Entrepreneurial Opportunity: Developing a Human Resource Consultancy Firm

This document discusses the entrepreneurial opportunity of developing a human resource consultancy firm. It explores the themes of networking, learning from mistakes, and developing a development plan. The document provides insights into the target market, customer demands, and the importance of quality and innovation in the business.

Entrepreneurial
Opportunity

Table of Contents
.........................................................................................................................................................1
INTRODUCTION...........................................................................................................................2
1. Introduction to entrepreneurial ideas ....................................................................................2
2. Entrepreneurial theme ............................................................................................................5
3. Development Plan...................................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11
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INTRODUCTION
An entrepreneur is referred to as a person who has innovative ideas that is used by him
for gaining economic benefit. However, an entrepreneur can also be defined as an individual who
is associated with development of new activities and ensuring the completion of task.
Entrepreneurship can be considered as the procedure of discovering various methods of
combining resources in an effective as well as systematic manner in order to realize a market
value. The report has focus on entrepreneurial theme and the way it relates to the proposed
business venture. These themes will assist entrepreneur in developing understanding about the
business and will support them in managing business in successful manner. Startup companies
and colleague students are the target of consultancy firm. The target market that can be used by
human resource consultancy firm can be categorized into two segments such as emerging high-
tech origination and non-high-tech business unit.
1. Introduction to entrepreneurial ideas
The business idea is to develop and introduce business clients. This idea is similar to
human resource consultancy business. This is basically a recruitment agency. Human resource
consulting organization require one or more experts that could provide professional advice to
customers. The purpose of the enterprise is to offer easy access to industry specific consultant on
various or particular subject matter. It is very difficult to set up a new operating business as such
organization require huge capital investment and resources. Introducing clients to existing
business is an effective idea as there is less risk of failure and it also requires less investment.
The concept of this business is quite simple to understand as Entrepreneur is required to identify
existing business entity that are looking to recruit clients and willing to accept fresh talent. This
business idea will provide entrepreneur to gain profit at initial stage of the business which is not
possible in establishing other business. In this business, entrepreneur will get a chance to target
candidates those who require jobs and other party is organization or companies that are needed to
hire fresh talent. In this business Owners are accountable for maintaining communication
between employees and administration. The Human resource manager is required to execute
various activities maintaining line of communication. Duty of entrepreneur is to fix or improve a
particular component of client business. This business is selected as in such as competitive
demanding the companies generally do not have much time to waste on conducting a lengthy
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procedure to hire skilled and talented employees. So, these organizations hire outsider party to
conduct such procedure for enterprise (Fayolle and Gailly, 2015).
The reason of establishing the Recruitment business is to provide affordable recruitment
solutions to small and medium sized businesses. But not at the cost of sacrificing organization
well established service levels. The business entity has understanding that other enterprise or
multinational companies want two things from a recruitment agency that is great candidates and
Budget pricing. The cited Venture provides both. The quality of services will assist firm in
achieving success and fostering growth. It will also support business entity in establishing good
position in market and wining over competitors.
An organization value proposition is defined as the benefits that company provides to its
client. A staffing organization unique strategy of value proposition include adopting the cost
leadership pricing strategy as this will help Business venture in attracting more number of
customers. The enterprise will provide effective and unmatched services that is not provided by
other staffing or recruitment agencies. The objective of the organization is to protect their clients
from getting tangled in unproductive relationships with workers.
The recruitment agency has opportunity to gain profitability. The business entity has a
chance to get specialized in the recruitment field. It has an opportunity to develop and introduce
unmatched services in order to attract more number of customers. Recruitment agency has an
opportunity to use technology such as internet and social media sites for recruiting candidates on
behalf of other enterprise. The firm has a chance to introduce online training program me for
candidates as this will help business venture in increasing sales, profitability and fostering
growth.
With the increase in competition level, there has been rise in demand of skilled as well
talented workforce and demand for such type of business (Zahr and et.al, 2014.) Human
resources business there are many specialties such as strategic management, information
technology consultant, human resource consulting, virtual management consulting, operation
management consulting etc. It provides entrepreneur an opportunity to offer more services that
may lead to increase in work while specializing or getting expertise in particular field or in few
areas can provide opportunity to achieve or gain high paying contracts. This business is high
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capital maximize and serving in emerging company market. The uniqueness of this business is
that it includes human resource fusion that is the core of element of multidisciplinary team of
human resource experts (Hatten, 2015)Human resource fusion refers to as the management
practice that provides comprehensive range of human resource solutions with a business focus.
