Entrepreneurship Management Sample Assignment
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Added on 2021-02-21
Entrepreneurship Management Sample Assignment
Added on 2021-02-21
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EntrepreneurshipManagement
ContentsINTRODUCTION.................................................................................................................................31.1 Main stages of becoming a successful entrepreneur....................................................................31.2 Main characteristic needed to implement business plan...............................................................41.3 Concept, models and frameworks................................................................................................42.1 Evaluation of Niche market by scrutinising the industry.............................................................52.2 Operational and functional need of enterprises............................................................................52.3 Most suitable record keeping framework.....................................................................................52.4 Formulate job description that attracts the right people in line with the business growth plan....52.5 Academic model / concepts in determining the pertinent measures required to target the specificbusiness needs...................................................................................................................................7TASK 3.................................................................................................................................................83.1 Apply research findings to develop and market a product that address the need of clients betterthan competition................................................................................................................................83.2 Assess the data collected to customise the growth or liquidity plan to ensure businesssustainability when faced by challenges............................................................................................83.3 Research impacts the changes required to turn a business plan into a business venture...............8TASK 4.................................................................................................................................................94.1 Contribution of feasibility studies and business modelling in applying sound entrepreneurialskills..................................................................................................................................................94.2 How entrepreneurs can increase the probability of success in a fast changing businessenvironment.......................................................................................................................................94.3 Key tasks of operational management, growth management and financial management in orderto achieve best outcomes from all the business resources available.................................................10CONCLUSION...................................................................................................................................10REFRENCES......................................................................................................................................11
INTRODUCTION Entrepreneurship management is the major activity of any business organization thathelp to maintain the business at up position (Audretsch and Caiazza, 2016). The mainfunction is to innovate new ideas and implement it within organization to maximize theprofits. Its main aim is to develop the mind-set, skills, competencies and experimentallearning for expanding business. In changing marketplace, there is need to recognize newentrepreneurial skills. To understand the importance of entrepreneur management Airdri hasbeen selected, that is hand drier manufacturing company. It make plans to introduce newproducts in existing as well as new market place. It want to be a leading company bymanufacturing the product and services. The present report will discusses about main stagesof successful entrepreneur, characteristics that need to be evaluate in order to efficaciouslyimplement the business plan, concepts, models and framework identifying weakness andbuilding the recognized growth. Moreover, report will covered changes which is required inbusiness plan, entrepreneurial skills and how entrepreneurs increase the profitability ofbusiness environment.1.1 Main stages of becoming a successful entrepreneurThe perfect business idea: This means a person should have a business idea that willhelp to think about business and its needs in order to earn profits. Such as the manager ofAirdri thinks about launching new product like electric heater for influencing people.A business plan: A person should have planned that means what need to do, how and whenit needs to do for running a business in different market place (Blundel, Lockett and Wang,2017). Such as manager of Airdri make plans to run a business and make efforts toimplement it.Raising fund:The entrepreneur need to arrange the capital for implementing thebusiness plan. Such as Airdri’s manager arranges capital from relatives, public and otherresources.Get your first customer: This is next phase that means the business concern need toknow the customer and their wants that help to manufacture that kind of goods.
Be prepared for outcome: This is the ending stage which is used to get outcomefrombusiness plans. Such as the manager of Airdri make plans and implement it for gettingoutcomes within organization.1.2 Main characteristic needed to implement business plan.In order to implement the developed business ides it is essential by the respectivemanager to have a systematic approach and essential characteristic (Burns and Dewhurst,2016). In context to Airdri the following feature that support to make business idea profitableare: Market research: It is one of the most essential parts to be played by manager beforelaunching a new product into existing market. Manager of Airdri must have proper analysemarket by analysing competitors, trends and preferences of customer so that goods that canfulfil the emerging needs of customer can be fulfilled. Financial factors: To run business activity, entrepreneur requires sufficient funds sothat production process keeps on going. Hence, manager of respective company must raisethe required funds for respective sources such as bank loan, capital that do not have greaterimpact on business performance. This helps them to manufacture large quantity of electricheater to meet the demands of customer (Durkin and Gunn, 2016). 1.3 Concept, models and frameworks.There are number of problems that are faced by entrepreneur while launching newbusiness of manufacturing new product in competitive world. In context to Airdri Managerfaces the problem of skilled labour, insufficient funds etc. So it is crucial for them toovercome these identified weaknesses and work significantly which aid to build morestrength for business. There are certain models that help entrepreneur of company to turnidentified weaknesses into meaningful strength so that sales volume and profit margin can beincreased. Obtain additional training: Professional development is a key action you can take toimprove weaknesses. Thus once goal are set than entrepreneur are required to determine theare of improvement which require proper and effective training. This model help manager ofAirdri to guide responsible representative to work in proper manner so that overallweaknesses can be turned into future opportunities and that further help to reach the desiredobjective.
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