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Entrepreneurship and Small Business Management Report

   

Added on  2020-04-13

14 Pages3490 Words36 Views
Running Head: SMEsEntrepreneurship and Small Business Management

2SMEsTable of ContentsIntroduction................................................................................................................................2Business profile......................................................................................................................2Meaning of entrepreneurship.................................................................................................3Difference between intrepreneur and entrepreneur................................................................4Characteristic of effective entrepreneurship..........................................................................4Financial Analysis......................................................................................................................5Profit and loss statement........................................................................................................5SWOT analysis.......................................................................................................................5Impacts and illustration of SMEs in Hong Kong...................................................................5Role and contribution to the economy in Hong Kong...........................................................6Skill set for establishing a SME.............................................................................................7Personal characteristics of entrepreneurship..........................................................................7Objectives, planning and strategies............................................................................................8Objectives...............................................................................................................................8Planning and strategies...........................................................................................................8Rewards and risk of starting a business.....................................................................................8Rewards..................................................................................................................................8Risk and strategies of mitigating the risks and uncertainties...............................................10Conclusion................................................................................................................................10References................................................................................................................................11Appendix..................................................................................................................................13

3SMEsIntroduction This report presents the business profile of QB House. It is also supportive to gain understanding regarding the advantages and disadvantages of entrepreneurship. This report explains concept of intrapreneur and entrepreneur. It also discusses the financial statement and SWOT to understand the financial and internal condition of QB House. It also demonstrates the skills of entrepreneurs for starting new business. This report shows the objectives, planning, and strategies of entrepreneurship. In addition, this report also discusses the reward and risk factors that can influence the performance of new business.Business profile In Hong Kong, QB HOUSE offers haircutting service to their targeted consumers. This organization cannot offer certain services like blowing, shampooing, and shaving. Because, QB HOUSE is believed that such acts of consumers can be managed by themselves. The major aim of this company is to focus on haircutting service. QB HOUSE has less than 10 employees (QB HOUSE, 2017). In the current scenario, more than 33000 small and medium enterprises are established in Hong Kong. It can be a positive impact on the development of the Hong Kong economy. The SMEs can help to obtain higher profit in less time and cost. In the existing business scenario, it is analyzed that the trade and industry development can positive impact on the improvement of small and medium-sized enterprises performance in Hong Kong. As a result, SMEs can be able to obtain a higher competitive benefit (Cuerva, et al., 2014). Small and medium-sized enterprise is defined as manufacturing enterprises where less than 100 staff member are employed while non-production business have employed fewer than 45 workforces (Brunswicker, et al., 2015). In the existing period, it is evaluated that approximately 290,000 SMEs accounts are opened for local business. The small and medium-sized enterprise provides benefit to more than 65% of private sector workforces. It is

4SMEsevaluated that 90% of Hong Kong enterprises have less than 10 employees that can be a major issue for the organization (Classen, et al., 2014).Meaning of entrepreneurship The entrepreneurship refers to the ability and willingness to build, manage, and organize the firm to make profit. The starting of a new venture in the marketplace can be the best example of entrepreneurship. In the entrepreneurship, an entrepreneur considers three factors such as land, capital, and resources. The entrepreneurship refers to the innovation and risk-taking which are significant part of the business for obtaining the competitive benefit. In addition, anentrepreneur may face many challenges at the time of starting the small and medium-sized business enterprise. The entrepreneurs are competent to obtain many advantages from the SMEs such as increase consumer loyalty, faster decision, and easier to make linked with employee and company. Further, entrepreneurs are able to build liaison among employees by using easier communication way (Lee, et al., 2015).The major advantage of SMEs is to build closer relationship with consumer because it identifies the needs and requirements of consumer. In the SMEs, management can be capable to take a faster decision as it would help to solve the business issues in less time. Besides this,the company may also face many disadvantages at the time of starting a new business in the market such as difficult to collect the capital, difficulty to reach a larger number of consumers, and make a favorable image in the consumer mind. Other factors are higher cost, less skilled person, complexity in using the modern technology, and low bargaining power. Inaddition, it can be said that the entrepreneur faces major issues at the time of collecting the capital to operate their business systematically. It is very difficult for the entrepreneur to make positive image amongst the consumers towards their product and services. The initial cost of investment could be expensive as it creates the complexity for the entrepreneur to operate their business in the marketplace (Child, et al., 2014).

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