Entrepreneurship
Introduction

The company selected is Dar Almanthour for Fragrance. The company was established in the year 2000 by the owner, Mr. Therar AlTararwa. The key products retailed by the company comprise of Bakhour, perfumes, scents, perfume oil and designed boxes for formal events. It started off with his friend at work wanting to sell his own made up fragrance and offered Mr. Therar AlTararwa to sell these fragrances to his family and when he did Mr. Al Tararwa saw an opportunity that selling these fragrances made money and so he wanted to get in the game he bought dozens of fragrances from his friend and made a guy sell them and he had his percentage of the sales. So then and there, Mr. Al Tararwa saw an opportunity and offered his friend money to sell him the mixture ingredients of the fragrance so he can open up a fragrance shop his friend then joined the offer and they became partners and opened there first shop in Al Mubarikeya and the shop was running well Mr. Al Tararwa quit his job and started to work inside the shop and by then the shop sales went well , the paid up capital for the shop was 1500KWD there was a breakeven the second month of sales in year 2003 he bought a new shop for 3000KWD and then Mr. Al Tararwa started to travel to Singapore and Thailand and China to look for unique products to offer in his shop. Dar Al Manthour Fragrance has since then grown to become one of the biggest wholesalers of fragrance in the entire nation. In the present day, Dar Al Manthour Fragrances have 13 different shops in the GCC nations. From the outset, the company solely had two employees who were Mr. Al Tararwa and his business partner. However, subsequent to the business expansion, the company presently has 50 employees. The main objective of this paper is to examine and analyze the business of Dar Al Manthour Fragrance from an entrepreneurial perspective using different entrepreneurial themes.

Opportunity Discovery

Entrepreneurial activity takes into account a future circumstance that is both needed and achievable, irrespective of the resources that are presently under the control of the entrepreneur. In delineation, opportunities are objective actualities in the sense that they are existent aside from the entrepreneur and therefore, they can be discovered by more than one individual. In spite of the fact that opportunity acknowledgement is subjective to the person, opportunities themselves are deemed to be objective phenomena that are not recognized by all parties every time (Maastricht School of Management, 2018: Theme 2). Opportunities await to be discovered and different aspects elucidate who discovered such opportunities including alertness, opportunity cost, the kind of opportunity present, preceding knowledge and information symmetry and also personality traits. A fundamental aspect pointed out by Maastricht School of Management (2018: Theme 2) is alertness, which is delineated as an inclination to identify and be sensitive to information regarding objects, events and behavior patterns within the environment.

This perspective is buttressed by various authors. In accordance to research conducted by Alvarez and Barney (2007), the discovery theory makes the assumption that entrepreneurs who discover opportunities are substantially dissimilar from others in their capacity to either perceive opportunities, or the minute that are perceived, to make the most of these opportunities. The authors point out the notion of alertness, which makes entrepreneurs associated within a market to become aware of opportunities generated by external shocks whole others disregard them. In the same perspective, Ardichvili, Cardozo, & Ray (2003) employ the Dublin’s theory building framework to proposition a process of opportunity identification. The authors point out that entrepreneurial alertness is a fundamental aspect for the achievement of opportunity identification, which encompasses three different factors including recognition, development, and evaluation.

Furthermore, in regard to opportunity discovery, Baron (2006) makes the argument that opportunity recognition is a form of pattern recognition. This is in the sense that entrepreneurs ascertain opportunities for fresh business…Entrepreneurship

Introduction

The company selected is Dar Almanthour for Fragrance. The company was established in the year 2000 by the owner, Mr. Therar AlTararwa. The key products retailed by the company comprise of Bakhour, perfumes, scents, perfume oil and designed boxes for formal events. It started off with his friend at work wanting to sell his own made up fragrance and offered Mr. Therar AlTararwa to sell these fragrances to his family and when he did Mr. Al Tararwa saw an opportunity that selling these fragrances made money and so he wanted to get in the game he bought dozens of fragrances from his friend and made a guy sell them and he had his percentage of the sales. So then and there, Mr. Al Tararwa saw an opportunity and offered his friend money to sell him the mixture ingredients of the fragrance so he can open up a fragrance shop his friend then joined the offer and they became partners and opened there first shop in Al Mubarikeya and the shop was running well Mr. Al Tararwa quit his job and started to work inside the shop and by then the shop sales went well , the paid up capital for the shop was 1500KWD there was a breakeven the second month of sales in year 2003 he bought a new shop for 3000KWD and then Mr. Al Tararwa started to travel to Singapore and Thailand and China to look for unique products to offer in his shop. Dar Al Manthour Fragrance has since then grown to become one of the biggest wholesalers of fragrance in the entire nation. In the present day, Dar Al Manthour Fragrances have 13 different shops in the GCC nations. From the outset, the company solely had two employees who were Mr. Al Tararwa and his business partner. However, subsequent to the business expansion, the company presently has 50 employees. The main objective of this paper is to examine and analyze the business of Dar Al Manthour Fragrance from…Entrepreneurship

