Business Incubators and Entrepreneurship

This assignment delves into the impact of business incubators on entrepreneurship. It examines various aspects, including networking behavior and contracting relationships among entrepreneurs within incubators. The analysis also considers the performance effects of incubator participation, drawing upon research papers and studies on the topic.

BUSINESS
TOOLKIT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Manage finance and record transaction to minimise costs in reference to hospitality
industry...................................................................................................................................1
P2 General Ledger..................................................................................................................2
P3 Basic Trial Balance...........................................................................................................3
TASK 2............................................................................................................................................4
P4 Review the different stages of the HR life cycle...............................................................4
P5 Performance management plan and apply techniques to solve negative behaviour.........6
TASK 3............................................................................................................................................7
P6 Specific legislation related to hospitality organisation.....................................................7
P7 Company, employment and contract law has potential impact on business decision making
................................................................................................................................................7
TASK 4............................................................................................................................................8
P8 Different functional role in reference to hospitality sector...............................................8
P9 Different methods of communication, coordination and monitoring..............................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Hospitality industry is a broad group of businesses which can provide different types of
products and services to customers (Ramasastry, 2015) . It can provide satisfaction of customers
and providing specific experience for them. The hospitality industry different from other
industries because it relies so heavily on discretionary income and free time. Through hospitality
industry provided different services such as food services, hotels, events, travel & tourism,
luxury services and many others. To better understand this concept taken Indigo hotel which is
part of the world's first international luxury travel hotel and brand because each of their hotels
has its own distinctive style and ambience as historic building, city landmarks and many others.
In the report consist of analysing finance and record transactions to minimise costs in reference
to hospitality industry. Apart from managing HR life cycle within human resource strategy and
potential impact of legislation and ethics in hospitality industry. In addition, determine the
importance of coordinating and integrating several functions of departments within hospitality
industry.
TASK 1
P1 Manage finance and record transaction to minimise costs in reference to hospitality industry
To know financial performance of hospitality industry apply different key performance
indicator which can analysis the performance of a hotel. These indicators can help to manage
finance in effective manner these are -
Key performance indicator (KPI) – It is financial approach which can provide help to
hotel in reference to achieve business objectives. Most of the organisation can select to KPI in
reference to manage finance and achieve their targets in appropriate time. With the help of this
tool measure performance of every department and mark those area where need to improvement
in workers. The best part of this tool that it can help to measure performance in financial term
and non financial term (Ebbers, 2014). Along with this, it increase the potential of employees
that further helps in productivity and profitability. In the context of indigo hotel focus on their
customer so they are increasing no of employees to provide efficient quality and products to their
customers. To enhance their business there is need to improve skills of staff members and
customer satisfaction. KPI can help to manager to identify those points which can related to
1

specific situation like outstanding sales, cost revenue, cost of goods sold and increase profit
margin.
Manager of Indigo hotel can follow the particular approach top manage finance as well as
measure performance to provide appraisal and rewards through monitoring their activities.
Employees performance will be divided into two parts such as -
Qualitative – This approach part of KPI which can use to measure performance of hotel
staff members in reference to customer satisfaction. In indigo hotel apply this system to
determinate the performance of their staff members and take feedback from customer about
them. These feedback provided into ratings and on the basis these hotel can decide their
performance. These rating very useful for manager and help to know about improvement about
staff members.
Quantitative – As per the approach measure performance in quantitative way like how
many customers they can handle in limited time period whether it is good or bad. It is good way
to measure performance of employees and the manager of indigo hotel can evaluate several
conditions and situation through rating and grading system. It will help to denote their
performance as per their performance and provide them reward according to their ratings (Smith,
2013)
P2 General Ledger
Hotel Indigo in Leicester Square
Rooms
Debit (£) Credit (£)
420 42000
250 87500
228830 100000
229500 229500
Equipments
2

Debit(£) Credit(£)
50 620
20
250
300
620 620
Food and Beverage
Debit (£) Credit (£)
36000 10000
11000
15000
36000 36000
Staff wages
Debit (£) Credit (£)
15000 17500
2000
500
17500 17500
Services
Debit (£) Credit (£)
110 310
150
3

