Entrepreneurship Management: Small and Local Business and Interview

This document provides an introduction to entrepreneurship management and discusses small and local businesses. It includes an interview with a successful entrepreneur and explores the characteristics of a successful entrepreneur. The document also discusses the importance of scrutinizing the industry, client needs, and competition. It further explores operational and financial needs, record keeping framework, and job descriptions in the hospitality industry.

Entrepreneurship
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Background of small and local business and Interview.............................................................1
TASK 2............................................................................................................................................3
TASK 2............................................................................................................................................3
Characteristics.............................................................................................................................3
Scrutinizing the industry, clients needs and competition............................................................3
Operational and financial needs..................................................................................................4
Record keeping framework ........................................................................................................5
Job description ...........................................................................................................................5
TASK 3 ...........................................................................................................................................7
A) Analysing the strategies to develop the products or services for gaining the competitive
advantage. ...................................................................................................................................7
B) Identification of the techniques for sustaining growth and liquidity.....................................8
C) Evaluating the way research effect the way changes required in business plan..................8
D) Identification of skills which an individual required for becoming successful entrepreneur.
.....................................................................................................................................................9
E) Analysing the strategies which can be implemented for increasing the chances of success
in dynamic business environment. .............................................................................................9
F) Analysing the best way to make utilisation of available resources......................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship Management basically provide aspiring entrepreneur with a background
to tackle all aspects of a small business or entrepreneurial endeavour. It helps to develop an
effective set of skills which help to become successful and helps to develop successful
enterprise. Small and local business which will be discussed in this report will be Brooklands
hotel which is quit famous among local business which is located in the stunning country of
Surrey UK. In this report it will conduct an interview between the interviewer and entrepreneur
which will help to identify how he or she gets success in respected areas. In addition, it will
discuss the main characteristics that need to be evaluated in order to efficaciously implemented
business plan. It has also included the niche market by scrutinizing the industry, the client needs
and competition and also it will identify the operational and financial need. And at last it will
discuss the product and services that beats competition and it will also state that how growth and
liquidity will be sustained.
TASK 1
Background of small and local business and Interview
Small and local business are the most important business which helps to set the start up and
creates job opportunities and also known as the main source of innovation and creative skills. As
Brooklands Hotel is a four star deluxe property which is owned by investors clients of property
which has been operating for more than five years. It offers various type of services to the
customers such as it offer various packages, conduct exciting event, provide Spa facility, good
and tasty food. Brooklands Hotel offer unique quality services and deliver unique experiences. '
Interview
Interviewer : How did the idea of business come about?
Entrepreneur : I was very clear from my starting days that I want to become an entrepreneur
and businessmen. As Brooklands provide many unique experiences and satisfactory services in
lower prices. My idea was to offer customer high quality services in lower prices. As many hotel
charge a huge amount but provide low services (Akpoviroro and Amos, 2018).
Interviewer : How did you come up with the name for your company?

Entrepreneur : As name is very important factor that help to attract number of customers. As it
Brooklands itself is unique name and grab large number of people towards it. And also it is quit
different name which has good buzz in the market (Eze and Gladys, 2016).
Interviewer: What was your mission at the outset?
Entrepreneur : Survive … just kidding. As we believe what we create, our idea was to provide
unique and high quality services in reasonable prices which help to attract large number of
audiences and also Brooklands is very famous between localist. We are very happy that we day
by day we are moving forward towards our mission (Golden and et.al, 2017).
Interviewer: What are the stages of the process in becoming the successful entrepreneur?
Entrepreneur: Basically that are seven stages in which the entrepreneur has to go through it.
The first step is birth of the start up in which the entrepreneur has to think about the idea of
business as it is the beginning of the entrepreneurship. As this stage is full of excitement , thrill
and fear. The next stage is surviving and growing the business in which the strategies are
adopted for survival in the industry. The third stage is Hyper stage in which the entrepreneur
achieve growth and started getting confidence and it is the stage of start celebrating this stage.
Next is prime stage in which the company crossed the point of survival . The fifth stage is ageing
and early decline and sixth is illness and rapid decline in which entrepreneur business comes to
an end.
