Assignment on Management and Entrepreneurship

Added on - 21 Apr 2020

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RUNNING HEAD:Management and Entrepreneurship1Management and Entrepreneurship
Management and Entrepreneurship2Table of ContentsIntroduction.................................................................................................................................................3Analysis of the key management challenges...............................................................................................3Financing.................................................................................................................................................3Cash flow management...........................................................................................................................3Finding and retaining profitable customers.............................................................................................4Hiring the right people and outsourcing..................................................................................................4Regulation and compliance.....................................................................................................................4Innovation...............................................................................................................................................4Customer service.....................................................................................................................................4Evaluation of issues in two major business areas........................................................................................4Social Entrepreneurship..........................................................................................................................5Comply with corporate social responsibilities of the company...........................................................5Upgraded technological implementation............................................................................................5Sustainability.......................................................................................................................................6Merger and acquisitions..........................................................................................................................6Organization culture............................................................................................................................6Communication challenge...................................................................................................................7Employee retention.............................................................................................................................7Recommendations for expanding entrepreneurship potential opportunities.............................................7Risk Assessment Plan.......................................................................................................................7Disclaimer of quality standards and schemes used by organization:...............................................8Becoming culturally viable...............................................................................................................8Reflective Report.........................................................................................................................................8Conclusion...................................................................................................................................................9References.................................................................................................................................................10
Management and Entrepreneurship3IntroductionEntrepreneurship refers to the willingness and capability to create, arrange, and manage abusiness project along with the risk involved and to make a profit (Barringer, 2012). In otherwords, entrepreneurship refers to the act of developing a business while establishing and scalingit to produce advantages. This report explains the management and entrepreneurship of TXOSystem Company in the United Kingdom. TXO System provides professional telecoms assetmanagement services and consultancy. The company specializes in providing technically soundand dedicated project management of telecom network infrastructure asset recovery solutions forcustomers from a variety of disciplines including telecommunications, data centers, oil and gas,government and education. The company was established in 2005 and operating on fivecontinents. The company aims that all technology and telecoms network assets are responsiblyand sustainably acquired, reused, resold and recycled in order to contribute to a fair circulareconomy and a more sustainable environment for all. The main purpose of this report is to focuson the skill development and attributes that empower the entrepreneurs to the realization ofopportunity and find out the best way to operate existing hierarchies.Analysis of the key management challengesAccording toSmith et al., (2012),entrepreneurs faced many issues in the present ultra-competitive business world. There are numerous issues that are experienced by entrepreneursthroughout the course of handling their business. According toSchaperet al. (2014), allentrepreneurs should be prepared for resolving the issues that they face in order to regulate theirbusiness activities. The key management challenges faced by TXO System Company aredescribed as follows:Financing: According toIrwin and Scott (2010), experienced entrepreneurs do not have itsimple with regards to funding a new business, but they do not have a few benefits overnewcomers. TXO System Company is utilized to long, industry-principles pay terms. Thetelecom organizations are in development mode, however, few out of every odd organization hasthe benefits or budgetary to secure conventional financing through a bank. The association canmake venture contacts and customers connections basic to give them a leg up in other efforts.
Management and Entrepreneurship4Cash flow management: According toBurns (2010), cash flow is necessary to smallbusiness survival. For small ventures, financial issues in their numerous forms are the mainconcern for the company which includes customer stalling payments, unexpected outgoings, andthe bills which are due to be paid. There are some attempted and cash management tools that canhelp the TXO System company to handle cash flow, multi-talented apps that can make budgets,estimate valued added tax, automate bill payment, aware company to unexpected outgoings andgive a free credit rating. This challenge also provides an opportunity for business as it can useonline invoices and prompting which is a strong source to convince reluctant customers to partwith financial terms.Finding and retaining profitable customers: There is a business maxim that requirescustomers with an issue which only organization can solve, and for this purpose, the companyhas to determine that unique selling point and convey it clearly to their customers. According toFrancoet al. (2014), TXO System can begin with investigating the customer base anddetermining the features of the existing customer base. The company can make sure toincorporate into this examination any costs related to specific consumers so that it can help thebusiness to have a clear perspective of their net value to the business. The company canconcentrate on the new strategies which are made in order to attract the customers from the mostproductive segment, and carefully distinguishing the offer to make sure that it appeals directly tothis kind of customer.Hiring the right people and outsourcing: According toStephens (2013), a small-medium sized business may not need full-time human resource or recruiting staff, but in thegrowth peak periods, recruiting the suitable candidate and finding the suitable skills andcompetencies is most important foe the sustainable future of business.TXO System can bring an expert with the skill to recruit the desirable candidate for organizationand it would be a favorable investment. Once, the desirable candidate is selected, it is essentialfor the company to ensure that representatives are happy and perform in an effective way andbeing approachable in order to achieve the business objectives efficiently.Regulation and compliance: According toOnettiet al. (2012), as business sectors andinnovations move, it is essential for the business to comply up with the rules and regulations.
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