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SUMMATIVE ASSIGNMENT

ENTREPRENEURIAL MANAGEMENT MODEL - DAVID RAE

INTRODUCTION

The corporate phenomenon involved with successfully combining entrepreneurship

with management has evolved over time. Some corporations have effectively

transformed sole operating business units into a hybrid-centralised structure. As a

result, the integration of various functional areas within a business fosters the

identification of value-creating opportunities (Dessein, Garicano and Gertner, 2010).

Whilst some academics suggest that management and entrepreneurship are of

paramount importance to attain sustainable success (Tehseen and Ramayah, 2015),

others focus their discourse on entrepreneurship-management integration and how it

reflects overlapping interests such as; adaptation to environmental change, conflicts of

interest and organisational structure (Sirmon, Hitt and Ireland, 2007). Statistically, most

research studies fail to differentiate between managerial and entrepreneurial

capabilities owed to their intertwined nature (Busenitz and Barney, 1997).

Nevertheless, businesses still struggle to successfully merge the two overarching

principles to maximise an innovative culture (Arasti, Zandi and Bahmani, 2014).

For clarity, entrepreneurship and strategic management attempt to ‘describe, explain,

and predict how value is discovered, created and captured’ (Venkataraman and

Sarasvathy, n.d.). Figuratively, they represent two sides of the same coin; value creation

and capture. One side reflects entrepreneurial activities such as; identifying opportunity

gaps, creating innovative products and developing markets whilst the flip side involves

management of resources, people and collaboration of the functional areas that turns

ideas into value - managerial working (Rae, 2007).

Subsequently, market share, profit and sustained competitive advantage of a business

will be in the ascendant (Jain and Ahluwalia, 2008). In essence, the clarity with which

both aspects are combined within an organisation will determine its success story. The

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following section introduces the EM model in a business context, setting the scene to

utilise the insightful findings of this report.

OVERVIEW

Through the Entrepreneurship Management model, David Rae explained the

importance of connecting entrepreneurial and managerial workings to enact

opportunities and create value (Rae, 2007). Thus, the EM model is focused on the

practical elements of opportunity creation, identification, exploitation, administration

and execution (Shane, 2005). The integrative model aligns the operations of a business

to its corporate goals whilst thriving to create value in a competitive environment.

Therefore, this report aims to show the fundamental concept of the model whilst

demonstrating an in-depth analysis on how the managerial workings are coalesced into

the entrepreneurial working elements. This is done in the context of L’Oréal – a global

leader in cosmetics (Kumar, 2005).

The prime objective is to show value proposition, core strategies, business culture,

market position and financial stability that arise from combining entrepreneurship and

management capabilities. Through primary market, I am able to decipher how L’Oréal

appeals to its customers and employees despite the challenges faced in the business

environment. In the analysis section, I use David Rae’s EM framework to pinpoint the

possible factors and limitations during the process of value creation at L’Oréal. A brief

comparative analytics is presented to show the disparities in the market position of

L’Oréal and its rivals. This report evaluates the key components and findings of the EM

model that relate to L’Oréal. To end, I present opportunities and probe questions for

further research to improve the combination of both modes for more sustainable

success at L’Oréal.

L’Oréal is primarily used to show that successful integration between entrepreneurship

and management capabilities exists to create value. It is evident that L’Oréal uses

entrepreneurial processes to reignite the passion for identifying and utilising business

opportunities. Also, it implores managerial resources to aid operational, marketing and

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financial stability. Innately, its integrative ability reflects its mission statement;

‘cosmetic innovation for all’ (Loreal.com, n.d.).

THE COMPANY PROFILE: L’OREAL

L’Oréal was founded in 1907 by Eugene Schueller - an innovative inventor of the first

real modern hair colour. Ever since, its focus has been on the manufacturing of hair

colours, skin care products, sun protection, make up, and perfumes (Foot, 2013). In the

early 20th century, L’Oréal became part of the few firms that managed to foster and

maintain growth to an optimal level. So far, the company’s success can be attributed to

its managerial formula based on founding values. It was formulated by Francois Dalle,

the chairman of L’Oréal 1957 - 1984 (Basso, Fayolle and Legrain, 2008).

With over 23 international brands such as; Lancôme, Diesel, Armani etc., it has managed

to regulate the conflict between its business functions which proves to be a solid

foundation for an entrepreneurial culture. L’Oréal segmented its brand into five

divisions; LUXE, professional, consumer, active cosmetics and The Body Shop.

FIGURE 1: SUB-BRANDS AT L’OREAL (Loreal-finance.com, 2016)

The company strives to invest 3.5% of sales in research and development more than

any other company as over with 75% researchers in Europe (Loreal-finance.com, n.d.)

