Business Entrepreneur Innovative and Entrepreneurship

Question: Discuss about the Business Entrepreneur of Innovative and Entrepreneurship. Answer: About Emma and Toms Emma and Toms is an entrepreneurial business that operates in the Australian soil. The business came into formation during 2004 based on a joint effort by two friends, Emma Welsh and Tom Griffith. The company works on a culture focused on looking after the betterment of oneself and also for the fellow people both inside the organisation and the larger society. The company focuses on operating based on a tightly set customer mindset such that it aims in enhancing the level of customer satisfaction based on the production and marketing of its nutritious food drinks and smoothies(Emma and Tom's, 2013). Business Products/Services Emma and Toms focuses on generating a wide array of food products like smoothies of whole fruits, packed life bars consisting of ingredients like fruits, seeds and also nuts, refreshing drinks and sparkling fruit juices. The sparkling juice product category of Emma and Toms consist of whole fruit juices, sparkling waters, leaf extracts and natural flavour drinks. Sparking Juices produced by Emma and Toms are secured from the health point of view in being free from artificial colouring, artificial flavours and also use of citric and phosphoric acids. Further, the juices are also available in two main varieties. Similarly, different types of botanical products like rosehip, ginseng and chlorella are used for the development of smoothies. The company also produces Iced Teas and also Well Being Waters having less calories for the consumers(Emma and Tom's, 2016). Mission of Emma and Toms The mission of Emma and Toms is to focus on the development and offering of nutritious food products in the form of fruit drinks to the customers. The company also focuses on generation and sustainment of betterment for fellow Australians in terms of generating nutritious drinks and also in looking after the social betterment(Emma and Tom's, 2013). Vision of Emma and Toms The vision of Emma and Toms is to be a leading company in the smoothies and beverage segment in Australia. It aims in continually developing its relationship with its diverse group of stakeholders such that the same helps in enhancing and sustaining the market share in the Australian market. Core Values of Emma and Toms Emma and Toms core values relate to the incorporation of innovative ideas for the production of new products to capture the mindset of the Australian consumers. Further, Emma and Toms also focus on understanding and evaluating the needs of the consumer groups in that the same would contribute in the production of right quality and pattern of smoothies and beverages(Emma and Tom's, 2013). Business Model of Emma and Toms The business model of Emma and Toms is observed to encompass a large range of activities associated with the distribution of smoothies and other beverage drinks along different outlets and cafes. Further, the company also focuses on the development of exclusive outlets for establishing an effective presence in the Australian smoothies and drinks market. Emma and Toms is also observed to make use of electronic commerce in enabling consumers view and procure fruit juices and other products from any part of the world(JCurve, 2016). Innovation and Entrepreneurship in Business The aspects of innovation and entrepreneurship contribute in enhancing the level of competitive advantage for a business institution. The incorporation of innovation and entrepreneurship in business activities potentially help in the identification of new processes and ideas that contribute in the generation of new products and services. Further, the insurgence of new technology in the business institution also contributes in development of novel business strategies that in turn enhance the performance potential of the organisation in the long run. Different types of innovation strategies like open, disruptive, breakthrough, reverse and incremental are undertaken by business institutions for enhancing the current potential of the organisation. It also enhances the entrepreneurship potential of the business managers and encourages them for undertaking risks(Brooks, 2013). Innovations in Emma and Toms Emma and Toms continually focus on innovating on its product offerings to render healthy and nutritious juice products to the consumers. The food products offered by Emma and Toms are minimally processed based on the use of new technology in that the same helps in retaining and even enhancing the health and nutritional parameters. Further, use of new technologies has also helped Emma and Toms in expanding on its product assortments based on the inclusion of quenchers, sparkling fruit juices and other fruit and nut snack bars along with the regular smoothies(JCurve, 2016). The different types of technological innovations encouraged and brought about in Emma and Toms are reflected in the following illustration. (JCurve, 2016) The incorporation of Cloud technology in Emma and Toms contributes in effective integration of the different departments and