50
310 310
P3 Basic Trial Balance
Trial balance for the month ended April 30, 2019
Particular Debit (£) Credit (£)
Rooms 228830
Equipments 620
Food and
Beverage 36000
Staff wages 17500
Services 310
Suspense A/C 246400
264830 264830
TASK 2
P4 Review the different stages of the HR life cycle
In HR life cycle includes six stages which can provide opportunities, benefits and
challenges to their organisation. Hotel indigo can use these stages for recruiting receptionist for
front desk -
4

Attraction – It is a first stage of employee life cycle is the employee attraction stage.
This stage will be happened before an open position. To attract new candidates for the position
of receptionist need to brand image which is already company have. The art and science of
employer branding related to attraction, retention and engagement with company's employer
brand (HR life cycle, 2019).
Recruitment – In this stage firstly identified need of new candidates because according
to this prepare advertise, position recruitment like skills and competencies as per role of
receptionist. These advertisement can distribute to everywhere so for this need to specific
channels which can help in search right candidates regarding to receptionist. After that collect all
applications and as per role select those employees who can applicable for this than call them for
interview. The hotel indigo can conduct interview into two stages first one is on the basis of
qualification and second one is on the basis of work experience. After both interviews provide
job to right candidate.
On – boarding – After joining of new employee to provide detailed information
regarding to their job and provide a functioning workstation. After that complete all appropriate
paperwork and provide schedule of their tasks. For new employee arrange training and monitor
their activities and provide help to settle in their job role (Shi, Lee and Whinston, 2016) .
Development – In indigo hotel to improve skills of their employees time to time arrange
workshops, development courses. With the help of these courses know about trends of market
and information of hotel business. It can help staff in the future to progress in career path and HR
5

team can decides which types changes need to in environment of business. The development
stages help to increase business skills, candidate skills and behavioural element. The hotel can
focus on the professional development and arrange seminars and conferences.
Retention – In the stage need to focus on every employee and recognise that they are
satisfied with their job. If the manager can not focus on this so many time they have to suffer
from employee turn over and new staff cost money too much. To avoid staff retention the hotel
focus on starting two stages of HR life cycle and attract to new candidate with new expectations.
Separation – According to this stage employees must leave by different reasons like
retirement, personal or family reason and new employment. The separation stage should not
interrupt the company and it is important to clear it in first stages. Hotel indigo can take feedback
from those employees who can leave their job. If it is a professional staff and leaving by personal
circumstances for a uncertain period time.
Importance of HR life cycle
All those stages are important for retaining and development talent because success of the
hotel related to their employees. In the HR life cycle each stage work as a tool and develop a
strong team workforce. Develop talent proceed into on boarding as well as training stage of life
cycle. Retaining talent related to all employees who are connected to company and they are
provided right feedback to improve retention of employees. It is critical for long term health and
provide success to the hotel. Managing staff retention is possible through all employees and
provide them support (Schlosser and et.al, 2015) .
P5 Performance management plan and apply techniques to solve negative behaviour
Performance management plan is a tool of action which is related to performance of
employees deficiencies and it will help to provide opportunities to employee according to their
performance. As per the plan the manager of indigo prepare performance management plan of
each employee and record their specific skills. It can help to provide them rewards, appraisal and
bonus to motivate them. It can encourage to employee for utilise their skills in productive way
and generate more income (Mohamed and et.al, 2015). So there are presenting short conversation
between manager and employees on the basis of given situation -
Process should be Follow:
Manager: Can any one please tell me what happened here?
Employee : Sir, I am not able to survive in this organisation.
6

Manager: Do you conceive that it is professional behaviour where you work?
Employee: No sir, I am justify for this type of behaviour.
Manager: It is not acceptable, you have to be apologetic.
Employee: Sorry sir, it will not happen again.
Process should not be Follow:
Manager: What happen, you are employee of the company so you have to complete their
task?
First employee: No, I am not doing additional work in any condition.
Second: employee: But sir, our team leader is very rude with all of us due to this reason
we are not doing additional work.
Manager: OK, I understand what you said and now I am going to listen team leader
story.
Employees: (Both) Sir, their no need to talk with him you have to change team leader
otherwise we all resign this job.
Manager: OK done, do what you want because team leader is not going to replace. Do
what you want (Costa and et.al, 2013).
In a hotel have several issues between employees or employer where they can not behave
in right manner. These types issues can affect to internal system of an organisation and due to
negative behaviour of employee will generate negativity in the working environment. So solve
above negative behaviour of employee manger have to listen problems of their employee. After
that examine situation and discuss with other employees then take effective decision. Provide
suggestions to to both side people because employees can not satisfied with their working
environment so they can not work in effective manner. As a result it can affect to productivity
and profitability of an organisation to solve these issues apply techniques of communication.
TASK 3
P6 Specific legislation related to hospitality organisation
Most of the employees are faces different types of issues which relates to their health and
safety, right and authority, low wages etc. that motivate the staff and do not perform well. For
solving theses issues Indigo hotel follows different laws that helps to run its business and expend
business activities such as-
7

