Entrepreneurship Management Assignment Solved
14 Pages4089 Words65 Views
Added on 2021-02-19
Entrepreneurship Management Assignment Solved
Added on 2021-02-19
ShareRelated Documents
EntrepreneurshipManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Different stages of becoming entrepreneur............................................................................11.2 Characteristics required to evaluate in order to implement the business plan.......................21.3 Evaluate the concepts, models and framework to identify the weakness and buildingrecognize strength........................................................................................................................2TASK 2............................................................................................................................................32.1 Evaluate the niche market by scrutinising the industry.........................................................32.2 Operational or financial need of the business enterprises......................................................42.3 Most suitable record keeping framework and applicable reporting structure........................42.4 Job description which attract right person for the business growth plan...............................52.5 Academics models to measure the specific business needs...................................................5TASK 3............................................................................................................................................83.1 Research findings to develop market produces which address the need of customers..........83.2 Data collected for the customization of growth plan to ensure business sustainability.........93.3 Research impact on required change which turn a business plan into successful businessventure..........................................................................................................................................9TASK 4 .........................................................................................................................................104.1 Appraise the contribution of feasibility studies and business modelling in applyingentrepreneurial skills..................................................................................................................104.2 Evaluate how entrepreneurial increase the probability of success in the businessenvironment...............................................................................................................................104.3 Key task of operations management to getting best outcomes from the available resources....................................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship 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 thebusiness ventures which includes the risk to generate profit (Ateljevic and Page, 2017) . It istotally depends on the individuals and market trends which motivate an entrepreneur to enter inthe market along with appropriate plans and strategies. Ella's Kitchen selected for the betterunderstanding of this concept. It is established in the year 2004 by Paul Lindley and based inOxfordshire where it is the best baby food brand in the UK. The company is involved in abusiness of making organic baby and toddler food. This report include the various topics such as entrepreneurship process, issues & theirconcerns related and the elements which required to achieve a successful business. In addition, itincludes the various methods which helps the individual to remain their success for the longertime. Along with this, evaluate the importance of various components which helps in developingnew business for the long term sustainability. TASK 11.1 Different stages of becoming entrepreneurEntrepreneurial is a continuous process which needs to be followed by an entrepreneur toplan the things more efficiently for launch a New venture. Entrepreneur is an individual thattake the risk for formation a business and having foresight to identify the potential customer'sneeds and demands. The following steps are covered for this process :Discovery: An entrepreneur process starts with the idea of a business. An entrepreneuridentifies and evaluate the business opportunities. An entrepreneur can measure theefficiency opportunities related to investment in business, competitive advantage and riskassociated with the business.Develop a business plan: A entrepreneur must dedicated with idea of the business andmeasure the component of business plan like capital requirement, goal and objective ofthe business. Resources availability: A entrepreneur must identifies the resources of the business forexample finance requirement, human resources (Audretsch, 2015).1
Managing the organisation: Once resources are available , the next step is set thebusiness goals, decide the management order and work accordingly. 1.2 Characteristics required to evaluate in order to implement the business planThere are various elements which required by the individual for the implementation ofbusiness plan. Entrepreneur have to analyse some characteristics and when organization going tomeet with their goals & objectives then they have to analyse weather it is good or bad. Individualneed to evaluate these characteristics which discussed below:Product that going to sell: Entrepreneur need to ensure that developing product is indemand or not. Because it is totally based on the market trends and customers demand, sothey have to analyse their preference and then develop product accordingly. Marketing strategy: Business man have to predetermined the marketing strategy whichthey going to follow. Because further strategy will develop as per the current requirementor demand. Gaols: Initially, entrepreneur have to set short term goals and give their full efforts toachieve them. After that, they have to build long term goals. Market: It is pre-determined that, which market entrepreneur going to focus it can beniche or premium market (Bruton, Ketchen and Ireland, 2013). Above mention characteristics required for the implementation of business plan whichhelps the entrepreneur to get success in their business. These elements helps in developingvarious strategies which further helps in decision making skills. 1.3 Evaluate the concepts, models and framework to identify the weakness and buildingrecognize strengthWith the help of SWOT analysis, Ella's Kitchen measure their strength as well asweakness which required for the further preparation of strategies. This report covers a short SWOT analysis on this newly emerging firm.StrengthsWeaknessesCovers 30% market share of baby foodin 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.2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Entrepreneurship Management Assignmentlg...
|21
|4605
|88
Entrepreneurship Management 3 INTRODUCTIONlg...
|16
|4180
|119
Entrepreneurial Ventures : PDFlg...
|16
|4932
|367
Entrepreneurship and Innovation: Role, Significance, and Evaluationlg...
|12
|2998
|59
Assignment Entrepreneurship & Small Business Managementlg...
|16
|4996
|47
Types of Entrepreneurial - Reportlg...
|12
|3903
|94