An Analysis of Annabelle Lee's Entrepreneurial Ventures

This report examines the entrepreneurial journey of Annabelle Lee, co-owner of Kko Kko Nara, a successful Korean restaurant and bar. The report delves into her background, highlighting her early experiences and the development of her entrepreneurial traits, such as self-motivation, risk-taking, and relationship-building skills. It analyzes her opportunity recognition process, focusing on how she identified a market gap for Korean fried chicken in Singapore. Furthermore, the report assesses Kko Kko Nara's competitive advantages, particularly its unique selling proposition of offering crispy, spicy, and non-greasy Korean fried chicken with a secret sauce, which differentiates it from competitors. The report also provides recommendations for future growth, including expanding into franchises, improving staff training, and enhancing promotional activities. The conclusion emphasizes the success of Kko Kko Nara and Annabelle Lee's embodiment of entrepreneurial characteristics.

Running Head: DESCRIPTION OF STORY OF ANNABELLE ENTREPRENEUR
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KKO KKO NARA
Entrepreneurship
Student name
8/13/2019

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Contents
Introduction:...............................................................................................................................2
Journey of Annabelle Lee:.........................................................................................................2
Background of the entrepreneur:................................................................................................2
Entrepreneurship traits:..............................................................................................................3
Opportunity recognition and idea development process:...........................................................4
Competitive advantage in the market (unique selling proposition of product):.........................4
Recommendations:.....................................................................................................................5
Conclusion:................................................................................................................................5
Bibliography...............................................................................................................................6

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Introduction:
Entrepreneurship is a process of launching a business enterprise and the person who performs
this is entrepreneur. It is a new trend for making the people as a creator of the job and not the
taker of a job (Drucker, 2014). In this report, Annabelle Lee has been selected for the purpose
of describing the concept of entrepreneurship in this report.
Anabelle is the co-owner of Kko Kko Nara Pte Ltd. which is a restaurant bar and it is famous
for its chicken and also the owner of Todamgol restaurant, which is specialise in Korean Fare
as well as wine. Here, discussion is on background, characteristics, idea generation procedure
of entrepreneur and also showcasing its competitive advantage as compared to rival
companies.
Journey of Annabelle Lee:
Background of the entrepreneur:
At the age of 18 only, Anabelle Lee becomes herself as a self-own boss but, gets success in
the age of 27. She manages every hard phase of her life and it can be seen from the evidence
of the fact that when she was only 6 years old, she manages to go into clinic self without any
support as her parents don’t have the time as they are always busy with their work and due to
this, she has to travel half-an-hour for reaching into hospital as she was sick (Lin, 2017).
However, nurses assume her as a companion of the patient but, reality is different. Her efforts
got fruits, as she got an award of bravery in the school. This showcase that in-born traits
present in her, which represents the personality traits theory (Porcar, 2017) She also doesn’t
waste her time in the vacations, as she learned the lessons of English in advance just to
enhance the knowledge and also work in part-time jobs for paying college fees in the
Singapore. She became independent women at the early stage and employs herself in many
companies just to learn the lessons.
She came out of her comfort zone because she lives with such family where conditions are
not suitable like normal, as many times quarrel happens in between her mom and father and
due to this, she has to face mental pressure and that’s the reason she likes to do travel (Lin,
2017).

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In this case, locus of control theory is applied because her actions are affected by internal and
external factors. But, she does not affect from outside factors as she wants to do something
great in her life and wants to live her life in own terms (Kuratko, 2013).
Entrepreneurship traits:
A. Self-Motivation: It presents in Anabelle Lelle as it is a skill that helps her for
achieving success. It can be achieved with the dedication only as here, no persuasion
or pressure exists (Rampton, 2014). Self-motivation traits can be seen in her as she
always encouraged doing innovative learning. She works with the positive attitude
and neglects the thoughts about failing business. Here, psychological theory is applied
as it focuses on the mental or emotional perspectives which are present in the
Annabelle Lelle.
B. Risk-Taker: It is an ability through which more profit can be achieved through the
ideology of more risk more profit so to stand out in the market for the longer time
period. It is taken by Anabelle in her business of Korean food, which is not consumed
in the current market situation so there are chances to fail, but she takes it as an
opportunity and due to this, it now operates profitably. Here, the theory of uncertainty
is applied, which was propounded by Frank H. Knight. In this theory, a division is
done in between insurable as well as non-insurable risk, so to access the risk properly.
In this case mentioned, risk is uninsured (Parker, 2012).
C. Building a bond of relationship: It is a skill needed for taking the work from others
willing-fully and in its absence, the goal of the organization will not be met. She gives
importance to society through which business came into existence so automatically.
Here, sociological theory of Cochran is applied and it focuses on building a level of
trust with the individuals who exist in the society.
D. Money management skills: It is required to protect and run the business successfully
because it requires lot of ability as well as knowledge to perform. Anabelle was being
cheated when she was in the new place, Singapore and that’s the reason, she is not
aware about the rules as well as regulations which are for running the business. But,
when she gets to know about this, she immediately reacts to this (Simpeh, 2011).
Here, economic theory is applied and it is the one which motivates the person to take
the initiative.
E. Passion: It is the force which drives forward towards the objectives and it is the
burning fuel which runs the entrepreneur in the event of undesirable situations also.

