Entrepreneurship Management Sample Assignement

Added on - 21 Feb 2021

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EntrepreneurshipManagement
Table of ContentsINTRODUCTION...........................................................................................................................3Main Body.......................................................................................................................................3Characteristics that need to be evaluated for efficaciously implementing business plan.......3Evaluate the niche market by scrutinising the industry, the client needs and competition....4Operational and financial needs of business enterprise..........................................................5Identification of most suitable record keeping framework and applicable reporting structure6Job description that attracts right people in line with business growth plan..........................7Academic model in determining pertinent measures required to target specific business needs................................................................................................................................................7Development and marketing of product or service that addresses the needs of clients betterthan competition.....................................................................................................................8How Growth or liquidity to be sustained for long terms........................................................9What needs to change in research in changing requirements to turn business plan intosuccessful business venture..................................................................................................12Requirements of entrepreneur for improving one skills.......................................................13Probability of success in a rapidly changing business environment...................................14Best Use of resources available...........................................................................................15CONCLUSION.............................................................................................................................15REFERENCES..............................................................................................................................17Appendices....................................................................................................................................18
INTRODUCTIONEntrepreneurship can be defined as an activity of setting up the venture through takingfinancial risks in hope of earning profitability. Whereas, management is an administration that isused for managing or arranging things appropriately. Apart from that, entrepreneurshipmanagement is a process of managing or administrating all things for establishing businessventure in a particular sector of market.Chosen organisation for this report is ABC restaurantthat is situated in Malta and was established five years ago. Along with this, an anotherorganisation is taken whose name is A-one that will be established in upcoming period of time inMalta.This report will discuss about the main characteristics that are needed for effectivelyimplementing the business plan. This business plan will includes PESTLE, SWOT, Porter's fiveforce model that will supports the owner of entrepreneur in competing the rivals. Along with it,an idea of organisational structure will also provided to entrepreneur that will beneficial for themin overcoming the conflicts and issues from workplace.Main BodyCharacteristics that need to be evaluated for efficaciously implementing business planMain characteristics that are required by entrepreneur of ABC for effectivelyimplementing the business plan. Some of them are described as below:Making of Risk Management Plan– Risk can be occurred at anytime while businessplan is ongoing therefore, risk management plan should be formulated effectively byentrepreneurs so that business plan can be implemented in efficaciously.Time management– It is also an essential characteristic that is required by entrepreneurfor making business plan efficacious as without managing time aspects of business plans can't becarried out effectively.Developing of Budget –Estimation of funds is mainly required while developingbusiness plan because without it the activities or functions of business plan will not be carriedout effectively that automatically leads the business plan towards failure.Allocation of resources– Entrepreneurs should allocate each resources i.e. financial,human, technical etc. effectively so that desired goals can be achieved after completion ofbusiness plan (Windrum, 2018).
Maintaining balance between personal and professional life– This is the maincharacteristic that leads the business plan towards efficacious as if entrepreneurs of ABC willengage in their personal duties then how could the desired goals will be accomplish. Therefore,it is important to make good balance between personal and professional life.Clear objectives– Before starting work on business plan it is very important forentrepreneur to set clear goals or objectives that have to achieved after implementing businessplan. This goals may be related with huge customer base or market-share etc.Monitoring or regulating each activity –This is last but not least characteristic ofentrepreneur that is required by entrepreneurs for making business plan efficacious becausewithout monitoring or regulating each activity organisation will not get desired success.From the above discussed characteristics, it has been identified that entrepreneurs whowants to establish A-one restaurant in upcoming period have to analyse these features andcharacteristics effectively as it will support them in making growth and success of newlyintroduced restaurant in Malta.Evaluate the niche market by scrutinising the industry, the client needs and competitionFor sustaining effectively in the hospitality industry of Malta, It is very essential forentrepreneurs of ABC to analyse the level of competition in the hospitality sector of Malta sothat suitable actions can be taken for the same. For analysing the competition level in Nichemarket along with identifying customer's needs, entrepreneurs of ABC should conduct Porter'sFive force model that is discussed as below:Threat of new entrant –Threat of new entrant in hospitality business is lower as hugeamount of funds are required for establishing venture in hospitality sector of Malta.However, ABC restaurant is already established and providing services in Maltatherefore, this factor can provide support to entrepreneurs in satisfying the needs ofcustomers in niche market.Bargaining power of Supplier –This force can effect the profitability of firm whenthere are few number of suppliers are present in a particular sector. Apart from that, lessnumber of suppliers are present in hospitality industry due to which force of this factor ishigh in hospitality sector of Malta (Sarasvathy,and Venkataraman, 2017). Therefore,Entrepreneurs of ABC should analyse this factor that can effect their profitability orsustainability in adverse manner.
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