Entrepreneurship Management (PDF)
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Added on 2021-02-20
Entrepreneurship Management (PDF)
Added on 2021-02-20
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ENTREPRENEURSHIPMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1The characteristics that need to be evaluated for implement the business plan.....................1The niche market by scrutinising the industry, client needs and competition........................2The operational and financial need of the business enterprise...............................................3Identifying the most suitable record keeping framework and the applicable reporting structure.................................................................................................................................................4Formulation of job description that attract the right people in the line with the business growthplan.........................................................................................................................................5Application of academic models for determining the pertinent measures.............................6Developing product or service that beats competition in the market.....................................6How growth and liquidity can be sustained long term...........................................................7What needs to change in your original business plan to be more effective and successful...9What skills one need to work on to improve as an entrepreneur..........................................10How to increase the probability of success in a rapidly changing business environment....10How to make best use of the resources available.................................................................11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13Appendix .......................................................................................................................................14
INTRODUCTIONEntrepreneurship management is the continuous process in which entrepreneurs makesthe best use of their knowledge to achieve the desired goals and target. In this plans andstrategies are made for increasing the market share of the new start up or new business. Majormotive of entrepreneurship management is the decide the action plan for the future course ofaction and to utilize the available resources in the best possible manner. This report will be basedon XYZ hotel which is located in Malta(Adonisi and Van Wyk, 2012). The major focus will beemphasised on introducing a new hotel which will be known as Hotel T. In this plans andstrategies will be made for establishing the new hotel T. This report will cover theories andpractices related to entrepreneurship. As with the help of these theories better plans and actionscan be made for attracting more and more customers and also for increasing the market share inthe appropriate manner. The major topics covered in this report are characteristics which willhelp the entrepreneur to implement the business plan in the efficient manner, identification ofoperational and financial needs and formulation of job description for attracting and hiring rightpeople for the growth of business plan. External environment of the business will also beevaluated for deciding the plans for competing in the market. MAIN BODYThe characteristics that need to be evaluated for implement the business plan.It is very much essential for the entrepreneur to have certain set of skills and knowledge.As with the help of these skills better plans and actions can be made for implementing thebusiness plan in the best possible manner. Some of the major characteristics which are requiredfor efficaciously implementing the business plan are discussed below- Efficient use of available resource- The entrepreneur must know how to make the bestuse of available resource in the appropriate manner. If the entrepreneur is able to decide thefuture course of action for using the resources. Than chances of loss and failure of the newbusiness plan will be decreased(Austin, Stevenson and Wei-Skillern, 2012). Risk taking- Plans can also be made for reducing the chances of risk in the business. Ifthere are less chances of risk and uncertainty than better plans can be made for efficaciouslyimplementing the business plan. 1
Project schedule- It is related with deciding the action plan for implementing thestrategies at the right time and in the right manner. With the help of this complicated task of thebusiness plan can be completed without wasting unnecessary time of the entrepreneur andbusiness. Analysing current and future demand- Proper analysis and evaluation of the currentand future demand can lead to growth and success of the business plan. As with the help of thisbetter plans can be implemented for sustaining in the market for longer period of time. It willalso help in attracting large number of customers for the new hotel. Clear objectives- Before implementing the business plan entrepreneur must have clearset of objectives. As with the help of these objectives management of the hotel will be able toimplement the plans in the efficacious manner(Burns, 2016). With the help of these characteristics and skills management of XYZ hotel will be able toimplement the business plan in the efficacious and effective manner. The niche market by scrutinising the industry, client needs and competition.Niche market is considered as the subset of market in which major focus is emphasisedon a particular product or service of the hotel. With the help of this management of XYZ hotel inMalta will be able to satisfy the need of customer's by setting appropriate price for the servicesoffered by the hotel. In this plans and strategies for the new business plan which is going to beimplemented in Malta can be made according to the demographic and target market of the hotel.For scrutinising the industry PESTLE analysis can be used by hotel XYZ as this analysis willhelp in analysing the competition level and need of customer's. Various factors related toPESTLE analysis are discussed below- Political factor- This factor is related with the polices and laws imposed by thegovernment of a particular country in which hotel will be established. The tax rate in Malta isvery low as compared to other countries of EU. Due to this factor it would be easy for XYZ tooperate its functions in the best possible manner(Castaño, Méndez and Galindo, 2015). Economical factor- The economic condition of Malta is stable as most of the populationis highly skilled. So XYZ will be able to get skilled employees at lowest possible price. TheGDP rate of Malta is continuously increasing which is positive sign for XYZ hotel. Social factor- It is related with values and belief of the individuals who are present in aparticular country. Malta is majorly known for historical and traditional places, so XYZ hotel2
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