Interviewer: What are the main characteristics that need to be evaluated in order to efficaciously
implement the business plan ?
Entrepreneur: As there are various characteristics of entrepreneur such as self motivation as it
is one of the important traits as it is crucial to make a plan and show dedication towards the plan
and keep moving it. The second characteristic is that to take risk as playing safe will never lead
to success as business owner. As I take a lot of risk as it gave me higher return. And the third
characteristics is that to work in the passionate manner as passion help to find motivation and
helps to move forward towards the goals and objectives. As these three characteristics helps to
work in effective manner (Narayan, 2019).
Interviewer: What are your strength as an entrepreneur ?
Entrepreneur: I myself discover the various strength I have as an entrepreneur as its innovation
skills help to make him unique as entrepreneur always comes up with the new ideas and methods
which helps to gain success. The second strength is that they are not afraid of taking the chance
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as without taking the chance no one will achieve success. Also, entrepreneur has high
determination and focus towards the goals which help to achieve the desired success. And the
last strength is that willing to work hard as it is required to grow the business.
I also have weakness that I have to overcome it that is I have bad time management it is crucial
to manage the time and apply some technique. The second weakness which has to be overcome
that I have bad administrative skills which has to be enhanced (Hans, 2017).
TASK 2
Characteristics
 Innovator: being and entrepreneur, they must have the innovation characteristic. So that
they can make innovations in their hotel services. This characteristics is necessary to have
creative by nature to take innovative and creative decisions to attract more and more
guests in their hotel. This help them to increase their profit in their market.
 Risk taking ability: Being an entrepreneur, they must the risk taking ability. To operate
a hotel and make changes in their services, they have to take risk. As they do not have
any idea weather new services will liked by guests or not, still they take risk for their
hotel. They also encourage their employees and staff of hotel Brooklands to take risk and
implement strategies (Scarborough, 2016).
 Money management skills and knowledge: Another important characteristic is that they
have the money management and knowledge of all their operation activity. To supervise
all the operation of employees in hotel Brooklands they must have good knowledge and
experience. To manage all the activities and resources for the hotel, money management
skill help them most.
Scrutinizing the industry, clients needs and competition.
For scrutinizing the industry, Porter's five force analysis it to be done. That help to
identify the forces of hospitality industry the can affect the Brooklands hotel. This will include
the five forces. Such as:
Competition in the industry: This force is high for the Brooklands hotel. As to operate
successful in the hotel industry, Brooklands have to make their strategies and services as
according to the competitor in the hotel industry of UK. As in 1960, there was high number of
hotels lead in the market that affect the hotel industry at great extant.
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New entrants in the industry: As this require high amount of capital to enter the hotel
industry. This make the power of new entrants low. As they have to high fixed cost in the
market. To open new hotel is not that easy. This has low impact on the hotel (Meyer, Neck and
Meeks, 2017).
Power of buyers: As UK was facing the economic recession and 3 day work weeks. As
the power of the buyers are higher than other forces for the Brooklands hotel. Hotel have to be
competed in prices. If buyers do not pay for their packages, then hotels have to be change their
prices. And because of this all hotel have to change their strategies.
Power of suppliers: The power of supplier in the hotel industry is relatively low. As the
hotel is mainly depended on the labours, trained staff and personnel then the power of suppliers
is low, as they do not play big role in the hotel industry as compared to others.
Threats of substitute products: The threat of substitute product is relatively low. At the
time of recession, hotel industry still can operate without any threat. People looking for cheap,
hostel, motels if they do not prefer to hotels.
Segmentation
Vintry & Mercer will target the business and travellers consumers group. This will
segment the middle age, life style, income gender people. As for this hotel will charge nominal
rates for their services (Ateljevic and Page, 2017).
Operational and financial needs
Operation need
Front desk: This is necessary to have in the Vintry and mercer hotel. People who work
in frond desk are the one, who constantly in contact with guests.
House keeping: To keep the rooms of Vintry and Mercer hotel is essential for this,
housekeeping is important to have in hotel.
Maintenance: TO maintain the quality of all the technologies using in the Vintry and
mercer, always have to up o date like telephone, TV and other electronics.