Human resource is the nucleus of a multidisciplinary team of human resource specialist. This is a
dynamic business that excel in providing training and consultation to candidates. The business
has focus on people in organization.
Entrepreneurial opportunities can provide entrepreneur an opportunity to bring drastic
and positive change in business and improve method of working. These opportunities can be
achieved by individual if he has desire to become effective entrepreneur. There are many
chances for human resource organization to grow their business and gain high market share
(Kirzner, 2015).
Products of Quality- Improving and focusing on the quality of products will help enterprise in
achieving success and growth. Entrepreneur can establish this business on small scale. As this
will support them in providing effective as well as quality services to their client. Human
resource consultancy firm has an opportunity to attract more numbers of customers and gain
customer loyalty. The business entity has a chance to fulfill its objective of customer satisfaction
by providing them quick and effective services as well as innovative solution. This activity will
allow enterprise to increase their sales and profitability. The profit or additional revenue earned
by business owner can be further used for development of firm. It can be also used for
developing company’s website as this will aid business entity in reaching wide number of
customers and promoting their products as well as services. The organization need to have
emphasized on quality of services as well as goods.
Innovation- Innovation process is very significant process to be conducted especially by new
organization as this will enable business entity in achieving position in market and fostering
growth. This process will support firm in ensuring success and maintaining sustainable business
performance. Innovation is an effective process as it allows business entity an opportunity to
attract more numbers of clients and generating profit at initial stage of startup. This can also be
another source of increasing value proposition (Kuratko, 2016)
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Entrepreneurial opportunities
Investors- As establishing human resource consultancy firm is a unique business idea, it will
help entrepreneur in attracting more number of investors. The organization has the opportunity to
use investment in further development and expansions of business. This idea will assist
entrepreneur in identifying various source of finance and fulfilling the requirement of various
resources that are required for smooth functioning of business. Consultancy or introducing
business client is a unique as well as innovative idea which has high demand in the market, due
to which the entrepreneur will able to gain attraction of more investors.
Diversification- The new company has an opportunity to diversify its product after establishing
their position in market. As it is a consultancy firm, it has the opportunity to diversify its services
such as it can provide consultation related to IT, Engineering, consultation related to legal
compliance, training, education, etc. Service diversification will help business entity in
increasing their profitability and reducing competition. Through this activity, the company will
also get a chance to gain attraction of wide range of customers (Mason and Brown, 2014).
Target market
There is increase in demand of human resource services. At initial stage of business,
entrepreneur can select local or domestic market and after some growth of the business, it can
enter into the new market. After achieving success in domestic market and if company is able to
maintain its customer base, then the enterprise can expand their business in international market.
Target Customer-
The emerging high-tech business unit will allow consultancy firm to increase its profits and
revenue.
Access to customers- The business entity can develop its own websites as this will help
enterprise in reaching wide range of customers. The other source is social media and
advertisement, marketing activities, these are the few methods that can assist organization in
identifying the needs of customer and providing them effective services. Entrepreneur can also
establish its small stores at various locations as it will be easy for its client to reach company.
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Social media and internet are the effective sources that can be used by business entity for
providing quick sick and effective solution to their clients.
Customer demand- The demand of the other organization as customer is effective as well as
suitable solutions regarding the management and recruitment of employees. While the demand of
candidates is career, job solutions, education, certification, training and development.
The needs and demands of the customers can be analyses by conducting market survey,
communicating with people, facilitating market activities etc. are the few methods that can be
used by newly established business entity to identify the needs of customers. Newspapers and
advertisement are other major sources for gathering data.
The consultancy firm can fulfill the demands of their customers by providing them
effective, suitable and quick solutions (Morris, 2015).
2. Entrepreneurial theme
The main themes of entrepreneurship are Be a Doer, don't be afraid of the mistakes, never
forget the significance of networking, don't listen to negative facts. The important theme for
entrepreneur are:
Networking is an effective tool that support entrepreneur in achieving success and
fostering career growth. It also allows them to explore and capture various business
opportunities. It is essential for entrepreneur to seek advice from experts and successful person
as it will allow them to manage their business successfully. In such a dynamic and competitive
environment, this theme will assist business entity an opportunity to gain competitive advantage
(Naudé, 2013).
