Introduction of Successful Business Entrepreneurship Management

Entrepreneurship management INTRODUCTION 3 TASK 13 Background and interview of successful business entrepreneur. 6 Identify the suitable records keeping framework.7 Job description to attract right peoples. Report will shows product and services which beats competition by focusing weak point, growth and liquidity is to be sustained, needs of change in existing business plan, skills needs for improve as an entrepreneur and how to increase profitability of success by rapidly changing business environment.

Entrepreneurship
management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Background and interview of successful business entrepreneur.................................................3
TASK 2............................................................................................................................................5
1) The main characteristic need to evaluate................................................................................5
2) Evaluate niche market by scrutinizing industry, the client needs and competition. ..............6
Identify operational and financial needs of business..................................................................6
Identify the suitable records keeping framework........................................................................7
Job description to attract right peoples........................................................................................7
6) Apply academic models and concept......................................................................................7
TASK 3............................................................................................................................................9
A) Product and services that beats competition..........................................................................9
Growth and liquidity is to be sustained long term....................................................................10
C) change in original business plan..........................................................................................11
D) Skills need to work on to improve as an entrepreneur.........................................................11
E) Ways of increase probability of success in rapidly changing business environment...........11
Make the best use of resources..................................................................................................12
CONCLUISON..............................................................................................................................12
References......................................................................................................................................13

INTRODUCTION
Entrepreneurship is process of creating, introducing and running new business. The
capacity to build, organize and arrange business venture with risk in order to make and earn
profit. Entrepreneurship management is provided are aspiring entrepreneur with background
which is help to tackle all the aspects of small business. Management is support for build and
create right set of skills which are needs for become a successful business enterprise. The present
report is based on small local business “new road hotel” which is incorporated business. A study
is conduct by the interview process of entrepreneur. Report will cover by the main characteristics
in order to efficaciously implement business plan. This will evaluate niche market by the
scrutinizing industry and need of clients or competition. It will identify operational and financial
needs of business and also most suitable records keeping framework or its application. It will
formulate by job description for attracting right people for business growth. Report will shows
product and services beats competition by focusing weak point, growth and liquidity is to be
sustained, needs of change in existing business plan, skills needs for improve as an entrepreneur
and how to increase profitability of success by rapidly changing business environment.
TASK 1
Background and interview of successful business entrepreneur.
The selected small local business is new road hotel. This hotel is located at UK. This is
incorporated not less than five years ago. The hotel has a spa, fee Wi-Fi services with best
parking area. It is the Morden restaurant with the fine menu which includes by Italian food,
cocktails and sharing plates (Andersson, 2015). Hotel have staff who are delegated for work to
achieve gaols and objectives, they are hugely engaged and helpful at workplace. There staff
members are friendly in nature and collaborate with other for establishing the best relations
within a team member. Owner of new road hotel done hard work for become a successful
entrepreneur at marketplace, below is mention some question which are help to learn those are as
follows:
Interviewer: Define the main stages of process for become successful entrepreneur.
Entrepreneur: Entrepreneur process is set of events which are followed by another for become
successful entrepreneur. This includes ideas of business, operations, implementation and growth.
Idea generation:

Idea generation is main and starting stage for become a successful entrepreneur because
this give effective and valuable idea for starting business. This includes with a mixed excitement
emotions. This time they are highly seeking independently at the business world and also ready
to create and build new market by providing best services to customers. Owner is get idea of
business by observing and understanding best market needs. With the help of observation, get the
best business idea which is related to hospitality industry is hotel. The name business is also
unique which is Brookland hotel.
Surviving and growing business:
This stage where successfully introduced their business ideas and look towards strategies
which are help to survive in industry (Burns and Dewhurst, 2016). For funding, at this stage,
owner look for investors or done independently. Here is entrepreneur is select independently
funding because this give power and control to me.
Hyper stage:
At this stage, entrepreneur is seeking for growth and may face problem if they start to
getting more confident having seen successful. Owner was not highly confident at this stage
because of our mission and goals of business.
The prime stage:
At this stage business more predictable growth phase. This is fantastic for staying long
term. By this, owner is realized that other businesses make me stronger by giving their enough
and hard contribution.
Aging and early decline:
This condition is come most significantly which is faced by owner moves out and
partnership. In this stage, owner is face problem if other businesses are come with new idea in
market (Byrd-Bredbenner and et.al., 2017). This can disturb owner and business idea, think to
restart business at marketplace with innovative think.
Illness and rapid decline:
This stage expected if manager and owner are late in finding signs of decline. This will
happens when is not sure about for the problems and its solutions. Take decisions fast and better,
which is effective for growth of business at marketplace.
Interviewer: what are the main characteristic which need to evaluate in order to efficaciously
implement business plan:

