Business development assignment essay writing help on: Eastman Kodak

Introduction

Kodak is a well known brand in photography all across the world and was setup I the year 1880 in America. Since its incorporation, it has been able to touch upon a lot of new areas and ventures in the business world. As one of their ads which says, click and we make it says, the were able to capture a whole lot of markets in photography in the early 1900 and this was the main glory that was being associated with the company. The company was able to anticipate on what would be sounding next and this made the company grow more faster and technical over in the previous few decades. Off late, we heard a news that Kodak has filed for bankruptcy as per Chapter 11.

This shocking news was mainly because the new management and the board of directors were not able to guess and judge as to what is happening in the current world. They were in a assumption that they are still the market toppers and they totally ignored the other Asian manufactures like Fuji having and becoming a strong bran din the market.As per Stokes(2010),  this was the main reason for their slump and this lead to filling of bankruptcy in America. What lead to these changes is  a critical issue and why a company like Kodak had to go and file for bankruptcy is also a different question. People who knew Kodak say that this company was rock solid and their imagination of the market place was totally out of the box. Then, how can such incident occur and what were they not able to judge people anticipation and needs.

Any company which is good in business and Entrepreneurism should be bale to understand the sense of people and how do they react to some situations. They should be able t know as to what is the trend in the market and according to it, make their products. This was not done in the last few years of Kodak and that is why they are here.

Key roles of creativity and innovation in the entrepreneurial process

When Kodak was being set up people were talking about how the founders of Kodak were businessmen and how they were able to use their business brain to good effect. Mr. Eastman who was the founder of the company was a  man of brain and steel. As per Ernest (2011), he was a person who was able to understand the moving trend of business in the area of photography which was less talked about at that time and was thus able to set up  a manufacturing unit to produce motion pictures and other photographic elements. Thus, we can see that how good was Mr. Eastman at that point of time and how good were his Entrepreneurial skills. As an Entrepreneur, he did all the things that was necessary at that point of time and this made ways for future products of the company to come.

The key role of creativity and innovation as predicted by Mr. Eastman was well set and people were able to understand it and make in rods inside it at the time of entry. Gradually, as and when years pass away and their was  shift in the management we can see that the creativity angel of the company declined. In the early 1960s when their were some other manufacturers who had come up in the are came in, their was a total technological shift that they had come across with. The main thing that they had brought in was the power and the courage to see from peoples point f view. What Kodak was not able to see was the change that was taking place in the people and the way it was coming in. People now were being focused on small and digital photography and that too at cheap costs.This was being delivered by the Japanese manufacturer Fujifilm’s and was very well appreciated by a lot of people. In this way, they were able to take away a considerable amount of market share of the America and that is when the people in Kodak were able to understand the trend that was going to happen in the coming days. They were now feeling the pinch of not anticipating the market and making their old products the only choice of the customer which they never wanted for. Thus, people shifted their base and their company and went in with new manufacturers who were able to sense the feel of their customers. Kodak was now able to understand what mistake they did and how their creativity was not upgraded from time to time. They were able to understand their mistakes and this was the main point that was making rounds in all the board meetings and franchises of Kodak.

Role of Entrepreneurship in Global Economies

Entrepreneurship in global contexts is a difficult job and in order to make it a success, we have to penetrate in the local markets and see as tow hat is the man want that they are having. One has to understand the local contexts and what does the local people want and thus deliver it to them, so that they make them happy and so they accept your products. As per Merry (2003), Entrepreneurship  plays a very important role in such areas, and the main people who are concerned directly or indirectly are the head people of the company. They have to make a heavy in rods in the thinking pattern and the way management thinks. If we take the example of Kodak Entrepreneurship skills, we would find that when they started off they were good in it and Mr. Eastman was very well accustomed to what is being needed and what is not.

