Talent Management for Entrepreneurs and Small Business

Research project
Talent management for entrepreneurs and
small business
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EXECUTIVE SUMMARY
Main purpose of this research of this research is identifying the advantages of talent
management for entrepreneurs and small business in development of their business growth and
success. This purpose has been achieved by using primary and secondary data. Questionnaire has
been developed for collecting primary information, whereas books, articles etc sources are used
for collecting secondary data. Main findings of this research are talent management helped
Rowlinson Knitwear in improvement of its growth. Conclusion of this research is objectives
have been accomplished in successful manner. Recommendations of this research are different
ways suggested for Rowlinson Knitwear in management and retention of talent at workplace.
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Contents
EXECUTIVE SUMMARY.............................................................................................................2
Contents...........................................................................................................................................3
INTRODUCTION...........................................................................................................................4
METHODOLOGY..........................................................................................................................6
MAIN BODY................................................................................................................................10
CONCLUSION..............................................................................................................................21
RECOMENDATIONS..................................................................................................................21
REFERENCES..............................................................................................................................22
APPENDIX....................................................................................................................................23
Questionnaire.............................................................................................................................23
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INTRODUCTION
Background of the subject
Talent management is a constant process of attracting and retaining talented employees,
developing their knowledge and motivating them to enhance their performance. This is an
important part of business growth and success. Talent management helps an organisation in
retaining of talented employees at workplace that result in increased business performance and
productivity (Al-Dalahmeh and Dajnoki, 2020). Along with this, talent management is essential
for small business and entrepreneurs by helps them in running of all activities and functions of
business in successful manner. There are different ways that are useful for small business in
attraction of top talent i.e. build a stronger employer brand, offer competitive compensation,
design creative benefits peaks and packages, write appealing job descriptions etc. These are
major and effective ways that are beneficial for an entrepreneur and small business in attracting
of highly experienced employees within a workplace.
Problem statement
Today’s competitive environment, improvement of business performance and success is
one of the major problem for small business and entrepreneurs. This is a biggest problem that
also impacted on their sales and profitability (Azahari, Zaki and Wahab, 2020). In order to
overcome this problem, there is requirement for attracting and retaining of talent. This will helps
small business in enhancement of their business performance and success as well as increase
sales and profitability that turn to impact in achievement of competitive advantages.
Reproach aim and objectives
Research aim: Main aim of this research is “To identify the benefits of talent management for
entrepreneurs and small business in improvement of their business growth and success: A Study
on Rowlinson Knitwear
Research objectives
 To develop basic knowledge about the talent management in context of small business
 To determine the importance of talent management in improvement of business growth
and success of Rowlinson Knitwear
 To examine the initiatives that would be taken by Rowlinson Knitwear for managing
talent at workplace
Research questions
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 What is the talent management in context of small business?
 How talent management helps Rowlinson Knitwear in improvement of its business
growth and success?
 What are the initiatives that would be taken by Rowlinson Knitwear for managing talent
at workplace?
Overview of the organisation
Rowlinson Knitwear is a selected small business that specialise in producing of knitwear
and school wear for students. Company was founded in year 1972 and conducted its business in
the UK. Company wants to develop their business at global level or different countries. This is
only possible with talent management. Therefore, it is essential for Rowlinson Knitwear to retain
and attract talent within a workplace (Cismaru and Iunius, 2020). This will assist them in
increasing of their brand reputation in national as well as international marketplace.
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METHODOLOGY
Mythology within a research refers to the systematic process of gathering information about
the topic. This section includes different types of methodologies that are useful within a study.
These are described as under:
Research choice: There are two options for data collection i.e. qualitative and quantitative.
These are two main options but in according to the present study, quantitative choice of the
research is more advantageous as it provide reliable data in minimum cost and time. On the other
side, qualitative option of the research is not effective is current research because not provide
firs-hand information and require maximum sources (Dhas, Vetrivel and Krishnamoorthy, 2020).
Thus, quantitative research is essential for achieving research objective of the study in successful
manner.
Research strategy: There are various strategies that are essential in collecting of any types
of information regarding any subject. These are case study, experimental, survey and many
more. All these are main strategies but for gathering quantitative data regarding the importance
of talent management in improvement of business growth and success of Rowlinson Knitwear,
survey is an advantageous strategy for researcher. There are number of advantages of using
survey research strategy such as low costs, precise results, convenient data collecting etc.
Data collection: There are two advantageous methods of data collection that are known as
primary and secondary (Kestilä, 2020). Within a current study both methods of data collection
are valuable for researcher. These methods are explained as below:
 Secondary method: This is a type of data or information that already gathered from
secondary sources. These sources are articles, magazines, books, publication research,
journals etc. All these are effective and useful sources for researcher because it helps
them in collecting of secondary information through the use of themes. Themes are
developed in accordance to the research questions. Therefore, secondary data collection
of the current research is mentioned as below:
Theme 1: Concept of talent management in context of small business
According to the Kriz and et. al., (2021), talent management is the exercise that includes
improvement of employee’s performance and their long term retention within an organisation.
This is not limited up to the large organisations but also necessary for all nature of organisations
to implement this for attainment of success in business environment. In respect of small business,
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