Entrepreneur:Business plan is the road map which provide the best incidence and direction for
business plan for best future of business. For achieve success in entrepreneurship, it is important
to have some characteristic which are help to achieve goals and objective to me. Self motivation
is main characteristic which is good and effective for business and its growth. Creativity is
effective characteristic which is help to give new way and place to business. Professionalism is
quality of all good entrepreneur possess. This give me reliability and disciplines. Self discipline
is help to achieve goals and target (Chernev, 2015). Risk taking is more effective ability for
entrepreneur. Without taking this, entrepreneur is not get something new idea and unique. Risk is
take various thinks which are helpful for business plan.
Interviewer: what are your strength as an entrepreneur?
Entrepreneur: I have lots of strength and weakness which was help me for achieve goals and
objectives of my business.
As an entrepreneur, I have strength by which I was enjoyed testing boundaries for being
bold and direct them to do so. Second strength which is practical and logical, this strength was
allowed me for concrete things and legitimate ideas. Other hand, I have weakness which is
unstructured action, this was create lots of problems for me because most of the time this not
work and not give proper decision for work. Hyper focusing is other weakness of me because
this makes focus on minor details while ignoring overall views of operations. Most of the time
external chances are created greater sales and profits in environment (Cooper and Folta, 2017)
(Hatten, 2015). Moreover, external environment is become a threat for business at marketplace.
TASK 2
1) The main characteristic need to evaluate.
A Characteristic are most important and effective which are need to evaluate in order to
efficaciously implement the business plan. As per the interview, entrepreneur is explained
various characteristic which are helped them for implanting business plan at marketplace. Some
more characteristic are as follows:
 Understand offers, as an entrepreneur, need to know offers and how it fit into the market
and our business needs. This help to implement the best and effective business plan. By
this characteristic entrepreneur is analysis needs and wants of market.

 Risk taking is best and effective characteristic which is shows various opportunities for
business plan with innovative and creative values. Without taking risk entrepreneur is not
able to think creative and innovative way.
 Self motivation is important traits which is help to entrepreneur for getting success in
their business plan (Hitt and Duane Ireland, 2017). Business plan is effective and good.
Without motivation, it is hard to get and make the best business plan. Here is need to
fully dedicated towards business plan.
 Creative thinking is the best and effective for the business. This help in business with
new and best solution of problem and also allow thinking about solution out of the box.
2) Evaluate niche market by scrutinizing industry, the client needs and competition.
The hotel industry has performed well in past years. This industry is highly important
segment of accommodation sector in the UK. This sector is highly contributed most values to the
UK economy compare with other accommodation services. Industry revenue is forecast for
growth and compound annual rate of 3.5% over the 5 to 6 years. This includes a forecast 3% rise
in the current years for reach out success in effective manner. This industry gives 371873
employment to peoples by creating 9765 business at place. Clients have needs by the hotel
industry which is effective and valuable (Holstein and Gubrium, 2016). They have demand
which is safety concerns and best services against of payment. They want best and effective
customers services from the hotel manager. In this industry have high competition at
marketplace. The competitors are Four Seasons hotel, resort inn, south lodge. Those are the best
hotels at UK and have competition at marketplace.
Identify operational and financial needs of business.
Every business operation and financial needs for run and achieve goals and objectives of
business. The operational needs of business are human resources, marketing, technology, legal
activities, accounting services and insurance. Those are very important operational activities and
needs of business at marketplace. Other hand, finance refers money employed in business. This
includes purchase assets, goods, raw material, investment etc. Those are the main financial needs
of business.

