Fundamentals of Management, 8th ed

128

Part 2: Planning

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It is no surprise, of course, that his bigger competitors have taken note of

Ulukaya’s success and attempted to thwart his efforts. Both Dannon and Yoplait

have aggressively introduced their own versions of Greek yogurt and are gaining

market share. But for the time being, at least, Chobani still hasn’t found its ceiling.

Indeed, the firm is now shipping 1.2 million cases a week, and sales are still

growing. Not bad for a Turkish immigrant just looking to learn a foreign

language!

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Just like Hamdi Ulukaya, thousands of people all over the world start new businesses each

year. Some of them succeed and many, unfortunately, fail. Some of the people who fail in a

new business try again, and sometimes it takes two or more failures before a successful

business gets under way. Henry Ford, for example, went bankrupt twice before succeeding

with Ford Motor Company. On the other hand, of course, there are the Hamdi Ulukayas

who succeed once (with Euphrates, in his case), try again, and succeed a second time.

This process of starting a new business or business venture, sometimes failing and

sometimes succeeding, is part of what is called entrepreneurship, the subject of this chapter.

We begin by exploring the nature of entrepreneurship. We then examine the role of entre-

preneurship in the business world and discuss strategies for entrepreneurial organizations.

We then describe the structure and performance of entrepreneurial organizations.

THE NATURE OF ENTREPRENEURSHIP