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She loves to enhance the experience of business and wanted to do work as an
employee more and less as an employer so to manage the business efficiently. Here,
achievement theory is applied and it shows the need to accomplish and it is by this,
the risk is undertaken by entrepreneur (Simpeh, 2011).
Opportunity recognition and idea development process:
It is a procedure which is followed for testing the business idea, that whether it is feasible or
not in the actual scenario. It is a sort of prediction so that wastage of money, as well as time
not happen unnecessarily (Eravia, 2015).
It is done by Annabelle’s mother firstly as she recognizes the unfulfilled needs of the
customers by analysing the wants of the South Korean people which are living in Singapore
that they missed beer and fried chicken in the venue of the bar which is usually take place in
their domestic country. (Pam, 2013)
Here, Innovation theory given by John Schumpeter is applied and it is a theory which assigns
the role of innovator to the entrepreneur. It is related to developing a product in the new
market situation, where consumers are not aware.
Purpose of Kko Kko Nara is to serve the customers such food which has been cooked like
mother’s hands. Its co-owner is Ms. Eon Lee, a chef, which helps in running the business
efficiently by kept on trying the varieties of fried chicken recipes from the last 6 months
which thereby, helps in finding the right recipe for resturant (kkokkonara, 2019).
Competitive advantage in the market (unique selling proposition of product):
Anabelle is the first one who takes the initiative of launching the first Korean based
restaurant for chicken and it is made crispy, spicy and non-greasy.
Therefore, here opportunity-based theory fits satisfactorily in this situation which has been
known by the names of Peter Drucker as well as Howard Stevenson.
Its main USP is basically its sauce of chicken which is made from the secret recipe and it is
the one which creates distinction in between the other firms which are selling the same
product in the marketplace. In this sauce, she used ingredients which are directly imported
from South Korea that’s why it is made so perfect (Porter, 2017).

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Its primary product is produced with some variations such as regular, sweet and spicy, soy
garlic sauce as well as hot and spicy. It also included in its menu the combo one, in which all
the variations are merged into a single meal so that if the customer is new, and not be able to
decide which to eat. It charges reasonable price when purchased in large lots as it fits 45$ per
person while its competitor charges BonChon Chicken- 15$ and Oven& Fried Chicken – 19$
(ladyironchef, 2017)
These all are the reasons due to this, many people come in the holidays and take their
reservation from the morning onwards. Its environment is delightful and basically set for
those people who want to come in such place for reliving his/her stress. It is set up with
cushion seats, music, and dim light. It is a good option for late-night dinners (Dixon, 2018).
Recommendations:
It is recommended that she should keep on learning new things as it helps in launching more
businesses in other places just like running the family business efficiently that is Todamgol
and also many more (Lin, 2017). Opportunities available are that she should merge her Kko
Kko Nara restaurant with other restaurants and also open up franchises so to gain more
market share.
She should focus on the staff members of Kko Kko Nara restaurant as they are not able to
understand English fully as due to the reason that their mother tongue is Korean. However,
she has put the effort by converting the regular menu into e-menu so that it becomes clear to
both staff as well as customers surrounded there. But, one point is to be noted down that, it
becomes difficult in the case of special delivery (Eravia, 2015).
It is also suggested that she should focus on improving the promotion activities and also to
develop new dishes so that be able to target both new as well as old customers and which in
turn, helps in building the loyalty of customers towards it and also impact on its goodwill.
Conclusion:
In conclusion, it can be indicated that, Kko Kko Nara start-up is a successful one as it is
ranked first in the list of restaurants existed in Singapore. This made to realize that, she
possesses the requisite entrepreneurial characteristic which is having the capability to convert
the idea into reality.

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