systems for generating wholesome productivity. Further, the use of an effective inventory and accounting system effectively contribute in managing the day-to-day operations of the business institution and in generating needed efficiency(JCurve, 2016). Legal Challenges faced by Emma and Toms Emma and Toms focus on sustaining and enhancing the quality of life for both the internal and external people through abiding by the rules associated with health and safety. The management focuses on the sourcing of quality products from the suppliers and contractors such that the same is used for producing healthy and nourished products. The organisation works on the motto of Look After Yourself where it continually stresses on growth and well being of the people(Emma Tom Foods Pty Ltd, 2016). Marketing Challenges faced by Emma and Toms The marketing activity of Emma and Toms reflect the endeavour of the smoothies brand in positioning itself as a producer of healthy and nourished fruit drinks and other beverages in the Australian market. The company focuses on marketing its brand image through the use of television and radio advertising where advertisements of 30 second durations are generated for attracting the mindset of potential customers. Further, Emma and Toms apart from reaching the products to a larger audience based on the use of exclusive stores also focuses on the enhanced use of stores and other outlets for helping the customers earn greater accessibility(Niesche, 2012). Emma and Toms also focus on social marketing activities where the owners Emma Welsh and Tom Griffith focus largely on donating funds for charitable purposes and even in distribution of free samples of smoothies and juices for different events and occasions. The same contributes in largely socialising the brand image and name of the company in the larger Australian market(Emma and Tom's, 2013). Sources of Capital used during Development The initial product development at Emma and Toms was carried out based on the use of ownership funding provided by the owners Emma Welsh and Tom Griffith by around $500,000. Moreover, the price structure decided by the owners at around $3.50 and well accepted by the different cafeterias and stores further helped the company in earning increased funds in the long run for supporting its further product development activities. Further, the continual growth of turnover and positive cash-flows for Emma and Toms increasingly contributed in funding product development and innovative activities in the organisation(Milman, 2011). Testing and Implementation of the Innovation Emma and Toms continually focuses on testing and implementing new and innovative fruit juices, smoothies and other products that are observed to be 50 percent organic in nature. The company also does not use artificial sweeteners. Rather, Emma and Toms focus on use of Stevia leaf for development of fruit juices. The use of the above ingredients contributes in reducing the amount of calories for every bottle of fruit juice produced by the company(The Big Man's World, 2013). Business Opportunities explored and responded Emma and Toms focuses on exploring new business opportunities in the form of developing an online and wholesale platform for reaching the fruit juice products and smoothies to a wider range of customers at discounted prices. The use of online sales platform rightly helps the customers in easily accessing and viewing a wide range of products before making actual purchases at discounted prices. Chain of Innovations Emma and Toms continually focus on innovating different types of juices, smoothies and other types of beverage drinks from organic raw materials spirulina, ginseng and other types of organic products. The whole fruit drinks and prepared based on pasteurising and freezing of whole fruits so as to retain the flavour and goodness of the fruit. No preservatives, artificial colours and flavours are added to the products(AIME, 2016). Impact of Invention on Success of Emma and Toms The continual focus on product and process innovation at Emma and John is observed to potentially help in fuelling revenue growth of around 30 percent on a year-to-year basis along the periods ranging from 2013 to 2015. The same is reflected in the following illustration. (JCurve, 2016) The year-to-year growth of 30 percent is observed to potentially help the company in developing new products and also in countering the complexities associated with the generation of new product offerings. Further, the zero level lag in the production operations has further helped Emma and Toms in achieving greater efficiency and productivity in its business operations(JCurve, 2016). Influence of Invention on Stakeholders Impact on Employees Innovation and growth in Emma and Toms largely contributed in the personal growth and development of its employees. The company focuses on continually rewarding and encouraging the employees both from the financial and non-financial perspective such that the same enhances their potential in generating greater returns and productivity in the long run. Impact on Business Partners The focus on continuous