Entrepreneurship Management Assignment Solved

Entrepreneurship
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Different stages of becoming entrepreneur............................................................................1
1.2 Characteristics required to evaluate in order to implement the business plan.......................2
1.3 Evaluate the concepts, models and framework to identify the weakness and building
recognize strength........................................................................................................................2
TASK 2............................................................................................................................................3
2.1 Evaluate the niche market by scrutinising the industry.........................................................3
2.2 Operational or financial need of the business enterprises......................................................4
2.3 Most suitable record keeping framework and applicable reporting structure........................4
2.4 Job description which attract right person for the business growth plan...............................5
2.5 Academics models to measure the specific business needs...................................................5
TASK 3............................................................................................................................................8
3.1 Research findings to develop market produces which address the need of customers..........8
3.2 Data collected for the customization of growth plan to ensure business sustainability.........9
3.3 Research impact on required change which turn a business plan into successful business
venture..........................................................................................................................................9
TASK 4 .........................................................................................................................................10
4.1 Appraise the contribution of feasibility studies and business modelling in applying
entrepreneurial skills..................................................................................................................10
4.2 Evaluate how entrepreneurial increase the probability of success in the business
environment...............................................................................................................................10
4.3 Key task of operations management to getting best outcomes from the available resources
....................................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship Management is the process where individual interested in organizing,
managing and taking all the risk of their own to develop new business and gain the opportunities.
It includes the capability or willingness to done something different to develop and manager the
business ventures which includes the risk to generate profit (Ateljevic and Page, 2017) . It is
totally depends on the individuals and market trends which motivate an entrepreneur to enter in
the market along with appropriate plans and strategies. Ella's Kitchen selected for the better
understanding of this concept. It is established in the year 2004 by Paul Lindley and based in
Oxfordshire where it is the best baby food brand in the UK. The company is involved in a
business of making organic baby and toddler food.
This report include the various topics such as entrepreneurship process, issues & their
concerns related and the elements which required to achieve a successful business. In addition, it
includes the various methods which helps the individual to remain their success for the longer
time. Along with this, evaluate the importance of various components which helps in developing
new business for the long term sustainability.
TASK 1
1.1 Different stages of becoming entrepreneur
Entrepreneurial is a continuous process which needs to be followed by an entrepreneur to
plan the things more efficiently for launch a New venture. Entrepreneur is an individual that
take the risk for formation a business and having foresight to identify the potential customer's
needs and demands. The following steps are covered for this process :
 Discovery: An entrepreneur process starts with the idea of a business. An entrepreneur
identifies and evaluate the business opportunities. An entrepreneur can measure the
efficiency opportunities related to investment in business, competitive advantage and risk
associated with the business.
 Develop a business plan: A entrepreneur must dedicated with idea of the business and
measure the component of business plan like capital requirement, goal and objective of
the business.
 Resources availability: A entrepreneur must identifies the resources of the business for
example finance requirement, human resources (Audretsch, 2015).
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 Managing the organisation: Once resources are available , the next step is set the
business goals, decide the management order and work accordingly.
1.2 Characteristics required to evaluate in order to implement the business plan
There are various elements which required by the individual for the implementation of
business plan. Entrepreneur have to analyse some characteristics and when organization going to
meet with their goals & objectives then they have to analyse weather it is good or bad. Individual
need to evaluate these characteristics which discussed below:
 Product that going to sell: Entrepreneur need to ensure that developing product is in
demand or not. Because it is totally based on the market trends and customers demand, so
they have to analyse their preference and then develop product accordingly.
 Marketing strategy: Business man have to predetermined the marketing strategy which
they going to follow. Because further strategy will develop as per the current requirement
or demand.
 Gaols: Initially, entrepreneur have to set short term goals and give their full efforts to
achieve them. After that, they have to build long term goals.
 Market: It is pre-determined that, which market entrepreneur going to focus it can be
niche or premium market (Bruton, Ketchen and Ireland, 2013).
Above mention characteristics required for the implementation of business plan which
helps the entrepreneur to get success in their business. These elements helps in developing
various strategies which further helps in decision making skills.
