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CHAPTER II

THEORITICAL FRAMEWORK

2.1 Applied Theory

2.1.1 Business Model Canvas

The definition of business model canvas according to Osterwalder (2010) is a business

model that describes rationale of how an organization creates, delivers, and captures

value. It is a prototype strategy of implementation through organizational structure,

process, and systems. The business model contains 9 infrastructures such as key

activities, key resources, value propositions, customer segment, customer relationship,

channels, cost structure, revenue stream, and key partners. This business model canvas

will be used as a basic foundation in creating this business model creation.

Figure 2.1 Business Model Canvas

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2.1.1.1 Infrastructure of Business Model Canvas

1. Key Activities

In executing a company‟s value proposition, the most important thing is to

acknowledge its Key Activities. Key activities is a foundation to create and deliver

critical business value propositions, to maintain customer relationship, to access the

market, and acquire basic income.

2. Key Resources

The resources that is necessary to create value for the customer. They are considered

an asset to a company, which are needed in order to sustain and support the business.

These resources could be human, financial, physical and intellectual.

3. Key Partner

In order to optimize operations and reduce risks of a business model, organization

usually cultivate buyer-supplier relationships so they can focus on their core activity.

Complementary business alliances also can be considered through joint ventures,

strategic alliances between competitors or non-competitors.

4. Value Proposition

The Value Propositions in business canvas is an overall view of a firm‟s bundle of

products and services that together represent value for a specific customer segment. It

is a collection of products and services a business can offer to meet the needs of its

customers. According to Osterwalder (2010), a company's value proposition is what

distinguishes itself from its competitors. The value proposition provides value through

various elements such as newness, performance, customization, "getting the job done",

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design, brand/status, price, cost reduction, risk reduction, accessibility and

convenience/usability.

The value propositions may be:

Quantitative- price and efficiency

Qualitative- overall customer experience and outcome

5. Customer Segments

To build an effective business model, a company must identify which customers it

tries to serve. Various sets of customers can be segmented based on the different needs

and attributes to ensure appropriate implementation of corporate strategy meets the

characteristics of selected group of clients.

The different types of customer segments include:

Mass Market: There is no specific segmentation for a company that follows the

Mass Market element as the organization displays a wide view of potential

clients.

Niche Market: Customer segmentation based on specialized needs and

characteristics of its clients.

Segmented: A company applies additional segmentation within existing

customer segment. In the segmented situation, the business may further

distinguish its clients based on gender, age, and/or income.

Diversify: A business serves multiple customer segments with different needs

and characteristics.

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Multi-Sided Platform / Market: For a smooth day to day business operation,

some companies will serve mutually dependent customer segment. A credit card

company will provide services to credit card holders while simultaneously

assisting merchants who accept those credit cards.

6. Channels

A company can deliver its value proposition to its targeted customers through different

channels. Effective channels will distribute a company‟s value proposition in ways

that are fast, efficient and cost effective. An organization can reach its clients either

through its own channels (store front), partner channels (major distributors), or a

combination of both.

7. Customer Relationship:

To ensure the survival and success of any businesses, companies must identify the

type of relationship they want to create with their customer segments.

Various forms of customer relationships include:

Personal Assistance: Assistance in a form of employee-customer interaction.

Such assistance is performed either during sales, after sales, and/or both.

Dedicated Personal Assistance: The most intimate and hands on personal

assistance where a sales representative is assigned to handle all the needs and

questions of a special set of clients.

Self Service: The type of relationship that translates from the indirect

interaction between the company and the clients. Here, an organization provides

the tools needed for the customers to serve themselves easily and effectively.

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Automated Services: A system similar to self-service but more personalized as

it has the ability to identify individual customers and his/her preferences. An

example of this would be Amazon.com making book suggestion based on the

characteristics of the previous book purchased.

Communities: Creating a community allows for a direct interaction among

different clients and the company. The community platform produces a scenario

where knowledge can be shared and problems are solved between different

clients.

Co-creation: A personal relationship is created through the customer‟s direct

input in the final outcome of the company‟s products/services.

8. Cost Structure.

This describes the most important monetary consequences while operating under

different business models. Classes of Business Structures are divided into 2 which are:

Cost-Driven - This business model focuses on minimizing all costs and having

no frills.

Value-Driven - Less concerned with cost, this business model focuses on

creating value for their products and services.

