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Introduction of Successful Business Entrepreneurship Management

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Added on  2021-02-20

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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.

Introduction of Successful Business Entrepreneurship Management

   Added on 2021-02-20

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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Background and interview of successful business entrepreneur.................................................3TASK 2............................................................................................................................................51) The main characteristic need to evaluate................................................................................52) Evaluate niche market by scrutinizing industry, the client needs and competition. ..............6Identify operational and financial needs of business..................................................................6Identify the suitable records keeping framework........................................................................7Job description to attract right peoples........................................................................................76) Apply academic models and concept......................................................................................7TASK 3............................................................................................................................................9A) Product and services that beats competition..........................................................................9Growth and liquidity is to be sustained long term....................................................................10C) change in original business plan..........................................................................................11D) Skills need to work on to improve as an entrepreneur.........................................................11E) Ways of increase probability of success in rapidly changing business environment...........11Make the best use of resources..................................................................................................12CONCLUISON..............................................................................................................................12References......................................................................................................................................13
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INTRODUCTIONEntrepreneurship is process of creating, introducing and running new business. Thecapacity to build, organize and arrange business venture with risk in order to make and earnprofit. Entrepreneurship management is provided are aspiring entrepreneur with backgroundwhich is help to tackle all the aspects of small business. Management is support for build andcreate right set of skills which are needs for become a successful business enterprise. The presentreport is based on small local business “new road hotel” which is incorporated business. A studyis conduct by the interview process of entrepreneur. Report will cover by the main characteristicsin order to efficaciously implement business plan. This will evaluate niche market by thescrutinizing industry and need of clients or competition. It will identify operational and financialneeds of business and also most suitable records keeping framework or its application. It willformulate by job description for attracting right people for business growth. Report will showsproduct and services beats competition by focusing weak point, growth and liquidity is to besustained, needs of change in existing business plan, skills needs for improve as an entrepreneurand how to increase profitability of success by rapidly changing business environment. TASK 1Background and interview of successful business entrepreneur.The selected small local business is new road hotel. This hotel is located at UK. This isincorporated not less than five years ago. The hotel has a spa, fee Wi-Fi services with bestparking 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 toachieve gaols and objectives, they are hugely engaged and helpful at workplace. There staffmembers are friendly in nature and collaborate with other for establishing the best relationswithin a team member. Owner of new road hotel done hard work for become a successfulentrepreneur at marketplace, below is mention some question which are help to learn those are asfollows:Interviewer: Define the main stages of process for become successful entrepreneur.Entrepreneur: Entrepreneur process is set of events which are followed by another for becomesuccessful entrepreneur. This includes ideas of business, operations, implementation and growth.Idea generation:
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Idea generation is main and starting stage for become a successful entrepreneur becausethis give effective and valuable idea for starting business. This includes with a mixed excitementemotions. This time they are highly seeking independently at the business world and also readyto create and build new market by providing best services to customers. Owner is get idea ofbusiness by observing and understanding best market needs. With the help of observation, get thebest business idea which is related to hospitality industry is hotel. The name business is alsounique which is Brookland hotel. Surviving and growing business:This stage where successfully introduced their business ideas and look towards strategieswhich 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 independentlyfunding 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 togetting more confident having seen successful. Owner was not highly confident at this stagebecause of our mission and goals of business. The prime stage:At this stage business more predictable growth phase. This is fantastic for staying longterm. By this, owner is realized that other businesses make me stronger by giving their enoughand hard contribution. Aging and early decline:This condition is come most significantly which is faced by owner moves out andpartnership. In this stage, owner is face problem if other businesses are come with new idea inmarket (Byrd-Bredbenner and et.al., 2017). This can disturb owner and business idea, think torestart 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 willhappens 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 efficaciouslyimplement business plan:
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