1.3 Evaluate the concepts, models and framework to identify the weakness and building
recognize strength
With the help of SWOT analysis, Ella's Kitchen measure their strength as well as
weakness which required for the further preparation of strategies.
This report covers a short SWOT analysis on this newly emerging firm.
Strengths Weaknesses
 Covers 30% market share of baby food
in UK.
 Has a global turnover of $121milion.
 Focus on healthy and organic food.
 Not following marketing strategy.
 Website is not bilingual.
 Doesn't include pregnancy products.
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Opportunities Threats
 Expending the business globally.
 Including new products like bottles,
toys, etc.
 Adapting new technologies through
research and development.
 So many competitors and substitutes.
 Decreasing birth rate in western
countries.
 Increased price of organic food.
TASK 2
2.1 Evaluate the niche market by scrutinising the industry
Niche market is cost effective where organization focuses on specific products or market.
In this market, entrepreneur explain the product features in order to satisfy the market demands.
Along with this, it includes the different price range and quality of products. Ella's Kitchen
focuses on child market where they offer variety of baby food product across the nation.
Ella's Kitchen have to done intents research regarding customer demand in the market
and current market trends which helps the organization to develop effective strategy in order to
fulfil client's needs and their competencies. Manager have to scrutinize the baby food product
market along with their competitors (Burns and Dewhurst, 2016). Ella's Kitchen is the UK's
number one baby food care product company which produce 100% organic or healthy products.
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Above mention picture clearly mentioned that, baby food market expected to reach $72.7
billion in the 2020. This sector of business have huge growth in the future, so it is important to
develop strategies as per the requirement of market.
2.2 Operational or financial need of the business enterprises
There are so many operational and functional needs which Ella's Kitchen needs to be
fulfil. Some of them are:
Operational Needs: Operational needs are the requirements that are necessary for
qualitative and desired outcomes. A creative thought process, capability, quality measurements,
balanced performance are some major operational needs. Requirement for success of operations
in an organization is that people and system interact, think and work together for desired output.
As a newly emerging company, Ella's Kitchen also have some operational needs. In process of
expending their business, company needs to focus on connecting new buyers, looking for new
economy, searching new suppliers, adapting new technologies and innovating creative ideas.
Maintaining accurate records for inventory and accounts is also required.
Functional needs: Functional needs are the activities or system that is necessary to fulfil
the operational needs. Functional needs define what should be the system for deriving the desired
outcome from operational activities. These functional needs are mainly divided into three major
parts that are marketing, human resources and finance. Since Ella's Kitchen is expending its
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business globally, it needs to create strong marketing and advertising strategies. Company will
have to find out energetic, enthusiastic, skilled and dedicated work force. For fulfilling its
monetary needs, company has to find out new and cheap financial sources and create an effective
and standard accounting system (Cooper and Folta, 2017).
2.3 Most suitable record keeping framework and applicable reporting structure
Record keeping is the main process of accounting where each transaction recorded on the
daily basis with the help of accounting system. With the help of this framework, manager build
various strategies after looking their records. Record keeping framework includes the minimum
required information which required by the manager of Ella's Kitchen to meet with their goals &
objectives. This framework followed by the local or state government agencies.
There are various reasons of reporting because it helps the organization to deliver their
strategies which impact the business. Reporting increase the capability of manager to develop
effective strategies for the Ella's Kitchen which further helps in achieving business gaols &
objectives. There are various reasons why reporting required to identify the ideal package:
 Target the delivering data and then analyse the capabilities.
 With the help of reporting, manager identify the actual situation of the business.
 It further helps in decision making process and improve analysis skills.
 Improve the internal communication.
2.4 Job description which attract right person for the business growth plan
Job description: It is the document which includes the various information regarding
any specific job role. For example: Ella's kitchen required sales person and it is mentioned
below:
Company Ella's Kitchen
Department Marketing
Job profile Sales
Job location Green City, UK
Experience 2 years
Job summary Ella's Kitchen required sales person who can develop
promotional strategies for the organization which helps the
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managers to increase their organizational efficiency or
effectiveness.