Identify the suitable records keeping framework.
Records management is highly important and valuable for business. This ensures
institutional records vital and historical, fiscal and legal values in effective manner. Financial
record keeping is effective and valuable for business and its growth factor is in effective market
place. This give most effective and valuable thinking towards growth factor. This give perfect
budget to business. There are two types of records such as financial and employees performance
records to business (Meyer, Neck and Meeks, 2017). Financial records system important and
integral part of accounting. The financial records are keep by the balance sheet, profit and loss
account, cash flow etc. These provide proper and effective information to management to
organization. This provides information to shareholders, investors etc.
Balance sheet

Income statement
Ratios
Heading Current asset Current liability Ratio
Current ratio 600 500 600/500= 1.2
Job description to attract right peoples.
In the hotel industry, Front desk manager plays an important role. This position is
representative of whole hotel area. It is the face of hotel, the employees are direct deals with
customers and provide best services to them. They handle various guest requests in addition to
have good peoples skills. The job description for Front desk are as follows:
Job title Diligent, reliable and friendly front desk
Offices skills required Customer services, filing database and record management
Computer skills Word, excel, power point, outlook and windows, social media
management

Roles and responsibilities  Managing and training concierge
 Dealing with customers by handling complaints
6) Apply academic models and concept.
For determining the pertinent measures required to the target for the specific business
needs. There are various needs of which can identify by applying academic model which is
business canvas model are as follows:
Organizational Structure -
Business canvas model:
Business canvas model is effective and valuable for identifying values, key partners, key
activities, key resources, customers relationship, customers segment, channels, cost structure and
revenue stream (Napier, 2017). Those are the main elements which are includes in business
canvas model.
 Key partners of this model is includes key partner/suppliers who are address to business
and give high motivation.

 Key activities are done by the values proposition which are highly required to be done all
the activities and growth of business. This important for business includes by distribution
channels, customers relations.
 Value proposition is related to the core values which are delivered to business. This also
includes needs of customers.
 Customers relationship is highly targeted to those customers are expected and also
integrate with business in terms of cost (Nijssen, 2017).
 Customers segment creates values for business which are highly important for business.
 Key resources refers values which are highly required for business and also important for
business.
 Distribution channels are most important for business. This help to promote business and
its products at marketplace.
 Cost structure is highly important for business. This includes various activities and
resources which are used in business.
 Revenue stream is includes values of customers willing to pay against of taking services.
Key partners
 Hotel
owner
 Hotel
chains
 Travel
Agents
Key activities
 Boost
positive
network
effects.
 Great and
effective
customers
support
 Grow
loyalty
program
 Observe
industry
landscape.
Values
proposition
 Increment
al revenue
 Risk
reduction
 Market
intelligenc
e
Customers
relationship
 Relations
with
hotels
 Better
customers
services
 Booking
services
 Online
services.
Customers
segment
 Single
room
available
 Independe
nt hotel
type.
 Single
location
Key resources Channels

 Numbers
of hotel
 High
quality
 Reviews
and rating
 Online
booking
channels
 Online
payment
mode
Cost structure
 Operating expenses
 Capitalized cost like property
equipment.

Revenue stream
 Reservation of accommodation, rental cars
 Travel insurance fees and reservation
management.
TASK 3
A) Product and services that beats competition.
In order achieve goals and objectives of business, owner is need to make strategy which
is help to beat those problems by introducing marketing plan are as follows:
Executive summary
Marketing plan for new services which is provides in new road hotel. The new service is
keyless entries-smartphone operated room. This service is highly effective and valuable for the
business and its growth factor (Ojo and et.al., 2018). This new idea is effect customers towards
the new road hotel. Marketing plan has includes by marketing goals, employees, facts of brand,
high level of metrics, future goals and plans.
Marketing strategy
Marketing strategy is term which is described process for evaluating and analysing all
factor of business. The marketing strategy developing action plan for boost sales volume and
revenues into the business. Marketing strategy is evaluated by the 7P's marketing mix:
 Product is main element of New road hotel which is effectively helps to attract customers
towards the business. The new product and services of business is keyless entry in room
with mobile phone.

 Place is concerns where product and services are given which is at New road hotel,
London.
 Price of product and services as per economy which is refers price of product in first is
low and after some increase when customers are attracted towards business.
 Promotion is refers those channels which are help to promote product and services at
marketplace like TV, You tube channel and providing good customers relations.
 Process is included effective and valuable for the business and its growth. Process is
includes like best and effective for business and its growth.
 Physical evidence is mobile app by which customers unlock their room for enter.
 Peoples are most important part of the business who are eligible employees, staff
members who are fully responsible and able to handle problems and issues at workplace.
Objectives
 increase customers satisfaction till 2019
 increase sales of services within 2-3 years.
Target market strategy
 Digital strategy and highly technology services.
Budget
Marketing expenses
Advertisement 150
Social media marketing 50
Bill payment 40
Growth and liquidity is to be sustained long term.
Growth strategy is effectively helped to achieve goals and objectives of business in
effective manner. Strategies are help to achieve goals and objectives of business which are as
follows:
 Market penetration: This strategy aimed to increase sales of existing product and services
in existing market.
 Market development: This increase sales of existing products by exploring market at
other place.

