Opening doors to closed ventures: an entrepreneur's vision

Muhammad Azam Roomi

University of Bedfordshire

Research Output: Other contribution Other contribution Peer-review

Sustainable Development Goals

SDG 8 Decent Work and Economic Growth

Abstract

The case study is about Vel, supervisor at a yarn factory in south India, when his company retrenched employees and closed down due to a loss in business. His previous experience and skill in the yarn industry, enabled to open up a small entrepreneurial venture in manufacturing yarn. His successful business led others to start similar and allied industries in the area. He then diversified the business into related areas in dyeing yarn; manufacturing innovative Indian clothes and doing ‘Finishing processes’ in ready-mades. The case explains how entrepreneurs exploit business opportunities, regardless of the resources they have to make profit. It shows how they use creativity to exploit business opportunities and manage resources to achieve profit and competitive advantage in creating wealth. It emphasises on complementary skills; prior experience; marketing skills, and managerial abilities as responsible factors for a successful business. It further teaches how entrepreneurial activities promote economic growth in a given society, where a successful business promotes the growth of several similar and related businesses in the area that perpetuate economic growth. The importance of innovation; raw material; and social and human capital is highlighted to show that they are the drivers of economic growth in entrepreneurial ventures. European Case Clearing House, Cranfield, UK. Case Study - Ref 811-054-1 + Teaching Note - Ref 811-054-8

Publication Information

Output type

Research Output: Other contribution Other contribution Peer-review

Original language

English

Publication milestones

Published - 01/01/2012

Publication status

Published - 01/01/2012

Publisher

European Case Clearing House, United Kingdom

External Publication IDs

handle.net: 10547/223064