Entrepreneurial Business Practices at Jasmi’s in Detail

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Abstract

This article has put forward the entrepreneurship business practices that Jasmi, the familiar food company In Bahrain employs to get improved service and greater customer satisfaction. It also discusses what entrepreneurship practices area and how they can contribute to the sustainability of an organisation. The value-driven culture is highlighted that employs all the corporate practices within the administration of entrepreneurial mindset. The initiatives are exemplary in the launching of innovative and specialised products. The entrepreneurial framework competes in the international market to have a competitive stronghold striving for globalised appeal. The focus of the organisation is creating enriching brand value and larger market penetration. The blending of intensive growth and generic growth strategy helps in generating more value for the business development. The corporate strategies emphasise the current products mighty enough to survive in the strongly competitive beverage and food industry. It is visible in the article that the integration of technologies into the different business practices increases the popularity of the company among the clients. The sustainable development goals are set and the employees are encouraged to strive for excellence collaboratively. The democratic vision is formed to inculcate in the company the value of the workforce and their individual attempt to work for the company’s growth.

Table of Contents

Introduction. 3

Discussion. 3

Conclusion. 7

References. 8

Introduction

The founder of Jasmi is Jassim Al Ameen, a university graduate from the UK. Accustomed to the western style of culture and food, he set up the food retail company in Bahrai, his homeland. Gradually, the business attained humongous growth thrush the implementation of entrepreneurial business practices.

Discussion

Entrepreneurial Practice

Entrepreneurship involves the entanglement and enactment of various practices within an organisation. It refers to a practice, neither is it art nor something scientific. The practices are modelled upon some knowledge that is oriented in an organized way. The practice of entrepreneurship enhances labour and capital in an organisation to produce increased profitability and better employability. The practices mirror the passions and dedication of the individual or the organisation in the undertaken venture. The persistence and confident mindset of the business-savvy company is prioritised (Andrushchenko et al., 2020).

The leaders’ adoption of such practices influences other fellow members to be intensively focussed on adding innovative spirit or renovating the traditional methods. The practice needs experimentation and iteration but this can also have its flaws: wrong turns, setbacks, mistakes and false starts. This forms a mindset through establishing the framework of intentional iteration and expecting various learning scenarios. The situations of inaction can rise when entrepreneurship is structured as a failure. Entrepreneurs utilise the disclosure to have the ideas validated and make the organisational talents and resources accessible.

Entrepreneurial business practices at Jasmi

Application of Transformational Leadership theory: Introducing itself as the predominant food industry in Bahrain from the year 1986, the company supports entrepreneurial theory for brand value and market penetration. The Business practices imitate and imply the transformational leadership of Howard Schultz. The practice entails influence, motivation and constant inspiration to transgress any kind of economical barriers (Kimmitt & Muñoz, 2018). All the employees feel like partners and perform with skills and transparent vision. The application of emotional intelligence and scepticism is what the entrepreneurial practice focuses on. The practices engender a crucial vision to make avail of the shared benefits, emotional collaboration, consistency to gain the confidence of the workforce.

The strategy of wide differentiation: This strategy of entrepreneurship highlights the endeavour to make changes in the business style that will make it stand out in the industry (Wadhwani et al., 2020). The intensive growth and generic strategy give the company its competitive edge for potential success. The corporate strategies emphasise the current products mighty enough to survive in the strongly competitive beverage and food industry. This adds to the business value, uniqueness and superior standard. The main objective of the generic strategies is to enhance the intensive growth that always creates specialised services to draw in global consumers and investors. The merging of innovation and uniqueness impacts the approach that is beneficial for network expansion and maximized success. The company is in favour of extending specialized service quickly as contrasted with the multinationals that prefer elongated service.

Product innovation The macro-level corporate practice of innovation involves the growth of globalisation and e-commerce. One of the contributory elements in entrepreneurial success is the deployment and development of innovative products that can always stay ahead of the competitiveness. This also enhances the competitive advantage that is grown out of experimenting with different systems with creativity and aggressively akin to customer feedback. The quintessential practices include the rebranding of the products and the formation of a broader platform for promotion, consumers gravitate towards Instagram menus and Specialised LTOs and the company can induct the tests in the laboratories before rolling the products into the stores (Wadhwani et al., 2020).

The success in experiments enhanced the consumer demands gradually and doubled the business productivity. The new items introduced a Mercator dish featuring sandwiches and grab-go-salads, nitro-infused beverages including alternative milk. Products like Nitro Brew, Cascara Latte have found spaces to go beyond the traditional offerings. The more innovative a company is the more approaches it will discover to combat the rival retailers in the market.

