Entrepreneurship Report: James Dyson and Dyson Ltd Analysis

This report provides a comprehensive analysis of entrepreneurship through the case study of James Dyson and Dyson Ltd. It begins with an introduction to entrepreneurship, defining its core concepts and importance. The main body delves into James Dyson's personality traits, highlighting his motivation, determination, clear vision, leadership, and enthusiasm. It explores how he recognized and created opportunities, leading to the invention of innovative products like bagless vacuum cleaners and other household appliances. The report examines the importance of innovation for Dyson Ltd, discussing how it increases productivity, provides a competitive advantage, and facilitates effective marketing. It then analyzes how Dyson built an entrepreneurial team, emphasizing organizational requirements, team building, and hiring the right people. The report further examines Dyson's role as a leader, focusing on communication, vision, support, and employee involvement in decision-making. Finally, it discusses the strategies Dyson employed to grow the business, including a focus on innovation and customer needs. The report concludes with a summary of the key findings and recommendations for aspiring entrepreneurs.

Entrepreneurship
Assessment

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
About the entrepreneur................................................................................................................1
About Entrepreneurial Organisation: ..........................................................................................4
About Contribution to Economy and Society..............................................................................6
CONCLUSION................................................................................................................................9
RECOMMENDATION ..................................................................................................................9
APPENDIX ...................................................................................................................................10
REFERENCE.................................................................................................................................11

INTRODUCTION
Entrepreneurship refers to process of introduce new business which is small in size and
has capacity to develop or manage business venture along with risk taking to generate profit. The
person who introduce new idea and bear risk for making profit is entrepreneur. Entrepreneur and
entrepreneurship is importance of any country as they bring innovation in country. They also
create job opportunity in country and boost growth of economy by generating wealth, increasing
export. To be successful, entrepreneur require to develop different strategy which helps them to
face diversity of market. Entrepreneur needs to play different roles in organisation which helps
them to be successful.
Dyson Ltd is a UK based organisation established in the year 1991 by James Dyson. This
organisation provide household appliances in market like vacuum cleaner, hair dryer, air purifier,
heater, hand dryer etc. The company has more than 12000 employee and is providing their
product in both online and offline stores. The entrepreneur bring innovation in market and is
contributing in research & development in country. The project report include identification and
analysation of theory and concept of entrepreneurship, elements of entrepreneurial activity and
role of entrepreneur. It also include recognition process of entrepreneur, application of enterprise
skills in evaluating entrepreneur business.
MAIN BODY
About the entrepreneur
Critical discussion of personality traits of the entrepreneur
James Dyson is a British entrepreneur, inventor and founder of Dyson Ltd. James born on
2nd may 1947 at Cromer, Norfolk in England. Schooling of James is done at Gresham's School
which is a boarding school in Norfolk. James studied furniture and interior designing in Royal
College of Art and designed his first invention of sea truck. The key personality trait of James
Dyson are as follows:
Motivator: James Dyson is an effective motivator and motivates entire team to work
efficiently. Motivation helps them to put efforts of for the success of whole team in one direction
(Basco, Calabrò and Campopiano, 2019). Efforts of whole team contributed to reach milestone
they have design. Quality of entrepreneur to motive team can lead them to gain success. As there
are 12000 employees who are highly motivated working for success of Dyson Ltd.
1

Determination: Determination is the trait which make an individual to do something
which is decided by them (Davey, Hannon and Penaluna, 2016). James Dyson is determinant
toward goals and commitment as James is excellent in distance running not because of physical
fitness but because of determination. The entrepreneur has fulfilled all commitment and goals in
running business. This determination has contributed in success of James Dyson and Dyson Ltd.
Clear Vision: Entrepreneur should have clear vision in which direction they want to go
(Dionisio, Júnior, and Fischer, 2021). It is important trait as vision of entrepreneur provide
vision to organisation as well as employees. James Dyson has clear vision and they are running
their business in that direction this will helps them to grow and successful in market. Vision
provide sense of clarity in organisation which helps in planning goals and strategy of
organisation. It also inspire employee to work in that path and helps entrepreneur to match
employees goals with business goals.
Leadership: Leadership is quality which provide direction to whole team to work
effectively. James Dyson has effective leadership skills which helps to put efforts of each
employee in success of organisation. Through leadership, James has took business to milestone
of success. James motivate and direct their employees to work in direction of success.
Enthusiastic: Enthusiasm is characteristics of entrepreneur which create opportunity for
entrepreneur and also allow them to socially interact with its employee. The are open to take
suggestions and allow employee in decision making process. James Dyson is a enthusiastic
personality who is open to ask suggestion and gives freedom to their employee to participate in
decision making process.
How entrepreneur have recognised the opportunity or creates opportunity
James helps their mother in childhood and hate picking up things not suck up by vacuum
cleaner. James did not like bad filled with dust and loss of suction in vacuum cleaners. These
things give an idea to James Dyson to invent bag less vacuum cleaner which becomes reason of
starting company having global reach and offering variety of home appliance products.
Following are ways through which entrepreneur recognise opportunity:
To create profit: Entrepreneur recognised opportunity to create profit where customer
are willing to pay for gods and service. James Dyson is running their operation in market to earn
profit. Entrepreneur is earning profit from different country and their profit allow them to expand
their business.
2