Introduction

The company selected is Dar Almanthour for Fragrance. The company was established in the year 2000 by the owner, Mr. Therar AlTararwa. The key products retailed by the company comprise of Bakhour, perfumes, scents, perfume oil and designed boxes for formal events. It started off with his friend at work wanting to sell his own made up fragrance and offered Mr. Therar AlTararwa to sell these fragrances to his family and when he did Mr. Al Tararwa saw an opportunity that selling these fragrances made money and so he wanted to get in the game he bought dozens of fragrances from his friend and made a guy sell them and he had his percentage of the sales. So then and there, Mr. Al Tararwa saw an opportunity and offered his friend money to sell him the mixture ingredients of the fragrance so he can open up a fragrance shop his friend then joined the offer and they became partners and opened there first shop in Al Mubarikeya and the shop was running well Mr. Al Tararwa quit his job and started to work inside the shop and by then the shop sales went well , the paid up capital for the shop was 1500KWD there was a breakeven the second month of sales in year 2003 he bought a new shop for 3000KWD and then Mr. Al Tararwa started to travel to Singapore and Thailand and China to look for unique products to offer in his shop. Dar Al Manthour Fragrance has since then grown to become one of the biggest wholesalers of fragrance in the entire nation. In the present day, Dar Al Manthour Fragrances have 13 different shops in the GCC nations. From the outset, the company solely had two employees who were Mr. Al Tararwa and his business partner. However, subsequent to the business expansion, the company presently has 50 employees. The main objective of this paper is to examine and analyze the business of Dar Al Manthour Fragrance from an entrepreneurial perspective using different entrepreneurial themes.

Opportunity Discovery

Entrepreneurial activity takes into account a future circumstance that is both needed and achievable, irrespective of the resources that are presently under the control of the entrepreneur. In delineation, opportunities are objective actualities in the sense that they are existent aside from the entrepreneur and therefore, they can be discovered by more than one individual. In spite of the fact that opportunity acknowledgement is subjective to the person, opportunities themselves are deemed to be objective phenomena that are not recognized by all parties every time (Maastricht School of Management, 2018: Theme 2). Opportunities await to be discovered and different aspects elucidate who discovered such opportunities includin.......symmetry and also personality traits. A fundamental aspect pointed out by Maastricht School of Management (2018: Theme 2) is alertness, which is delineated as an inclination to identify and be sensitive to information regarding objects, events and behavior patterns within the environment.

This perspective is buttressed by various authors. In accordance to research conducted by Alvarez and Barney (2007), the discovery theory makes the assumption that entrepreneurs who discover opportunities are substantially dissimilar from others in their capacity to either perceive opportunities, or the minute that are perceived, to make the most of these opportunities. The authors point out the notion of alertness, which makes entrepreneurs associated within a market to become aware of opportunities generated by external shocks whole others disregard them. In the same perspective, Ardichvili, Cardozo, & Ray (2003) employ the Dublin’s theory building framework to proposition a process of opportunity identification. The authors point out that entrepreneurial alertness is a fundamental aspect for the achievement of opportunity identification, which encompasses three different factors including recognition, development, and evaluation.

Furthermore, in regard to opportunity discovery, Baron (2006) makes the argument that opportunity recognition is a form of pattern recognition. This is in the sense that entrepreneurs ascertain opportunities for fresh business ventures by utilizing cognitive frameworks they have attained through experience to see connections between apparently unconnected events or trends in the external world. Basically, Baron (2006) points out that entrepreneurs capitalize on cognitive frameworks that they have in possession to connect the dots between the alterations and transformations in demography, technology, markets as well as other factors. It is through these patterns that are perceived that new products or services are suggested. Entrepreneurial opportunity discovery can be outwardly noted in the case of Dar Almanthour for Fragrance. The business started off with Mr. Al Tararwa’s friend offered to retail fragrances to his family and he perceived an opportunity to sell these fragrances to generate profits. Therefore, Mr. Al Tararwa opted to purchase dozens of fragrances from his friend and made a different person to retail them and obtained a percentage of the sales.

Opportunity Development

The opportunity development process is one that is recurring and iterative. The inference of this is that there is a likelihood of an entrepreneur undertaking evaluations numerous times at dissimilar phases of development. In addition, evaluation could also give rise to recognition of extra opportunities or changes and adjustments to the original version (Ardichvili, Cardozo and Ray, 2003). Opportunity production starts with the perception of an entrepreneur regarding a prospective opportunity in the form of an idea or conception. At the beginning phase, there is an imagination of the opportunity and there is the likelihood of the entrepreneur to be indeterminate and unclear regarding the feasibility of the opportunity. That is, there is conviction of an opportunity. Numerous opportunities are the result of social construction. It is not necessary for opportunities to be preexistent entities conditional on being discovered by entrepreneurs who are aware. As a result, entrepreneurs can play a practical and fundamental role in shaping the prospects that they might in the end capitalize on (Maastricht School of Management, 2018: Theme 2).

Based on research undertaken by Alvarez and Barney (2007), opportunity development necessitates decision making. The context of decision making is one that is risk if, during the period when the decision is being undertaken, decision makers are able to gather sufficient information regarding a decision to expect possible outcomes linked with that decision, and the likelihood of such outcome. This context is risky owing to the reason that it makes the assumption that opportunities are objective. An entrepreneur can capitalize on an assortment of data collection and analysis methods to comprehend the possible results linked with an opportunity, together with the probability of those results. Alvarez and Barney (2007) give the example of Mount Everest. In particular, it took several years to notice that the mountain exited, and several years more to be able to determine the height. However, in spite of these difficulties, at no point did any individual doubt whether this information could be obtainable. Gruber, Kim, and Brinckmann (2015) point out that, agents create or develop their opportunities by uniting what they have at hand, by carrying out trials with a particular set of means, and by enthusiastically engaging with consumers and other stakeholders. Basically, opportunities can be developed on the basis of social interaction. In the initial stages of creating the firm, an entrepreneur lacks sufficient information regarding future development of the business and therefore tries to control the existing configuration of resources through social interactions.

Once the opportunity concept has formed in the mind of the entrepreneur, he or she tests the idea’s feasibility and viability through interaction with peers. The entrepreneur values the opinion of t