At initial stage, there are high chances of conducting mistakes by entrepreneur which is
normal as they do not have practical experience. Mistakes sometimes may lead to positive
change. This factor provide entrepreneur a chance to learn something and developing various
skills that can be used by them for managing business in successful manner. Mistakes will
encourage entrepreneur to identify effective measures so that future problems can be avoided. It
also provides them a chance to gain new experience and increasing their risk bearing capacity.
Doing mistakes is normal but learning from such is very important in order to grow business and
achieve success. Growth in the business will definitely lead to making some mistakes. This
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factor allow entrepreneur to become adaptable to change and to solve various business problem
in effective as well as systematic manner. It also helps entrepreneur in developing confidence
that is essential for increasing suitability and growth of business (Read and et.al, 2016)
It has concluded from the above theme that networking is essential in order to developing
business and increasing profitability. Mistakes is a part of entrepreneurial process but it can some
times may create hindrances in growth of the business if appropriate solution are not be applied.
Networking theme provide entrepreneur an opportunity to develop industrial relation as it will
allow them to reduce competition, keeping update about the latest business trend and gaining
competitive advantage. This activity also allows entrepreneur a chance to built and maintain
healthy relationship with stakeholders and customer in order to increase profitability and achieve
growth (Stuetzer, et.al, 2017.)
The human resource consultancy firm have opportunity to conduct research and identify
the needs as well as demand of customers. Market survey is the effective method that will allow
business unit to explore and gain various opportunities. Another method is entrepreneur is
required to keep update themselves with the latest business as well as human resource trends.
This will help him in recognizing the various business opportunities. It also provides
organization an opportunity to improve their performance and develop their focus on improving
the quality Of services. These themes allow enterprise to fill gap between standard and actual
person. It also enables entrepreneur to identify performance gap (Schaper and et.al, 2014)
Entrepreneur need to have focus on developing high performance, talented, skilled
workers in order to achieve success and foster growth. Business owner should also emphasize on
fulfilling workers need and providing them satisfaction. As this activity will allow organization
to deliver quality services to customer.
Collective Energy, Shared Vision—A collaborative effort yields far better results than
anything an individual can do alone. High-performance decision making happens at all levels if
the mission and the goals are well articulated.
3. Development Plan
Individual has to go through various stages in order to generate effective business idea.
Each step required special considerations and attention. The business owner required to comply
with the systematic procedure that starts from generation of idea to implementation. It is very
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essential for entrepreneur to make preparation and develop various stages in order to ensure
success. Stages are:
Creation: Brainstorming is the significant concept from which the idea is generated. It is required
by individual to keep track of all ideas generated. At this stage all the ideas will be varied and
become potentially relevant in the future. The bidea is being reviewed in order to ensure its
effectiveness. Evaluating each idea and determining or identifying the value will help person in
gaining higher profit in business.
Assessment-This concept includes market research where information about the idea is being
collected and analyzed. This process is important for staring or establishing small organization.
Facilitating market research will assist in determining the viability of the idea. It helps individual
in developing understanding about market condition and formulating market plan.
Planning- The business plan is formulated by idea generator. Business plan assist person in
analyzing the goals and objectives. It also aids individual in obtaining other useful information.
Development:The ideas are generated and ready for implementing.
Testing- This stage involves a test market that is as close to a real market situation as possible.
Person will release your prototype into the public marketplace. Your prototype is tracked and
your market test results should confirm that this is a valid idea to move forward as a product.
Launching of business plan.
It is very essential for entrepreneur to develop effect plan as this will assist him in
managing businesses. This development plan is based on entrepreneurial theme. These themes
have supported entrepreneur is establishing principles and guidelines for running business.
Development includes setting of some special targets which could be set by the entrepreneur
according to their development theme. Development plan is reffed to the plan which includes the
objectives and goals which are to achieved for further development. It also shorts term goals and
objectives that are to be achieved within particular time span (Shalley and et.al, 2015)
Business development plan includes various steps -
Executive summary-The business idea is to develop and introducing business clients. This idea
is similar to human resource consultancy business. Human resource Consulting organization
require one or more experts that could provide professional advice to customers. The purpose of
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the enterprise is to offer easy access to industry specific consultant on various or particular
subject matter. It is very much difficult to set up new operating business as such organization
require huge capital investment and resources.
