Contribution of Parry Stainless Steel to Society and Economy during Coronavirus Crises

TOPIC

Table of Contents
3. INTRODUCTION.......................................................................................................................1
4. MAIN BODY ..............................................................................................................................1
A) About the Entrepreneur..........................................................................................................1
B. Entrepreneurial Organisation..................................................................................................3
C) Contribution to the Economy and Society ............................................................................5
Survival issues.............................................................................................................................7
5. Conclusion and Recommendations .............................................................................................8
REFERENCES................................................................................................................................9
Appendix 1 ....................................................................................................................................11

3. INTRODUCTION
Entrepreneurship is defined as a process in which activities related to designing,
launching and running of new business takes place which is mainly initiated on small scale. Main
aim of this process is to successfully develop, organize and manager venture as to earn large base
of profitability while undertaking associated risks (Agafonow and Perez, 2020). In this process,
entrepreneur develops new business ideas while bearing risks in order to satisfy customers with
new services and products. This process of entrepreneurship also contributing in economy of
nation in number of ways such as creation of job opportunities, wealth creation and more.
Present report has been conducted on Parry Stainless Steel Products which is engaging in
the services of offering quality stainless steel equipments and furniture of catering environment.
This entity ranked among United Kingdom foremost manufactures with a 40-year heritage rooted
in British craftsmanship. In this report formative discussions has been conducted on contribution
of Parry Stainless Steel to society and economy during coronavirus crises. In addition to this,
discussions has been made upon, entrepreneur personality traits and the manner in which they
recognise opportunity. Along with this report also include importance of innovation for
respective organisation and the way in which entrepreneur build entrepreneurial team. Further in
this report discussions has been conducted on role of entrepreneur as a leader and contribution of
company in economy and society. Report also includes survival issues that has been faced by
company. Lastly in this project recommendations has been given to company through which they
can assure future growth.
4. MAIN BODY
A) About the Entrepreneur
Mark Banton worked in a coal mine after completing education from school. The
challenging environment of coal mine lead him to turn out as a successful manufacturing
entrepreneur. According to his words, dangerous environment of coal mine gave him number of
valuable lessons in man management (Smith, 2020). Further it has been evaluated that after
working in coal mine for 14 years Banton move in steel forging. In this sector he successful
defines his passion, acted as an agent to drive operational as well as cultural change and the
principles of lean manufacturing. After this, he worked in aerospace sector. In the year 2012,
Banton had the opportunity to work with Parry as operations director. However, despite of best
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services company suffered deficit due to refusing support from business financiers. In 2016 end,
Banton get the opportunity to buy the assets as well as business from the administrator that lead
him to save more than 70 jobs (Presenza and et. al., 2020). This lead towards creation of Parry
Stainless Steel brand.
Personality traits of the entrepreneurs
Mark Banton having gone through intense struggle in his early life, as coal mines
prepared him to be a successful entrepreneur (Arru, 2020). As per evaluating struggle of
respective entrepreneur it has been evaluated that he is a passionate individual and risk takers
which also acts as his personality traits. In addition to this, one of the most important trait of
Banton as an entrepreneur is that he is a self-motivator as he learned many valuable things even
in coal mines and develops his man management skills (Brînză and Anichiti, 2020). Further it
has been evaluated that, being a risk taker he purchased business from Parry administrator and
save 70 jobs on his on risk. All these skills effectively lead Mark Banton to become as successful
entrepreneur (Vizcaíno, Cardenas and Cardenas, 2020). With the help of effective
entrepreneurial trait Mark Banton marked Parry among leading producers of stainless steel
products.
How did the entrepreneur recognise the opportunity or did the entrepreneur create the
opportunity?
Mark Banton is a passionate person who goes through which many challenges in his early
life which turned him to be a successful entrepreneur (Phil-Thingvad and Klausen, 2020).
According to the evaluation of his life this has been determined that, entrepreneur effectively
recognise the opportunities with their passion and commitment. As it has been signified that in
the year 2016, Banton gained the opportunity and created Parry Stainless Steel brand. This
further lead towards one the renowned and high quality offering company. Key to the success of
the new business was a radical approach of ongoing openness with creditors and it is pleasing
that in this case, the vast majority of these creditors continue to support and trade with Parry
today. To compliment this process, the management team has worked closely with Mazars LLP,
who replaced the chosen administrators on the request of the Pension Protection Fund, in order to
maximise the recovery and unusually deliver a significant return to the old creditors of the
business.
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