There are 4 characteristics of Cost Structures that will be explained as follows:

Fixed Costs - Costs are unchanged across different applications. e.g. salary,

rent

Variable Costs - These costs vary depending on the amount of production of

goods or services.

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Economies of Scale - Costs go down as the amount of good are ordered or

produced.

Economies of Scope - Costs go down due to incorporating other businesses

which have a direct relation to the original product.

9. Revenue Streams.

Revenue streams can be generated from each customer segment with different pricing

strategy. There are 2 pricing strategies of Revenue Stream, fixed and dynamic.

There are two different types of Revenue Streams that can be involved in a business

model canvas (Osterwalder and Pigneur, 2010):

Transaction revenues with one-time customer payments,

Recurring revenues caused by ongoing payments to deliver, the values to

customer or for the after sales support.

2.1.2 TOWS analysis

TOWS analysis is a variant of the classic business tool, SWOT analysis. TOWS and

SWOT are acronyms for different arrangement of the words Strength, Weakness,

Opportunity, and Threats. To differentiate between SWOT and TOWS is by how the

analyze it, by TOWS, they should see the external environment (threats and

opportunity) first then internal environment (weakness and strengths), and this can be

used as a technique to think about the strategy of the whole organization, department

or team. In order to invent a new product or business, can be seen on what is the threat

that happening in that industry and form that what are the opportunities, and then

match.

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2.1.3 4P Analysis

Marketing is a business function that identifies consumer needs, determines target

markets and applies products and services to serve these markets. It also involves

promoting such products and services within the marketplace.

Marketing is integral to the success of a business, large or small, with its primary

focus on quality, consumer value and customer satisfaction. A strategy commonly

utilized is the Marketing Mix. This tool is made up of four variables known as the

"Four P's" of marketing. The marketing mix blends these variables together to produce

the results it wants to achieve in its specific target market. In marketing Mix the four

P‟s of marketing is described as follow ;

2.3.1.1 Product

Product are the goods and services that our business provides for sell to our target

market. Removels will have to consider the quality, packaging, customer service and

any subsequent after sales service.

2.3.1.2 Place

Place is in regards to distribution, location, and methods of getting the product to the

customer. This includes the location of our business, shopfront, distributors, logistics,

and the potential use of the website to sell our products directly to customer.

2.3.1.3 Price

Price concerns the amount of money that customers have to pay in order to purchase

our product. There are a number of consideration in relation to price including price

setting, discounting, credit, and cash purchase as well as credit collection.

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2.3.1.4 Promotion

Promotion refers to the act of communicating the benefits and value of our product to

customer. It then involves persuading general conshmers to become customers of our

business using methods such as advertising, personal selling, and sales promotion.

2.1.4 Integrated Marketing Communication

Integrated Marketing Communication (IMC) is an approach to achieving the

objectives of a marketing campaign through a well-coordinated use of different

promotional methods that are intended to reinforce each other which defines the

strategic roles of various communication disciplines such as advertising, public

relations, sales promotion, and direct marketing to increase impact when combine with

a comprehensive communications plan. IMC is also known as a process of strategic

marketing that is specifically designed to ensure that all communications strategies are

well unified across all channels and are centred on customers.

2.1.5 Porter Five Forces Analysis

Porter five forces analysis is a framework to analyse level of competition within the

industry and develop business strategy afterwards. Porter five forces analysis draws

upon industrial organization economics to derive five forces that determine the

competitive intensity and therefore attractiveness of a market.

2.1.6 Porter’s Generic Strategies

According to Michael Porter, there are three strategies that a company can pursued in

terms of their competitive advantage to choose its market scope such as lower cost,

differentiated, and focus. It was also stated that a company could only chose one of the

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three or the business would waste precious resources. Porter‟s generic strategies detail

the interaction between cost minimization strategies, product differentiation strategies,

and market focus strategies.

Figure 2.2 Porter‟s Generic Strategies

2.1.7 Product Life Cycle

Product life cycle is a business analysis that is commonly used to describe the life of a

product over time. It is also a tool used to map the lifespan of the product and also a

tool to identify a set of common stages in the life of commercial products. According

to Philip Kotler (2006), Product life cycle consists of five distinct phases such as:

1. Product development. Product development is a phase when a company is

starting to look for a new product by doing a market research to identify

customers‟ needs. It is a phase where the new product is being tested and a

prototype is developed.