Later on, when he retired and the legacy changed to the second generation we can find that at that point of time people were less business minded and they just wanted to encase on the things that was already kept  to them by their forefathers. They had less brains in this context and that was the main limitations of the company which made it less creative and less business minded. That is also what happened at Global contexts as well with Kodak. They had made Franchise arrangements with a lot of companies but what they did not focus was on how to make sure that this company is able to achieve the heights of success globally. Asian markets were increasing daily and the people in Kodak also knew this change. But they did little to take  a view on it. Thy just let things happen and that was on of the biggest mistakes that they did. Entrepreneurship in Kodak was less at this point of time which lead it to make small inroads in the changes.

If you are an Entrepreneur, as per Jasper (2012) you should understand the changes that are taking place and make sure that such kinds of changes are also incorporated in our company. This never happened and such small changes lead to the debacle of Kodak in 2012. Hence as Global players, we should understand the target market well in advance and make sure that your weapons are well intact for the people to make some views on it.  If you are playing in Globally, you should first of all make sure that there are good economics that are achieved in the foreign country. You should feel the pulse and then make the products as per their tag line, but this did not happen. As foreign manufactures and franchisees they should have incorporated the changes which were being seen in the global contexts. Then only can their company be in the Global lists. Kodak was a very good company which had a vision to shine in international arena and to make a global presence the early 1900s and this vision and mission was gradually failing when they entered in early 2000.

Life cycles of Entrepreneurship

Life cycle of Entrepreneurship would mainly encompass all the elements which are being associated from the incorporation of the company till the time, the company is delivering profits. Now lets understand as per Mador (2010) as to what all elements are being their as in reference with Kodak during the life cycle of Entrepreneurship.

1. Incorporation: Kodak was mainly incorporated in the year 1880 by Mr. Eastman. It was mainly being made so that they are able to have a good presence in the overall domestic market of photography and motion pictures. With this main motive, this company was being setup in America in New York.
2. Understanding the needs of customers: What Mr. Eastman did was understanding the need s of the people of America. He was bale to make a good understanding of the wants of the people. He knew that each and every person wants to take with him some memories of his life and they did not have any mechanism to do so. Thus, this need generated into a want and thus he delivered on the product of Kodak cameras.
3. Creativity: After delivering the product, the next step is to constantly enhance on the creativity level. Creativity would mainly mean newer technology which would mainly make sure that there are a lot of ne things that are being incorporated in the cameras. This would make sure that people are constantly taking on new phones and thus the market share of the products would be increasing.

1. Delivering products: Delivery of products on time to the customers is also an important thing. We should never devoid any customer with any sort of wrong commitments. This would mainly hurt the sentiments and thus they would not be associated with us then in the long and short run. Thus, once we have given a commitment to deliver then we should do it on time and that is what Kodak did.
2. Customer Feedback: Mr. Eastman also took regular and constant feedbacks of the customers. He ensured that all the feedbacks were recorded and corrective actions were being taken on the next set of cameras that were being devised on the same.
3. Rewards: The company got rewards when people accepted their products. They were able to make some profits in the coming days and that was the main point of reward of Entrepreneurship qualities that were being displayed in the company. Mr. Eastman did what all was being needed for the same and this made him more famous in the coming years.

Thus, we can now understand as to what all are the main points and phases of an Entrepreneurship cycle. Me. Eastman was able to correctly understand all these phases and thus was bale to become a successful Entrepreneur.

Conclusion

With the help of this case, we are now able to understand the essential qualities of a good Entrepreneur. It helps us to understand the integrities of doing on business and how should one take  a note from the mistakes that another company ahs done in their life cycle. Kodak was a superb company whom Mr. Eastman started with whole of Entrepreneurial skills and mindset. It developed like anything during the past few centuries. But what resulted later on which lead to the company filing a bankruptcy form is just unbelievable.

As per Wilson (2010), great companies are being made when they are able to understand the perceptions and motions of the people and convert their needs into products. That is what was being done when the company started on. But what we are seeing as of now is totally different. The management was not able to withstand the pressure and it took creativity to new low. They felt that people would buy any product that they would produce and this lead to massive problem with the company. They were not able to fare well and thus was problems that were being created for. Hence, any Entrepreneurship company should withhold the basic elements of success and they should have  a firm grip on the sentiments of the people. Then only would they be able to have  good business all round the year and they would be able to have good future in the coming days.

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