 Product development: The product development is strategy where owner is introduced
new product and services. New product is highly attracted customers towards business.
 Diversification: This lunch new product and services unexplored markets. This is the
riskiest strategy. That involves marketing by company.
Owner of new road, can use product development strategy which is effective and best for use
because this creates great opportunity for business (Piercy and Lane, 2015). With the help of
these customers are highly attracted towards the business. Customer are attracted then sales are
increase and finally profit margin increase. By this growth of business is high.
C) change in original business plan.
Business plan is Keyless entry in room by mobile phone app. Technological factors are
impact to business plan and it services. Keyless entry is technological services, if this system is
not work in proper manner then it is not possible by checking in room. Lack of lighting issues
are also created problem and impact to business idea because in the absence of this, business idea
is effected ans customers are not satisfied by these ideas.
D) Skills need to work on to improve as an entrepreneur.
There are various skills which are important for business and its growth of business.
Skills are time management, strategic thinking, communication, finance, efficiency. Those skills
are very important with the help of time management work is done in proper and timely
(Roberge, Eisenmann and Cespedes, 2016). As an entrepreneur, time management customers are
highly satisfied because all work is done in proper manner. Communication is the best way to
convey message to customers. It is very important to communicate right and correct informations
of business and polices.
E) Ways of increase probability of success in rapidly changing business environment.
Here are some ways which are help to increase probability of success in rapidly changing
business environment. Those are as follows:
 Professional development is the best way to increase probability of success in rapidly
changing business environment.
 Quality product and services are effective and important way to attract customers and
increase probability of business growth. With the help of the best quality product
customers are highly engaged at marketplace (Trotter and et.al., 2019).

Make the best use of resources.
There are various resource which are help to achieve goals and objectives of firm in order
to satisfy at marketplace. Human resources are best and main resource of business, they are
highly contributed in business in order to achieve goals and objectives of business (Welter and
et.al., 2017). For improve performance of employees owner of business can give training and
development program. Effective training is help to employees for address their roles and
responsibilities.
CONCLUISON
From the above study is based on the entrepreneur management has important and
effective for growth of business. With the helped of interview, concluded that the as an
entrepreneur, characteristic and stages of becoming successful entrepreneur at marketplace.
Marketing plan help to achieve goals at new market place. Product development has effective for
business in order to achieve goals and objectives of business with new product and services.

References
Books and Journals
Andersson, M., 2015. Start-up rates, entrepreneurship culture and the business cycle: Swedish
patterns from national and regional data. Innovation and Entrepreneurship in the Global
Economy: Knowledge, Technology and Internationalization. 162.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Byrd-Bredbenner, C. and et.al., 2017. The marketing plan and outcome indicators for recruiting
and retaining parents in the HomeStyles randomized controlled trial. Trials. 18(1). p.540.
Chernev, A., 2015. The marketing plan handbook. Cerebellum Press.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship. pp.348-367.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Holstein, J.A. and Gubrium, J.F., 2016. Narrative practice and the active interview. Qualitative
research. 67.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset. pp.17-44.
Napier, M.R., 2017. Behavior, truth and deception: Applying profiling and analysis to the
interview process. CRC Press.
Nijssen, E.J., 2017. Entrepreneurial marketing: an effectual approach. Routledge.
Ojo, C. and et.al., 2018. A Marketing Plan for Scientists: Building Effective Products and
Connecting with Stakeholders in Meaningful Ways. Solutions (Burlington, Vt.). 9(2). p.1.
Piercy, N. and Lane, N., 2015. Marketing Strategy. Wiley Encyclopedia of Management, pp.1-3.
Roberge, M., Eisenmann, T. and Cespedes, F., 2016. InsightSquared: Developing the Sales and
Marketing Plan.
Trotter, B. and et.al., 2019. Marketing Plan.
Welter, F. and et.al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
embrace entrepreneurial diversity.

Wheelen, T.L. and et.al., 2017. Strategic management and business policy (p. 55). Boston:
pearson.