innovation regarding the development of new fruit drinks and other smoothies is observed to require the company for developing effective partnership with other stakeholders like people involved in producing and sourcing of raw materials and also with the partners involved in bottling, labelling and packaging activities. The continual demand for such quality fruit drinks and beverages produced by Emma and Toms requires increased cooperation and activity on the part of its business partners to continually serve the needs of the organisation(Brett, 2011). Impact on Competitors The closest competitor of Emma and Toms is identified to be Nudie. The company also produces fruit drinks along with coconut water and other veggie drinks with also soda for its consumers(Nudie, n.d.). The company also generates separate drinks for the kid consumers. The above information shows the impact of Emma and Toms in encouraging its competitor to continually innovate and generate new product offerings to its customers. The owners of Emma and Toms however rightly understand that their endeavour to continually innovate and generate new product offerings in the market would enable them to sustain a larger market share in the smoothies market of Australia(National Australia Bank Limited, n.d.). Impact on Community Emma and Toms increasingly focus on generation of large amount of charities relating to the development of community and social activities in the Australian region. Considerable amount of funding is made for supporting various social causes and also focus on the distribution of free samples of juice products and smoothies to the different members of the diverse social communities. Use of organic products in the generation of smoothies and fruit drinks also help in enhancing the quality of life for the people in the society(Emma and Tom's, 2013). Impact on Environment Emma and Toms focuses on the use of organic products for the development of the fruit juice, smoothies and other types of beverages, sparkling waters and bars for the customers. The use of different types of organic products for the production of fruit drinks and beverages reflect the organisations respect to the natural environment. Further, Emma and Toms also focus on the use of recyclable plastics for the production of the bottles to market smoothies and other drinks and beverages. Use of recyclable plastics also increasingly shows Emma and Toms concern for the natural environment. The company claims of producing the bottles from 100 percent recyclable plastics(PackingNews.com, 2013). Impact on Shareholders The increased returns on a year-to-year basis for Emma and Toms from 2013 to 2015 are taken to help in generation of enhanced bonus for the shareholders. Increased returns generated to the shareholders contribute in increasing their loyalty towards the organisation. Comparison of Rating of Entrepreneurship and Innovative thinking In terms of entrepreneurship and innovative thinking, Nudie is observed to surpass Emma and Toms owing to the production of newer products like vegetable drinks, sodas, coconut water and also a segment dedicated for children. The above activity has helped Nudie to create a niche consumer segment pertaining to the children groups. Emma and Toms however have also focused on innovative thinking related to the production of bars and also owing to the development of beverages along with a range of smoothies. The management of Emma and Toms focuses on effectively countering the challenge imposed by Nudie based on personally reaching the juice products to the different stores and other outlets such that the same contributes in developing an effective relationship with the client base(Wilkinson, 2011). Conclusions The analysis reflects that Emma and Toms is an entrepreneurial organisation being established by Emma Welsh and Tom Griffith. Emma and Toms has developed an innovation driven work culture where different types of organic drinks are produced by the business institution that help in potentially competing with other fruit drink and beverage companies operating in the Australian region. The analysis also reflects on the essential endeavours undertaken by Emma and Toms to counter the marketing and legal challenges while also evaluates the impact of the innovative work culture on the stakeholders of the organisation. References AIME, 2016. Emma Tom. [Online] Available at: https://www.aime.com.au/en/Contributors/1382640/Emma-Tom [Accessed 4 July 2016]. Brett, L., 2011. Emma Toms, a juiced up business idea. [Online] Available at: https://www.dynamicbusiness.com.au/small-business-resources/franchising/emma-toms-a-juiced-up-business-idea-292011.html [Accessed 4 July 2016]. Brooks, C., 2013. Innovation: Key to Successful Business. [Online] Available at: https://www.businessnewsdaily.com/5167-innovation.html [Accessed 4 July 2016]. Emma Tom Foods Pty Ltd, 2016. Emma Toms Health and Safety Policy Statement. [Online] Available at: https://www.emmaandtom.com/emma-toms-health-and-safety-policy-statement/ [Accessed 4 July 2016]. Emma and Tom's, 2013. About Us. 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