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Chapter 2

GMS 200 Chapter Notes - Chapter 2: Dennis Wilson, Chip Wilson, Lululemon Athletica


Department
Global Management Studies
Course Code
GMS 200
Professor
Bamidele Adunkele
Chapter
2

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Mini Assignment 2
Mason Gonsalves
500840801
GMS200
Section: 161
lululemon athletica: Successful Yogis Want to Make the World a Better Place
1. What entrepreneurial traits and personal characteristics does Dennis Chip Wilson
display?
Dennis Wilson displays many different entrepreneurial/personal characteristics
that have successfully helped him build a successful business. This includes, having
a high need for achievement, high energy level, self-confidence, and passion/action
orientation. Dennis portrays his high need for achievement in his efforts to grow
and expand the company. In the article it mentions that Wilson ran every facet of
the company as it grew rapidly. Running a company by yourself is very had,
especially a fast growing one. Mr. Wilson showed that he was determined to grow
the company and do whatever it took to do so. Flexibility is another characteristic
Mr. Wilson displays more than once in this article. Firstly, when he was running the
company by himself, he realized that he wouldn’t be able to keep operating the same
way, he knew he had limitations, so he brought in more people with certain
expertises to help him with his daily operations. His high energy level has also
helped him to grow Lululemon. He wasn’t just selling yoga pants, he was also
teaching yoga classes while doing so. This would help him to increase sales of the
pants as he built up his reputation. Self-confidence also played a big part in his
success. From past experiences in Mr. Wilson’s previous company Westbeach he
learned new things and acquired the confidence to pursue Lululemon and move
forward with the company. This also falls under the characteristic of passion and
action orientation. Using past experiences he made decisions based on what he had
learned. For example he need that in order for the company to grow he needed to
have full control of the brand – from pricing to quality of product. All these
characteristics have helped Mr. Wilson build a successful company with revenues
now over $1 billion.
2. What are some reasons lululemon athletica inc. did not succumb to the
statistically high failure rate of businesses within the first 5 years of operation?
Firstly, one major reason why the company didn’t succumb to this statistic is
because Mr. Wilson had previously owned a business, where he learned new things
to help lululemon succeed. Any mistakes he made in his previous business venture
he corrected in this one, to avoid any setbacks or issues. This includes taking full
control over the brand, hiring others to help him and also taking a step back from
the company’s daily operations and letting others handle it.
4. What new challenges does lululemon face today?
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