Resultantly, innovation has been at the heart of the company responsible for its

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competitive abilities despite strong rivals like; Estee Lauder, Revlon, Shiseido and Nivea

(beautyfulbrands, 2011). Figure 2 presents the 2014/2015 sales as one

performance-level parameter;

FIGURE 2: L’OREAL’S SALES RELATIVE TO ITS COMPETITORS (Forbes.com, n.d.)

There are work ethics that show the importance of innovation, entrepreneurship and

creativity at L’Oréal. Since its creation, the brand has consistently aimed less at

developing breakthrough innovations but concentrated more on modernising of its

ever-growing portfolio of brands in international markets (Fayolle, Basso and Legrain,

2008). As at 2005, its turnover was 14.5 billion euros. Its workforce of 52,000 in 58

countries was able to foster an entrepreneurial spirit directly inspired by initiatives

supported by its emblematic managers (Loreal-finance.com, 2016). For example,

Francois Dalle who was in charge of guiding the firms innovative steps from the time it

was sold at pharmacies – secured lucrative licensing agreements with top brands like;

Guy, Laroche and Cacharel (Latimes, 1999). Currently, L’Oréal is benefiting from these

previous integration processes - evidence of sustainable success.

The entrepreneurial spirit has always been encouraged and embodied in a specific

management style. At L’Oréal today, it is still the driving force behind the concept of

diversity. This diversification in L’Oréal was made clear through product provision for

‘women of colour’ as it extended its branding whilst using celebrities like; Lupita

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Nyong’o as the new face of its sub-brand – Lancôme – joining Julia Roberts, Kate Winslet

and Penelope Cruz. This diversity has helped L’Oréal upgrade its level of acceptability

and customer satisfaction levels.

FIGURE 3: DIVERSITY AT L’OREAL (Development, 2016)

Also, opportunities have been created by channelling ideas to meet the corporate

objectives of the business. For example; the £652m acquisition of Body Shop was as a

result of the expertise and knowledge L’Oréal has about international markets suited to

Body Shop’s distinct culture, this is a win-win situation for both companies (The

Guardian, 2006). This process allowed L’Oréal to increase its portfolio with well-defined

valuable products made possible with the unique managerial receptiveness at the

company.

ENTREPRENEURSHIP MANAGEMENT ELEMENTS

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As David Rae indicated, the entrepreneurial and managerial elements ought to work

closely together as they are considered equally important for sustainable success (Rae,

2007). This report section emphatically discusses each element of the EM model in

relation to L’Oréal’s operations.

FIGURE 4: DAVID RAE’S ENTREPRENEURIAL MANAGEMENT MODEL (Rae, 2007).

The effective use of these elements contributes to the long-term success of L’Oréal’s

brand image. It has demonstrated an effective use of the elements and faced interesting

challenges worth considering whilst combining the elements to yield sustainable

growth. As seen in Figure 3, the entrepreneurial working elements concentrate on

identifying opportunities, rapid action towards innovation, customer satisfaction levels

and ability for companies to surpass the norms in the cosmetics market (Rae, 2005).

ENTREPRENEURIAL WORKING

Firstly, the process of opportunity focus starts with quick business responses to

competitive market changes to improve revenue, profit streams, customer satisfaction

and the broadening of its market horizon. This opportunity-seeking behaviour normally

stems from either existing opportunities or the ability to create new ones. In L’Oréal’s

case, it exemplifies this entrepreneurial element by identifying the exponential growth

in digital data as the maximising ignition for a better relationship with its consumers.

Paul Agon, CEO of the global cosmetic giant said; “We are already pretty advanced with

more than 700 digital people recruited in four years, 16% of our media dedicated to

digital, and€ 800 million achieved in e-commerce, and also for example, five of our

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brands in the top ten digital IQ in the USA and in China ” (Lauchlan, 2015). This shows

that in identifying a value-creating opportunity as the brand is focused on its corporate

objectives and how the opportunity will help achieve it.

To this end, L’Oréal brought beauty and digital media under the same umbrella by

introducing the virtual makeup tester application - a facial mapping technology that

allows customers to ‘try on’ the different products in real time before making a

purchase. This can be seen below in Figure 5. This opportunity identification quickly

turned into innovation – rapid innovation - for the brand as it is aligned with its

marketing strategy to reach one billion customers by 2020 using personalised and

digital campaign (The Content Strategist, 2014).

