Charles Dunstone and His CarPhone Warehouse

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The research has demonstrated that Charles Dunstone was in possession of certain characteristics that put him in a favorable environment, and that enabled him to take advantage of certain opportunities. The enterprise culture in the UK has also not played a major part in Charles Dunstone’s success, as he relied more on himself and close associates to make his business a success.Entrepreneurship is the creation of new enterprise (Low and MacMillan 1988) and it is also often focussed on profit-making. Examples of famous entrepreneurial ventures include Gerber baby foods, Barbie dolls, and Heinz ketchup. Entrepreneurship is important for any country as it has significant economic and social contributions (Bartol and Martin 1998). For instance, the creation of new enterprise is associated with job creation and the creation of other smaller businesses to supply the business. The economic impact of small business job growth is likely to be greatest during times of economic slowdown when larger companies are cutting back (Case 1989). During such reductions, many individuals whose jobs are eliminated find employment with small businesses. According to one estimate, as many as 20% of managers who have lost their jobs as a result of downsizing in recent years have become entrepreneurs (Zimmerer and Scarborough 1996). New jobs and new businesses increase a government’s tax base and improve the general standard of living. Notable examples of changes in the standard of living include the motor car following Henry Ford’s invention of the automobile.Despite the benefits of entrepreneurship, many new ventures still fail and this has led to research on the factors that make some entrepreneurial ventures successful, as it is also reported that as many as 50 -70% of new businesses fail or merge with other larger organizations within their first five years (GPO 1990). In the United Kingdom, there are examples of successful entrepreneurs which include but are not limited to Sir Richard Branson with his Virgin empire, Sir Alan Sugar with Amstrad and Anita Roddick with The Body Shop.