used it for opening a healthy food store. Opening of the store was an outcome of the allergy to chemicals that she faced during her illness. She was interested in serving the society in all possible ways so she took this initiative. There were many other options of business open to her for conducting business. There was an option for her to bring out medicines and creams that would help the people affected chemicals to cure it very easily (Butler 2012). This will help her to serve the society and educate the people who are visiting her on the affects of the chemicals and ways of recovering from it. The medicines are manufactured after she has gained thorough knowledge from the cosmologist, chemists and biologists. When there is an incorporation of more number of insiders on the board as Gooch has done during the development of the company there will be a larger share of equity enjoyed by board of directors and the partners. The mission of the entrepreneur will be diverted towards with the presence of the entrepreneurs (Martin, McNally and Kay 2013). In the 1990s, she faced some opinion from the board to widen the scope of the product through the inclusion of alcohol. This has made her more stressful and she longer wanted to continue in the environment. In order to save the brand name, the immediate solution that she took was of selling the company to Whole Foods market. Mrs Gooch realised that it was ready to handover the company to safe hands. References: Bridge, S. and O'Neill, K., 2012.Understanding enterprise: Entrepreneurship and small business. Palgrave Macmillan. Butler, J.S., 2012.Entrepreneurship and self-help among black Americans: A reconsideration of race and economics. SUNY Press. Kelley, D.J., Singer, S. and Herrington, M., 2012. The global entrepreneurship monitor.2011 Global Report, GEM 2011,7. Lepoutre, J., Justo, R., Terjesen, S. and Bosma, N., 2013. Designing a global standardized methodology for measuring social entrepreneurship activity: the Global Entrepreneurship Monitor social entrepreneurship study.Small Business Economics,40(3), pp.693-714. Martin, B.C., McNally, J.J. and Kay, M.J., 2013. Examining the formation of human capital in entrepreneurship: A meta-analysis of entrepreneurship education outcomes.Journal of Business Venturing,28(2), pp.211-224. McKenzie, D. and Woodruff, C., 2013. What are we learning from business training and entrepreneurship evaluations around the developing world?.The World Bank Research Observer, p.lkt007.