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2. Product Introduction. Product introduction is a phase where the first product

that has been developed being introduced to the market. This phase is full of

risks and uncertainties as the sales will be low and profits are low or none. At

this phase, the product needed a high activity in promotion.

3. Growth. This is the phase where the product is already being accepted in the

market. By this time, the company has already start to recoup the costs of the

first two phases

4. Maturity. At this phase, the product has already been widely accepted to the

public and the growth of the product will slow down. This phase will also be

the phase where company faced a pressure from other competitors.

5. Decline. A product market will eventually start to shrink due to a saturated

product market or switching customer to a different type of product. This phase

may be inevitable but could still be possible for the company to make some

profits by switching to a less expensive production methods or cheaper market.

2.1.8 Relationship Marketing Concept

Relationship marketing is changing the way marketers use traditional media channels

to build brand image and awareness. Marketers are not just re-allocating ad the budget

between existing media products, they are taking advantage of whole new set of media

choices. The aim is to build relationship instead of a one-time sale, which is termed as

a transaction. Relationship marketing centers are developing an on-going relationship

with customers related the products and services. Its purpose is to build a long-term

bond between the business there are and customer.

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Relationship Marketing views marketing as an exchange where both buyers and sellers

help shape the direction and outcome of the product that will be offered to the market.

Instead of treating marketing as merely selling a product to passive potential buyers,

relationship marketing argues that you need to encompass many more activities and

parties in the marketing process, including consumers.

2.1.9 Customer Bonding

Customer loyalty is a development of personal relationship between customer and a

company that will happen over time. This development of customer relationship

includes keeping customers involved throughout product lifecycle as well as

developing products and services to meet customer needs. According to Richard Cross

(1996), there are five important aspects of customer bonding in order to create an

effective one on one communication and mutually beneficial interaction between a

company and customers such as:

1. Awareness. This is an aspect where company needs to earn customers‟ insight

of their products including creating an impression of personal identification

with the company‟s products. One of the effective ways from the company to

gain customers awareness during this aspect is by having a good advertising

promotion to capture customers‟ attention. Any reaction from customers

cannot yet be determined from this stage.

2. Identity. A customer identifies company‟s product according to their needs

such as status, belonging, or even self-fulfilment. By creating an identity that

could relate to customer‟s personal preferences, it could help company to start

forming a relationship with the customers.

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3. Relationship. In the relationship stage, customers already received a benefit

through the company‟s product and therefore investing energy and time In a

relationship with the company that leads them to loyalty and trust within the

company‟s products.

4. Community. A high level of effective interaction is required in order to create

customer bonding, even more when customer‟s lifestyle and personal

preferences has already been integrated through the company‟s products. At

this stage of the bonding process, company has achieved a loyalty value from

the customers and therefore are required to give a constant delight to the

customers.

5. Advocacy. This is an advance stage of the customer bonding where company

has served their customer as an advocate. At this stage, the customer shows a

loyalty to the company by starting to promote their products through word of

mouth advertisement.

2.2 Industry analysis

Shoes was invented thousand years ago. It was originally comes from the needs of

providing protection when moving over rough terrain in varying weather conditions.

Later, more inventions come to the industry. Rubber and leather made shoes was

introduced in the 19th century. Nowadays, shoes industry manufactures more than just

leather and rubber. It manufactures plastic shoes, canvas, or even combinations. Shoes

manufacturing industry involves all kinds of shoes manufacturing, including men

shoes and women shoes. Indonesian Footwear is one of the fast growing industry, and

one of the most contributors of the Indonesian economy.

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Based on Aprisindo (Asosiasi Persepatuan Indonesia), the law that forces state

employee to wear local shoe plays a big part in increasing the number of market share.

In 2009, the sales percentage of local shoe in West Java has been increasing for 17%,

in East Java it has been increasing for 13% and in Jakarta it has been increasing for

10%. These numbers shows that shoe industry in Indonesia has been rapidly

developed since the first time it was introduced in the country. As of 2013, shoe

industry in Indonesia has now cover 40% of the market share and keep increasing due

to the demand. The retail industry is also constantly growing, as shoes with wide range

of styles are available in all areas.

2.3 Competitor analysis

To compete in local shoes industry, Removels need to observe the rivalry on the same

industry. On that analysis, Removels need to compare and see the differences on our

competitor by value proposition of the competitor and characteristic of the competitor.

