Turning an idea into successful reality

This Case Study profiles the growth of the highly successful Vetservice Group, discussing the role of the entrepreneur and the business's entry into, and growth within, the marketplace.

As a result of reading this Case Study, the student should be able to:

• Explain the significant role of the entrepreneur to the economy and the importance of developing innovative business practices 
• Understand that it makes good business sense to develop a unique selling point that differentiates one business from another
• Outline the strategies a business may use to build the business and the importance of a business plan.

Introduction

Have you ever had an idea for a product or service?

The role of the entrepreneur

Entrepreneurship is about coming up with innovative business ideas and finding the resources and market opportunities to put them into action.

Entering the market

Entrepreneurs may be risk-takers but they are also careful planners who research every part of their prospective business and work hard to find the right way to enter the market.

Growing the business

Entrepreneurship is not just about doing something first - it can also be about doing something better.

Creating value for the customer

James Coddington considers value for customers to be The Vetservice Group's core business value.

Using technology

Entrepreneurship is about continually thinking how to do business better.

Leading without title

Much of The Vetservice Group's success is due to its committed staff.

The way forward

The Vetservice Group has recently acquired six strategically-placed veterinary practices around New Zealand, purchased from previous Vetservice members who had decided to sell their business.

Conclusion

The Vetservice Group is an entrepreneurial business that has seen great success in the competitive pet healthcare and rural industries.