The four reasons that lead to the success of an emerging entrepreneurial firm are the following:
Hard work, Drive and Dedication:
-Which basically means that a new firm’s owner must be committed to the success of the firm.
-The owner must be willing and able to put in the time and effort to ensure the firm’s success.
-JetBlue’s owner David Neeleman has displayed up till now that very trait through his hands on approach to managing and running his air line.
Careful Analysis of the Market Conditions:
-This entails the firm having relevant information on the forces of demand and supply, and the reception of new products within its marketplace.
-David Neeleman gained his experience and knowledge of the market from his initial airline Morris Air and has carried the knowledge he gained from that business venture into the running of JetBlue.
-Also his associate Chris Collins knows the dangers of not planning ahead for sustainable growth inside the airline industry due to his failed business venture with People Express.
Managerial Competence:
-This means that the firm has a capable structure of managers, which can be gained through training, or by using experienced managers.
-JetBlue employes both strategies when it comes to its managers.
-The Senior Managers of JetBlue practice what David Neeleman calls “Visible Leadership”.
-This practice has the senior management teams spend a day with the crew members in different cities, working alongside them and having them express their concerns.
-Also as David Neeleman himself has experience as a manager of an airline, Morris Air, and his hiring of people like Chris Collins, JetBlue has a managerial staff that have experience with managing an airline.
Luck:
-This is a factor that the business has no control over.
-However seeing as most new entrepreneurial ventures go bankrupt within six months to a year.
-It seems that JetBlue has so far had luck on its side.
-Considering the four reason...