Skills required  Negotiable skills
 Creative thinking
 Ability to handle pressure
 Decision making skills
Roles and responsibility  Handle large number of people in the shops.
 Build marketing and promotional strategies.
2.5 Academics models to measure the specific business needs
Business needs will be analyse with the help of SWOT analysis where it includes the
strength, weakness, opportunities and threats. After implementing this mode, manager of Ella's
Kitchen able to build effective strategies to achieve their business goals & objectives.
Strengths Weaknesses
 Covers 30% market share of baby food
in UK.
 Has a global turnover of $121milion.
 Focus on healthy and organic food.
 Not following marketing strategy.
 Website is not bilingual.
 Doesn't include pregnancy products.
Opportunities Threats
 Expending the business globally.
 Including new products like bottles,
toys, etc.
 Adapting new technologies through
research and development.
 So many competitors and substitutes.
 Decreasing birth rate in western
countries.
 Increased price of organic food
(Eisenmann, Ries and Dillard, 2012) .
Ratio Analysis: It is an quantitative methods which helps the organization to identify
various factors which further helps the manager to build strategy and take effective decision as
per their financial position.
There are some of ratios of the Ella's Kitchen which is discussed below:
Current ratio= Current assets/ Current liabilities 0.89657189 0.93741808
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66 65
Particulars 2017 2018
Current assets 153260 114440
Current liabilities 170940 122080
Quick Ratio= Quick assets/ Current
0.45284895
28
0.29767365
66
Particulars 2017 2018
Quick Assets 77410 36340
Current liabilities 170940 122080
Business Canvas Model: It is a strategic management tool which is used for the
developing new business model. It is a virtual chart which helps the others to understand the
various elements such as organizational structure, customers, distribution channel etc.
Key Partners:
 Material
suppliers
 Investors
 Customer
s
 Employee
s
Key Activities:
 Produce
baby
products.
 Deliver
goods.
 Produce
organic
food.
Value
Propositions:
Ella's Kitchen
provide quality
product and
100% organic
baby food
items. Along
with this, these
products does
not included
sugar, salt,
addictive etc.
Ella's kitchen
offer the the
Customer
Relationships:
Ella's kitchen
provide the
unique range of
products for the
kids. So parents
have various
options to feed
their baby. They
provide 100%
organic foods
which is healthy
for the kids.
Along with this,
Customer
Segments:
Company target
the mothers and
they build
strategies as per
their
requirement for
their child.
Because parents
want healthy
food for their
child special
mothers.
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wide range of
baby food
products.
food product
available for the
different age
categories.
Key Resources:
Company
choose the
online mode to
sell their
products as well
as they affiliated
with the Tesco
plc. Ella's
kitchen required
human resources
for the
production of
goods, raw
material,
infrastructure
etc.
Channels:
Ella's Kitchen
provide their
products through
online as well as
offline mode.
They offere
delivery options
through booking
online and it's
products also
available in
Tesco stores
where customers
can offine
purchase.
Cost Structure
 Ella's Kitchen use cost effective
strategy where price of product in
comparison to their competitor is low.
 Company bear the loss when customer
return the products because it will take
long time and the expiry date of food
can be exceed (Fayolle and Gailly,
2015).
Revenue Streams
 Through selling
 Marketing
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TASK 3
3.1 Research findings to develop market produces which address the need of customers
At the time of developing new product in the market, entrepreneur have to ensure that,
introduced goods will be able to satisfy the customer need. For this, organization have to
improve their branding strategy where they have to develop awareness regarding their foods
among the customers. Firstly, identify their customers and then its need because it helps the
business to develop their product as per their requirement. For example: Ella's kitchen introduce
baby food items because they target the kids and their promotional strategy related to the
mothers because they are the buyers of baby products (Hitt and Duane Ireland, 2017). They also
need to ensure about market effectiveness which helps the organization to identify the demand of
customers because it will change time to time. With the help of regular research, manager
identify the opportunities and then converted into product features.