Equality Act, 2010: This Act is proposed by the government that protects the employees
from discrimination. This means any organisation should not discriminate on the basis of age,
caste, religion, colour and gender which demotivate employees. Indigo is multinational hotel that
provides variety of services, follows the Equality Act and behave equally with all employees and
members that gives motivation to them and perform well (Häser, Felderer and Breu, 2016) .
Health & Safety regulation Act, 1981: Any Organisation should follow the Health &
safety Act that helps to provide safety at work place. The manager of Indigo hotel apply this rule
and provide the safety during work at work place. Moreover, if any injury occurred with
employees in industry, it is the duty of employer to provide safety and security to its staff. This
Act helps to provide a satisfaction and retain the employees for long period of time.
Human Right Act, 1981: This is most influencing laws that protects all people and
provides benefits. This Act means to treat each and every one equally with dignity and respects.
Indigo provide these right to its employees so they can work efficiently by sharing problems with
employer and protect their interest. This Act make feel comfortable to employees and help to
increase productivity in organisation. Moreover, this Act helps to achieve organisation as well as
employee's objectives in order to increase profitability (Schulz and et.al, 2015) .
P7 Company, employment and contract law has potential impact on business decision making
Government formed different legislation for public welfare and employee's satisfaction
which are mandatory to follow. Above mentioned legislation affect the business decision in any
organisation such as if employer are not following the Health and safety regulation employees
will not work for long time and they will leave the currently organisation. To retain the
employees and get work done perfectly company need to follow Healthy & safety and Human
right Act that will help to provide safety and will increase their interest to work in existing
company (Read and et.al, 2015). By following these Acts Indigo can increase its productivity
such as employees will work more and efficiently that will help to attract customer. As result,
high productivity and large number of customer with the efforts of employees (Fritsche, Soeters
and Meessen, 2014) .
If Indigo does not follow legislation it has to pay penalty and reduced business
productivity. Hence, it is very important for each organisation to follow the legislation and make
effective business decision. Moreover, Indigo follows Minimum wages Act that influence the
employees and make decision to continue the organisation. Additionally, legislation are helpful
8

to provide ethics consideration such as by following Human right employer will respect to
employees and responds properly that increase ethical behaviour. And by providing good quality
of food customer will happy and will obtain more services from Indigo hotel that increases
ethical consideration.
The organization have to followed these laws and legislation and it will impact to
decision making process in effective manner. It is important to follow by company to sustain
long time in market and satisfy to their employees as well customers. If they can not followed
these legislation so it can show negative impact like any employee can case on company
regarding to humiliate for salary and extra working hours. Any customer complaint to police
regarding to food and other services for health and safety. So there is need to follow by
company.
TASK 4
P8 Different functional role in reference to hospitality sector
Organisational structure of hospitality industry
9

Organisational Structure of Indigo hotel :
Organisational Structure of Theme Park:
Hospitality industry is broad industry which can include different types of services like
hotels, restaurants, theme part and tourist industry etc. In any organisation and hotel have
10