Figure 1: Entrepreneurial Practices

Source: (Wadhwani et al., 2020)

Risk management: The highly reputed entrepreneur culture always demonstrates the capability of risk tolerance. This facilitates in overcoming mounting challenges and lanes from the previous risks associated with the venture. The company is adept at developing and creating new business opportunities that can be done only if the organisation has the high appetite for face-on risks. The company builds a culture that embraces risk behaviours and applies innovation in the operations. Sometimes, it is required to collaborate with other organisations for risk control and risk transference (Vallaster et al., 2019).

This culture tends to practice corporate entrepreneurship within the organisation. The middle managers play a crucial role to bring in a culture of experiment and an entrepreneurial mindset is expected to be maintained at all levels in the company. The pursuit of intense risk opportunities for recognition and rewards are practised by the administration to maintain the bold attitude in the competitive international market.

Value-generating practices: The company boasts of developing a value-driven culture that always prefers serving consumers maintaining the ethical standard. The ethical level of fair trade, community support, diversity partner engagement, and environmental stewardship is maintained. The culture is consumer-centric and this beautifully demonstrates the quality of entrepreneurship that always prioritises disciplined growth. The practice of empathy, valuable insights on work ethics, and transparent communication is nourished (Muo & Azeez, 2019).

Employees are trained to be responsible for their own choices and mistakes and at the same time how to implement all the execution tools to succeed. At difficult moments, the leadership goes through immense pressure to navigate through the critical dimensions. Staying true to each other and collaboratively the employees strive for excellence and shared success. The balance in the workplace is maintained through the acquisition and practice of values that lead to the sustainable development of the business that is the main focus of entrepreneurship.

Integration of technology: Besides sustainable development goals and green business projects. High-quality technologies are integrated into the markets. Communicating marketing information, voice-ordering app launching, delivering the online notification to the customers are made possible via Mobile Pay and Order feature. The consumers enjoy the comfort within a free Wi-Fi zone without waiting in line anymore.

Conclusion

It is quite challenging to survive in the increasingly competitive business arena and without any entrepreneurship business initiatives. The culture is strength for the company to overcome any internal issues, fight outside pressures and develop new innovative strategies to attain the fixed set of goals and targets.

References

Andrushchenko, H., Alkema, V., Hrynko, P., Portna, O., & Koliesnik, T. (2020). Transnational corporations as entities of international entrepreneurship. Journal of Entrepreneurship Education, 23(1), 1-6. Retrieved form: https://library.krok.edu.ua/media/library/category/statti/alkema_0030.pdf

Kimmitt, J., & Muñoz, P. (2018). Sensemaking the ‘social’in social entrepreneurship. International Small Business Journal, 36(8), 859-886. Retrieved form: https://livrepository.liverpool.ac.uk/3023013/1/Sensemaking%20the%20Social%20in%20SE%20ISBJ%20R2.pdf

Muo, I., & Azeez, A. A. (2019). GREEN ENTREPRENEURSHIP: LITERATURE REVIEW AND AGENDA FOR FUTURE RESEARCH: Muo, I., Azeez, A..(2019). Green Entrepreneurship: Literature Review and Agenda for Future Research. International Journal of Entrepreneurial Knowledge, 7 (2), 17-29. doi: 10.12345-0007. International Journal of Entrepreneurial Knowledge, 7(2). Retrieved from: https://dspace.ncfu.ru/bitstream/20.500.12258/8997/1/scopusresults%201089%20.pdf

Vallaster, C., Kraus, S., Lindahl, J. M. M., & Nielsen, A. (2019). Ethics and entrepreneurship: A bibliometric study and literature review. Journal of Business Research, 99, 226-237. Retrieved form: https://farapaper.com/wp-content/uploads/2019/12/Fardapaper-Ethics-and-entrepreneurship-A-bibliometric-study-and-literature-review.pdf

Wadhwani, R. D., Kirsch, D., Welter, F., Gartner, W. B., & Jones, G. G. (2020). Context, time, and change: Historical approaches to entrepreneurship research. Strategic Entrepreneurship Journal, 14(1), 3-19.. Retrieved from: https://www.researchgate.net/profile/Geoffrey-Jones-6/publication/338848932_Context_Time_and_Change_Historical_Approaches_to_Entrepreneurship_Research/links/5e5908354585152ce8f527e9/Context-Time-and-Change-Historical-Approaches-to-Entrepreneurship-Research.pdf