Type of Business Developed and the Competitive Advantage Free

Questions: 1.Discuss the background of the Entrepreneur.2.Discuss the Characteristics of the Entrepreneur. 3.Discuss the Processes of Opportunity Recognition and Idea Development. 4.Discuss the type of Business Developed and the Competitive Advantages of the Business Compared to that in the Market. 5.Discuss Future Suggestions for the Entrepreneur Including different types of Businesses or Avenues. Answers: 1.Background History Development: Janine was born in the year 1965 and is the founder of Boost juice with part owner of Retail Zoo which is the parent company of Boost Juice Ciba Espresso. Allis started this venture from her home in the year 2000 with now franchise in more than 13 countries. Boost Juice has total 500 + stores with sales over 2.5 billion sales all over the globe. Janine Allis is an adventurer at heart, the youngest Aussie to travel as backpacker in early 80s. She has worked in a camp as a councillor in San Francisco to Stewardess at Bowies Yatch (Janineallis.com.au, 2017). It was in the year 1999, when during her visit to the U.S., Allis noticed that the juice and smoothie are growing at a steady pace. On her return back to Australia, she studied the market for healthy snack shack and got to know that people in Australia have lack of good choice in healthy food. After an extensive research, she developed a business model of delivering a unique experience to its customer. In the year 2000, Boost Juice was born and doing very well all over the globe. Allis leadership style natural and extremely demanding which has led to high performance in her business as well (Janineallis.com.au, 2017). Janine has been felicitated with number of awards such as Telstra business women of the year, Awarded exporter of the year also has her name listed on one of the fifteen people who have changed the way business is being done in Australia in the last 30 years. Socio-cultural background Family: Janine Allis is a mother of four children with her husband Jeff, who founded the multi-millionaire dollar business in 2000. It was a tough task for Allis to struggle to balance between her growing business and demands of the up-bringing family. She thought that, a part time business will help her to spend more time with the kids (Marketing Magazine, 2014). Instead, the business took off and she was working 80 hours a week. Due to this she even took some poor parenting decisions on her part. Allis has four children, three boys (17-21 years) and one seven year old baby girl Talia. She has, success in her business has allowed Allis to concentrate more her family. Jeff has enjoyed a long career as Head of Programming with Radio Network. Jeff moved in Boost Juice 9 years ago and has focused upon its international growth. He has helped Allis, to build the company to a multi brand level (Marketing Magazine, 2014). 2.Characteristics of Janine Allis: Some of the characteristics of Janine Allis has been discussed this section of the assignment. They are as follows: Know your passion: After meeting Jeff, Janine was a mother of three and did not like the thought of going to work for someone. Therefore, she and her husband started their own business. Janine Allis says you should find passion in whatever you do. She says, passion ignites the fire to succeed. Boost Juice is known for its innovativeness and doing something different for its customers (Frederick, O'Connor Kuratko, 2012). Know your roots: It is very important that, everyone should be well acquainted with their roots. Janine left school at the age of 16 and then going to a tech school. She learnt how to solder sew (Karol, 2015). After that, she took a backpacking trip all over the world. During that adventurous trip, she did a job of waitresses at the Bowies Yatch. Take risks: The growth of Boost Juice was very quick, from only one store in Adelaide it grew to more than 100 stores in 4 years. The business now has a turnover of more than $3 billion with more than 250stores all over the globe and it all started by taking tremendous levels of risk. Allis said, we grew from one to 100 stores and hence we had to stop and give a look at some of the most important decisions that whether we are on the right track or not (KOVEOS, 2016). Know tour inspirations: It is seen that, everyone has a leader or some public figure that they wish to emulate. Allis admires lot of people and for various reasons. Not only for business ethics, has she liked people for being what they are (Kuratko, 2013). Some of her inspirations are Albert Einstein, Beatles, JK Rowlings, etc. Janine Allis is a huge fan of Steve Jobs. She likes what Steve Jobs have done. Recruit for success: Boost Juice along with other brands such as Cibo Expreso is people orientated businesses. Boost Juice is about providing service to its customers; hence recruiting people is an integral part of success for the same. Allis says, it is very important to recruit the right people for your business venture as the failure or success depends upon the same. Boost Juice started with a temporary staff and now has huge number of employees (Mukul, 2014). 