Entrepreneurship Management Assignment
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Added on 2021-02-22
Entrepreneurship Management Assignment
Added on 2021-02-22
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EntrepreneurshipManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Main stages in the process of becoming a successful entrepreneur.......................................11.2 Main characteristics that need to be evaluated in order to efficaciously implementingbusiness plan................................................................................................................................21.3 Concepts, models and frameworks in addressing the identified weaknesses and building onthe recognised strengths...............................................................................................................3TASK 2............................................................................................................................................42.1 Evaluation of niche market by scrutinising industry, client needs and competition.............42.2 Operational and financial needs of business enterprise.........................................................52.3 Identification of most suitable record keeping framework and applicable reportingstructure........................................................................................................................................52.4 Job description that attracts right people in line with business growth plan.........................62.5 Academic model in determining pertinent measures required to target specific businessneeds............................................................................................................................................7TASK 3............................................................................................................................................93.1 Development and marketing of product or service that addresses the needs of clients betterthan competition...........................................................................................................................93.2 Liquidity or growth plan to ensure business sustainability..................................................113.3 Impact of research in changing requirements to turn business plan into successful businessventure........................................................................................................................................13Task 4.............................................................................................................................................134.1 Contribution of feasibility study and business modelling in applying sound entrepreneurialskills...........................................................................................................................................134.2 Ways entrepreneur can increase probability of success in rapid changing businessenvironment...............................................................................................................................144.3 Key tasks of operational management, growth management and sound financialmanagement...............................................................................................................................14CONCLUSION..............................................................................................................................14
INTRODUCTIONEntrepreneurship management is the practice where entrepreneurs utilizes knowledge inorder to enhance effectiveness of small along with medium sized ventures. Such concept is animportant part bin the field of management for enthusiastic people who has an idea of innovationas well as starting a new business. For understanding entrepreneurship management, Beewits isselected (Audretsch and Caiazza, 2016). The idea of such company was conceived by RichardMuscat Azzopardi. Such business is a small sized venture was founded in the year 2015 and andis based on digital marketing agency. This present report includes main theories, issues, concernsin relation to entrepreneurship. It further discusses about elements which are crucial for anentrepreneur in order to achieve successful business. It further includes lessons learnt to re shapethe business in such way that remains successful in long term. Lastly, it includes importance ofvarious components at play at prior and following the launch of a new business for ensuring longterm sustainability. TASK 11.1 Main stages in the process of becoming a successful entrepreneur.Entrepreneurship is an ongoing activity in which certain procedures are to be followed inorder to plan as well as launch new business venture by entrepreneur. Following steps to becomea successful entrepreneur are as follows:Illustration 1: Entrepreneurial process. 2018( Source: Entrepreneurial process. 2018 )1
Stage 1: Discovery: such step includes generation of idea by identifying as well asevaluating opportunities by entrepreneur. Richard along with other people discoveredopportunities as well as evaluated efficiencies by seeking feasibility of proposed solution,associated risks, personal skills as well as organisational goals.Stage 2: Business plan development: When opportunities are identified then businessplan is developed as per the organisational objectives by setting benchmarks as well asevaluation criteria. Selected entrepreneur has dedicated his crucial time in formulating plan bystating mission, vision, goals, statements and many more (Baum, Frese and Baron, 2014). Stage 3: Resourcing: At this step key resources are identified and arranged in efficientmanner. Chosen entrepreneur has identified various sources to arrange financial resources ,human resources, investors and so on in order to carry out further activities of business.Stage 4: Managing company: when funds are raised along with hiring of employees isdone, next stage is to execute business plan for the purpose of attaining set goals. At this stage,Richard has prepared management structure for solving problems while performing variousoperations.Stage 6: Harvesting: at this stage, future prospects of entity are decided byentrepreneurs. Respective entrepreneur decides growth and development of company bycomparing actual growth results against planned growth. It helps in taking necessary decisionsrelated to expansion or stability of business operations (Burns and Dewhurst, 2016).1.2 Main characteristics that need to be evaluated in order to efficaciously implementingbusiness planThe main characteristics that needed to be evaluated for efficaciously implementingbusiness plan are as follows:Business plan: Business plan must be evaluated in efficacious manner as furtheroperations in implementation of plan are dependent on such concept. Evaluation of business planhelps in identification of areas where improvements or modifications are required in order tosuccessfully implementing business plan.Project schedule: It communicates what task to be performed at which time period.Project scheduling must be evaluated properly as it is associated with implementation of plan aswell as completion of project on accurate time period. 2
Contingency as well as risk plan: Plan related to contingency and risk must also beevaluated in order to understand the situations as well as managing risk for the purpose ofimplementing business plan in efficaciously manner. 1.3 Concepts, models and frameworks in addressing the identified weaknesses and building onthe recognised strengthsIn order to address identified weaknesses and building recognised strengths, model orconcept of SWOT analysis is used. SWOT analysis helps in identifying key strengths,weaknesses, opportunities along with threats (Burton, Sørensen and Dobrev, 2016). SWOTAnalysis of Beewits is as follows:Strengths:The workforce along with teams are creative, highly proficient experts in digitalmarketing, excellent qualifications and so on.Services provided by such organisation are measurable, guided by best practices andresult driven which attracts maximum clients.Current clients as well as low debts contributes towards strengths and entrepreneur ofsuch company has low borrowing power which is the core strength.Weaknesses:Being a new digital marketing agency, it requires some time to break the market and gainacceptance from top profile clients.The entrepreneur faces weakness of availability of funds for pumping into promotion ofbusiness through main streams such as paid advertising, public relations and so on.Lack of sales staff required for promoting the agency to business is another weaknessesof Beewits (Drucker, 2014).Opportunities:Various opportunities are available for selected company as it performs its operations indigital marketing industry which involves corporate organisations as well as largenumber of individuals have active presence on Internet. Such aspect helps inunderstanding the demand or requirements of clients and providing them servicesaccordingly.By meeting with several companies and clients selected business has achieved an imagein the market place which helps in segmenting them as per different characteristics as3
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