Effective Entrepreneurship Management Strategies

This report highlights the significance of managing entrepreneurship business ventures effectively. It emphasizes the need for entrepreneurs to undergo a process of properly starting or converting business ideas into action, requiring proper entrepreneurship skills. Conducting marketing research in a proper manner is also crucial to provide products according to changing market needs and increase success probability in complex business environments.

Entrepreneurship
Management

Table of Contents
.........................................................................................................................................................3
INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
1.1 Define the main stages of the process in becoming a successful entrepreneur.....................4
1.2 Characteristics needed to be evaluated in order to implement the business plan.................5
1.3 Concepts, models and frameworks in addressing the identified weakness and building
recognisable strengths.................................................................................................................5
TASK 2............................................................................................................................................6
2.1 Evaluate the niche market by analysing clients needs and competition ..............................6
2.2 Operational and Financial needs of business enterprise.......................................................7
2.3 Identify the most suitable record keeping framework...........................................................7
2.4 Formulate Job Description in order to attract the right candidate for the business growth. .8
2.5 Apply methods and concepts required to target specific market needs ...............................9
TASK 3............................................................................................................................................9
3.1 Apply research findings to develop and market a product or a service that meet needs of
clients..........................................................................................................................................9
3.2 Assess the data collected to customise growth and liquidity plan to ensure sustainability of
business ....................................................................................................................................10
3.3 Evaluate how the research impacts the change required to turn business plan into business
venture.......................................................................................................................................12
TASK 4..........................................................................................................................................12
4.1 Appraise the contribution of feasibility studies and business modelling in applying sound
entrepreneurial skills ................................................................................................................12
4.2 Evaluate how entrepreneurs can evaluate and increase profitability of success.................13
4.3 Balance out the key task for financial, growth and sound financial management for
attaining business objectives.....................................................................................................13
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is the process of designing, launching and running a new business
which is initially a small business and these businesses which create these are called
entrepreneurs. Therefore individual should have certain skills so as to manage the
entrepreneurship business in the correct manner. This report is based on Wigi's Kitchen whose
family has been involved in culinary establishments for generations. This is located at the heart
of Located in the heart of Balluta Bay, Malta (Audretsch and Caiazza, 2016). The present report
will focus on the theories, issues and stages of process in becoming successful entrepreneurs. It
also determines the elements which are crucial for the entrepreneur to attain successful business.
At last it evaluates the importance of various components in order to launch a new business to
ensure its sustainability.
TASK 1
1.1 Define the main stages of the process in becoming a successful entrepreneur
Entrepreneurial process is the various stages that the individual has to follow while
operating and managing its business successfully. It is been discussed as follows-
 Idea Generation- It is the first step towards starting a new business in provide
innovative products or service to the customer. This leads the entrepreneur to identify the
opportunities in the markets and conducts proper market research regarding establishing a
a new venture.
 Decision Making and Business Planning- In order to convert its idea into action, it is
necessary for the entrepreneur to convert its idea into action as well as analyse the
requirement of the resources in order to start a new business.. Business planning is also
done as so to work according to the set strategies as well as allows to conduct business in
a proper manner (Baum, Frese and Baron, 2014).
 Project Creation- It is the stage where the entrepreneur begins to invest resources and
starts operating its business activities. It start producing innovative product and services
to the customer and fulfils their demand.
 Management and Control- This is the step where manager oversees the operations of
the company and found any deviation in sales. Its main focus is to enhance its revenue
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and sales of the company by taking corrective actions towards the deviations found in
performing business activities.
1.2 Characteristics needed to be evaluated in order to implement the business plan
In order to implement the business plan effectively, various characteristics should be
needed by an entrepreneur to implement the business plan in a proper manner. It is discussed as
follows-
 Proper Development of Budget- Estimation and acquisition of funds in a proper manner
is required while developing the business plan so as to conduct business activities in a
proper manner.
 Project Scheduling and Communicating- This is the major function while
communicating the business plan as it determines the employees within the respective
organisation regarding how the task should be performed and and completed within the
specific time period (Burns and Dewhurst, 2016).
 Proper Allocation of resources- This aspect within the business plan is considered with
proper allocation of resources such as developing strategies regarding technological,
human and financial resources so that business activities can be performed within the set
plan.
 Framing of appropriate Objectives- In order to implement the business plan, it is
necessary for the entrepreneur to frame appropriate objectives and understands the vision
and mission of the organisation so as to attain the organisational goals in proper manner.
1.3 Concepts, models and frameworks in addressing the identified weakness and building
recognisable strengths
In order to identify the strengths and weakness of respective entrepreneur business,it is
necessary for the manager within the restaurant to conduct SWOT analysis for the business
enterprise. Therefore SWOT analysis is an effective tool which helps in identification of the
strengths and weakness of the organisation as well as leads to identification of the opportunities
so that company can grab and reduced the threat in running the business successfully.
