Human Resource Management for Entrepreneurship

This assignment provides an overview of human resource management strategies for entrepreneurs, covering topics such as recruitment, selection, performance management, employee motivation, and employee benefits. It also touches on the challenges of starting a new business in another country and the importance of market research. The assignment includes a bibliography with relevant sources.

MANAGING HUMAN CAPITAL
AND ENTREPRENEURSHIP

INTRODUCTION
• An entrepreneur is going to start a new business of
Pop up Sprinkler and Control Systems and import
them from Germany.
• A new business idea is being proposed which analyze
the necessary factors of a business plan and human
resource management.
• The job responsibilities of a human resource manager
include employee development, selection,
performance management procedures as well as
recruitment of the applicants.

PRODUCT OR SERVICE
• Company name: Xeric
• Products or services: Pop up Sprinkler and
Control Systems.
• Import and export business.

PRIORITY CUSTOMERS
• Municipalities,
• Golf courses,
• Agriculture,
• Irrigation,
• Landscape designers,
• Real estate agents,
• Companies for properties and others.

SUPERIOR VALUE PROPOSITIONS
• Irrigation system analysis will evaluate the
efficiency of the overall system.
• It will give an idea of the management
practices.
• Help in saving money and increase crop
yields.
• Free campaigns and free samples.
• High quality products at cheap rates.

CHANNELS
• Print media,
• Electronic media,
• Social media,
• Company website.

RESOURCE REQUIREMENTS
• Employees with sound knowledge regarding
irrigation designs.
• Employees must be trained on developing
operational procedures.
• Resources like rotator heads, impact rotors,
nozzles and others, are required.
• A proper budget planning must be done by
investing on the research and development unit.

COMPETITIVE STRATEGY
• Product differentiation strategy.
• High quality products at cheap rates.
• Promotional offers and free samples’
distribution.

BUSINESS ENVIRONMENT OF
MALDIVES
Political Factors
•The political scenario of the
country highly encourages the
business behavior and
motivates it to increase the
business ahead.
•The political scene of the
country encourages other
countries to export their
products to their market, to
maintain a positive relation
with them.
•The political aspects believe
in supporting the business
terms in Maldives, but they
have to follow the basic
regulations of the export and
import policies.
Economical Factors
•The economy of Maldives
largely depends on the
tourism sector which
generates around 28 percent
of their Gross Domestic
Product.
•However, manufacturing
and agriculture play a lesser
important role in the
country’s economy due to the
limited availability of the
cultivated lands.
•Therefore, this will prove to
be a major challenge for the
entrepreneur to establish
his/her new business there.
Social Factors
•People of Maldives
prefer services as the
major sector of
employment and they
are inclined towards the
organizations, seeking
job.
•Moreover, the
company will
successfully carry out
its import and export
business as a huge
chunk of the population
is still dependent on the
service sector as a major
source of employment.

BUSINESS ENVIRONMENT OF
MALDIVES (CONTD.)
Technological Factors
•The government
officials of Maldives
invest a lot in the
research and
development sectors,
which generates the
Gross Development
Product.
•Therefore, Xeric
Company needs to
emphasize on this factor
and establish its point in
order to prove its
importance
Environmental Factors
•The government of
Maldives is very strict
regarding the
conservation of valuable
heritage of the country
and also deploys strict
measures regarding this.
•The government officials
of the country ensure that
any type of wastes or
poisonous gas shall not be
disposed within Maldives
territory.
Legal Factors
•Maldives mainly depend
on the imported products
and have various laws as
well as regulations in
relation with that.
•In the existing market of
the country, there are
various rules and
regulations regarding
trades, transportation and
custom costs.
•Therefore, the Xeric
Company needs to take into
consideration, these factors
in order to proceed with
their export business.

HUMAN RESOURCE
REQUIREMENTS AND STRATEGIES
• Recruitment.
• Selection of employees.
• Performance management.
• Employee motivation.
• Organizing orientation and training programs.
• Employee benefits and compensation.
• Reward and recognition programs.

CHALLENGES AND PROBABLE
SOLUTIONS
• An entrepreneur may face various challenges while starting up a new business in another country.
• Business at another country means a considerable amount of bureaucratic efforts along with huge
amount of paperwork, one has to go through.
• The economic conditions of various countries attract the entrepreneurs to start their venture
overseas.
• However, the success of the business highly depends upon the entrepreneurs’ capability of
understanding the political and economical issues of the countries.
• In order to mitigate the challenges of starting a new company and that too, at a new country, the
entrepreneurs should carry out a market research beforehand and prepare themselves, for the
economic climate change.
• Moreover, the individuals should have sound knowledge regarding the business environment,
stock developments and others.
• It should always be kept in mind that a convenient overview of all the factors, facts as well as
circumstances will help the prospective entrepreneurs in a huge manner.
• The business laws, practices, taxation and banking highly vary from country to country.
• Therefore, before getting started, the entrepreneurs should study the requirements and laws for the
country he/she is interested in running the business.

CONCLUSION
• Starting up a new job is not that easy at it seems. It requires huge amount of
dedication, hard work and commitment.
• An entrepreneur is going to start a new business of Pop up Sprinklers and
Control Systems and export them to the country of Maldives.
• However, the unit selling proposition of the company, named Xeric, is that it is
going to sell high quality products at much affordable rates.
• This will help in grabbing the attention of the maximum number of target
consumers.
• There are uncertainties in every job.
• Thus, it is immensely important for the entrepreneur to jot down the probable
solutions beforehand, in order to avoid issues later.
• Conducting a market research will prove to be highly beneficial for any
business. Therefore, these factors are to be kept in mind, while starting a new
venture.

BIBLIOGRAPHY
• McKeever, M., 2016. How to write a business plan. Nolo.
• McKenzie, D., 2017. Identifying and spurring high-growth entrepreneurship: experimental evidence from a
business plan competition. American Economic Review, 107(8), pp.2278-2307.
• Messersmith, J.G. and Wales, W.J., 2013. Entrepreneurial orientation and performance in young firms: The role
of human resource management. International Small Business Journal, 31(2), pp.115-136.
• Mollick, E.R., 2013. Swept away by the crowd? Crowdfunding, venture capital, and the selection of
entrepreneurs.
• Paillé, P., Chen, Y., Boiral, O. and Jin, J., 2014. The impact of human resource management on environmental
performance: An employee-level study. Journal of Business Ethics, 121(3), pp.451-466.
• Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small business.
• Sheehan, M., 2014. Human resource management and performance: Evidence from small and medium-sized
firms. International Small Business Journal, 32(5), pp.545-570.
• Stutely, R., 2012. The definitive business plan: the fast track to intelligent planning for executives and
entrepreneurs. Pearson UK.
• Vance, C.M. and Paik, Y., 2014. Managing a global workforce: challenges and opportunities in international
human resource management. Routledge.
• Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth, profitability, and family
leadership. Springer.
• Zhou, Y., Hong, Y. and Liu, J., 2013. Internal commitment or external collaboration? The impact of human
resource management systems on firm innovation and performance. Human Resource Management, 52(2),
pp.263-288.

THANK YOU