Tesco - Warren Buffet 1.0 Introduction The report aims to talks about entrepreneurship and the skills associated with it. The report is based on Tesco and the man behind Tesco success, Warren Buffet. The overall purpose of the report is to analysis the key skills of entrepreneurs such as Warren Buffet which has helped them to become great entrepreneurs…
In an organization the culture plays a vital role and henceforth the report also aims to discuss about the organizational culture that exists in Tesco. Tesco is known for its variety of culture that it holds with it and is one of the best examples to talk about when it comes to organizational culture. Along with organizational culture the report talk about motivation and the types of motivational theory that is adopted by organization to motivate its employees. Motivation is high crucial and Tesco has been a leader in doing that. It motivates its employees to a very high extend which helps it to retain the employees for a long period of time. 1.0 Findings 2.1 Entrepreneur and Skills The term entrepreneur is derived from French word, “entreprendre” which means “to undertake.” The entrepreneur is one who undertakes to manage, organize as well as assume the risk of the business. In recent past the entrepreneurs have been doing more than the above mentioned task and hence the need to broaden the definition. In today’s world, the entrepreneur is an innovator, developer who seems to recognize and seize the opportunities and convert into workable or marketable ideas. They add value through their effort, time, money and skills and assume the risk of the competitors and implement the ideas and thereby realize the reward from the given efforts Kuratko & Hodgetts (2008:4). A generally accepted definition of entrepreneurship which was provided by Shane & Vnkataraman (1997) states, “A process that involves the discovery, evaluation, and exploitation of opportunities to introduce new products, services, processes, ways or organizing, or markets” Baum, Frese & Baron (2007:6) Profile about Warren Buffett Business man and investor Warren Buffett was born on 30 August, 1930 in Nebraska. He is an American business investor, philanthropist and magnate and is considered to be the most successful business man in the 20 century. Buffett is the chairman, CEO and the primary shareholders of Berkshire Hathaway and has been consistently ranked as the wealthiest people in the world. In the year 2012, Time magazine had ranked Buffett to be the most influential person globally (Forbes 2013). Warren Buffett is an entrepreneur by occupation also known as “Oracle of Omaha” and regarded as investment guru (Bio 2013). Warren possessed the skill of investing money at the right place and at the right time. It is very much important for an entrepreneur to analyse the situations carefully and invest. Warren had invested in Tesco and has given a boost to the embattled chief executive of Tesco, Phil Clarke and thus increased his stake in the supermarket chain (Fletcher 2012). When the share price of Tesco fell in 2012, nearly after 20 years, Berkshire Hathaway took advantage of this and thus increased its stake to 5.08% (Fernon 2012). 2.2 Marketing and Marketing Mix Marketing can be defined as the process which is involved in communicating the value of the product or services to the customers. Marketing encompasses integrating, merging and controlling supervision of organisations effort which have a bearing on sales (Reid & Bojanic 2009:8). Marketing mix constituted of 4Ps which are product, place, price and promotion and plays a vital role in setting up strategy for the organisation and is a key tool in marketing. Following is the marketing mix of Tesco, retailers which deals in grocery product and ...
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