SWOT analysis for Wigis restaurant is described as follows-
Strengths-
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 Respective restaurant is situated at well crowded area which helps in attracting larger
customers towards the restaurant and helps in maximising profitability.
 Products provided by the restaurant are as per the local culture of the communicating
which helps in meeting satisfaction level of the customers (Burton, Sørensen and Dobrev,
2016).
Weaknesses-
 Prices of the food products are high as compared to the local restaurants over there in the
region which doesn't attract large customers which are highly price conscious.
 Respective restaurant doesn't create much awareness which doesn't led to attract huge
customers towards the product.
 Respective restaurant is not using current food delivery packages and apps which doesn't
attract huge customers towards the restaurant and leads to reduced profitability.
Opportunities
 Respective restaurant has a wider opportunity of opening its business in different
localities so as to attract larger customer's towards the business and therefore enhances
brand image in the market.
 It can expand product lines and add products of different nations and culture so as to
provide differentiated products to the customer and helps in targeting larger customer.
Threats-
 Huge competition from established chain restaurants will reduce the profit margins and
will have impact on its sustainability.
 Changes in the economic environment will face risk to the sustainability of the cited
restaurant (Drucker, 2014).
TASK 2
2.1 Evaluate the niche market by analysing clients needs and competition
In order to sustain effectively in this competitive business environment, it is necessary for
the entrepreneurs to analyse the level of competition existing in the marketplace so as to take
suitable actions for the same. Niche market will provide the entrepreneurs an idea about the
geographic are, lifestyle and attitude of the customers living over there. It also provides an
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analysis of the behaviour of the individuals and their demographic change need, which helps the
respective entrepreneur to modify their products and service and provide it according to
customer needs and wants. As individuals within the respective country spends large proportion
of their income in typical cosmopolitan. A strong cafe culture exists there which customers enjoy
their leisure time as well as open air cafes are found in all principal town centres.
Therefore this provides an analysis to the respective entrepreneur business to start
providing cafe services along with the restaurant food. This will enhance their brand image as
well as well as allows them to earn maximum profitability (Hitt and DuaneIreland, 2017).
2.2 Operational and Financial needs of business enterprise.
In order to function its business activities in a proper manner it is necessary for the
entrepreneur to make necessary arrangements for operational and financial needs so as to
provide proper products and services to the customer. For opening new cafe within the business
it is necessary for the the restaurant to need additional funds for the same. For this company may
arrange funds from the personal investment or from their friends and family. Wigis kitchen can
also make arrangement of funds from the financial intermediaries. Therefore adequate amount of
finance will assist respective entrepreneurship business to work in a proper manner. Operational
needs are concerned with employees to work in the business properly so as to attain the
organisational goals in a proper manner. Foe its restaurant operational needs are skilled and
trained employee who can prepare food according to the requirement of the customer as well as
requires employees for handling and managing customers. Therefore as operational needs within
Wigis kitchen it is necessary for the business enterprise to have skilled manpower with high
talent so as prepare delicious tasty food products as well as proper machineries and equipments
to function business activities in a proper manner as well as requires fixed capital and working
capital as the financial needs so as process business functions in a proper manner and achieve
goals and objectives (Litvaj and PoniÅ, 2014).
2.3 Identify the most suitable record keeping framework
Record keeping frameworks or the principles or the way of managing and controlling
records in a way which supports organisational immediate and future regulatory and operational
requirements so that work can be carried effectively without any interruptions. The most suitable
and effective framework for the Wigis restaurant is adopt information governance as a record
keeping framework in order to keep the record, monitor and control the information and use as
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per the requirements. This is a proper system of record keeping as it helps in accessing
information quickly as well as reduces cost to the company.
Reporting Structure- It is an appropriate structure which is determines the hierarchical
structure within the organisation that is who is accountable to whom. In context to the respective
business which is a small family based restaurant is directly accountable to manager or owner of
the enterprise. Though there are various types of reporting structure such as hierarchy and
vertical organisation culture, in which information either flows from higher to lower level
management and vice versa, which greatly helps in managing and controlling the business
activities in a proper way assist in the sustainability of the business enterprise (Markman and
et.al., 2016).
2.4 Formulate Job Description in order to attract the right candidate for the business growth
Job Description is a narrative and informative document which defines the scope, duties, tasks,
responsibilities and working conditions related to the job listing within the organisation through
the process of job analysis. It provides detail about the skills and qualification that is needed by
the individual in order to apply for the job.
Job Title: Marketing manager
Job family: Marketing
Reports to: BOD or top-management
Role responsibilities:
 Plan strategies in order to promote their business via social media platform and through
digital advertising ways.
