How to Develop an Entrepreneurial Spirit

Tech Hub Inc. innovates, designs, produces, and markets a wide range of mobile computers. The organization also creates accompanying software, network solutions, and services. It operates in the North America segment. Some of the leading products that the organization sells include desktops or personal computers (PCs), mainframes, minicomputers, workstations, laptops, and palmtops. The company was founded in 2020 by Kent Cain, and its headquarters is in Washington, DC. 

The CEO, Kent Cain, sought to raise 50 million dollars from global investors for a 20 percent stake in the organization. After securing the funds, he embarked on an ambitious journey to make Tech Hub the biggest telecommunication giant globally. The company will achieve this objective by acquiring significant consumer shares in every business segment globally and becoming a monopoly. The organization will look to gain substantial market shares in South America, Europe, Japan, China, and the Rest of Asia Pacific, the Middle East, India, and Africa. By becoming a monopoly, the organization will have the power to set the price and quantity of the goods sold in the different segments (Chapter 9: Monopoly, n.d.). Tech Hub will be able to generate greater profits and offer better returns to its shareholders. The subsequent study offers a comprehensive business strategy that Tech Hub Inc. can use to carve out the largest market share and dominate the telecommunication industry. 

Vision Statement 

Tech Hub Inc.'s vision statement is "to connect the world through innovative designs, technologies, and products that focus on enriching the lives of people across the globe and underwrite social prosperity by facilitating collaboration to forge a new future." The vision statement highlights the organization's leadership position and outlines how Tech Hub Inc. can direct and upgrade lives through its services and products. 

Mission Statement 

Tech Hub's mission statement is "to use technology and human resources to offer the best personal computing products and support to consumers across the globe." The statement affirms the organization's focus on delivering superior products and services worldwide by focusing on technological advancement and human resources. 

Business Goals and Objectives 

The organization will be the first company to offer communication services and support to consumers worldwide. The business venture is anticipated to result in subscribers' growth over time, ultimately resulting in growth and profitability. Tech Hub Inc. has outlined essential goals that will help it grow its brand globally. Each goal represents a significant milestone in implementing the company's business strategy (Hofstrand, 2016). The organization's goals are outlined below: 

Goals 

Develop a supply chain 

Develop computer products 

Increase profit margin 

Capture bigger market share. 

According to Hofstrand (2016), business objectives change a goal's general statement of what is to be completed into a specific, quantifiable, time-bound statement of what is being attained and when it will be attained. Tech Hub Inc.'s objectives are outlined below: 

Objectives 

To develop a supply chain, Tech Hub Inc. will source for raw materials in different countries, establish a manufacturing plants in China (to keep production cost down), and develop distribution channels in one year 

When developing the computer products, the organization will create a design, develop prototypes, develop the products before launching them into significant markets in North America in one year 

The organization will increase profit margins by reducing operational cost by 15 percent in one year 

Tech Hub will capture the more significant market share by entering into the remaining consumer segments in the world in two years 

Core Values 

Tech Hub Inc.'s core values are vital to the organizational culture. They help to inspire the work that the company shares with people. The organization is committed to fostering collaboration through enhanced communication among people in various geographical locations. Tech Hub's primary core values include excellence, people, change, co-prosperity, and integrity. The organization is looking to open different facilities in the world. The core values help establish comparable practices that create a rich culture that focuses on meeting set objectives. According to Anwar & Hasnu (2013), working and practicing core values is also very important because it helps create and clarify its mission. Tech Hub's focus on integrity, co-prosperity, people, change, and excellence will be invaluable in enriching people's lives and supporting social prosperity through innovative designs, technologies, and products. 

Product Assortment 

Tech Hub Inc. focuses on the production of different consumer electronics particularly, computers. The organization's product assortment comprises the different types of computers. These devices are generally classified according to power and size. These devices are developed to help people perform numerical calculations and information processing (Ziavras, n.d.). The company produces different computers that differ in the architecture of the main memory, the underlying model of computation, or the methods employed to interconnect the essential resources. The class of conventional or sequential product assortments includes: 

Desktops or Personal Computers (PCs): They are single-user microcomputers that function based on a microprocessor (Ziavras, n.d.). 

