Introduction to Business and Entrepreneurship
Introduction to Business and Entrepreneurship
Concept of business and role of entrepreneur in global economy
About the firm
Accenture is an Irish-American services company engaged in offering numerous solutions associated with formulation of the strategy, digital technology, operation and consulting. Currently, the company is having 91 clients of Fortune Global 100 and three quarters of fortune Global 500. The firm is continuously engaged in improving its performance and developing a sustainable value for the stakeholders. In short, it has created 360 values for all the stakeholders by emphasising on measuring value of clients in 6 dimensions: inclusion and diversity, experience, talent, sustainability and financial (Clough et. al. 2023). The company is having specialised capabilities and knowledge of more than 40 sectors that contribute in guiding other firms related to the ways best services must be offered to the consumers. Finally, it is having 721,000 employees that are continuously laying efforts on human and technological inventiveness needs by offering services in more than 120 countries.
Entrepreneur that founded the company
The Accenture has been founded by Clarence Delany in 1989 with an motivate to offer consultancy support to all the small and medium business operating in external environment. It has started company to generate shared value, outstanding experiences for the customers, shareholders and employees so that they can contribute in effective functioning of the enterprise (Wynn and Jones, 2023). The Clarence Delany has already known that there will be tremendous growth in information and technology industry, such as, in 2022, the IT market has generated US$1,114.00 billion revenue in the economy. With this much revenue share, the entrepreneur has decided to offer technological solutions to the small business so that they can quickly expand their businesses in competitive environment.
Entrepreneur (or entrepreneurs) of the company is an innovator
The Clarence Delany is innovator as it has decided to offer range of products as well as services that could assist other companies related to the way they can managed as well as improve the operational and information functions. For example: it has developed solutions related to the way companies can effectively managed the data, ensure security of information and system, managed their services and make best use of cloud computing (Tiwari and Tripathi, 2023). The entrepreneur through offering qualitative solution is able to make several customers from Amazon, Alibaba, Blue Younder, IBM Redhat, Microsoft, sales forces, ServicesNow and many more. The entrepreneur has devoted great work as well as sufficient time to ensure that many projects can be successfully completed by offering technical solution to other companies in best way.
Skills of the entrepreneur
There are several skills which are being present in any entrepreneur such as: decision making, innovation, team management, problem solving and commitment that contribute in effectively handling different operations of the company. Likewise, the Clarence Delany has taken decision to start business in professional services by understanding that there are many companies which are encountering challenges pertaining to making best use of the available digital technologies and improving their process (Gargiulo, 2022). Similarly, it has effective team management skills which has contributed in recruiting and retaining talented and qualified individuals in the enterprise which are approximately 733000. Moreover, the entrepreneur has innovation skills which has led in developing innovative idea to offer better services to consumers and provide them solutions related to the way business can be managed successfully (Siegfried, 2022). Hence, through having all the key skills the entrepreneur is able to identify the available opportunities, overcome the threats and promote smooth functioning of the firm.
Entrepreneur used their skills to shape the company and its functional areas
The key skills which are present in Clarence Delany have contributed in coordinating the different functions of the company and promoting its growth. Such as: through having decision making skills, it is able to decide what, when and how specific functions must be performed so that qualitative services can be offered to end consumers. It has decided that to offer professional solutions to small business, it needs to have individuals that have knowledge of several industries, their trends and the way new technologies can be used by them to cater needs of diverse individuals (Dulinski, 2022). Similarly, through use of its skills, the entrepreneur is able to identify the available opportunities in external environment, such as: more use of digital media or social platform to engaged with diverse consumers and generate higher sales in future scenario.
Furthermore, through having problem solving skills, the entrepreneur of Accenture is able to resolve the key conflicts that are being arising between several functional departments and coordinate them towards the set objectives. In short, provide a clear direction to all the departments and the employees about the key task they have to actually performed and the way they can do the same (Gibson’s, 2023). In addition to this, the innovative skills has contribute the entrepreneur to influence the team mates to always suggest some innovative ideas which can be used by the others company to improve their customers satisfactions.
Markets the company trades in
Accenture is being working in the professional services information technology consultancy having its headquarters at Dublin, Ireland. It is forecasted that the overall revenue generated by the IT consultancy and implementation will be 19.2 billion U.S. dollars, which is significantly increased by 28.31% from 2023-2028. Furthermore, after the eight consecutive years, it is expected to reach by 87.03 US dollars (Jones and Comfort, 2022). There are many companies currently working in the similar industry like Tata consultancy, Wipro, HCL technology and Infosys. These companies have effectively engaged themselves in offering technological solution to the consumers so that the firm can focus on their core business and enhance their market share in competitive environment.
Position of the company in the global market
As per 2022, the company has gained the largest consultancy firm in the world, in terms of number of employees it is having within the enterprise. As per the, Fortune Global 500 list, the company has gained the rank of 258 in 2021 and one of the 100 best firm in which the employees have liked to work (Rativa et. al. 2022,). In short, it is most admiring company in terms of offering information technology solution to the consumers for enhancing their key operation and market positioning.
About the firm
In January, 2001, the company is known as “Andersen Consulting” which has changed to “Accenture” which means “accent on the future”. The motive behind changes is the name should specify that it is global consultancy leader and high performer that effectively support different businesses. Furthermore, it is learned that the company is responsible for helping all the businesses and government organisation related to the way they can optimised their operation, citizen services, digital core activities and revenue share (Dvorkin, 2022). It is having unique diverse workplace environment in which all the employees are being encouraged to work together as a team to suggest innovative ideas and developed their skills and knowledge to more extend. It has already served more than 9000 clients through effectively consulting business related to the way they can meet customers expectancy, make use of specific technology or strategy to generate higher sales in future scenario (Cillo et. al. 2022)). For example: it is having digital capabilities that contribute in effectively promoting the key services of the companies among the end users.