 To provide information to the management regarding existing trends and demands and
requirements of the customer.
 To enhance brand awareness about their restaurant by developing and managing
advertising campaigns.
 To ensure directing, planning and coordinating marketing efforts so as to develop proper
marketing strategy.
 Handling social media, public relations and therefore assist in content marketing.
Requirements:
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 MBA in Marketing field.
 Prior experience of 4- 5 years towards working as an marketing manager .
 Proper skill and capabilities to promote its products and services as well as to conduct
market research in an appropriate manner.
2.5 Apply methods and concepts required to target specific market needs
With the help of the following academic model, it helps in determining pertinent measures which
is required to target specific business needs of Wigis restaurant. It is described as follows-
 Canvas Business Model- It is a strategic management model, which is used for
developing new or documenting existing business model, thereby describing firms new
product value proposition, infrastructure, customers and finances. This model will help
the respective company, in determining customer segmentation and helps in analysis their
demands and requirements. This model helps the respective organisation in determining
their value propositions as well as helps in management of the resources in a proper
manner so as to develop proper relationship with customers so as to target larger number
of customers and thereby aims at maximising profitability.
 Swot analysis- It is a strategic management tool which should be adopted by the
respective restaurant in order to identify its weakness and take actions against the same so
as to take the advantage of the available opportunities. This factor will allow mangers
within Wigis kitchen to to take effective measures against the weakness of lack of
promotional tool so as to create awareness about the products and services within the
restaurant and take the advantage of the identified opportunities so as to sustain in the
market for a long period of time (Meyer, Neck and Meeks, 2017).
TASK 3
3.1 Apply research findings to develop and market a product or a service that meet needs of
clients
Based on the conclusions from the research findings, It has been analysed that Wigis
kitchen is providing prepared food services to the customers as per their requirements and
demands. Moreover it is necessary for the manager within the cited restaurant to develop proper
strategies regarding marketing of products and services so as to meet the needs of clients over its
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rival companies. This restaurant provides food services with Mediterranean kitchen without
adopting existing and changing food trends. As its main focus is to provide prepared food
services as demanded by the individuals from that region. This would assist them in gaining
competitive advantage over its rival companies.
As the strategic objective of the company is to provide efficient quality services to its
customers in order to gain the competitive advantage as well as maximise its profitability level.
Though the company is facing the problem of lack of awareness respective company should hire
an marketing manager which can easily promote its products and services in the market and can
reach wider area of market. For this manager within the respective restaurant should conduct
STP approach in developing and marketing their products and services.
 Segmentation- In order to deliver its products and services in a effective manner its
major focus is towards demographic segmentation by providing food services according
to the age, lifestyle and attitude of varied customers.
 Targeting- The company mainly targets customers such as teenagers and tourist from
various countries which places huge demands towards the local food of the region.
 Positioning- Respective restaurant can position its products by properly advertising its
products in the market and gain competitive advantage over rival companies.
3.2 Assess the data collected to customise growth and liquidity plan to ensure sustainability of
business
Liquidity is described to the extent to which an asset or security can be quickly sold or brought in
the market at a price which determines its intrinsic value. In order to ensure growth and liquidity
within respective restaurant it is necessary to analyse the financial statements. It is described as
follows-
Growth Strategy- Growth strategy for Wigis kitchen restaurant is to provide customers with
specialised food services according to Malta region by targeting large number of customers and
therefore aims at maximising profits of the company. In order to acquire funds in an appropriate
manner cited restaurant could obtain funds from internal as well as external sources such and
function the business activities in a proper manner.
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Cash forecasts:
Particulars 2017 2018 2019 2020 2021 2022
Cash inflows
Investment 10000
Credit sales 3000 3000 3000 3500 2700 2500
Total inflows 13000 3000 3000 3500 2700 2500
Cash outflows
Fixed :
Equipment’s 12000 2500 1500 2000 1400 200
Variable :
Direct material 300 300 200 300 150 500
Total outflows 12300 2800 1700 2300 1550 700
Net cash flow 700 200 1300 2200 1150 1800
Opening
balance 0 700 900 2200 4400 5550
Closing 700 900 2200 4400 5550 7350
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balance
As per the above forecasting it has been determined that respective company can attain
maximum growth in their business ensuring proper sustainability in their business operations and
can function business activities for a longer period of time.
3.3 Evaluate how the research impacts the change required to turn business plan into business
venture
Conducting market research is an effective process which helps in understanding and
determining clients needs and expectations and thereby leads to fulfilment of customers needs
and requirements. Moreover with the help of marketing research, it assist in developing
strategies within the business plan, and plans can be made as per the trends in the market. This
leads the respective company to take proper decisions in managing the business activities in a
proper manner and helps in developing realistic budget as well as help in the modifications of the
business plan according to changing requirements and trends in the market place and helps to
turn business plan into business venture. Therefore it is necessary for the manager within the
business enterprise to adopt latest technology in delivering food services to its customers as well
as work according to the social trends I.e. to provide food services according to the changing
lifestyle of the customers so that it enhances brand image of the market and gain higher
competitive advantages (Romme, 2016).