There are 2 main competitors of our shoes, local Brand and Foreign Brand.

2.3.1 Local Brand

The Entrepreneur sees that local brand has been well established and well accepted in

shoes industry in Indonesia. They offer shoes that can be used in daily activities. The

details are as follows:

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2.3.1.1 IWearUP shoes

Table 2.1 Analysis Local Competitor, IWearUp

IWearUp offer customers their unique and conservative design which is not updated in

terms of the style but still modern. Most of their customer is working and college

woman. As a competitor, IWearUp also offers affordable price to sell to customers.

Advantages of IWearUp shoes:

Various Model

IWearUp offers various models to sell in order to grab customers that are

interested on their style.

Quality

Their various models also offer various qualities of their products. They also

offer customers with options for the colors of the shoes.

Brand Image

IWearUp has a good brand image in local brand since they have already

opened their store in Plaza Semanggi. It will be easier for their customers to see

update of their products.

- Online (www.iwearup.com)

- Jakarta : Centro Department Store

Lower to Middle Class (C+ and B)

IDR 200,000.00 - 400,000.00Range Price:

Brand Name: IWearUp

Promotion Area:

Market Segment:

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Disadvantages:

Trademark

IWearUp does not have strong trademark in order to differentiate them with

other brands. Since they chose the conservative style for their product, they do

not update with the current style.

Mass Production

IWearUp does not offer customers a customize product since the product that

they made is a mass product so it cannot be modify based on what customers

want.

2.3.1.2 Amante

Table 2.2 Analysis Local Competitor, Amante

Brand Name:

Amante

Range Price: IDR 200,000.00 - IDR

500,000.00

Market Segment:

Lower to Middle Class (C+ and B)

Promotion Area:

- Online (www.amantestore.com)

- Jakarta: Blok M Plaza, Atrium Senen, Plaza Senayan, PIM

Amante is the local brand in Indonesia that create many kind of products to be sell

such as, Shoes, Bag, Glasses, Jewellery and Sandals. Most of their customer is C+ and

B, where it can be identified by the store that they opened in Blok M Plaza, Atrium,

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Plaza Senayan and PIM. Actually they categorized their customer from the college

student and the worker woman.

Advantages of Amante shoes:

Brand Image:

Actually Amante has a strong brand name in Indonesia since their open the

first store in Taman Anggrek and the collection featured is edgy pieces that

display a strong sense of fashion.

Various Model:

Amante giving their customer an up to date model of fashion with an

affordable prices. Actually, that brand is quite popular on their segment as

Removels can see that Amante has opened new stores from year to year.

Disadvantage:

Mass Production:

Since Amante is already know on their market segment, if they want to grab a

new customer with Middle Up customer it will be more difficult to that brand.

Due to Amante already segmented their customer and also the production are

categorized in mass production, so everyone who bought the shoes will be

possible having the same shoes with another person.

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2.3.1.3 The Little Things She Needs

Table 2.3Analysis Local Competitor, The Little Thing She Needs

The Little Thing She Needs is an Indonesian brand that offers affordable, comfortable

and trendy fashion finds without comprising quality. The little Things She Needs have

over 19 stores in Indonesia, 3 stores in Singapore and they are currently making its

way to Thailand. They also fulfill to women who are fashion-forward and who always

want to standout. They specializes in trendy and comfortable footwear and women can

score comfy flats that are perfect for lazy afternoons or cutest strappy sandal that can

match their cute little floral dress and even their favorite jeans. TLSN provides a wide

range of fashion jewelry; sp customer can get the prefect necklace, the most chic stack

bracelets and cutest earrings.

The Little Thing She Needs are independent, adventures, and absolutely empowered

that totally “it girls” of today.

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Advantages:

Various Products

The various products of The Little Thing She Needs to be sell in their store such

as Necklace, Earrings, Bracelets, wallets, bags, and colors slipper. This is one of

their strategies to increase their brand image to the customers.

Customize

The customer can customize the products based on their needs and the way they

want it.

Disadvantages:

Material

The material they used isn‟t not with standard of shoes, usually it could be use

about 5 – 6 months only

2.3.2 Non-Local Brand (Foreign Brand)

There are various Non-Local brands that already have a brand image which Removels

had to face in the industry. The brand image of their product has already been well

established and known by public as well as their market share in Indonesia, therefore

foreign brand will be Removels main challenge to enter the industry.

