Introduction

Management 4

Thechanges that take place in the working environment give rise tocareer challenges. Intelligent people put their energies intopersonal development and continuous learning to fit in the changingenvironment. This creates a need for entrepreneurship, which is aprocess that involves thinking strategically and taking risk behaviorthat creates new business opportunities for an organization orindividual (John, Schermerhorn, &amp Barry 2012). On the other hand,entrepreneurs are individual taking risks of the available businessopportunities that other people have not yet recognized

Responseto the questions

Thereare traits that if an entrepreneur poses or acquire he can use themto make a business to be more successful. These can be categorizedinto three traits: personal, technical and business managementtraits. Personal trait involves being open-minded, learning fromerrors, perseverance, discipline, risk taker, persistent andvisionary. A technical trait involves being professional, creation ofnew systems and adapting them, team player, network building and goodcommunication skills. Business management traits involve commoncourtesy, research and planning, business protection and wisemarketing techniques.

LululemonAthletica Inc did not fail in its first five years because it usedits eight elements of its mission statement by identifying itscustomer base, mentioning it the product, using stores as a marketingchannel, modern technology, focused on growth strategy rather thanprofit, company philosophy, good image and employee’sacknowledgement.

Theprevious stage the company is copying up to survive the next stage isgrowth stage or break through a stage where the company will beworking towards finances, increasing profit margin and expandinghence coping with growth and picking off.

Lululemonis facing challenges in the quality of its products today, and thereare increased complaints with more of its product pilling in thestore due to changes in the styles and production technology.

Conclusion

Fora company to succeed in the future, it needs to create a goodentrepreneurial environment that will create avenues for innovation,adapting to the changing environment, use of modern technology andbeing able to analyze the market trends

References

Conner,C. (2012). In billionaire founderchip wilson out at yoga giant lululemon.Retrieved 28 October 2015. Fromhttp://www.forbes.com/sites/clareoconnor/2012/01/09/billionaire-ceo-chip-wilson-out-at-yoga-giant-lululemon/

ElderJ. and Beasley S. (2010). Principlesof management14thEdition. Upper Saddle River: London.

JohnR. Schermerhorn, J. &amp Barry W.(2012) Management third Canadianedition. London: John Willy andSons.