3.2 Data collected for the customization of growth plan to ensure business sustainability
Organization follow the liquidity plan to ensure that business sustainability when they
face the various challenges which affect the productivity or profitability. Manager of Ella's
Kitchen collect the data from different sources and then develop growth plan and manager
collect the data through from various sources. Business needs, data sources and capability of
current system. Manager collect information from business which include the various activities
and it further helps in growth plan. Along with this, after identifying business need manager have
to analyse the data for the forecasting process (Jones and George, 2014). It includes the
accounting information which further helps in decision making process and it provide
sustainability for the longer durations. Last source of collecting information is to identify the
capability of current system which helps the manager to identify current need and done required
improvement.
3.3 Research impact on required change which turn a business plan into successful business
venture
With the help of effective plan or market research turn a business plan into successful
business venture. When any entrepreneur going to start a new venture then it required the huge
market research because it helps in taking effective decision for the successful outcomes. There
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are some steps which taken by the organization to make their venture successful and it is
mentioned below:
 Organization have to look for the opportunity because it will be identify by the manager
and then implement in effective way.
 Before taking any actions, they have to clear with their organizational goals &
objectives.
 They have to analyse the market where they going to introduce their products and it can
be niche or premium. So manager build their strategy as per the requirement of the
business.
 Business plan include the innovation or creative thinking which helps the manager to
evaluate their business plan with strong strategy.
TASK 4
4.1 Appraise the contribution of feasibility studies and business modelling in applying
entrepreneurial skills
Feasibility studies includes the various factors which required by the organization in
order to successfully complete the projects. It is important for the entrepreneur to identify which
factors important or relevant for the development of business. With the help of these studies,
management identify the potential obstacles which applied in the operations and lead to
marketing strategies. Along with this, individual required entrepreneur skills which includes the
ambition, willingness to learn, ability to listen, take risk, required creative thinking process etc.
By using their entrepreneur skills, organizational is able to apply business modelling
which is about to increase the profitability of the company. This model help the business to build
effective plans which further generate the profit for the organization (Michael, Storey and
Thomas, 2017). An entrepreneur done the feasible studies to analyse the factors and then applied
by using business model where entrepreneur skills helps in executing these business plans which
provide helps in converting successful business ventures.
4.2 Evaluate how entrepreneurial increase the probability of success in the business environment
Entrepreneur increase the chances of success in the business environment because they
have some specific traits which helps in achieving business growth and it will be discussed
below:
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 Entrepreneur develop a innovative idea, they entered in the market after intense
research which increase the probability of their success.
 They use their talent in the business where they give 100% to achieve their target.
Because right talent helps the business to build their brand and make them popular
among the customers.
 Young entrepreneur firstly build their networks among the market which helps in
spreading awareness regarding their business. As well as network grow, reach in the
market also grown (Noguera, Alvarez and Urbano, 2013).
4.3 Key task of operations management to getting best outcomes from the available resources
Operational, growth and sound financial management help the organization to get the
best outcomes from the available resources. It will increase the creativity or provide the
conceptual learning which help the organization to take effective decision in order to achieve the
business goals & objectives. Operational management help in developing internal process which
increase the efficiency of business in order to achieve the goals & objectives. Under the growth
management, organization follow the various rules and policies which influence the growth and
it will develop within same locality.
Growth management affect the density, availability of land, timing of growth etc. In
addition, sound financial management helps the organization to track financial information
which helps in building various strategy (Scarborough, 2016.). It is possible that, without sound
financial management information can be wrong which affect the organization at the time of
taking any decision. Because due to minor mistake can prevent the huge problems which
generate loss or become risky for the organization. So management need to ensure that all
management process perform according to their nature otherwise it affect the business in term of
productivity or profitability.
CONCLUSION
From the above discussion, it has been conclude that entrepreneurship marketing is the
process where individual can develop new business as per their requirement. For the successful
development of new venture, they have to follow some specific entrepreneur process which give
them idea to proceed further. Along with this, it includes the various concepts, models which
further helps in analysing the requirement and SWOT analysis helps to identify their
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competencies. In addition, they have to analyse the operational as well as functional need which
help the manager to build strategy which further helps in decision making process.
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