TASK 4
4.1 Appraise the contribution of feasibility studies and business modelling in applying sound
entrepreneurial skills
Feasibility study is an analysis which takes into consideration all the relevant project
factors such as economic, technical, legal and scheduling activities so as to complete the project
work successfully. It also helps in overcoming the weaknesses identifies within the respective
restaurant and take proper actions against the risk identified. Thus Feasibility study helps the
manager within the Wigis kitchen to take appropriate actions by properly conducting the market
research and helps in developing effective entrepreneur skills.
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Business Modelling- Business model is company's core strategy which is used to explore
a range of business decisions so as to maximise the profit margins and productivity within the
business. Therefore business modelling is used to explore a range of business decisions which
supports viability of business. As from the various entrepreneurial skills it requires the manager
to function business activities in a proper manner and makes effective decision against the risk
identified and thus maintains viability of the business decision. It greatly contributes towards
applying limited entrepreneurial skills (Scarborough, 2016).
4.2 Evaluate how entrepreneurs can evaluate and increase profitability of success.
Their are different ways through which entrepreneur can increase the probability of
success in the ever changing business environment. It is necessary for the entrepreneur to posses
necessary management skills, technical skill and time management skill so as to function its
business activities in a proper manner and enhances chances of sustainability and profitability in
the business environment. Their are different ways such as complying with the governmental
rules and regulations and working their business activities through paying appropriate taxes and
tariffs and increase their chances of getting success. Moreover managers within the respective
organisation should plan appropriate strategies while promoting their business in the
international market and helps in targeting larger customer base and therefore aims at
maximising the chances of profitability within the business environment.
4.3 Balance out the key task for financial, growth and sound financial management for attaining
business objectives
It is very important for an entrepreneur to balance out the crucial tasks in the organisation
so that sustainability of the business operations could be ensured. The entrepreneur in context of
operational management needs to be make sure that all the processes are streamlined and carries
a sense of autonomy. This approach will take out the burden from the shoulders of entrepreneur
to look after each and every operations of this upcoming hospitality venture. The achievement of
sustained growth can be referred to as one of the primary challenge when it comes to hospitality
industry (Schaper, 2016). It is equally important to maximise the numbers of people served in an
hour the improvement in this section can make sure that better turnover is achieved with the
available resources. The continuous consideration to the needs and expectation of the people can
be understood as one of the paramount approaches of assuring sustainability in operations. The
streamlining of processes not only helps in management of operations but also helps in making
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sure that efficiency and effectiveness of operations are enhanced. The continuous improvement
on grounds on effectiveness and efficiency minimizes cost of operations and simultaneously
helps an entrepreneur while dealing with financial requirements for this undertaking.
CONCLUSION
From the above report it has been concluded that managing the entrepreneurship business
is of vital importance which helps in running and managing the business venture in an effective
way. Entrepreneur undergoes a process of properly starting or converting business idea into
action. Moreover it requires proper entrepreneurship skills which helps in running and managing
the business venture in an effective way. Apart from this entrepreneur should conduct marketing
research in a proper manner so as to provide products according to changing market needs so as
to increase the probability of success in the complex business environment.
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REFERENCES
Books and Journal
Audretsch, D. and Caiazza, R., 2016. Technology transfer and entrepreneurship: cross-national
analysis. The Journal of Technology Transfer. 41(6). pp.1247-1259.
Baum, J. R., Frese, M. and Baron, R. A. eds., 2014. The psychology of entrepreneurship.
Psychology Press.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burton, M. D., Sørensen, J. B. and Dobrev, S. D., 2016. A careers perspective on
entrepreneurship. Entrepreneurship Theory and Practice. 40(2). pp.237-247.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship. pp.45-63.
Litvaj, I. and PoniÅ, O., 2014. Entrepreneurship and quality management. Entrepreneurship and
Sustainability Issues. 1(4). pp.204-209.
Markman, G. D. and et.al., 2016. Entrepreneurship as a platform for pursuing multiple goals: A
special issue on sustainability, ethics, and entrepreneurship. Journal of Management
Studies. 53(5). pp.673-694.
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.
Romme, G., 2016. The quest for professionalism: The case of management and
entrepreneurship. Oxford University Press.
Scarborough, N. M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Schaper, M. ed., 2016. Making ecopreneurs: Developing sustainable entrepreneurship. CRC
Press.
Online
Entrepreneurial process. 2016. [Online]. Available through:
<https://businessjargons.com/entrepreneurial-process.html>
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