Entrepreneur that founded the company
It has been identified that Clarence Delany is the founder of the Accenture which is currently having revenue of US$64.1 billion and operation in North America, Europe and other growing markets. The entrepreneur is having characteristic of passion, dedication and sense of commitment that has contribute in staying positive in any of the situation of the firm and taking decision for its growth (Yun et. al. 2019). Moreover, in 2019, the Julie Terese Sweet, who is American business executive and attorney has been assigned as chair and chief executive engaged in offering multiple professional solutions to small, medium and large enterprise. Now, it is being responsible for taking all the decision of the company on behalf of the Clarence Delany so that it can earn higher revenue in current and future scenario (Ratten, 2020). Similarly, KC McClure is chief financial officer and John Walsh is chief operating officers being responsible for handling finance and operation related functions simultaneously.
Entrepreneur is an innovator
Clarence Delany is innovator rather than inventor as it has not introduced any new thing but make improvement in the consultancy services by integrating use of advance technology. It has made use of could compute solutions and big data analytics to gathered sufficient information about the industry, trends and the problem faced by the company (Bird, (2019) On the basis of which assist other business related to the way they can make optimum use of the available digital technologies and offer seamless experience to the consumers.
Skills of the entrepreneur
Clarence Delany has tried to make bets use of its skills and knowledge to performed different task so that the company can grow ahead in competitive environment. Likewise, it has use of its information technology knowledge to make best use of the advance technology, effectively analysed the data and take best decision. It has innovative skills which have led in suggesting new ideas in which the business can promote their services to consumers for creating their unique presences (Neumeyer et. al. 2020). For example: there are many of the companies which does not have sufficient amount of knowledge related to the way cloud computing and digital technology can be used. So, Clarence Delany by use of its technological skills have tried to assist other business related to the way they can make best possible use of the upgraded technology and improve their key operations.
Entrepreneur used their skills to shape the company and its functional areas
The entrepreneur of Accenture named as Clarence Delany has tried to make best use of its skills to shape the firm, as it initially started in 1989 by having a structure as Arthur Andersen and Andersen consulting as separate subsidiaries of the parent company. In 1990, there are several changes being made in the management and leadership practices to encourage active participation of the employees and improve the different functional areas of the firm (Rativa et. al. 2022). As per the mission and vision of the company, the entrepreneur has promoted value in the firm like having strong global network, integrity, qualitative customer’s services and respecting people.
All these have contributed in influencing employees to dedicatedly and determinedly perform their respective assigned task without any further delay. Finally, in 2020, the company has gained the name of Accenture which is effectively recognised by the people for offering better solutions related to improving the business operations, making effective use of technologies and many more (Clough et. al. 2023). Hence, it has tried to use of its skills to coordinate the functions from research and development, deciding and offering of services, marketing and sales to others for generating higher profitability for the enterprise.
Markets the company trades in
The company is working in the profession support services industry in which the other firms are being aided related to the way they can improve their operations, use of advance technology to meet the requirements of customers. The market is becoming highly competitive in current scenario as many of the firm are searching for consultancy to improve their operation and customers services (Tiwari and Tripathi, 2023). This has provided opportunity to Accenture to have more market share by adding people that are interested to have solution related to improve operation, making best use of technology and many more.
Position of the company in the global market
Accenture is able to retained more market share in the industry through continuously improving the key consultancy services that are being offered to the diverse consumers of Fortune Global 100 and 500. Depsite of high competition from well estblaihsed firm like Deloitte, Mckinsey and company Inc, Wipro limited, CMA consltancy, the company has gained largest consultancy position (Dulinski, 2022). This has led in generating revenue of US$64.11 billion and operating income as US$8.81 billion in 2023 which states that it have largest position in the market.
References
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Dulinski, F. (2022). Corporate venture building as an innovation strategy. LSE Business Review. https://eprints.lse.ac.uk/116481/1/businessreview_2022_08_22_corporate_venture_building_as_an_innovation.pdf
Dvorkin, E. (2022). In Good Company: What NYC’s Employers Should Do to Expand Access to Good Jobs. Center for an Urban Future. https://files.eric.ed.gov/fulltext/ED621975.pdf
Gargiulo, R. (2022). Digital interaction design applied to environmental branding in workplace to strengthen employees sense of belonging. https://www.politesi.polimi.it/bitstream/10589/186337/1/Digital%20Interaction%20Design%20applied%20to%20environmental%20branding%20in%20workplace%20to%20strengthen%20the%20employees%27%20sense%20of%20belonging_%20Roberta%20Gargiulo.pdf
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Neumeyer, X., Santos, S. C and Morris, M. H. (2020). Overcoming barriers to technology adoption when fostering entrepreneurship among the poor: The role of technology and digital literacy. IEEE Transactions on Engineering Management, 68(6), 1605-1618.
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Ratten, V. (2020). Coronavirus and international business: An entrepreneurial ecosystem perspective. Thunderbird International Business Review, 62(5), 629-634. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7323122/
Siegfried, P. (2022). Digital Mobility Business Concepts. In Digitalisation in Mobility Service Industry: A Survey-based Expert Analysis (pp. 33-45). Cham: Springer International Publishing.
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Wynn, M and Jones, P. (2023). New technology deployment and corporate responsibilities in the metaverse. Knowledge, 3(4), 543-556. https://www.preprints.org/manuscript/202309.0466/download/final_file
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