DYI Science Entrepreneurial Analysis
Number of words: 4741
Table of Contents
|1.0 Section 1: Leadership and Entrepreneurial Skills||1|
|1.2 Leadership and Communication Strategies||2|
|1.2.1 Leadership Strategy for DIY Science||2|
|1.2.2 Evaluation of Communication Strategies at DIY Science||4|
|2.0 Section 2: Entrepreneurial Characteristics and how they Impact Change||5|
|2.1 Analysis of Leadership Models||5|
|2.2 Analysis of Communication Strategies||6|
|3.0 Section 3: Strategic Management and Entrepreneurial Leadership||7|
|3.1 Strategic Direction of DIY Science (SWOT Analysis)||7|
|3.2 Company Position in the Sector||8|
|3.3 Culture and company ethics||9|
|3.4 Clients Needs||9|
|3.5 Report Conclusions||10|
|4.0 Section 4: Critical Reflection||10|
1.0 Section 1: Leadership and Entrepreneurial Skills
DYI Science is an organization established in 2017 with a view of providing scientific based tools for educational purposes. The products released into the market by DYI Science are also used for domestic and commercial purposes, which makes the company relevant to many in society (Miles and Snow, 2001). The company was founded recently by Dr. James Dayus and it is important to examine its entrepreneurial and leadership skills in the vent of running its operations. DYI Science is a strategic business that was well thought before establishment. The company is small given that its operations have not expanded to most parts of the world (Jensen, 2001). It is vital to examine the company’s scope of operations including, communication strategies, leadership qualities and the organization’s strategic position in the market. The fact that the founder chose to specialize on development of n idea that is new to the market has helped to a large extent. DIY Science has done its best to capture the attention of donors for funding of its business operations (Pava, 1983). As a leadership strategy, the company empowers employees to make small but important decisions in their line of duty.
Application of biotechnological development to promote learning of life science concepts is a significant discovery for the market. The founder of the company was thoughtful in designing on n area that has much potential with increased use of technology (Åmo and Kolvereid, 2005). Being PHD holders, Dr. James Dayun and his friends applied creativity and innovation as a key strategy to starting the business. The whole idea of using technology and biological cells for light production has proved to work. It is important to examine the company’s leadership approaches, entrepreneurial characteristics and how they impact the organization’s strategic position.
1.2 Leadership and Communication Strategies
1.2.1 Leadership Strategy for DIY Science
The company enjoys a transformative leadership model, which has been pivotal to progress the institution has made so far in the industry (Miles and Snow, 2001). It is critical to examine the strategy and how it has helped make steps in light production. A transformational approach in leadership allows employees and other individuals to make important decisions own their own. However, employees are expected to make decisions that support and drive organizational agenda. Dr James Dayun allows employees at DIY to apply their knowledge and skill set to make instant decisions regarding business. Globalization has come with a high level of dynamism in the technology sector, which has proved to be challenging to devise long-term solutions (Åmo and Kolvereid, 2005). Each day is accompanied by new developments, which prompts DIY Science to be creative and innovative to stay relevant in the market. Examining the leadership approach applied alongside characteristics of entrepreneurship will help understand entrepreneurial concepts in-depth.
The first entrepreneurial characteristic that is evident from the leadership style adopted at DIY Science is creativity and innovation. Creativity is a vital prerequisite for business establishment on a global front (Gürol and Atsan, 2006). It illustrates one’s ability in designing new products or ideas for the consumer market. In the digital era, success of a business is highly dependent on how creative one is in developing new ideas, which guarantee a competitive advantage in the market. Transformational leadership advocates for creativity and innovation at all levels of production and service provision. As such, DIY Science has adopted the strategy to allow its staff practice creativity for production of better items for the market (Roper, 1998). A key principle of transformative leaders is that they entertain creation of new ideas that can transform the face of the company. Equally, it is through creativity that changes or adjustments can be made to existing products in the market. The ability to make important decisions within an organization depend on the leadership strategy employed (Mueller, 2011). As such, the success of DIY Science so far is attributed to transformational leadership approach that the CEO of the company applies.
Transformational leadership is characterized by self drive and motivation, which enables one to dedicate their all in delivering of services. DIY Science has proved to be supportive of workers who are self-driven to achieve set targets (Korteweg and Sorensen, 2010). The top management of the company is at the forefront of working tirelessly to ensure that the brand reputation improves in the market. In essence, motivation drives employees at the company as a way of improving efficiency. DIY Science has taken an effect in the market due to the fact that leadership is motivated and empowers other employees to do their best during operations (Mueller, 2011). It is though motivation and transformative leadership that DIY Science has done well in the market. The company is relatively small and requires some extra effort from both employees and the management to reach where it is. Motivation is an evident characteristic of entrepreneurship as illustrated by transformational leadership at DIY Science (Gürol and Atsan, 2006). It is a vital requirement that entrepreneurs be motivated in each activity they do as a way of achieving set goals.
