Report on RedBull Enterprise Theory
Contents Page
1.0 Introduction 2
2.0 Purpose 2
3.1 Enterprise Theories – Characteristics of an Entrepreneur 3
3.2 Enterprise Theories – Risk Taking 4
3.3 Enterprise Theories – Competitive Advantage 5
4.0 Summary 6
5.0 Conclusion ` 7
Bibliography 8
Appendices 10
1.0 Introduction
Entrepreneurship is the process by which individuals, either on their own or in organisations, pursue opportunities without regard to the resources they already own according to Stevenson (1990, quoted in Allen, 2011, p.4). However Drucker (2012) states that entrepreneurship is not just found in business and economics, but it is a part of everyday society. Entrepreneurship has the potential to become a source of competitive advantage but also the solution to complex dilemmas we face every day.
Red Bull is an energy drink designed through a unique combination of high quality ingredients to vitalize the body and mind. It was founded by Dietrich Mateschitz, and has to this day sold approximately 4 billion cans in more than 160 countries worldwide. Red Bull sticks to its well-known phrase of “it gives you wings” and they continue to spread its wings around the world (Red Bull, 2012).
McDonald (2011) gives a bit of background about the owner and the development stages of Red Bull, Dietrich Mateschitz who was born on the 20th May 1944, in the village of St. Marein, Austria. From an early age he showed an appetite for selling an idea and by 28 he had graduated from Vienna University of Economics and Business, working part-time as ski instructor. While at a dead end job, he got an opportunity to travel to Thailand where he stumbled across an uncarbonated “tonic” called Krating Daeng, which instantly cured his jet lag, the idea hit him that he would sell it in the west, where there was a gap in the market. He approached contacts and friends to assist him in the funding and branding of
1.0 Introduction 2
2.0 Purpose 2
3.1 Enterprise Theories – Characteristics of an Entrepreneur 3
3.2 Enterprise Theories – Risk Taking 4
3.3 Enterprise Theories – Competitive Advantage 5
4.0 Summary 6
5.0 Conclusion ` 7
Bibliography 8
Appendices 10
1.0 Introduction
Entrepreneurship is the process by which individuals, either on their own or in organisations, pursue opportunities without regard to the resources they already own according to Stevenson (1990, quoted in Allen, 2011, p.4). However Drucker (2012) states that entrepreneurship is not just found in business and economics, but it is a part of everyday society. Entrepreneurship has the potential to become a source of competitive advantage but also the solution to complex dilemmas we face every day.
Red Bull is an energy drink designed through a unique combination of high quality ingredients to vitalize the body and mind. It was founded by Dietrich Mateschitz, and has to this day sold approximately 4 billion cans in more than 160 countries worldwide. Red Bull sticks to its well-known phrase of “it gives you wings” and they continue to spread its wings around the world (Red Bull, 2012).
McDonald (2011) gives a bit of background about the owner and the development stages of Red Bull, Dietrich Mateschitz who was born on the 20th May 1944, in the village of St. Marein, Austria. From an early age he showed an appetite for selling an idea and by 28 he had graduated from Vienna University of Economics and Business, working part-time as ski instructor. While at a dead end job, he got an opportunity to travel to Thailand where he stumbled across an uncarbonated “tonic” called Krating Daeng, which instantly cured his jet lag, the idea hit him that he would sell it in the west, where there was a gap in the market. He approached contacts and friends to assist him in the funding and branding of
Bibliography: Red Bull Logo. (2012) [Online Image]. Available from: http://www.motocross.com/features/red-bull-and-outdoor-motocross-partner/attachment/red-bull-logo/ [Accessed 17th December 2012] Stevenson, H Drucker, P. (2012) Innovation and Entrepreneurship. Oxford, Routledge. McDaniel, B. (2002) Entrepreneurship and Innovation. New York, M.E. Sharpe. Chet et al. (1991) The Entrepreneurial Personality. Routledge, 6th December, p. 49. Quoted in: Baum, J., Frese, M. & Baron, R. (2007) The Psychology of Entrepreneurship. Oxford, Routledge. Nilsson, F. and Rapp, B. (2005) Understanding Competitive Advantage. Berlin, Springer. Bessant, J. and Tidd, J. (2009) Innovation and Entrepreneurship. Chichester, John Wiley & Sons Ltd. Kaplan, J. and Warren, A. (2007) Patterns of Entrepreneurship. 2nd Ed. Hoboken, John Wiley & Sons Ltd. Burns, P. (2005) Corporate Entrepreneurship. New York, Palgrave Macmillan. Bolton, B. and Thompson, J. (2000) Entrepreneurs: Talent, Temperament, Technique. 2nd Ed. Butterworth-Heinemann, Oxford. Solomon, B. (2012) Meet the Billionaire Behind Red Bull’s Death-DefyingCorporate Culture. Business Source Premier. May, pp. 25-26 Gessinger, G Dolan, K. (2005) The Soda with Buzz. Business Source Premier. 175 (6) March, pp. 126-130. Kurtz, D. and Boone, L. (2008) Contemporary Business Update 2008. Mason, Cengage Learning. Hannagan, T Mortimer, R. (2011) Red Bull flies to another level with marketing wins. Marketing Week. 35 (44) September, pp. 3-4. Shimp, T. (2008) Advertising, Promotion, and Other Aspects of Integrated Marketing Communications. 8th Ed. Mason, Cengage Learning. OaShaughnessy, J McDonald, M. and Wilson, H. (2011) Marketing Plans: How to Prepare Them, and How to Use Them. 7th Ed. Chichester, John Wiley & Sons. Mintel (2012) Sports and Energy Drinks – UK [Internet]. Available from http://academic.mintel.com.ezproxy.leedsmet.ac.uk/display/633338/ [Accessed on 17th December 2012] Bigman, D Mintel Global Market Navigator(2011) Energy Drinks – US [Internet]. Available from http://gmn.mintel.com.ezproxy.leedsmet.ac.uk/snapshots/USA/144/shares/single [Accessed on 17th December 2012] Appendices Mintel Global Market Navigator(2011) Energy Drinks – US [Internet]. Available from http://gmn.mintel.com.ezproxy.leedsmet.ac.uk/snapshots/USA/144/shares/single [Accessed on 17th December 2012] Appendices 3: Unanswered Enquiry