Entrepreneurship and social enterprise Essay Example | Topics and Well Written Essays - 1750 words

Entrepreneurship and social enterprise - Essay Example This organization was founded by two young college graduates named Matthew Slotover, a psychology graduate and Amanda Sharp, a PPE Graduate. They were assisted by Tom Gidley, an art college student. Mathew Slotover after completing his graduation from Oxford University has decided to work for him. He started to visit art gallery with his friend, which sparked the passion for contemporary art. This made him to combine his passion for arts combine with his dream to become boss. A promotion in the Guardian newspaper worked as catalyst where the works of few unknown artists with prices as well as contact details were shown. This made Matthew to think of creating a hybrid catalogue or magazine in which the artists can produce their works along with prices. This will make them reach to a wide range of consumers at a time and was expected to revolutionize the ways in which contemporary art world worked. In June 1991, the first edition of Frieze magazine was published. Frieze has grown as a significant company that had 44 employees and a turnover of 5 million, by focusing on art galleries as their major customers and applying their skills and expertise in desk-top publishing. Today, Frieze is operating as the most popular art magazine of Europe and is also gaining a strong position in United States. The Frieze Art Fair that was launched in London in 2003 was one of the top-tier art fairs that gained global recognition. The present case study has given the opportunity to analyze the situation in which the organization is going through and suggest the best possible option in which they can gain higher profitability. In this regards the paper will be focusing on the reasons that brought huge success for Frieze, their current stage according to the organizational life cycle and the best suitable strategy that they need to follow. Reasons for success At the launch of the magazine in 1991 Mathew started to work on the magazine so that it can be a grand success. Carl was a ga llery owner and a major player in the booming contemporary art world of London. He turned down the idea saying that the artists will not like to use magazines for displaying their work and they are used to with the galleries for displaying their works. Stuart Morgan was an eminent critic in the leading magazines of UK, emphasized on the fact that credibility of the magazine will be lost if they even one thing to sale. This feedback given by these eminent people was taken seriously by Mathew and was one of the major reasons for the success of their first magazine. Matthew decided to change the vision of the magazine by removing the sale side from the magazine and keeping the editorial content and keep the talk about arts. Matthew was joined by other two members and the total team of three started on work on the new issue. They decided on the name and rented a space from where they can operate. Recession started impacting the economy of UK, which acted as a blessing in disguise for â €˜Frieze’. The art world became less busy and the Frieze team was able to contact many of the eminent persons who were willing to offer their advice and time, which were very important for Frieze. Stuart Morgan’s help was also a big contribution towards the success of the business. Apart from this, contribution of all the team members who has devoted all their efforts and ideas towards