FIGURE 5: MAKEUP GENIUS APP– DIGITAL DATA OPPORTUNITY (McBroom, 2015)

Within a year, the shift in advertising strategy to an emotionally consumer-connected

one resulted in about ten million downloads of the app and a content led approach to

creating value. In addition, the brand collaborated with NYX cosmetics as a platform to

have stronger connections with customers through YouTube provided L’Oréal increases

market knowledge and insight to enhance creativity (Forbes.com, n.d.).

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FIGURE 6: NYX COSMETICS YOUTUBE CHANNEL – L’OREAL (Loreal.com, n.d.)

L’Oréal’s opportunity focus depicts that recognising an opportunity is solely

entrepreneurial but the realisation of the opportunity draws upon managerial

capabilities discussed further within this report. Market opportunities are mostly

identified and acted upon from daily experiences. For example in 1996, Carol Hamilton

spotted a woman whose hair colour matched her gym clothes and immediately noted

the importance of celebrating hair colours as opposed to using them only to cover grey

hair strips (Capon, 2007). This opportunity recognition led to company research on

women between the ages of 18 – 60 that want to enjoy an experience and be fashionable

with their hair colour.

Mastering the dynamics of identifying opportunity will merely achieve the corporate

goals of an organisation. It is the understanding and accuracy of seizing the

opportunities that matter; rapid innovation, a firm that is able to translate opportunity

into value proposition will gain some competitive advantage over its rivals. Being a

rapid innovator, however, does not automatically imply first mover advantage but

doesn’t disqualify the benefits of being a fast follower. Depending on the industry; in

this case beauty, innovation processes should be updated according to the firm’s

identity and goals. L’Oréal, on identifying a market opportunity; the hair colour

inspiration, it sought to formulate hair colours in a new way that suits its potential

market. In no time, the research and development labs were utilised to produce hair

colours that are rich and with sheen. To this effect, its Feria brand of hair colours was

released and targeted towards multicultural women under thirty-five (Capon, 2007).

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Innovating rapidly sets L’Oréal ahead of its competitors and aids the experimentation

with new products to ensure that consumer needs are met effectively.

The use of exploring the market for new opportunities as L’Oréal does is to satisfy

customer needs whilst differentiating products or services from that of its rivals.

Essentially, the content of products, packaging and its delivery methods are part of the

components customers use to form their opinion on brand positioning. Also, the

promotional tactics used help convey its unique selling point to its target market.

Therefore, L’Oréal gives priority to individuals rather than to the organisation. The

brand emotionally pulls its target market via attraction and retention methods.

Customers are appealed by the beauty effects, sophistication and glamour that L’Oréal

offers through its products. Also, the brand is aware that customers want comfortable

skins, a beautiful look and to be self-confident. As a result, innovative inclusions in

products and delivery play a role in attending to these needs (Idler, 2012). Through the

use of the latest technology, L'Oréal is able to reduce costs, improve quality, and

influence outsourcing decisions which can ensure they deliver more value to customers.

The last element in the entrepreneurial working aspect depicts that an organisation

should have to challenge the orthodoxy for innovation and success to occur. It is said

that constraints drive creativity and curiosity sets the foundations for success in the 21st

century. L’Oréal successfully changed the face of beauty marketing by expanding its

reach spending about $9 billion on advertising in 2014. The brand took on a

mass-market approach as it recognised the potential for incorporating interactive and

informative content. In addition, L’Oréal has gradually eluded itself from the common

sustainability challenges that the beauty cosmetics industry is faced with. L’Oréal

ensures that it is engaged with sustainable resources through its sharing beauty with all

strategy;

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FIGURE 7: SUSTAINABILITY STRATEGY 2020 (Leblog.pasionlujo.com, n.d.)

L’Oréal’s ambition is to engage consumers using its universalization strategy which

aims to answer all the diverse beauty needs of men and women around the world. Its

growth strategy is to produce more committed to having less impact on social,

environmental and cultural livelihood. To make more sustainable choices, the company

is offering sustainable and desirable products by improving its value chain - research to

operations. Therefore, offering customers efficient, creative and sustainable options

that meet their needs require the participation of the managerial working elements.

Breaking barriers and stepping away from the norm cannot be done in isolation thus,

the management at L’Oréal collaborates strategies and the execution of sustainable

initiatives. This suggests that the strategic management is the key factor in successfully

applying an entrepreneurial working element.

MANAGERIAL WORKING

The clarity on how managerial elements are applied to the entrepreneurial working

elements at L’Oréal is analysed in-depth because it is responsible for the sustained

brand and market positioning. The strategical action implemented by a company

reflects the organisations passion; values, mission, vision and more importantly, its

distinctive competencies to create and sustain improved success over time.

