Entrepreneurship and the Success of Tesco Plc

Entrepreneurship
Assessment

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11
APPENDIX 1.................................................................................................................................12

INTRODUCTION
Entrepreneurship is the concept of managing and developing the business venture so that
profit can be gained by taking several risk in a corporate world. In simple words, it is a
willingness to start a new venture. An entrepreneur is the individual who starts and run the
business with some limited resources and planning and is also responsible for the rewards and
risk associated with the business. The distinct between the two, that is entrepreneurship and
entrepreneur is that the former is a procedure of starting a new enterprise which is done by
identifying the opportunities and the later initiates the starting of the business and operate it. The
entrepreneur brings the innovation in the market and through their creativity and passion, makes
an impact on the world (Bhatt, Qureshind and Riaz, 2019). Entrepreneurship is all about
innovation and creativity which comes from a different perspective. The entrepreneurs are highly
risk takers as they believe in doing things differently. Their contribution in the society and the
economy is commendable which not only leads them success but also uplift the economy
through their idea. The organisation chosen for this report is Tesco Plc, a leading multinational
organisation dealing in general merchandise retailing and groceries. The company is
headquartered in Welwyn Garden City in England, UK and was established in the year 1919.
This report shall deal with the entrepreneurial organisation, its entrepreneur and the contribution
of the company to the economy and the society.
MAIN BODY
Tesco Plc is a public limited company which was founded by Jack Cohen in the year
1919. This extra ordinary entrepreneur was born in 1898 and was a English grocer who founded
this successful organisation which is a super market chain. In 1924, he created the brand of
Tesco from initials of partner tea supplier, T.E Stockwell.
The entrepreneur of Tesco has many personality traits which makes him distinct from
others which includes firstly the passion. Jack Cohen was passionate about working and really
don't care about earning the money. He believes in following the passion and treat money as
reward from the business. He put extra efforts and long hours in working in order to establish a
brand. Another trait is Motivation. Entrepreneur is dedicated to its work and does not rely on any
other to get their work or task done (Brown, Mawsonand and Mason, 2017). Jack Cohen has his
principle which states that your action must inspire others so that they can dream more and learn

more. Then you must do more and then become more as you are the leader. Third trait is
optimism, which provides to have optimistic approach for the future so that no negative thought
can bring you down. Jack Cohen had a vision which he shared with others and its team
understood the goal behind it. He was goal oriented and he worked hard to achieve the goals as
goal setting is not enough, working hard to achieve goal is important. Another trait is Creativity.
Jack Cohen believes in seeing the things from different perspective and do things by going
outside the box. Business ideas come from creativity and the way people thinks differently. Jack
Cohen has creativity introduced its idea in the market which made a new brand value. Fifth trait
is risk takers. Entrepreneurs do not get scare from taking the risk (Dwivedi and Weerawardena,
2018). Jack Cohen wanted to achieve its goals by taking risk as any business idea undergoes high
risk. He was a strong believer of the fact that the person who fear doing any work is usually the
one who needs it the most.
Entrepreneurs usually discover opportunities by searching for them in the market. They
observe different trends like economic, technological or social trends and then seek opportunity
from it. It is a cognitive process which relies on the person's ability in order to make it recognise
the pattern and connect dots of the pattern. Initially, Jack Cohen started its business idea with a
market stall and slowly become the wholesaler. He was reluctant to return to the tailoring so he
established himself as the market stall holder. Every business is initially grew and then it is
converted into the opportunity. The idea must be such that it has ability to create a value for the
target market and then an entrepreneur emergences the opportunity and take advantage of it
(Jancenelle and et. al., 2017). Jack Cohen implemented its idea by selling groceries from the stall
in London. He used his demob money to buy the stock. One day, he believed in keeping the food
which is affordable in the reach of every person. And from this he thought of taking the
opportunity forward and in the year of 1924, Jack Cohen brought his first brand product which is
Tesco Tea. By selling food on stalls, this entrepreneur recognised the opportunity to build an
empire which is at the reach of every person and which every individual can afford in its daily
living. Then from opening a market stall to bringing a brand product as Tesco Tea, Jack Cohen
brought the first Tesco store in the year 1929 which sells dry food items and Tea.
Innovation is the key to the success of every organisation. It refers to the most effective
process, product and the idea. It can be said that innovation is the implementation of new idea or
improving any service or creating a dynamic product. It acts as a catalyst which helps in growing