Using the case "Team and Concepts Limited: Managing the Growth of a Small Business" by Ali Farhoomand", address the following questions:
1. What type of entrepreneurial traits did TnC's owners demonstrate?
2. At which stage in the life cycle of venture development would you put TnC? What strategies do you recommend for its sustained growth?
3. What are the critical success factors of TnC?
4. What are the challenges ahead?
Case Analysis: Team and Concepts Ltd.: Managing the Growth of a Small Business
ENTREPRENEURIAL TRAITS OF OWNERS
The owners of TnC were pursuing their bachelors when they started the company. Though they were young, amateurs and lacked work experience, most of them were talented and had established good network with IT professionals in the market. The owners had business acumen and used innovative techniques to transform the business into a successful company. Entrepreneurial traits of owners could be put under following headers:
• Determination: The owners were determined from the beginning to make a difference in the IT industry. They accessed the market and realized untapped potential. Though it was difficult to pursue the opportunity, they were determined to go ahead with the project.
• Risk Taking: When there were no competitors in the market offering event management solution, the team of young owners was willing to take the risk of pursuing this small and unproven opportunity.
• Confidence: The owners knew that the event information management project would use technology that might not compete in the mainstream market, but they were confident that it could be sustained in niche markets with small revenue streams. The TnC team was confident that their product would complement those from other big players.
• Vision for future: David Lee, the Chariman of TnC had clear vision for the future. The first product of TnC was released to customers on trial basis without charging them for subscription. The initial revenue stream was not important to the owners initially, it was the feedback that was more important. It helped test the market for future.
• Good understanding of financials: The owners had a choice to choose between taking money to spend on them or reinvesting in the business. They took the decision to reinvest profits to prepare the company for long-term growth. They had understanding of how important funds were for TnC; David even contributed ...
Analysis of how owners of TnC took the company through new heights and what should be done for future growth.