Entrepreneurial Strengths and Actions to Increase Value Creation

·         Enhanced Energy Sector Diversification: Chevron Corporation has numerous investments in energy sources outside the standard gas and oil sources of energy. For instance, the company has invested in geothermal energy, allowing it to remain operational at lower costs when oil and gas costs shoot up (Medida & Kumar, 2025).

·         Strong International Presence: Chevron Corporation operates in many international markets where it generates revenue. The company has 180 branches worldwide, which allows it to reach as many customers as possible. Additionally, the many international branches enable the company to reduce costs related to shipping finished products from its home country manufacturing premises.

·         High Financial Strength: Chevron Corporation has revenues rising over the past five years. Increasing revenues bolster the firm’s financial health, enabling it to hire highly skilled workers and avoid debts.

Elements of Approach to Entrepreneurship

·         Collaboration: The company collaborates with innovative entrepreneurs who contribute immensely to new product development.

·         Mergers and Acquisitions: The company acquires upcoming companies and makes mergers as an approach to create synergy in entrepreneurship.

Elements of Chevron’s Value Creation

·         Customer Care Service Improvement: The company creates value for its customers by offering them a high level of customer care service. In addition, employees are trained to maintain high ethical standards while interacting with customers. As a result, the company has made it mandatory for all employees to treat customers respectfully and consider them part of the company (Forozandeh & Mohammadnezhadiyan, 2024). Typically, the company conducts reviews of its customer care services to establish areas of improvement and, as a result, maintains customer loyalty, which is an essential aspect of value creation.

·         Purchase Discounts: Chevron Corporation creates value for its customers by offering them trade discounts. Notably, discounts ensure the company remains competitive when viewed against competitors (Medida & Kumar, 2025). As a result, more customers are attracted to the discounted prices.

Chevron Corporation is considering engaging in joint venture approach in the international market. A joint venture entails two business firms combining forces to enter a new market, or a new type of business. Chevron Corporation will have to seek friendly companies to combine forces and start a new venture. Even though there are other methods of entering a new market such as buy outs, more benefits will be acquired using a joint venture. Notably, this is so because a collaboration with a local firm for an international venture will aide in ease of entry and set up. In the end, this action will ensure the company expands its global market presence and access to more markets. More revenue will be generated as more customers are attracted.

References

Forozandeh, M., & Mohammadnezhadiyan, A. (2025). Industry 4.0 technologies transforming operations in the oil and gas industry: An overview. IUP Journal of Operations Management, 24(2). https://iupindia.in/ViewArticleDetails.asp?ArticleID=7882

Medida, L. H., & Kumar, G. S. (2025). Revolutionizing oil and gas exploration: The impact of automation technologies. In Revolutionizing AI and Robotics in the Oil and Gas Industry (pp. 165–192). IGI Global Scientific Publishing. DOI: 10.4018/979-8-3693-8156-4.ch008