Palmtops and Laptops: These computers are small and portable. Their small size makes them convenient to carry. However, they have limited memory and peripheral devices. 

Mainframes: They are powerful multi-user computer systems capable of supporting hundreds or thousands of users concurrently (Computer types, n.d.). 

Workstations: These are single-user computer systems that offer better performance than personal computers since they contain advanced microprocessors. 

Minicomputers: They are multi-user computer systems capable of supporting hundreds of consumers synchronously (Computer types, n.d.). 

SWOT Analysis 

SWOT Analysis is a powerful enterprise tool used to appraise Tech Hub's external and internal business environment to identify main strengths, weaknesses, opportunities, and threats. Inferences drawn from the appraisal can use to inform business strategies. Tech Hub's SWOT Analysis is outlined below. 

Strengths 

The organization has been able to develop a strong brand image and brand equity. The company implemented an effective, innovative process to ensure they can create a strong brand. Tech Hub Inc. is the first telecommunication offering products and services across the globe. The organization has redefined the telecommunication industry by developing very user-friendly products that can easily communicate with each other by using cloud computing (Aljafari, 2016). The organization has been able to gain a huge customer base which has improved consumer loyalty. 

Weaknesses 

` Tech Hub has a number of drawbacks that limit the company's performance. The biggest limitation is that the company products cater to a high-end demographics, resulting in demand among consumers not looking to purchase luxury computer products. This creates an avenue where an entrant in the telecommunication industry can develop products to meet these demographics' needs. 

Opportunities 

There are various opportunities that Tech Hub Inc. can use to develop its brand globally. The organization can expand into new markets to gain market share and establish itself as the premier brand for computer products. According to Omer (2019), support from the government present a significant opportunity to increase operations and increase production volume. The organization should be prepared to exploit these opportunities to gain monopoly in the telecommunication sector. 

Threat 

However, several threats undercut Tech Hub's expansion plans. One critical weakness is the speed of innovation is too fast. The company must focus on developing new products with updated features. This might affect the company's bottom line since many monetary resources are directed towards research and development. Additionally, the potential for competition within the industry will have a monumental implication on profitability. 

Tactics 

Tech Hub's business strategy will help the organization establish a monopoly market. The organization wants to establish itself as the dominant player within the telecommunication industry to have the power to control the demand of products and regulate pricing. The organization's business strategy will focus on three fundamental areas: technological advantage, pricing strategies, and cornering emerging markets. 

Technological Advantage 

Information technology has had a powerful impact on either differentiation or cost. Technology has a significant impact on value activities within organizations and allows companies to gain a competitive advantage by exploiting changes in competitive scope. According to Koch & Windsperger (2017), incorporating digital technology into previously non-digital objects changes their nature and has a considerable consequence for design, manufacture, distribution, and application. Tech Hub can leverage its technological advantage to enhance the consumer experience through innovative services, peripherals, hardware, and software. Through its technological advantage, the organization can also leverage its unique capacity to design and create its operating system, application software, hardware which allows for smooth assimilation and innovative designs. 

Pricing Strategies 

Tech Hub Inc. can use pricing strategies to make the brand stand out among competitors. The organization will use price discrimination as a valuable tool for expanding into new markets to gain market share dominance (Cote, 2020). The approach will allow the company to charge different prices for similar goods and services. The approach will help the organization to increase its bottom line by encouraging consumers to purchase more products. It can also help attract and entice uninterested customers to purchase discounted products. 

Cornering Emerging Markets 

The organization is focusing on expanding its distribution networks. The approach aims to reach more consumers, offer them high-quality sales, and follow up with an outstanding post-sales support experience. Tech Hun Inc. can employ diversification strategies to extend the work scale of the enterprise and increase sales, equities, and endorsement ( Durmaz & İlhan, 2015). Such approaches implement organic growth that mitigates risk by operating in different business segments. Cornering new markets help to increase revenue and help enhance the organization's brand. 

