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Harnessing Entrepreneurial Drive, Identifying Market Opportunities, and Leveraging Social Networks: A Malaysian Family Business
Abstract
Entrepreneurial theories provide valuable lens to understand how businesses can develop, grow, and sustain their operations. In the realm of entrepreneurship, understanding theoretical frameworks and their practical applications is crucial for navigating and excelling in dynamic business environments. This case study will analyze a business scenario; Tang of Memories (TOM)1, a family-owned business started by siblings in Kuala Lumpur, Malaysia. TOM was founded during late 2019 right before the global outbreak of COVID-19 pandemic. Despite the pandemic, TOM managed to open its third outlet and are now thriving in the food industry in Kuala Lumpur, Malaysia. This teaching case study informs the challenges and opportunities of this enterprise through three significant entrepreneurial theories: Need for Achievement Theory, Opportunity-Based Theory, and Social Capital Theory. Each theory provides a unique perspective on how TOM has harnessed entrepreneurial drive, identified all the market opportunities and leveraged social networks to establish and grow its business. As TOM continues to grow, these entrepreneurial principles remain vital to maintaining and strengthening its business model, ensuring continued success in Malaysia's vibrant culinary scene.
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