Financial needs
To measure the financial needs vitry and mercer hotel can use the profit and loss
statement and balance sheet at the end of year, quarterly or monthly. This help to measure all the
expenses by the vintry and mercer hotel. Annual CPA reviewed financial statement to calculate
all its expanses and annual tax return (Cooper and Folta, 2017).
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Record keeping framework
To record keeping in the Vinty & Mercer hotel, will use HMIS (Hotel management
information system). Which help to restriction and access of the data and prevent from
unauthorized use of the third party. With the help of this administration can also deicide what
operation can be carried out by the staff and can schedule all their activities.
Staff pay roll also can be generated and added in the records with the help of the hotel
management information system.; this help the management to set their salary for the staff.
For this hotel services are known to the customers such as room details and pricing.
System must be accessed only by the authorized person of Hotel (Hatten, 2015).
Job description
Job Description
Position : Hotel Manager
Report to : Senior HR manager
Job Purpose : A manger role to handle and focus on day to day hotel operation. Also direct the
day to day activities at Brooklands hotel.
Essentials duties and responsibilities:
 Organise and plan catering, accommodation and other hotel services.
 Manage budget, financial plan and control expenditure.
 Plan work and schedules for team and individuals.
 Meet and greet wit customers.
Qualification :
 Master degree in Hospitality, administration and relevant field
 Strong understanding of hotel management the best practices and data entry software.
Experience: Minimum of 3 years experience in Hotel management.
Job Description
Position : Chef
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Report to : Senior HR manager
Job Purpose : Responsible for all the operation of kitchen. Coordinate with sous chef abnd
other cooks who prepare the most of the meals and design the menu.
Essentials duties and responsibilities:
 Check freshness and quality of food.
 Plan menus and make ensure uniform sizes and quality of meals.
 Order and maintain inventory of food and supplies.
 Develop new recipes and determine how to present food.
Qualification :
 BTECC HND in professional cookery.
 City and guide diploma in professional cookery.
 Health, safety and hygiene certificates.
Experience: Minimum of 3 years experience in Hotel Chef.
Job Description
Position : Steward
Report to : Senior HR manager
Job Purpose : Responsible for operation and maintaining cleaning equipment and tools.
Responsible for taking order of main course and handling and assistance guests.
Essentials duties and responsibilities:
 Maintain the cleanness at Hotel.
 Takes the main course order.
 Assists in seating the guests.
 Ensure linen, cutlery and hollowware is stacked for services.
Qualification :
 Masters in Hotel management
Experience: Minimum of 1 years experience in Hotel Chef.
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Canvas model
BUSINESS CANVAS MODEL
KEY PARTNERS
1. LOCAL
RESTAURAN
TS
2. HOTEL/AIRP
ORT TRAVEL
3. LINES FOR
GUESTS
4. TOUR
OPERATORS
KEY ACTIVITIES
1. ROOM SERVICES
2. AMENITIES
3. ACCOMODATION
SERVICES
4. FOOD AND BEVERAGES
KEY RESOURCES
1. LOCAL COMMUNITY
2. HUMAN RESOURCES
3. INFRASTRUCTURE
4. COPY RIGTHS, PATENTS
AND PARTNERSHIPS
COST STRUCTURE
2. COSTS OF STAFF
3. FOOD AMENITIES
4. CLEANING EQUIPMENT
5. TOILETRIES
VALUE
PROPOSITIONS
1. MINIMUM
DAY STAY FOR
DISCOUNTED
ROOMS
2. FREE
BREAKFAST
FOR DELUX
ROOMS
BOOKINGS
3. DISCOUNT
FOR GROUP
BOOKINGS
REVENUE STREAMS
1. GUESTS
2. COMMISISION FROM TOUR OPERAOTRS
3. CONFERENCE AND WEDDING EVENTS
4. RESTAURANT SALES
CHANNELS
1. FACEBOO
K
2. INSTAGR
AM
3. WEBSITE
CUSTOMER
SEGMENTS
1. REGULA
R
VISITORS
2. VIPs
3. SHORT
STAY
GUESTS
4. INTERNA
TIONAL
GUESTS
CUSTOMER
RELATIONSHIPS
PERSONAL
SERVICE
RELATIONSHIPS
BUILT WITH
STAFF
CRM SYSTEM
TASK 3
A) Analysing the strategies to develop the products or services for gaining the competitive
advantage.