Implementation Road Map 

	2022	2022	2023	2024	2025
Develop supply chain
Develop computer products
Increase profit margin
Capture bigger market share

Tech Hub's Road Map for the first five years 

Tech Hub Inc. will focus on creating a supply chain that operates in their favor. Such as focus will shield the organization against low-end disruptions from new entrants. New entrants will find it hard to compete with Tech Hub's supply chain cost structure, and as a consequence, raise the barrier to market entrants. The organization's supply chain will include suppliers of raw materials from different nations, manufacturing plants in China to keep production costs low, and distribution channels to reach end customers in the foreign market segments. The company will seek to establish a professional relationship with stakeholders within the supply chain in one year. 

The organization will focus on developing quality products. Tech Hub will create various designs, develop prototypes, and develop the products. The company will obtain international patents as well as patents within the U.S. to secure its intellectual property. Patents will offer the company exclusive legal rights to make, use or sell the computer products ( Mankiw, 2014 ). The company will also trademark its company logo. Such approaches will help make the brand identifiable and raise the barrier to market entrants, helping Tech Hub dominate the world. This plan will be implemented in the second year. 

Tech Hub will focus on increasing profit margins in its third year by 15 percent. The finance department within the organization will negotiate lower rates from exiting suppliers. The company will also review the annual budget to identify are cost reduction and cost control ( Akeem, 2017). The organization will also invest in upgrading technological infrastructure to increase efficiency and decrease operating costs. These approaches will help maximize profit for shareholders. The plan will be implemented in one year. Finally, the organization will focus on expanding operations into new market segments to gain dominance globally. Tech Hub will focus on market development to increase sales of existing computer products in the previously unexplored market (Czarniewski, 2014). These approaches will help the organization to develop a global brand, increase its sales and margins for stakeholders. The plan to increase sales in unexplored market segments will be implemented in two years. 

References 

Akeem, L. B. (2017). Effect of cost control and cost reduction techniques in organizational performance.  International business and management ,  14 (3), 19-26. 

Aljafari, A. (2016). Apple Inc. Industry Analysis: Business Policy and Strategy. International Journal of Scientific & Engineering Research, 7(3), 406-441. 

Anwar, J., & Hasnu, S. A. F. (2013). Ideology, purpose, core values and leadership: How they influence the vision of an organization. International Journal of Learning and Development, 3(3), 168-184. 

Chapter 9: Monopoly. (n.d.). University of Illinois. https://nmiller.web.illinois.edu//documents/notes/notes9.pdf 

Computer types. (n.d.). Carnegie Mellon University. https://www.cs.cmu.edu/~fgandon/documents/lecture/uk1999/computers_types/computers_types.pdf 

Cote, C. (2020). 5 sources of competitive advantage to drive growth. Harvard Business School. https://online.hbs.edu/blog/post/sources-of-competitive-advantage 

Czarniewski, S. (2014). Market Development and Relationships with Customers: A Model and Conceptual Approach.  International Journal of Academic Research in Accounting, Finance and Management Sciences ,  4 (3), 199-205. 

Durmaz, Y., & İlhan, A. (2015). Growth strategies in businesses and a theoretical approach. International Journal of Business and Management, 10(4), 210. 

Hofstrand, D. (2016). Vision and mission statements -- a roadmap of where you want to go and how to get there. Iowa State University. https://www.extension.iastate.edu/agdm/wholefarm/html/c5-09.html 

Koch, T., & Windsperger, J. (2017). Seeing through the network: Competitive advantage in the digital economy. Journal of Organization Design, 6(1), 1-30. 

Mankiw, N. G. (2014).  Principles of economics . Cengage Learning . 

Omer, S. K. (2019). SWOT analysis implementation's significance on strategy planning Samsung mobile company as an example. Journal of Process Management. New Technologies, 7(1), 56-62. 

Ziavras, S., G. (n.d.). Computer system. Department of Electrical and Computer Engineering, New Jersey Institute of Technology, 1-23. https://web.njit.edu/~ziavras/Ziavras-systems.pdf