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• W308696194 abstract "CASE DESCRIPTION This case highlights the importance of recognizing opportunities and seizing them in areas that may not be one's expertise. This case has a difficulty level of three and up, appropriate for junior level and beyond. The case is designed to be taught in two to three class hours in a management or an entrepreneurship course, and is expected to require about three hours of outside preparation for students, consisting mainly of reading the case and familiarizing themselves with the business environments on the U.S. territory of Guam in the Western Pacific region. CASE SYNOPSIS The entrepreneur in this case is a Korean national who moved to Guam in the 1970's with a degree in English. Issues examined include recognizing opportunities and challenges and opportunities for growth in various market segments. The entrepreneur in this case study used diversification from the private sector into the military and federal projects sector as a strategy for growth in a confined island market. Implications of diversifying into this market are identified and discussed, along with other growth and confined market challenges. INSTRUCTOR'S NOTES Discussion Questions and Guide The entrepreneur did not have experience in the construction industry. What are three skills a leader must have to be successful? The three skills of successful leaders are: setting the vision, setting the example, and encouraging the heart. Each of these traits is important during different phases of the business, as well as leading an ongoing business. Setting the vision entails setting the course of the business and recognizing opportunities. Even though this leader's skills set was not specifically in the construction industry, he recognized an opportunity and put together a team that had the specific technical skills needed for this industry. Leaders also must set the example; if they are going to demand performance from subordinates, they must demonstrate that they demand the same or more from themselves. Encouraging the heart is the human element to leadership. It is easy to lead during easy times when business is good. What is difficult is maintaining a positive attitude and not blaming subordinate when events and projects do not go as planned. Other examples of encouraging the heart include developing and training employees and counseling employees when mistakes do occur. 1. Discuss why it is important to track economic trends and understand economic opportunities. Why is timing critical? As this case exemplifies, communities go through business cycles. Guam went through a tourism industry buildup which offered opportunities in the commercial building and hotel construction areas. After that industrial buildup has been completed, construction companies must seek other job opportunities. Construction is a project and cycle-based business, meaning that once the building phase is completed, companies must look for opportunities in other fields or industries. …" @default.
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• W308696194 date "2011-09-01" @default.
• W308696194 modified "2023-09-23" @default.
• W308696194 title "Reliable Builders, Inc.: An Entrepreneur Seizes Opportunities for Success in the Construction Industry: Instructors' Note" @default.
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