To be innovative: To be innovative in market as it attract customer. Innovation should
be new and innovative as it increase value. Innovative idea motivate entrepreneur to be market
leader and allow therm to serve market. James Dyson has innovative idea which lead them to
swerve market and provide them growth in market.
To attract people: Entrepreneur is conducting business operation to attract new people
to their business Which are ready to buy company's product. James Dyson are offering valuable
product in market and attract those customer are willing to buy their product.
What are the key innovative products and services that are introduced in the market
James Dyson has introduces modified wheel barrow in which a ball is used in place of
wheel. By using this idea, James also invented trolley ball, wheel boat. James invented industrial
cyclone tower which by using centrifugal force remove dust particles from air filter. The
entrepreneur has also introduce vacuum cleaner which is different from traditional vacuum
cleaner. James Dyson further provide innovative products like fan, hair dryer, air purifier, hand
dryer which are based on new technology and are innovative in market. There products save cost
and energy to capture market share.
Discussion of reason innovation is important for a business
Innovation is introducing something new idea or making change in an existing idea
(Fischer, de Moraes and Schaeffer, 2019). Innovation is important to fulfil changing requirement
of environment. Innovation can be in terms of product, idea, technology etc. which provide
competitive advantage to a firms. Importance of Innovation in success of Dyson Ltd are are
follow:
Increase Productivity: Innovation helps to increase productivity of an organisation as
innovation in technology and process allow an organisation to increase its production which is
essential for growth (Fritsch and Wyrwich, 2017). Effective innovation will meet requirement of
customer which is acceptable by customers. Creative innovation helps to increase value of
organisation in market and it is essential for an organisation for continuously improve
themselves.
Benefits against Competitors: Innovation helps an organisation to think differently and
provide creative solution which helps an organisation to beat its customer. An organisation need
to be creative to meet requirement of customer and design product. Innovation helps to
understand need to customer and meet that requirement which provide them competitive
3

advantage and create distinct position of company in market. This helps to come up with better
marketing technique which result in beating customer in market.
Market business: Innovation helps business to market product differently as firm can
market about innovation they are bringing in market. This innovation build a distinctive image of
brand in market and increase sales along with profit of organisation. It build brand value in
market, increase sales of product and provide sustainable growth in market. Innovation allow
firm to highlight its strength and attract attention of customer toward product and organisation.
About Entrepreneurial Organisation:
How did entrepreneur build entrepreneur team
James Dyson has work hard along with team member to be a successful entrepreneur. To
be successful in market, require strong team which can contribute in working of organisation
(Wu, Wu and Li, 2019). James Dyson has build entrepreneur team which contributed for the
growth and success of enterprise in following way:
Identify organisational requirement and planning job role: To hire employee for an
organisation, entrepreneur need to understand job role in organisation (Goyal, Sergi and Jaiswal,
2016). It is essential process as it ensure survival of business and expansion of business in
different departments. James Dyson has understand job requirement and than plan to hire right
employees according to requirement of job role. This fulfil requirement of organisation and
increase productivity.
Investing time for team building: team building refers to process through which a
group of employee are making efforts to contributing for success of organisation. James Dyson
has create team building in organisation as by giving respect to each employee and their
responsibility in business, motivating employee to work in direction of success. The personality
allow free flow of communication in their organisation as it increase satisfaction level of
employee and increase employees commitment towards organisation.
Hire right people with right attitude and approach: Hiring right employee to build a
team is essential as wrong choice in selection of employee will waste time and resources of
organisation. James Dyson has hired right people to work in a team which contributed in success
of organisation. Sometimes hiring right employee is bot enough but hire them for right positions
is also important. Attitude of employee create impact on environment of organisation as positive
4