The strategic focus serves as the energizer for innovation. At L’Oréal, path dependence

and authenticity are key factors in the development of its strategic focus. Adopting a

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customer-driven strategy, the firm found through research the importance of

personalisation to retain customers (Davies, 2013). This was also reflected following its

Omni-channel approach. The brands website indicated; beauty as a universal language,

a science and a commitment (Loreal.com, n.d.). To this regard, L’Oréal applies the

principles of sustainable and responsible innovation daily for its value creation. Thus,

the brand amends sub-strategies; using entrepreneurial working elements to meet its

overall objective. For example, advertisement strategy was moved to more e-commerce

platforms especially social media. – See figure 8 . This was a deliberate strategic move as

the brand was focused on tailoring its marketing tools through avenues that reach its

target audience more effectively.

FIGURE 8: SOCIAL MEDIA PLATFORMS AT L’OREAL (RAZORFISH FRANCE, n.d.)

Thus, a digital strategy implemented helped the group achieve its target to acquire a

billion new consumers and also improve customer connectivity (McDougall, 2015). The

brand streamlines its strategic focus to corporate-level, business-level and functional

level – an explanation is given in Table 1;

Corporate Concerned with the decision that affects the entire business

Business Integrated and coordinated set of commitments and actions used

to gain competitive advantage

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Functional Management decisions specific to a functional area; marketing ,

human resource etc.

TABLE 1: THREE DIFFERENT LEVELS TO IDENTIFY STRATEGIC FOCUS AT L’OREAL.

(Hambrick, 1980)

The second managerial element shows that L’Oréal relies on its ability to merge people

and processes that will enable optimal delivery to customers whilst competing. The

integration of its employees’ diverse skills, functional areas and management

capabilities to achieve the common corporate objective is necessary when creating

value. The company has been able to use social media to build effective communication

within the organisation and increase employee engagement.

FIGURE 9: SOCIAL MEDIA EMPLOYEE ENGAGEMENT AT L’OREAL (Simpson, 2015).

Furthermore, L’Oréal radically increases transparency within the firm through its flat

hierarchical culture. It showcases ethical principles like respect, courage and integrity in

order to achieve rapid innovative content appealing to customers. For example, the

research and development team provide the resources and personnel responsible for

igniting opportunity recognition and transformation into prospective value. Ultimately,

the brands under the L’Oréal group necessitate the promotion of organisational synergy

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in the value chain. In the diagram below, the practical structure used to bring together

the different ways of creating value at L’Oréal is presented;

FIGURE 10: ORGANISATIONAL STRUCTURE AT L’OREAL (Hong and Doz, 2013)

If an organisation fails to have the adequate resources, it forfeits the business’ capacity

to afford and deliver innovatively. Resources such as; people, materials, supplies ought

to be in place in any entrepreneurial setting. L’Oréal put its people at the centre of the

organisation. Interestingly, the company has succeeded in involving employees in

wellbeing and sustainability issues. For example; the Young Scientist Centre at L’Oréal

London offering young students the opportunity to experience science in a practical

way. Also, as a multiculturalism brand with large distribution channels on international

levels, the company is faced with the risk of having incapable or a shortage of skilled

workers in China and Brazil. This resulted in a strategical redeployment of multicultural

skills needed to develop and nurture an opportunity (Hong and Doz, 2013).

Adopting a flexible and creative approach, L’Oréal is able to move skilled workers

around functional areas whilst fulfilling its universalisation and internalisation strategy

(Canals, 2000). Despite the size of the company, it ensures that finance and

management control experts are hired to handle the growth dynamics of the business as

it bolsters its entrepreneurial spirit. In a rapidly changing world, managing resources -

information systems, is crucial for performance levels at L’Oréal. This implies that a

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team is responsible for the interconnection of all business sectors and resources using

IT solutions to ensure operations and strategic ideas can cope with the digital

revolution. Ultimately, L’Oréal ensures that all its resource capacities are appropriately

in sync with each other so as to improve sub-brands thus the group as a whole.

Resources are treated as innovative facilitators.

David Rae identifies human talent and stakeholders of a business as crucial elements for

the entrepreneurial process and the importance of managing relationships (Rae,

2007). Organisations like L’Oréal have a close connectivity with their key stakeholders;

suppliers, local community and shareholders alike. Investments in programmes and

initiatives that bring stakeholder groups together motivate and ensure their

involvement and participation in the decision-making process especially with

innovative matters that will spur a change in operations. L’Oréal invests in building

effective programmes and initiatives to help these stakeholders connected better and

for them to be kept abreast with business development. This managerial element

creates an easy interpretation and communication of ideas and opportunities amongst

stakeholders. It provides the platform where financial outcomes and strategy

implementation discussed.