Leadership strategy at DIY Science has boosted its growth to a large extent. For instance, the fact that the company management is willing and able to take risks is indicative of a string entrepreneurial attribute (Altinay and Wang, 2011). It is through risk taking that entrepreneurs manage to invest their resources. Dr James Dayun and his colleagues took a risk in establishing the organization in 2017, to provide important educational, domestic and commercial support in society (Korteweg and Sorensen, 2010). The willingness to take risks is accompanied by empowering a team to use their skills and discretion to make important decisions during operations (Roper, 1998). Investing money for an idea that its fate lies in the manner that operations are conducted is a significant risk.
Organizational consciousness and inspiration are other important aspects of a transformative leader and entrepreneur. For instance, the fact that Dayun, the founder and CEO at DIY Science, is inspired to achieve greater heights in the industry is inspiring even to employees at work (Pinho and de Sá, 2014). Inspired staff can project higher results for an organization, which is why the company has done relatively well since its establishment. It is important to note that everyone at the company recognizes and respects the idea of hierarchy at work. The CEO is conscious of the idea that instructions have to be followed. However, the company leadership is flexible and allows individuals to make important decisions on their own when need arise (Altinay and Wang, 2011). Organizational consciousness has promoted growth of an inclusive culture during decision making. The approach has been a strategic pillar to its position in the market.
1.2.2 Evaluation of Communication Strategies at DIY Science
Communication is an important aspect of any industrial process in society. Organizations that do not have an established communication strategy are likely to face challenges during their operations (Jensen, 2001). DIY Science advocates to personal communication as a tool for improving employee performance and other important aspects in the organization. Poor communication strategies at a company cripple any effort to develop and grow to a strategic position in the market (Pinho and de Sá, 2014). The company is still small and growing, which makes personal communication a strategic approach in handling of various functions at the organization. It is through the strategy that the company communicates intentions, goals and new developments for the business. Personal communication entails use of direct messages, face-to-face meetings, online chats, personal interviews and memos (Broadbent, 2012). The fact that the CEO of the company attends a live interview is indicative of a communication strategy that DIY Science uses in communicating its intentions to stakeholders.
Face to face communication is a strategic approach to handling compelling issues that might cripple delivery among employees. It is the most recognized and appropriate communication strategy that management can use to ensure efficiency and convenience. It is vital to evaluate face to face communication as applied by DIY Science in its operations (Lee, Lee and Apple Inc, 2010). It is advantageous since it enables the management to give a vivid explanation to employees what is required of them in the field. Equally, face to face communication guarantees employees a chance to ask questions in the event of seeking clarification. As such, Dr James Dayun employed the right strategy that can help th company make a better impact in the entrepreneurial field (Broadbent, 2012). Also, it offers an inclusive opportunity for each individual at the organization to raise a concern on any matter. In the event the company finds solutions to various challenges that could otherwise cripple its operations.
Face to face communication might be limiting success of company operations as it is associated with various disadvantages. For instance, the cost of setting up face to face meetings is high as each member has to travel (Lee, Lee and Apple Inc, 2010). Travelling requires time and has a financial implication on a firm’s operations. The second demerit of the approach to communication is that it is not fit for large meeting that involves many people. When a face to face meeting involves many people, individuals are likely to lose interest in the main discussion, which questions the credibility of such meetings to bear fruit (Teece, 2010). It is the duty of management at an organization to promote strategic communication approaches that befit the company’s floor space. Also, finding appropriate time for the meeting is a challenge for management at an organization (Du, Bhattacharya and Sen, 2010). Personal communication is a strategic tool for communication even though it can be disadvantaged by costs involved and the number of people to attend the event.
An important strategy that the company applies in ensuring effective communication is use of digital devices. Electronic communication is tipped to take the world by storm due to convenience and effectiveness (Teece, 2010). However, the approach is challenged by the fact that people might lie as they cannot be seen where they are, which encourages absenteeism (Teece, 2010). DIY Science uses electronic form of communication in the event making reports or communicating progress to donors.
2.0 Section 2: Entrepreneurial Characteristics and how they Impact Change
2.1 Analysis of Leadership Models
It is important to explore the entrepreneurial characteristics displayed at DIY Science and examine how they enhance changes in the organization. Examining the strengths of the leadership model and communication strategy that DIY Science uses might help in establishing important concepts in entrepreneurship (Broadbent, 2012). For instance, the leadership approach used at the company displays important entrepreneurial characteristics that have helped the company gain a reputation in the market. Transformative leadership is important in breeding an inclusive culture in the organization, which has been a pillar towards its strategic position in the industry. The first aspect that enhances change in the organization is leadership approaches applied by the management (Du, Bhattacharya and Sen, 2010). A transformative approach guarantees workers freedom to express their ideas and exercise creativity at work.