employees are motivated to work and are energetic all time. Dyson Ltd has more than 12000
employee all over world working for growth of business.
Team engagement: Team engagement is the capacity to which an employees of team is
committed towards organisation and putting extra efforts to their work to achieve business goals.
James Dyson has created an environment in an organisation in which team of organisation is
engaged in success and growth. Entrepreneur build many strategy to increase engagement of
employees in organisation.
Entrepreneur's role as leader
Entrepreneur play role of leader for whole team as it motivate them and coordinate their
efforts in one direction (Ibragimov and Tursunov, 2017). A motivated team can lead to a
successful organisation in which leader motivate them. James Dyson founder of Dyson Ltd play
important role as leader in organisation which are as follows:
Communication: James Dyson plays as effective leader communicate goals and strategy
of business with their employees. This will increase trust of employees on organisation and
provide them sense of belongingness. Entrepreneur has also allowed free flow of communication
between various department of organisation. Effective communication helps to avoid
misunderstanding and confusion about roles and responsibility.
Vision and support: Successful entrepreneur has clear vision and lead their organisation
in that vision (Kulawiak, 2017). James Dyson communicate business vision with their company
and provide them support to reach there. They also has belief in their team and understand their
need to increase engagement of team. They are also aware of strength and weakness of their
team and making efforts to increase efficiency of organisation.
Involve employees in decision making: An entrepreneur with having leadership
qualities will involve employee in decision making process as it provide variety of valuable ideas
to business and motivate employee to work willingly with organisation. James Dyson create an
environment in which employees are open to give suggestions to management and involve them
in decision making process which increase efficiency of their team as employees has self belief.
How did entrepreneur grow their business
James become successful in market by adopting different strategy which helps them to
grow in business. These strategy which make James successful are as follows:
5

Innovations: James Dyson grow their business by offering innovative product in market.
Innovative in terms of idea, technology, process and use including vacuum cleaner, air purifier,
hair dryer, hand dryer etc. Vacuum cleaner is not new for market but James has understand
problem in using traditional vacuum clear and introduce new bag less vacuum cleaner. These
products are innovative and as per customer requirement which become reason for growth of
organisation. Innovation gain attention of customer towards product which become key success
factor of organisation (EMacht and Ball 2016).
Understanding Customer Requirement: Understanding customer need is essential to
be successful in market. James has introduce products according to requirement of customer.
James understand requirement of customer in traditional vacuum cleaner as customer need to
change bag every time they use vacuum cleaner and also loose suction power with time. To solve
these problem, James Dyson has introduced new technology based vacuum cleaner. James has
also introduce hand dryer which consume less energy and save cost.
Effective Marketing Strategy: Entrepreneur use effective marketing strategy which give
lead to their product and gain attention of customer towards product. James Dyson has adopted
different marketing strategy which increase sales of their product in market. The provide their
customer in both online and offline store which also increase reach of product. They are using
effective advertising tool which allow customer to be familiar with product.
About Contribution to Economy and Society
Evaluation of contribution to economy
Entrepreneur contributed not only in success of organisation but also of economic and
social development (Pelucha, Kourilova and Kveton, 2017). James Dyson has contributed in
social and economic development of UK by creating job opportunity, contribution in GDP etc.
Entrepreneur has contributed in development of UK economy and social welfare in following
ways:
Job creation: Entrepreneur lead to contribute in the job creation in an economy as they
provide employment to job seekers. Creation of job in an economy is essential for economic
development. James Dyson is an entrepreneur who is creating job opportunity for job seeker and
provide employment to around 12000 people all over world. This job creation by entrepreneur
contributed for social welfare and economic development of country. It helps to increase national
income of country and helps to decrease poverty level in country.
6