For instance; when innovative steps are taken towards value creation, the concerns and

opinions of key stakeholders are highlighted. In L’Oréal’s case, the hostile reaction

following the Body shop’s acquisition fuelled the need for L’Oréal’s to discuss the issues

and encourage its key suppliers to respond appropriately. This embodied any concerns

with its animal testing record made by customers and the society at large. To combat

the pressure from Body Shop customers, L’Oréal published strategic insights on how it

intends on handling its sub brands in a way that will benefit its stakeholders. The long

term transparent relationships with its high-quality suppliers ensures that both parties

are committed to a common goal so, L’Oréal endeavours to carry out regular evaluations

to ensure that there is a true compliance with its strategy. This helps promote

collaborative innovation.

Finally, the managerial element - systematic value – involves delivering required the

functions using cost-effective approaches to offer customers the best price possible. It

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also deals with the guiding principles of the operations within the company. L’Oréal

promotes an open dialogue that encourages value-creating conversations to benefit its

customer. This process involves accelerating innovative solutions from its suppliers

originated from a stern focus on logistics, competitiveness, quality and innovation. The

systematic value proffered by the company exists by exploring opportunities in order to

remain competitive and challenge other beauty brands for the top position in the

market. The underpinning structure L’Oréal operates explains the systematic value and

success which can be depicted in its increasing growth in new markets. Figure 11 shows

the growth in new markets from 1990 – 2010.

FIGURE 11: GROWTH RATE IN NEW MARKETS (Premiumbeautynews.com, 2013).

ANALYSIS

Entrepreneurial orientation and management capabilities are directly positive

influences on innovation, value creation and the overall business performance. From

the elements discussed throughout this report, it is clear that L’Oréal infuses both

entrepreneurial and managerial elements to achieve its ultimate goal; no one element is

incorporated in isolation. Therefore, the following success factors can be identified; the

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brand prides itself on operational excellence, product leadership and customer

intimacy.

I conducted an interview with L’Oréal’s customers and employees to understand its

brand reputation - the most insightful responses are pinpointed in the tables below;

CUSTOMER

Esther: What three words can you use to

describe L’Oréal?

Susana: ‘ I’ll say CREATIVE, WORTH and

RANGE’

EMPLOYEE

Esther: What do you like most about

working at L’Oréal?

Bianca: The autonomy and involvement

in the entrepreneurial process is an

incentive for me to be more productive

What’s more, it is unrealistic to paint the integration of entrepreneurial and managerial

workings as a challenge-free process. The challenges that face companies are subject to

inherent risk. For L’Oréal, the cost of applying their management capabilities to its

entrepreneurial capabilities posed a threat to certain business function areas within the

firm as there were trade-off conflicts that arose during the process. However, the

constant evaluation of the strategies and how it applies to the current market trends is

one trait that has helped the company over the years. With every entrepreneurial

strategy, it ensures that managerial structures are put in place to oversee that the

implementation of such innovative strategy results in value creation.

RECOMMENDATIONS

L’Oréal is one of the most successful brands. However, there is always room for

improvement. It is usually difficult to channel and depict the exact impact that each

element contributes to the success of the company. However, to better utilise both

aspects for value creation there are contingency plans L’Oréal ought to put in place to

prepare for unforeseen, unpredictable situations that could possibly hinder success. It is

noteworthy that external factors are often beyond company control such as;

competitors actions. Hence, the assessment of product life cycle, more descriptive

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information on the unique value each product offers to target audience. A probing

question for further analysis will be how to tackle challenges regarding the relative

impact of culture upon entrepreneurial orientation: one can see with examples that the

French national culture, which does not encourage entrepreneurship as a valuable

professional path, did not prevent the company developing a real entrepreneurial spirit.

Further studies could be handled to explore more precisely the various ways different

levels of culture (national, industrial, corporate) can interact or counterbalance each

other and can eventually influence entrepreneurial orientation at a firm level.

CONCLUSION

Conclusively, David Rae’s model evaluates the present strategies that show connectivity

between entrepreneurial and managerial working at L’Oréal to achieve sustainable

success. To this regard, this report presented insightful illustrations of the importance

of combining both aspects using examples. L’Oréal shows through its strategies that its

managerial approach in isolation is insufficient to portray entrepreneurial culture

benefits in the value creation process. Although integrating managerial and

entrepreneurial workings face challenges, the continuous strategizing at L’Oréal is

responsible for its improving profits, increased market share and overall growth rate

compared to its rivals.

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