The first strength of the leadership model exhibited at DIY Science is that it allows employees to make important decisions freely, which is a critical ingredient for creativity. The company enjoys a leadership style that has bred a culture of inclusivity in very step that it makes in business. Second, the model is based on innovation and motivation as ways to improve organizational growth (Broadbent, 2012). DIY Science has done well to ensure that its products are different from what competitors have. The company staff is dedicated all time to develop new ideas into realities in light production. It is through the strategic transformational leadership that DIY has managed to build a reputation in the industry.
The model of leadership at the company has limitations that have impacted the growth of its business to some extent. For instance, the model assumes that all employees will use their freedom constructively and make the right decisions (Welch, 2011). In essence, it renders itself to a moral position of an individual. This might not be the case always as some employees might be dishonest. Second, the theory model is difficult to train for organizations as it requires incorporation of many leadership theories. Equally, manipulation of employees by leaders might make it ineffective in some situations. DIY Science must purpose to assess the developments that the model is making in promoting growth and development for the company.
2.2 Analysis of Communication Strategies
It is also vital to critically evaluate the communication strategies applied by DIY Science to reach out to employees and other stakeholders. The organization uses two major communication strategies including electronic and face to face communication (Du, Bhattacharya and Sen, 2010). Personal communication strategy used by DIY is effective in ensuring that employees understand clearly what they are meant to do. It is convenient in promoting commitment and motivation within a work place. Equally, the communication strategy gives employees a platform to raise issues that affect their commitment to work (Welch, 2011). In the event, the company manages to handle their issues in a decent way for improved service delivery and increased job morale.
Face to face communication at the company has limitations that make it less efficient in handling operations at the company. The fact that DIY Science has to set appropriate time for meetings that can capture all individuals involved is challenging (Welch, 2011). Personal communication can prove challenging when involved parties are in different parts of the world. in such circumstances, company management will not have an option but to use electronic communication. The digital era has brought many changes that enable personal communication over the internet. However, the cost of acquiring the devices and other infrastructure for electronic communication is a challenging aspect for DIY Science (Al-Debei and Avison, 2010). When one employee is absent from the team, they are likely to miss a lot as the company relies on face to face communication.
3.0 Section 3: Strategic Management and Entrepreneurial Leadership
3.1 Strategic Direction of DIY Science (SWOT Analysis)
It is important to examine DIY Science’s strategic position in the market and the direction it will take in the future. A SWOT analysis is n important tool that can help assess the company’s state in the industry. It encompasses a close examination on the strengths, weaknesses, opportunities and threats that affect operations of DIY Science as a young company (Helms and Nixon, 2010). Strengths for the company include a leadership model that promotes creativity and innovation. Equally, employees and the management are motivated to deliver quality of service at work. Another key strength for DIY Science in its business is the communication strategy employed. The company depends on a personal communication approach as a pillar to its operations. Personal communication handles employee issues at an individual level, which is satisfactory to parties involved (Gürel and Tat, 2017). Lastly, the company invested in an area that has low competition and requires high creativity, which is why few people have invested in the area.
Weaknesses for the organization that have crippled organizations include low capital base, which has challenged the expansion of company activities. Funding is an important aspect for any investment, especially for capital intensive industries. The dynamic nature of the technological industry is challenging to efforts made by the company to grow (Helms and Nixon, 2010). The company needs more funding to facilitate various operations at the organization. The company heavily relies on contracts as a source of workforce for various operations. Contracts that do not end up beneficial have a huge financial implication on the company.
Opportunities for DIY Science include its innovative products that can be used for domestic, commercial and importantly, educational purposes. Light production is an area many people have not invested in and DIIY Science should capitalize on the same (Gürel and Tat, 2017). Creativity and diversification of company practices is an opportunity that can help DIY make steps in the industry. The ever growing demand for biotechnological products provides an opportune chance for DIY Science to make an impact on a global front.
Threats in the market for DIY Science include high competition from established firms in the market. The fact that the company lacks a stable source of funding is challenging to establishment of various operations (Gürel and Tat, 2017). Other firms in the market can manage to invest heavily as compared to DIY Science. As such, it is the duty of the company to strategically plan its activities for an improved impact in the market.