New product innovation: Entrepreneur bring innovation in nation which helps to
upgrade technology and reduce cost (Reyes and García, 2017). It also helps in reducing wastage
of national resources as innovation reduce consumption of energy and efforts. James Dyson
bring innovation in country and produce value product in UK. They also contributed in UK
economy by developing innovation which saves resources of nation.
Wealth creation: Entrepreneur also contributed in wealth creation in economy as to run
business, they need funds from market. The raise funds from market and utilising saving of
people and creating wealth in economy. In this way, James Dyson created wealth in economy of
UK. James Dyson are utilising money of public and general house hold. He is one of the richest
entrepreneur in Britain and cresting wealth in economic for economic development.
Balance Regional development: Entrepreneur establish their business in undeveloped
area and provide regional development in that area. Growth and development of these business
in that area provide many facilities like electricity, school, hospitals and roads etc. James Dyson
has established his business in underdeveloped areas which is helpful to provide basic facility in
that area. Entrepreneur create job opportunity in that area along with essential facility like
electricity, roads.
GDP and Per Capita Income: Entrepreneur is contributing in gross domestic product as
it increase national income and utilise various resources of country like labour and capital. James
Dyson is a entrepreneur which is contribution in GDP of UK by providing employment
opportunity, improving standard of living etc. They also contributed in national product and per
capita income of country. GDP and per capita income is essential component of economic
development of a country.
Improve Standard of Living: As entrepreneurship develop employment opportunity in a
country, it increase income of people living in that country. It helps to reduce poverty and ensure
economic development in nation. James Dyson has created employment opportunity in different
country and improve standard of living. This helps is social welfare of people living in that
country. They improve standard of living by not only providing employment opportunity but also
providing innovative products.
Increase Export: Successful entrepreneur not only selling their products in one country
but also selling their products to all over world. James Dyson is selling their products all over
world and increase exports of country, this will helps to increase export of country as export is
7

important for economic development and growth. It is a good sign for economic development
and maintain currency flow between different country.
Community development: Entrepreneur invested in community project and work for
social welfare (Ratten and Usmanij, 2020). They provide finance to support charity and
contributed towards development other than their venture. James Dyson has contributed their
money for social development like education and public health. They also support small venture
by acquisition and merger or by providing investment. They also allow transport and community
development in the country. James Dyson has invested big amount on research and development
to bring innovation in economy.
Evaluation of Survival of Issue:
Organisation face various issues while running its operation in market (Pisoni, Gaio and
Rossi, 2019). There are many reason behind these issues and affect image, position and
profitability of organisation. Issues face by James Dyson while running business are as follows:
Shut down of shops and stores: Due to global pandemic, government of UK has
announced lock down in whole country to stop spreading of disease. This incur loss to James
Dyson as their production and operation is stopped due top lock down in country. This become
the reason of shutting down shops, stores and factories in economy of UK. Production in
factories has also stopped along with other activities in market. The company is facing huge loss
as their production has stopped but there is increase in cost which results in decrease in market
position of company.
Lack of liquidity: Due to global pandemic, economy is facing financial crisis as market
is going down(Won, Wan and Sharif, 2017). This create problem of liquidity for business of
James Dyson, as company is getting difficultly in raising money. Business require finance for
every operation of business and to pay their creditors in market. Company also need finance to
pay employees for their work, this create financial burden on company. Liquidity is essential as
shortage of funds in company can harm their market image.
Increasing Cost: In global crisis, production of Dyson Ltd has stopped and there are
shortage of funds in market of UK. Earning of company has stopped due to lock down in
economy of UK and other countries. But there are increasing cost, which a firm need to bear like
salary of employee, fixed cost, payment of creditor etc. The company has cut around 900 job all
over world to reduce expenses.
8

Higher employee turnover: James Dyson has cut jobs all over world of around 900, this
increase employee turnover of company and also harm image of company in market. But later
company hire new employee which increase cost of company of hiring employee. Hiring new
employee is costlier affair for any organisation as it increase cot of training and development.
New employees also take time to learn working of company and understanding policy which
incur cost to company as their operation goes down.
CONCLUSION
From above mentioned project report this can be concluded that entrepreneurship is
process of bringing new idea in market and bear risk to earn profit. An entrepreneur contribute in
success of an organisation as they effectively build team and motivate them to achieve
organisational goals. They provide vision and motivation to employees to achieve business goals.
Entrepreneur possess different characteristic like motivation, determination and leadership which
make them successful. Entrepreneur provide innovation in market which helps them in increase
productivity, provide advantage against competition and helps in marketing product. To serve
market, an entrepreneur require effective team and team building require hiring right people,
team engagement and team commitment. An entrepreneur contribute not only economic
development of country but also for social development. They helps in job creation, wealth
creation, community development and regional development. There are various issue occur in
path of success which require effective solution by entrepreneur.
RECOMMENDATION
This is recommanded to entrepreneur that they should focus on online plat form instead
of offline as due to global pandemic people are morel likely to buy products from online stores.
There are lack of diversity in organisation which create dissatisfaction in minds of employees.
This problem can be solved by developing corporate guideline in organisation. Company should
improve its employee turnover by understanding need and prepare good HR policies as it affect
image of organisation. It is also recommanded that company should reduce its expense and
encourage habit of saving in organisation. They should also maintain adequate liquidity level in
organisation this helps entrepreneur to meet its daily requirement and helps them to expand their
business.
9