3.Process of opportunity recognition and product/ idea development: Product or idea development has been referred to as one of the most important as well as innovative part of Boost Juice. Crushing together different types of fruits, syrups, vegetables, sorbet yoghurt helps to make a delicious shake or a smoothie. Making a healthy and tasty shake can be referred to as one of the challenging tasks. At Boost Juice, they play with in house blenders and different types of fruits veggies. Each and every product offered at Boost Juice is reviewed by the nutritionist keeping in mind all the basic dietary requirements of the individuals. The ingredients are simple i.e. banana, honey, coconut water, berries, apple, cherries, strawberries, mango, muesli and the list goes on (Redrup, 2013). Allis and Jeff opened their first store in 2000 in Adelaide. The first marketing campaign which was done by Allis was through Radio. She took help of her husband Jeff in pursuing the blanket campaign with SA FM (Redrup, 2013). Boost Juice has more than 250 stores and the majority advertising is done through radio as firstly consumers listens to it secondly it is one of the most powerful means of marketing as compared to television. One of the biggest campaigns which were done by Allis was to give away the franchisee of Collins Street with Fox FM. With the help of the promotional campaigns, Allis sees a wide growth in her business. Marketing help her business to grow by more than ten times as compared to anything else. These promotional activities have long lasting benefits for Boost Juice. Each store pays 2% to the marketing fund and there is a marketing team of 15 members who look into ideas and innovative designs for the same. Boost Juice also puts lot of time and energy in SLAM i .e. Strategic Local Area Marketing. Janine Allis believes in one saying i.e. if you are not growing, you are dying and you are moving backwards. So you should always find certain ways to move forward grow your business (Redrup, 2013). 4.Business development competitive advantage of business: Competitive advantages of Boost Juice as compared to that in the market are as follows; Boost Juice has been referred to as one of the most innovative creative innovations of Allis. Boost Juice has a strong brand recognition and name in Adelaide, Australia. Boost Juice has high customer loyalty amongst its users. It has also expanded its operations more than 15 countries reaping more than $2 billion (Entrepreneurship, 2013). Boost Juice has introduced new range of bottled juices, yoghurt served along with light and healthy snacks (Dalati, 2015). Boost Juice has been referred to as a health conscious brand and we serve drinks that only taste good. Boost Juice provides range of healthy drinks along with some light drinks such as banana bread, salted popcorns, Boost chew bars, peanut butter balls, Choco protein balls, Boost bites, etc (Entrepreneurship, 2013). 5.Future suggestion to Janine Allis different types of business avenues she might take Some suggestions to Janine Allis for future are as follows: Professional development: Professional development is every business key to success. One should constantly learn and study about their field. It would be advisable to spend at least an hour to learn as well as research about their industry, to see how they can set apart from the competition (Casson, 2010). Customer value: Providing value to the customer has been referred to as one of the most important aspects for a successful business. High quality services: One of the quickest ways to succeed is to provide high quality product or service to its customers. Quality is everything for a business to grow in the best ways (Canals, n.d.). Serve over everything: If a customer isnt happy, the owner of any business shall do everything to make their customers happy and content. You should try to serve with whatever they want. References Canals, J. (n.d.).Shaping entrepreneurial mindsets. 1st ed. Casson, M. (2010).Entrepreneurship. 1st ed. Cheltenham [u.a.]: Edward Elgar. Dalati, S. (2015). LEADERSHIP AND SUSTAINABLE ENTREPRENEURSHIP: CLASSICAL APPROACHES AND CONTEMPORARY CONTEXTS.ENTREPRENEURSHIP AND SUSTAINABILITY ISSUES, 2(4), pp.209-219. Entrepreneurship. (2013). 1st ed. Irving, TX: Boy Scouts of America. Frederick, H., O'Connor, A. and Kuratko, D. (2012).Entrepreneurship. 1st ed. South Melbourne, Vic.: Cengage Learning. Janineallis.com.au. (2017).About Me | Janine Allis. [online] Available at: https://www.janineallis.com.au/about-me [Accessed 2 Apr. 2017]. Karol, R. (2015). Leadership in the Context of Corporate Entrepreneurship.Journal of Leadership Studies, 8(4), pp.30-34. KOVEOS, P. (2016). THE IMPORTANCE OF ENTREPRENEURSHIP.Journal of Developmental Entrepreneurship, 21(03), p.1601003. Kuratko, D. (2013).Entrepreneurship and leadership. 1st ed. Cheltenham: Edward Elgar. Marketing Magazine. (2014).Profile: Janine Allis, founder of Boost Juice | Marketing Magazine. [online] Available at: https://www.marketingmag.com.au/hubs-c/profile-janine-allis-founder-of-boost-juice/ [Accessed 2 Apr. 2017]. Mukul, K. (2014). Book Review: Quest for Exceptional Leadership: Mirage to Reality.Journal of Entrepreneurship, 23(1), pp.147-159. Redrup, Y. (2013).The juicy secrets of my success: Lessons from Boost Juice founder Janine Allis. [online] Smartcompany.com.au. Available at: https://www.smartcompany.com.au/finance/economy/the-juicy-secrets-of-my-success-lessons-from-boost-juice-founder-janine-allis/ [Accessed 2 Apr. 2017].