Venture description-Introducing clients to existing business is an effective idea as there is less
risk of failure and it also requires less investment. In this business, entrepreneur will get a chance
to target candidates those who require jobs and other party is organization or companies that are
needed to hire fresh talent. In this business. This business is selected as in such as competitive
demanding the companies generally do not have much time to waste on conducting a lengthy
procedure to hire skilled and talented employees. So such organization hire outsider party to
conduct such procedure for enterprise. The target market that can be used by Human resource
consultancy firm can be categorized into two segments such as emerging high tech origination
and non high tech business unit. At initial stage of business, entrepreneur can select local or
domestic market and after some growth of business it can enter into new market. After achieving
success in domestic market and if company is able to maintain its customer base, then enterprise
can expand their business in international market
Market Analysis-Emerging organization will be target due to following reasons such enterprise
are in need of human resource services as they are growing rapidly. Such emerging business unit
Do not have large enough in house solutions as they are big. Capital or financial resource are
scarce, so emerging firm has less capability make investment on their employees. Human
resource consultancy enterprise has high chances to earn profits and gain market share.
Marketing plan-It includes description of various activities that are to be conducted in order to
promote goods and services. The main purpose of marketing plan is to assist enterprise in
achieving their marketing goals and objectives. This plan also include the & important elements
of marketing mix these are price, place, promotion, physical evidence, process, product and
people.
Price- At initial stage of business the low cost pricing strategy will be adopted by firm in order to
attract customers.
Place- Organization is planning to develop its own website in order to provide customer ease to
access companies services.
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Promotion-The effective use of social media platform and internet in order to promote enterprise
product and services.
Process-The company has much focus in developing effective operational system and using
effective techniques in operational activities.
People- Job seekers and emerging organizations are the target.
Physical evidence- Attractive Business infrastructure
Services- The objective of business entity is to provide effective as well as innovative solution to
its clients.
Resources-Financial, team of experts, Technology, management as well as operational team etc.
Operational plan-It can be defined as a plan that is formulated by manager which clearly
defines the tactics that can be taken in order to support the strategic objectives as well as plans of
upper level of management. The organization has focus on identifying the client problem and
analyzing suitable as well as innovative solutions. It also emphasizes on providing wide range of
services to customer.
Financial plan-The financial plan of the company has focus on attracting investors. Its
objectives is to achieve break even sales. This plan emphasizes gaining investors by providing
them investment opportunity, demonstrating the benefit of investment and presenting the creative
ideas (Entrepreneurship and innovation, 2017).
CONCLUSION
The study has highlighted the essential elements and factors that are required to be
considered in order to start entrepreneurial business. It has been concluded from the report that
there are various opportunities that can be gained by entrepreneur. These chances will help them
in managing their business in an effective manner. In addition to this, it has provided various
entrepreneur themes that can be used by owner in order to run business for long-term.
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REFERENCES
Books and Journal:
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of Small Business
Management. 53(1). pp.75-93.
Hatten, T. S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Mason, C. and Brown, R., 2014. Entrepreneurial ecosystems and growth oriented
entrepreneurship. Final Report to OECD, Paris, 30(1), pp.77-102.
Morris, M. H., 2015. Entrepreneurship as Experience. Wiley Encyclopedia of Management.
Naudé, W., 2013. Entrepreneurship and economic development: Theory, evidence and
policy. Browser Download This Paper.
Read and et.al, 2016. Effectual entrepreneurship. Taylor & Francis.
Schaper and et.al, 2014. Entrepreneurship and small business.
Shalley and et.al, 2015. Introduction: Integrating creativity, innovation, and entrepreneurship to
enhance the organization’s capability to navigate in the new competitive landscape. The
Oxford handbook of creativity, innovation, and entrepreneurship, pp.1-14.
Stuetzer, et.al, 2017. Entrepreneurship culture, knowledge spillovers and the growth of
regions. Regional Studies, pp.1-11.
Zahr and et.al, 2014. Contextualization and the advancement of entrepreneurship
research. International Small Business Journal, 32(5), pp.479-500.
Online
Entrepreneurship and innovation. 2017 [Online]. Available through:
<https://www.london.edu/programmes/topic/entrepreneurship-and-
innovation#.Whem0XV95CU>.
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