In context of marketing, market research has been conducted by manager in Vintry and
Mercer hotel through which they have gathered valuable information about the customer needs.
Information gathered through market research has provided manager an ease in developing the
marketing plan for launch of new products or services. In addition to this, the information
gathered has assisted marketing manager in identification of the best strategies which can be
implemented in order to gain competitive advantage in the market (Magnani, Zucchella and
Floriani, 2018). The market plan which is created by the marketing manager in Vintry and
Mercer hotel on the basis of the information gathered from market research includes following:
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Marketing objectives : In context of Vintry and Mercer the marketing objective of an
organization is to successfully launch the conference and event services.
Market analysis : The changes in the legislations, economic conditions, social and technological
factors can have significant influence on marketing plan of an organization.
Competitors : The major competitors will be giant companies such as Hilton as well as Marriott
hotel which has already capture wide market share.
Marketing strategies : Direct marketing as well as social media strategy will be utilised for
promoting the services.
STP : Vintry and Mercer hotel is planning to target the business class people. In addition to this,
demographic segmentation strategy will be used by organization for dividing wide market into
small segments. An organization will offer discounts in order to attract customers.
Marketing program :
Marketing activities Time
Development of website 10 days
Marketing campaign 10 days
Distribution of brochure 5 days
Marketing budget :
Marketing activities Amount
Development of website 1000
Marketing campaign 10000£
Distribution of brochure 500£
Launch event 5000£
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Evaluation : The sales report will be analysed by the marketing manager in bookland hotel for
measuring the effectiveness of the marketing strategy.
Income statement
Revenue
Explicit costs
Rent
Wages raw material
electricity
2015
£300000
£20000
£150000
£5000
2016
£400000
£20000
£200000
£6000
Interpretation : From the data present in the above table it has been interpreted that there has
been increase in the revenue of Vintry and Mercer company after implementation of an effective
marketing strategy. The financial performance of an organization is very good. But with the
increase in the profit there has been tremendous increase in the expenditure which are required to
be controlled by an enterprise as soon as possible.
B) Identification of the techniques for sustaining growth and liquidity.
Anshoff matrix :
The four strategies which can be utilized by Vintry and Mercer for maintaining the
business growth are :
Market penetration : Vintry and Mercer organization can launch same products in existing
market. But firm can offer discounts in order to attract customers.
Market expansion: Vintry and Mercer Hotel can sell its services into new market. It is the
strategy which will assist an enterprise in increasing its customer base.
Product expansion : Business entity can provide innovate services as well as more facilities to its
customers.
Diversification : In context of Vintry and Mercer, an enterprise can sell its new services into
new market.
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C) Evaluating the way research effect the way changes required in business plan
The market research conducted by manager in Vintry and Mercer, has assisted them in
getting the valuable information about the changes in the trends and also customer demand. It
has assisted them in analysing the new strategies which can be included in business plan.
Through market research marketing manager in an organization has got an idea which can be
implemented for bringing improvement in the products or services (Grappi, Romani and
Bagozzi, 2018.). It has also support marketing manager in addressing those factors which can
create the barrier in the launch of new services in the market.
D) Identification of skills which an individual required for becoming successful entrepreneur.
As after collecting the information gathered from interview procedure, it has been
analysed that the following skills are :
Risk bearing capability: It is the ability which makes an entrepreneur different from other people
at workplace.
Creativity : The creative skills enables entrepreneur to develop the creative ideas which can be
helpful in context of expansion of business.
Analytical skills: These abilities will assist them in making an appropriate business decisions.
E) Analysing the strategies which can be implemented for increasing the chances of success in
dynamic business environment.
In context of Vintry and Mercer hotel, an organization is required to make more
investment on the professional development of their workers, as it is the strategy which will
assist an enterprise in fostering the growth. Vintry and Mercer hotel also need to adopt the
customer centric approach for developing the products or services, as this tactic will assist them
in developing the strong relationship with customer, that is very much essential for long term
success or growth of an enterprise (Sternquist and Goldsmith, 2018). Business entity by
providing the customer with the high quality of goods or services as well as value proposition
can ensure success. It is the strategy which will also help an enterprise in gaining competitive
advantage. Inn ovation is the other best strategy which can be applied by Vintry and Mercer for
achieving success in dynamic business environment.