3.2 Company Position in the Sector
It is vital to examine DIY Science company position in the light production sector. Few firms have established in the sector, which provides an opportune moment for the organization to do better. The fact that people in learning institutions and homes have an interest in the products of the company has made the idea a strategic discovery in the market (Reichel and Lazarova, 2013). DIY Science is managed by CEO Dr James Dayun and other two colleagues through a well structured hierarchical model. However, it uses a transformative approach to empower employees to deliver their best during operations. the company has nurtured a culture of inclusivity and creativity as a way of gaining a competitive advantage in the market (Reichel and Lazarova, 2013). DIY Science has a potential of doing better, given the team is motivated and determined to make huge steps.
3.3 Culture and company ethics
It is important to examine company culture as it influences ethical values practiced within the organizations. It is based on a hierarchical and well structured leadership that applies a transformative approach. Employees are empowered to make small but important decisions, which affect operations of DIY Science (Voynarenko, Dumanska and Ponomaryova, 2019). Equally, DIY Science experiences inclusive leadership that allows others to air their views or consideration. In the event, the organization’s management can make important decisions regarding the direction of operations. The right code of conduct should be practiced in every activity including hiring, promoting and selling of company products.
The HR department of the company employs on contract terms, which has been pivotal to completion of various projects in the industry. Contract terms ensue that the company get the value for their money as employees are required to perform specified functions (Al-Debei and Avison, 2010). It is important to note that contract terms are clear on what is required from each party. It is an agreement that binds an employee for a specified period, especially on internship basis.
3.4 Clients Needs
It is vital to understand client needs for DIY Science customers on a global front for an improved market effect. Understanding client needs requires a company to conduct a rigorous analysis of the market and establish factors that influence consumption (Voynarenko, Dumanska and Ponomaryova, 2019). For instance, production of durable products that are reliable is an important step towards gaining a competitive advantage in the market. A company that takes client needs into consideration is likely to have loyal customers, which can project it to a higher position in the industry.
Customers need professional treatment from the company customer care. A poor customer service is a major reason why companies in the world have lost their good reputation in whatever industry they operate (Ceptureanu, 2016). It is the duty of the management at DIY Science to ensure that the right ethics are observed when handling clients as a way of improving their experience. Client needs should be prioritized as a way of building trust in a bid to improve market coverage.
3.5 Report Conclusions
To sum it up, DIY Science is a small company that established in 2017 to specialize in light production. The company uses a transformational leadership approach, which has proved to be a pillar in its operations. It allows employees to exercise their decision-making and creativity skills to develop ideas into products for the market. Equally, the company uses a personal approach to communicate to employees and reports to reach out to donors for funding. The company relies on contracts as a way of handling various activities. Contracts have timelines to be met, which is major challenge for DIY Science operations. DIY Science relies on innovation and creativity as a way of devising new developments for clients in the market. It is strategically positioned since few players are in the industry selling similar items. Given the right management, the company is likely to do better in the production of biotechnological products.
4.0 Section 4: Critical Reflection
A critical reflection on the module is necessary to establish how helpful it has in promoting entrepreneurial skills. The Gibbs Cycle is an appropriate tool that can be used to evaluate the module through six important stages namely, description, feelings, evaluation, analysis, action plan and conclusion (Rudnicki and Vagner, 2014). The course has been informative on important aspects that revolve around entrepreneurship and leadership. An examination of operations and strategies applied at DIY Science has proved to be effective in promoting company growth. Learning the concepts has helped experience the impact and practice of entrepreneurial characteristics (Paul, 2020). It is through the module reflection that one can get a deeper understanding of the matter in question.
During class modules, I felt that learning leadership was an obvious thing that does not have much detail. To my astonishment, leadership is multifaceted concept that should be nurtured in an individual for proper entrepreneurial practices (Ceptureanu, 2016). Poor leaders cannot make good entrepreneurs as they are required to make important decisions at one given time. Colleagues in class felt that the module is right to promote a culture of transformational leadership in a workplace as a way of nurturing creativity. Group discussions held promoted the understanding of basic concepts that revolve around entrepreneurship.
The experience was thrilling for everyone in class, which boosted commitment and understanding of concepts in study. I felt that I had new knowledge that can improve my skills at work in future. The negative part of the experience is that time allocated for the module proved inadequate to study diverse concepts in the field (Gamble, Thompson and Peteraf, 2010). Notably, the module has been productive in enlightening learners with crucial skills for productivity in business. In examination of course material and other content, there is a clear indication that one can enlarge their skills in handling of business and other important aspects in society. In future I will purpose to conduct more research on entrepreneurial skills from other sources to get a wider glimpse of the concept. Applying the module knowledge can be helpful to entrepreneurial practices to a large extent (Gamble, Thompson and Peteraf, 2010). I will use the skills to develop and promote social growth within society. The module has been productive and successful in meeting the learning outcomes and skill set required.
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