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Managing Human Capital and Entrepreneurship Assignment

   

Added on  2020-06-06

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HUMANCAPITAL ANDENTREPRENEURSHIP
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TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................3New business idea covering all the elements ........................................................................3TASK 2 ...........................................................................................................................................4Opportunities for the proposed new business. .......................................................................4TASK 3 ...........................................................................................................................................6Critically analyses the human resource strategies for purpose to new business start up. .....6TASK 4 ...........................................................................................................................................7Analyse the challenges which might emerge at each stage in the life cycle of the venture. .7CONCLUSION.............................................................................................................................10REFERENCES .............................................................................................................................11
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INTRODUCTION Entrepreneurship is the process which results in creating new ventures that helps onmeeting the specific needs and desires in order to create value of the business. Entrepreneurshipis the key which is used to indicate the economic growth of the business. The role ofEntrepreneur is very significant in Entrepreneurship process, they are seen as the keen agentswho can indulge creativity and helps in developing new growth opportunities of the business.The main focus of this report is upon the evaluation of the business opportunities and theconstruction of relevant strategies for the success of the business venture. TASK 1New business idea covering all the elements Product or service: The first and main work for establishing a new business is what will theproduct and service. For an example, for a restaurant business fast-food items will be theproduct. Products and services will help to attract and assist customers in the market in order tomake profits. The idea is to develop a quality and effective products as well as services thathelps to enhance business operational activities and profitability effectively and efficiently. Priority Customers: Customer priority is one of the major concept which should be consideredduring a new business venture (Burton, Sørensen and Dobrev, 2016). Customers are the keytowards business success and failure effectively. Customer priority can be understand in a waythat some consumers in the market requires good attention of business that they are special forsome reasons. In order to maintain the customer priority the business should make policies andplans that helps to enhance business profitability and production. Superior Value Propositions: Customer value proposition describe a marketing statement ofbusiness which demonstrate why should a customer buy product or services. It is speciallytowards the target and potential customers rather than others such as partners, employees orsuppliers effectively.Channels: Channels refers to the process of business products and services to customers.Channel can be described as a path in which organisation supply its products to customers in themarket (Lee, Hallak and Sardeshmukh, 2016). For an example, store, online facilities and othermedium from which the business is able to provide its services to customers. This will helpbusiness to assist customers in the market more easily and effectively.
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Relationships & Partnerships: Relationship and partnership are both important as well as intheir own regions. Customer relationship is important for the firm in order to increasesatisfaction and loyalty which lead towards production and profitability (Terjesen, Hessels andLi, 2016). In addition to this, partnership is where a business is run by two or more than twoowners effectively. Business relationship is also crucial that it helps to manage and controlprofitability ratio as well as losses.Resources Requirements: Resources are the main factors to establish a new business. Everybusiness requires resources to run operational activities in order to produce production andprofitability. Business resources such as human resource, financial and non-financial resourcesetc. this will help to achieve desired goals and objectives by managing them effectively andefficiently.Competitive Strategy: Competitive strategy is developed by business management in order toincrease competitive advantage over its competitors in the business. Return rate of investmentwill help to enhance competitive advantage for business effectively. Every business requires astrong and powerful competitive strategy in order to compete others in the market which leadtowards production and profitability. This will also help to manage business operationalactivities by assessing strategies and plans adopted by successful businesses in the market.Identity: Identity refers to determine business various resources and other needs which helps toestablish new objectives and aims for the organisation (Williams, Huggins and Thompson,2017). This will also help to evaluate market position of the firm that every brand needs aidentity in terms of brand logo, image and name. Brand identity helps customers to rememberthe name of brand which will help to tell others about it. Identity should be effective enough thatcustomers can easily recognise it. This will help to increase customer loyalty and also brandimage which lead towards production and profitability.TASK 2 Opportunities for the proposed new business. Whenever organizations wants to expand and establish their business functions they needto consider various factors that are useful for the business in order to maintain its position in thecompetitive market. Business expansion is the process of expanding the functions of theorganization in order to increase its productivity and profitability. The expansion of the businessrotates around the two major aspects, one is planned expansion and the other one is managing
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