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F) Analysing the best way to make utilisation of available resources
Resources are very much crucial for establishment as well as management of business. There are
different types of business resources these are financial resources, intellectual resources, human
resources and other physical resources.
Physical resources: such type of resources include machinery, raw material , labour, etc. which
are very much important for performing the different business operations.
Intangible resources : The intangible resources are those which can not be toughed. Some
tangible business resources are brand recognition, goodwill, trade mark, patents etc. These are
such resources which has great value for an organization. Intangible resources are very much
important for long term success as well as growth of firm (Schellenbe, Harker and Jafari, 2018).
These resources have significant effect on value of an organization.
Intellectual resources : Such types of resources included knowledge as well as skilled posses by
employees working in an organization. In context of Bookland hotel, human resource manager in
an enterprise need to concentrate on providing the training as well as development opportunities
to workers, so that they could develop the knowledge and abilities required for performing the
specific tasks (Liu and Atuahene-Gima, 2018. ).
There are different strategies which can be utilized by manager in Vintry and Mercers
hotel in order to ensure an effective as well as efficient utilization of resources are :
Planning : Resource planning is considered to be as one of the important activity which will
assist management in ensuring an effective as well as efficient utilization of resources.
Use of technology : manager in Bookland hotel can utilized the enterprise resource planning as
well as resource management software for allocation of resources, as it will assist them in proper
allocation as well as help them in effective utilization of resources. By utilizing the technology
an organization can minimize the wastage of business resources.
In addition to this, management in Vintry and Mercer hotel is required to provide training
to their workers, as it will assist them in making sure that all the resources are used properly.
CONCLUSION
From the above report which is based on entrepreneurship management as it provide aspiration
to the entrepreneur. Also, it has concluded the interview with the entrepreneur which helps to
identify the strength , weakness and the different stages of entrepreneur. Further it has evaluated
the business plan and it has concluded the financial and operational needs. It has also determined
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the pertinent measures required to target the specific business needs by applying various models .
It has also focus on the weak point and state all the skills which need to be improved as an
entrepreneur and also it has concluded all the types if resources which help in n business plan.
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REFERENCES
Books and Journals:
Akpoviroro, K. S. and Amos, A. O., 2018. The Efficacy of Counseling in Eradicating the
Problems of Entreprenuership Education. Acta Universitatis Bohemiae Meridionalis.21(2).
pp.1-16.
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Eze, I. U. and Gladys, E., 2016. Entreprenuership Education in Tertiary Institutions of Nigeria:
Functional or Chimerical. NG-Journal of Social Development.417(3947).pp.1-8.
Golden, S and et.al, 2017. Illuminating Entreprenuership.
Grappi, S., Romani, S. and Bagozzi, R.P., 2018. Reshoring from a demand-side perspective:
Consumer reshoring sentiment and its market effects. Journal of World Business, 53(2),
pp.194-208.
Hans, V., 2017. Redefining Entreprenuership: Impact on Gender Differences.
Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Liu, W. and Atuahene-Gima, K., 2018. Enhancing product innovation performance in a
dysfunctional competitive environment: The roles of competitive strategies and market-
based assets. Industrial Marketing Management, 73, pp.7-20.
Magnani, G., Zucchella, A. and Floriani, D.E., 2018. The logic behind foreign market selection:
Objective distance dimensions vs. strategic objectives and psychic distance. International
Business Review, 27(1), pp.1-20.
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.
Narayan, A., 2019. Service portal for connecting inventors and entreprenuers with the
investment community. U.S. Patent Application 15/721,347.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Schellenberg, M., Harker, M.J. and Jafari, A., 2018. International market entry mode–a
systematic literature review. Journal of Strategic Marketing, 26(7), pp.601-627.
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Sternquist, B. and Goldsmith, E.B., 2018. International retailing. Bloomsbury Publishing USA.
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