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Fundamentals of Entrepreneurship

Slide No. 1

Slide No. 1 talks about how management students or basically graduation students become entrepreneurs in their own respective fields. It is a motivation quote given by Mark Twain to motivate the youth as well as graduation students who want to be entrepreneurs in their early 20s. (Mark, 1906)

Slide No. 2

This slide talks about the journey of the start up venture “thankyou.”. It states that “thankyou.” is a social entrepreneurship and plays a significant role in the social sector and the environment. It was started by Daniel Flynn, his then girlfriend, Justin and best friend Jarryd. The main aim of any social enterprise is to adopt a mission and the mission of thankyou is to eradicate poverty by the end of this era. It tries to be the best in what it does. It creates new opportunities to sell the products through different platforms or resources available. Thankyou is involved in innovation techniques and methods. The boost to the company was given by a YouTube video which was seen and liked by million of people. The company is a social enterprise and gives all of its profits to charity. This charitable amount is used for the purpose of making poor people well off. The sense of accountability of its founders is at par with the organisation and market goals which makes it a unique enterprise in this respect. (Daniel, 2017)

Slide No. 3

When the founders established the business organisation, they failed because the supermarkets said a clear NO to sell their products in Australia. They devised an idea to fly helicopters with a flag of their products on those supermarkets which said NO. And then significantly, the supermarkets agreed to sell their products which includes water bottle, sanitizers, baby care products, etc. It can be seen that in 2008 when they established the organisation, they took a risk to sell their products by flying helicopters over those super markets. They knew that the chances of response are not many, the supermarkets after this also can say no. However, they proceeded as Risk taking is the valuable asset of any business organisation (Fara, 2019). It was a bold act to fly helicopter on only those two supermarkets who refused to sell their products. But as learnt, Bold Act with addition to Innovation can lead to success of the enterprise. (Kaplan, 2020)

Slide No. 4

This slide is the description of the Entrepreneur or the driving force behind the social enterprise “thankyou.”. Daniel Flynn can also be referred to grad-preneur (Kaplan, 2020) as he established this enterprise at just the age of 19 years. His vision was that “In the world of consumerism, poverty has no place or existence.” The website’s home page itself mentions that 767 million people all over the world live below poverty line. The idea and innovation play a strong role in building any enterprise, and Daniel’s idea mixed with innovation said that “Poverty can be eradicated by selling daily consumer products”.

Slide No. 5

The story of “social movement” behind running this enterprise is that diffusion of ideas among the class of people, 55 employees in this organisation who help in promoting and attract funding by making use of available resources. Social movement and social network of the Entrepreneur can lead to raise funding for the organisation. Idea, Innovation and skills of the entrepreneur help the organisation in being successful. (Kaplan, 2020)

Slide No. 6

This particular slide talks about market validity of the enterprise. (Kaplan, 2020) After using idea and innovation, the next important and the most difficult step is to enter the market. To land a social entrepreneurship into the market, there must be social attributes attached with the organisation. To raise funds from the market, a social mission must be adoptged by the enterprise and “thankyou.” has adopted eradication of poverty as its social mission. The barriers in the way to market can be relations with workers, permits and licenses needed, property laws, etc. It is important to get familiar with the territorial laws of the country where the business is established.

Slide No. 7

This slide is a mere representation of the impact of the enterprise on the market. In 2008, the supermarkets refused to sell the products of the enterprise but today as per the website’s data, the impact of the enterprise relating to hygiene, water is in 17 countries, 866 communities and on 556,300 people, contributing $6.2 million (thankyou., 2020). Today the company is catering to so many people which in itself is an achievement of the company.

Slide No. 8

This slide states the attributes of the enterprise that it is a fund raiser. Adopting a social issue and making it a mission helps in raising funds for the organisation. The good thing about this social enterprise is that it is transparent and everything is available on their website. (Kaplan, 2020) The audited financial statements, Receipts of funding to the charitable trust, etc. The third attribute is that the company is adaptable to risk which makes it stand out of the crowd as risk taking is unique about any enterprise. This company takes high risks and yeilds high amount of profits.

Slide No. 9

This slide provides for risk analysis of the company. There are four columns in the analysis where the horizontal line shows impact and the vertical line shows likelihood. Both lines go from low to high. The assessment of risk of the company can be done through an incident when they launched baby care products at the time when there were big competitors in the market. (thankyou., 2018)

Slide No. 10

For analysis of opportunity and costs, SWOT Analysis has been done in this slide. It states that the company will flourish in future as it’s strength includes providing unique benefits which are not offered by other competitors. And its cost effective products give it an opportunity to stand for a long period in the market. The weakness and threats are external as it is a start up, it will take time to establish itself in the market. The biggest threat which the enterprise will face is that it has no external investor.

Slide No. 11

This slide talks about the environmental factors that influence the enterprise. The environmental factors are divided into two : internal and external factors. Internal factors are those which are in control of the enterprise. But the enterprise does not have any control over the external factors such as law (Government of Australia, 2020) Even if the enterprise manage the internal factors, the business can flourish in the long run.

References for Fundamentals of Entrepreneurship

Daniel Flynn, 2017, About, Our story on the website of the company “thankyou.” retrieved from https://thankyou.co/about .

Fara Azmat, 2019, “How social enterprise thankyou. is fighting global poverty”, Deakin University website available at https://this.deakin.edu.au/career/whats-your-professional-personality-the-careers-quiz .

Government of Australia, 2020, Australian Competition and Consumer Commission, Business tab, available at https://www.accc.gov.au/ .

KAPLAN, 2020, Fundamentals of Entrepreneurship, Entrepreneurs born or trained Workshop 1.

KAPLAN, 2020, Fundamentals of Entrepreneurship, Entrepreneurs, Intrapreneurs and Social Entrepreneurs, Workshop 2.

KAPLAN, 2020, Fundamentals of Entrepreneurship, Entrepreneurial thinking or design thinking or just idea generation, Workshop 3.

KAPLAN, 2020, Fundamentals of Entrepreneurship, It is a matter of survival, Workshop 4.

Mark Twain, 1906, What is Man, A man’s journey of life.

, 2020, Impact, Global impact page of thankyou. Website, available at https://thankyou.co/global-impact .

, 2018, Thankyou risk shows reward, 99.53% of parents got through the night with Thankyou nappies, thankyou website, available at https://thankyou.co/uploads/Thankyou%E2%80%99s-risk-shows-reward.pdf .

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