Entrepreneurship is a mindset or a way of thinking that is opportunity-focused, innovative, and growth-oriented. We will examine some key success factors required to start a company and how these can be linked to Overnite Express company.
Rob Ukropina learned a good deal about entrepreneurship before starting Overnite Express. Earlier, He had launched a business which went bankrupt. However, this failure familiarized him with the risks related to the management of a business and prevented him from committing the same mistakes again. Moreover, his leadership quality and forceful presence helped the company to grow and succeed.
Overnite Express has some competitors but the main competitors are FedEx, Ups, United States Postal Service and DHL. However, they operate globally contrary to Overnite which operates regionally in California, Nevada, Arizona and Mexico only. Overnite Express has a different logistic system (supply chain and distribution chain) and is more efficient in these specific states.
[...] Know Customer, and have a customer network After setting up his company, he contacted the law firms for which he had rendered printing services in the past and explained what he planned to achieve. He asked them if he could put an Overnite Express drop box in their offices and promised unparalleled services if they would use it. He was lucky as the companies which were well-acquainted with Ukropina's service in the printing business, agreed to take a chance on him and trusted him. [...]
[...] - Differentiation: this is when a company delivers greater services for the same price of its competitors. - Focus: concentration of the company on a specific product. A company does not have any sustainable competitive advantage if the product or service it develops can be duplicated or imitated by other firms! The primary factors of competitive advantage are innovation, reputation and relationships. In our case, Ukropina has developed a strategy based on the differentiation method. Overnite Express offers customers a high quality level of service. [...]
[...] The quality service offered by Overnite Express owes its success to the strategy developed by Ukropina. He has developed his entrepreneur philosophy inside his new company around an incentive plan which allows him to keep good employees from becoming complacent, or worse, from leaving the company. Moreover, in Overnite Express, everyone including the chairman (Ukropina), is paid a permanently fixed salary. One can also include the percentage of gross profits and an incentivized bonus structure that is based on the number of packages delivered and the time taken to deliver them. [...]
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