Institute of applied entrepreneurship Assignment

Institute of applied entrepreneurship - designation ExampleI would like to personally thank you for reviewing my letter of involution and genuinely hope you pull up stakes find my entrepreneurial competencies to be a valuable fit for your grand organisation with a rich history in the United Kingdom. 1. Introduction Thorntons Chocolate was founded in 1911 by Joseph William Thornton, establishing a very recognisable brand in the United Kingdom ever since. Now that Cadbury has been taken over by Kraft company, Thorntons is now considered the largest independent chocolatier and confectionary blood in the UK. Through decades of brand-building activities and increases in sales revenues, Thorntons now boasts 360 different shops and a variety of franchises across the United Kingdom supported by 2011 revenues of ?218 bingle million million million (Thorntons 2012). Thorntons has, however, experienced problems with maintaining market share among major competitors and the business is lo sing sales revenues, especially in the High Street stores that sell Thorntons yields. Thorntons has always maintained a premium office strategy, justifying a higher-priced model associated with legitimate and consumer-perceived brand quality. Because of this, the business is seeking a revitalisation and restorative business strategy designed to give the business a more contemporary brand image with central target markets. This letter of employment is to illustrate entrepreneurial characteristics both internally and as cogitate to the employment candidate to illustrate how the candidates competencies can benefit the newfangled positioning of Thorntons for sustainable success and salaryability. 2. Defining the entrepreneurial organisation An entrepreneurial organisation is one that is willing to absorb risks, as being able to compete against well-established competitors, such as Cadbury, requires making decisions that are innovative and do not have a precedent established. This is necessary to achieve unique competitive advantage and differentiate one business from another that offers similar products with like characteristics and benefits. It is the risk-taking prowess of important organisational leaders that establish the foundation for an entrepreneurial organisation (Covin and Miles 1999). Once this entrepreneurial spirit has been established, the entrepreneurial organisation becomes one that is equipped to develop new products and services. A corporate entrepreneur focuses on establishing efficiencies and productive structures that can assist the organisation in align strategic intentions with external market conditions (Dess, Lumpkin and McKee 1999). Outside of basic managerial or executive-level decision-making such as budgeting and address control, the entrepreneurial organisation recognises opportunities to make positive changes and then aligns the internal operational and staffing models to achieve strategic goals related to the opportunity. Th e entrepreneurial organisation maintains staff and managers that are able to juggle innovative ideas in their imaginations that translate into fictive work to better position the business competitively. This type of organisation looks toward people and product as tools for achieving profit growth (Gaglio and Katz 2001). Innovations should occur in human resources policies and procedures as well as related to the actual product or service in order to be considered