In addition to that, Removels believe that in terms of the capital that they have, they

can offer customers with various models and good quality. The details are as follows:

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2.3.2.1 Charles & Keith

Table 2.4 Analysis Foreign Competitor, Charles & Keith

Charles & Keith is an International brand that has already opened their stores all over

the world. Charles & Keith is the brand originally came from the Singapore in 1996.

Previously, they only sell shoes and then expand their business to sell accessories such

as Bags, Necklace, purse, and sunglasses.

Charles and Keith has already been well known all over the countries. With middle up

market segment, they offer customers with various models and materials.

Advantages:

Brand Image

Since Charles and Keith has been established for more than 10 years in shoes

industry, they have a strong brand image on their customers. Their concept to

open their stores in big cities malls all over the world also gains advantages from

the customers to keep their mind about these products. With the various models

Brand Name: Charles & Keith

Promotion Area:

Market Segment:

- Jakarta : Plaza Indonesia, Plaza Senayan, Pondok Indah Mall, etc

- Bandung : Bandung Indah Plaza

- Online (www.charleskeith.com)

- Surabaya : Tunjungan Plaza

Middle Class and Up (B and B+)

IDR 300,000.00 - 600,000.00Range Price:

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that they have, it is also become an advantage of the brand to give their best to

the customers.

Various Products

Instead of producing an up to date model, Charles & Keith offers various

products to be sell in their store such as Necklace, Sunglasses, wallets and bags.

This is one of their strategies to increase their brand image to the customers.

Disadvantages:

Customize

Since this is a mass production, the customer cannot customize the products

based on their needs and the way they want it.

Price

Considering the high quality materials that they used and various models that

they have to offer, the price range of Charles and Keith products are considered

high.

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2.3.2.2 VNC

Table 2.5 Analysis Foreign Competitor,VNC

Brand Name: Vincci or VNC

Range Price: IDR 300,000.00 - IDR

600,000.00

Market Segment:

Middle Class (B)

Promotion Area: - Online (www.padini.com)

- Jakarta: Kelapa Gading Mall, Senayan City and Ciputra world

VNC or Padini Group, is the apparel industry in manufacturing, trading and supplying

of garment to the distributor and retailers. However, driven from the niche of their

customer then Padini group creating their own brand for selling the customer needs

and wants. Padini group address fashion conscious consumer with ten distinct brands,

one of their brand is VNC or Vincci.

Vincci or VNC was addressed for the shoes lover in all over the world. The VNC first

store was opened in Malaysia where the VNC is offering their customer with uptodate

fashion and affordable prices.

Advantage of VNC shoes:

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Quality:

In term of quality VNC giving the best quality to their customer and up to date

fashion with an affordable prices. They offering the customer with a good sole

of the foundations of the shoes a good quality of the material.

Brand Image:

VNC brand has been known in all over the world especially in Asia country,

with their good design, footwear that are distinctive, desirable and on trend.

The same approaches are also introduced by VNC to their Bags and

accessories collection. VNC or Vincci is today an iconic brand with a huge

global following of adoring shoes enthusiasts.

Disadvantage:

The disadvantage of that brand are, currently VNC product was not popular as

their first time coming to the Indonesia, even though they offering the customer the

good quality of shoes and the affordable price but based on the demand of customers

VNC are no longer offer their customer the up to date fashioned as the customer

wants. The other things is that customer shifting their brand to a more premium brand

which is Charles and Keith as the competitor of VNC shoes products.

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2.3.3 Competitor Mapping

Figure 2.3 Competitor Mapping

Based on the perceptual mapping above, the brand with the highest quality is Charles

& Keith. They also consider having the highest price compare to other brands. VNC

also have a higher price, almost similar to Charles & Keith but lack in terms of quality.

The Little Things She Needs has a lower price but also lower quality. For the local

brand, IWearUP has the highest quality with a lower price than the foreign brand

while Amante has lower price and low quality. Removels position itself in the same

price with Amante but with IWearUP quality. Removels offers an affordable high heel

shoes with a high quality material that could be competed with other brands.

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2.4 Analysis Market Opportunities

To determine the details of the potential customers of Removels and the characteristics

of the buyers, Removels has divided its market opportunities based on 3 types; market

analysis, consumer behavior, and analysis about fashion in Indonesia.