different structure which is intercorrelated and share all sufficient information. Hotel indigo have
top management who can appoint manager in each department because there is required to
provide all sufficient services to their customers (Paredes, Pedregal and Pérez, 2014) . Top
management can provide authority to manager to take decision regarding to their responsibility
but in limited resources. As similar in theme park top authority can provide the guidelines which
is following by manager in order to fulfil organisation goals and objectives. When all employees
can follow the direction of manager so they can help to achieve success and long time growth. It
can achieve if all staff members timely complete their tasks and organisation can perform better.
P9 Different methods of communication, coordination and monitoring
Hotel indigo apply different methods in order to communicate, coordinate with customer
and monitoring all business activities. These are - Infographic – It is the graphical mode of representing information in effective manner
and short way to circulate information in between all employees. With the help of this
communication way provide all appropriate information and through this easily
understand information. In Indigo hotel when any event organise that time use the
particular method and provide all information to large group of people. It can help to
show changes and relationship in between all available resources. E – mail – It is a best way which is used by mostly companies in order to communicate,
Coordination and monitoring. Through this way in bulk send mails to each employee
regrading to meeting and any other information. It is easy to use and help when a person
is not able to in company that time through mail communicate him. Hotel indigo use this
method to provide any specific information to their staff members and any change in the
plans (Stokan, Thompson and Mahu, 2015) .
 One to one meeting – In the hotel, meeting is good to communicate with each other and
take their reviews regarding to particular task. It can help to obtain hotel goals and
objectives in effective manner. The Indigo hotel can discuss into meeting about the
specific event and provide all responsibility as per their skills. So it is better way to
support to hotel regarding to their objectives.
Importance of these methods regarding to indigo hotel -
These methods are very useful because it provide help to communicate with their staff
members in effective manner. It can helpful to maintain coordination with all employees and
11

time to time take feedback about their tasks. It is beneficial for the hotel to obtain their goals and
objectives in specific manner and survive for long time in the market. After that monitor of all
activities to their target customer and communicate with staff members regarding to them. With
the help of these tools hotel can communicate any time with specific department person and take
appropriate information (Felfernig and et.al, 2014).
CONCLUSION
As per the above report it has been concluded that hospitality industry is broad industry
where includes various types of products and services. The hotel services part of this industry
and prepare their ledger account and trial balance to record all financial transactions. To appoint
receptionist in hotel follow employee life cycle to identify those candidates who will suitable for
hotel. To improve skills of their employees provide seminars and workshop time to time. In the
industry need to follow different types of legislation as per requirement and it is mainly related to
employees and their right. In addition, every organisational structure have their own structure
where different departments interconnected and apply effective methods of communication and
coordination.
12

REFERENCES
Books and Journals
Ramasastry, A., 2015. Corporate social responsibility versus business and human rights:
Bridging the gap between responsibility and accountability. Journal of Human Rights.
14(2). pp.237-259.
Ebbers, J. J., 2014. Networking behavior and contracting relationships among entrepreneurs in
business incubators. Entrepreneurship Theory and Practice. 38(5). pp.1-23.
Shi, Z., Lee, G. M. and Whinston, A. B., 2016. Toward a Better Measure of Business Proximity:
Topic Modeling for Industry Intelligence. MIS quarterly. 40(4).
Mohamed, M. and et.al, 2015. An autonomic approach to manage elasticity of business
processes in the Cloud. Future Generation Computer Systems. 50. pp.49-61.
Häser, F., Felderer, M. and Breu, R., 2016. Is business domain language support beneficial for
creating test case specifications: A controlled experiment. Information and software
technology. 79. pp.52-62.
Fritsche, G. B., Soeters, R. and Meessen, B., 2014. Performance-based financing toolkit. The
World Bank.
Paredes, J., Pedregal, D. J. and Pérez, J. J., 2014. Fiscal policy analysis in the euro area:
Expanding the toolkit. Journal of Policy Modeling. 36(5). pp.800-823.
Stokan, E., Thompson, L. and Mahu, R.J., 2015. Testing the differential effect of business
incubators on firm growth. Economic Development Quarterly. 29(4). pp.317-327.
Schulz, K. P. and et.al, 2015. Toolkit‐based modelling and serious play as means to foster
creativity in innovation processes. Creativity and Innovation Management. 24(2).
pp.323-340.
Schlosser, F. and et.al, 2015. Achieving social alignment between business and IT–an empirical
evaluation of the efficacy of IT governance mechanisms. Journal of Information
Technology. 30(2). pp.119-135.
Smith, A., 2013. Sequential Monte Carlo methods in practice. Springer Science & Business
Media.
Costa, A. and et.al, 2013. Building operation and energy performance: Monitoring, analysis and
optimisation toolkit. Applied Energy. 101. pp.310-316.
Read, G. J. and et.al, 2015. Designing a ticket to ride with the cognitive work analysis design
toolkit. Ergonomics. 58(8). pp.1266-1286.
Felfernig, A. and et.al, 2014. Knowledge-based configuration: From research to business cases.
Newnes.
Online
HR life cycle. 2019. [Online]. Available through: <https://inside.6q.io/six-stages-to-success-
with-the-employee-lifecycle/>
13