Entrepreneurship and Innovation in the Industry

Discuss About The Contribution Of Experience And Knowledge.

Entrepreneurship and innovation is an important part for every industry to be successful. A good entrepreneurship skill and innovative creation can help an organisation to grow in the global world. In this report the discussion is carried out by considering the case of reliance as it is one of the largest private sector company of India. Reliance activities have span in various sectors like refining of petroleum, marketing, petrochemicals, telecommunication and retail market.  In 2002, after dhirubhai ambani died the company was taken over by the brothers (Jaskiewicz, Combs & Rau, 2015).  In that particular year, the company’s dominance was increased as they started with petrochemical sector. Later the company grew due to the large telecommunication network that captured larger target audience. The reason behind its success was the effective policies that were developed by the company to overcome all the challenges. This report covers the process that an entrepreneur follows to be successful along with the major challenges that were faced by reliance (Stam & Spigel, 2016). Reliance is one of the successful industries till date but has faced many challenges in their entire journey.

In this the success would be discussed by keeping Dhirubhai ambani founder of Reliance industry into consideration. The reason behind this success was passion to connect with market with strong connection. Entrepreneurs can only succeed if they have strong passion to achieve their idea and take strong risk. They have the passion to venture new things by investing the market demand. Entrepreneurs like dhirubhai ambani as an urge to attain the objective to satisfy the need of clients (Robinson, 2017). Ambani has made success in the journey and has undoubtedly made capital in his lifetime. The main reason behind this success is self-discipline and flexibility in their venture (Stam & Spigel, 2016). The reason behind his success story is flexibility as they are willing to take all the challenges by estimating the outcomes (Eftekhari & Bogers, 2015). They get succeeded as they have the power to think interestingly and work on the unrealistic situation. Dhirubhai ambani being a successful entrepreneur till date have created the line between the stubborn confidence and humble realism. He has succeeded because he took the risk and faced all the challenges by not bothering the uncertainty that could be faced in future. Entrepreneurs are mostly seen to be confident in their actions and are dedicated towards their project (Armanios, Eesley & Eisenhardt, 2017). The intense focus towards the strategies that are built and the hard work dedication to become successful promotes them to achieve faster success (Lambie-Mumford & Dowler, 2015). The reason behind the success of story of reliance was they delivered product by analysing the market demand. Relianec not only made money from the shares but have grown in many sectors. The objective that was followed by Ambani was to deliver products with best quality but at very economical price. In 2009, ambani also investigated in energy security of the country. They are serving as a largest retailer till date as they filled up the aspirations of millions of people at affordable price. They have created exponential value due to effective planning and strong management skills (Lambie-Mumford & Dowler, 2015). The attributes that are needed by entrepreneur to be successful is being patient

Reliance: A Successful Industry Till Date

Reliance has made big presence in the Indian economy and had its place in more than 100 countries across the globe. The key success factors are the outreach to the people by offering quality service not only to limited people but to a wide range in the community. The personal approach of reaching to larger audience helped them to enhance their networks and make strong connection with the customers (Shane, Dolmans, Jankowski,  Reymen & Romme, 2015). The personal approach that was adopted by Reliance was to have partnership with the NGOs. Reliance has contributed to get involved in various programs by enabling programs so that they expand their reach. The theme that is followed by reliance for success and getting sustainable is remaining strong financial and dealing with corporate behaviour. The successful entrepreneurs have the traits of dealing with failure and tolerating the ambiguities by managing all the failure. Reliance was first private company that entered the telecom industry. The company was successful as they did not choose to work on old platforms and choose a new technology that did not entered the market. Though, this personal approach required high cost of capital as the technology was expensive. They work on loss- leading strategy as it helps in achieving huge success. They have changed the mode of communication by advancing the data and vice call plans. The personal approach is offering benefits to the people with nominal value (Spigel, 2017). They followed the growth hacking strategy on all the different stages that is acquisition of the customers demand by providing those best services. As amabnie’s never focused on revenues as they just focused on customers benefits. The reason behind this success is focusing on customer satisfaction. They focus on shaping the dream with the concept of taking the road ahead.

Reliance of grown in every area and has been part in all the major subsidiaries. One of the largest wings of Reliance industry is Reliance retail that is a brand store serving products of all the daily needs. Reliance does have a reliance life science plan that works around the entire medical store that has offers opportunities in all the bio-pharmaceuticals (Harrison, Paul & Burnard, 2016). They also offers institute with higher education in many fields of life science and many related technology. Reliance also owns a solar subsidiary plan that supplies solar energy in all the remote and rural areas. Reliance also ruled one of the telecommunication networks and has also gained success across India due to Jio Infocomm limited. They hold around 45.43% of the total share of reliance industry (Herman, 2016). They also enabled a 4G Volte device and also offered many options in digital medium along with mobile phones and digital gadgets. Reliance industry is expanded in the production of petroleum refining, marketing, chemicals as well as telecommunication (Thereliancestory, 2017). The company has also twisting in textile sector along with the telecom sector. Reliance industry is not restricted to few fields only it is expanded as a largest grassroots supplier.

The Role of Experience and Knowledge in Successful Entrepreneurship

The process of being a successful entrepreneur comes from viewing the opportunities and demand in the market. They are the one who looks at customer’s perception and then delivering the products and services according to their need. For example, the latest discovery of reliance jio was successful because they identified the market and found eh need of 4G in the market (Staniewski, 2016). Thus reliance Jio is successful because before launching or delivering the product they identified that product would be enjoyed by the customers or not. The second step after identifying the demand is implementing the services in an appropriate manner. Management should be done in a meaningful way that will help the services and products to reach to larger audience in a shot span of time (Prasher,  Mahmood & Mitra, 2016). The second step entrepreneurs should also have a failure plan so in case if business fail they can use an alternative approach. Like in case of Jio, some other competitors also came up with same kind of approach by offering 4G services to the customers; in that case reliance bet hem by offering the services free of cost, and this helped them in capturing wider audience and achieve their brand image in the market.

The ambani firms have also faced various challenges in the entire journey. If considering the case of Jio, they faced challenge due to failures in voice call as initially there was very poor interconnectivity (Bowman, 2015). This was a drawback as it decreased the users from the Jio network. Addition to it, the other challenge that is faced by reliance is poor but it overcomes this challenge by offering the VOLTE feature which was missing in the old phones (Bowman, 2015).

The other challenge that was faced by Reliance was its competitors as there are many industries who are offering same services to customers at more nominal process. The other challenging feature of reliance is the environment in which it is operating as Indian market is highly unstable and can cause huge fluctuation in the work (Ratten, 2015). The other issue is trade barrier as when they export their services and products to other country. They do not earn much profit in exporting their products.

Conclusion

It can be concluded that to be a successful entrepreneur one should have the potential to take high risk as the complete situation is uncertain. Dhirubhai ambani has faced various challenges but still have become successful. The key success factors behind the outreach of the people are by offering them quality service at very nominal price. The reliance industry is expanded in many areas from petroleum and oil industry to retail stores. It has been successful due to the huge telecommunication network that was launched by reliance. It can be concluded that in this report the main attributes that helps entrepreneur to be successful are listed along with all the challenges and risk faced by Reliance industry.

References

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Robinson. J. (2017). The 7 Traits of Successful Entrepreneurs. Retrieved from https://www.entrepreneur.com/slideshow/299822.

Shane, S., Dolmans, S. A., Jankowski, J., Reymen, I. M., & Romme, A. G. L. (2015). Academic entrepreneurship: Which inventors do technology licensing officers prefer for spinoffs?. The Journal of Technology Transfer, 40(2), 273-292.

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