2.4.1 Market Analysis

Nowadays, fashion industry has become the primary needs of the people. As it can be

seen that in fashion industry the trends of the clothing, jackets, shoes, and jeans are

changing continuously. There are various factors behind the changes of trends in

fashion such as the climate, Social environment, and the influence of the foreign

cultures. The increasing number of fashion in Indonesia more or less is because the

influences of the adopting the foreign culture.

As the aforementioned above, Removels categorized its segment into urban hipster.

Urban hipster is the youngster or mature woman and men that are interested in the

updated fashion. Previously, the urban hipster is only centralized in Jakarta but

nowadays the urban hipster was also spread all over the city in Indonesia. In Bandung

and Bali they have the urban hipster almost the same as Jakarta. Due to the process of

dissemination, most of the times has been adopted from the foreigner and has

deployed in the area such as Surabaya, Medan and Makassar.

2.4.2 Consumer Behavior

There is a theory in human psychology proposed by Abraham Maslow in 1943 that

said human develop their psychology in which some of them focused on describing

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the stages of growth in humans; Psychological, Safety, Love / Belonging, Esteem, and

Self-Actualization.

Figure 2.4 Maslow‟s Hierarchy of Needs

The urban hipster has a potential of being in highly social esteem. In order to get a

good network in lifestyle and to find the mix-match partner with the same interest,

they need to have something unique and unusual for people to see. The urban hipster

also wants to give an impression of a cool person as well as the prestige of the style

that they wear. The impression and the prestige given by people around them will be

their personal satisfaction.

The urban hipster style is identical with casual sporty, which are people who

concerned about the attire look and having the high mobility in their daily life. The

image of the urban hipster in the public point of view is “stylish and cool”. They have

a freedom to express their style in order to give an impression about who they are and

what they want to be.

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2.4.3 Market Trend

In fashion industry, trend for each fashion will not be the same; they will change

according to the climate or the new fashion era. Local shoes industry has been

increasing from year to year. In local brand of shoes, they have the attention of the

urban hipster people. They wanted to have a style that can be used in a daily basis and

other occasions and still look good and proper without having to be too formal.

2.5 Business Strategy

2.5.1 Vision

To always inspire people with our innovation.

2.5.2 Mission

To be a market leader in local industry and also jump in into the international

market.

Giving the good product and service beyond the expectation of the customers

Maintain our relationship with our supporting production.

Keep innovate the products.

2.5.3 Goal and Target of the Company

Our goal is to achieve the maximum profitability of the products, in order to give the

prosperity of the shareholders and all of the staffs.

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Our target is to expand our business in order to increase the growth and sales volume

from year to year.

2.6 Idea Generation

According to Johnson (2005, p613), Idea Generation or Ideation is a creative process

of generating, developing, and communicating new ideas where an idea is understood

as a basic element of thought that can be either visual, concrete, or abstract. Based on

the business idea of making a high heeled shoe which heels can be remove and

adjusted to the height the customer‟s desired, Removels came up to a conclusion that

the problem which started the business idea is the comfort a high heeled shoes can

give to women. A pair of high heeled shoes has been a good friend of women since a

long time ago. Wearing heels is an evergreen style statement. Some of the reasons as

of why women use heels are to make them look tall, to complement their clothes, to

make their body posture look good, to make their legs look longer, and the main

reason is to following the trends. Nowadays, the impact of high heel shoes on

women‟s fashion is enormous since there are an issues of comfort and health with

these shoes.

Therefore, Removels develop shoes with detachable heels that can be easily removed

to adjust the height of the heeled at the discretion of the women using. This

innovation of detachable heels is also a unique selling point in Indonesian market

because there is no shoe store that has sell shoes with detachable heels before. Local

brands have started to show their competition in shoemaking industry in Indonesia

especially for woman shoes. It has potential considering the supporting factors of labor

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and shoe materials that are available in every part of the country such as Bandung and

Tangerang.

Based on a survey conducted by Gramedia Group and IPSOS in 2013, it was stated

that Indonesian market, especially women, have the tendency to explore and try new

and innovative things. Thus, the entrepreneur must be able to maintain access to the

existing markets and taking advantage of any opportunities that arise. In addition, the

entrepreneur must be proactive in every detail they desire to be able to grow their

business and succeed in the industry.