Entrepreneurship & Small Business Success

This assignment delves into the crucial aspects that contribute to the success of small businesses. It examines key areas such as marketing strategies, effective financial management, and fostering innovation within entrepreneurial ventures. By analyzing various research papers and online resources, students will gain a comprehensive understanding of the challenges and opportunities faced by small businesses in today's competitive landscape.

Small Business
Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Profile of telecommunication industry and its strength and weaknesses..............................1
1.2 Analysis of Small business enterprise on the basis of comparative measure........................2
TASK 2............................................................................................................................................3
2.1 Recommend some appropriate actions so that identified weaknesses can be overcome.......3
2.2 Analyse ways through which existing performance can be maintained and strengthen.......4
2.3 Different areas in which Shine Communication Ltd could be expended..............................4
TASK 3............................................................................................................................................5
3.1 Assessment of existing business objectives and plans of Shine Communication Ltd...........5
3.2 Revise business plan to incorporate the appropriate changes................................................6
3.3 Prepare an action plan to implement the changes..................................................................7
TASK 4............................................................................................................................................7
4.1 Impact of proposed changes on the business and its personnel.............................................7
4.2 Appropriate plan in order to manage the proposed changes..................................................8
4.3 Monitoring the improvements of Shine Communication Ltd on a given time scale.............9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In the modern era, competition is get increased at the marketplace which makes
companies to focus on quality services. Small businesses are owned by an individual or in
partnership and they have less number of employees as compare to large firm. Along with this,
their annual turnover is small and they do not have high sales at the marketplace (Abebe, 2014).
These firm help the country in enhancing their economic level by offering the job to many
people. The present report is based on Shine Communication Ltd which perform its operations in
telecommunication and media sector. They are focusing on their business activities so that they
will be able to accomplish their specified goals in an effective manner. In this context, report
explain the strength and weakness of selected business organization. Along with this, some
strategies are adopted by firm so that identified weaknesses can be overcome. Furthermore,
business plan has been formulated and activities are monitored which explain in detail.
TASK 1
1.1 Profile of telecommunication industry and its strength and weaknesses
Shine Communication Ltd is a telecommunication and media industry which perform its
operations in London, United Kingdom. First it was established in 1997 and at that time agency
perform some marketing and public relation activities. The company is based on its four core
values such as commitment, connected, fresh and smart (Ackermann and Audretsch, 2013). An
enterprise conducts various campaigns at the market area and perform social media activities.
The human resource manager of firm hires skilled workers so they will be able to achieve
success as compare to other small business enterprise. The CEO of entity is Rachel Bell who get
best leader category award and she built a vision in order to establish the business. Some services
which are offered by organization are like advertising, graphic design, branding, packaging and
so on.
The mission statement of Shine communication is to build a long term customer relationship
in order to grow business at the market area (Burns, 2010). There are some objectives of firm
like to increase sales, to generate high revenues, to gain the attention of many customers and so
on. An appropriate organizational structure can be used by small firm in order to enhance their
efficiency and effectiveness of their activities. So, here functional structure has been followed by
firm so that goals can be achieved collectively.
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There are some internal and external factors which can affect the performance of Shine
Communication Ltd (Altman, Sabato and Wilson, 2010). On the basis of these, the strength of an
enterprise are as follows:
 Market position: The company has strong position in the market as compare to other
small business enterprises.
 Client portfolio: On the basis of their good market position, they have strong base of
client and some of these are like Sony, paramount and so on.
 Diversification: Small business enterprise offer services to their consumers via some
campaign and promotional activities (Carraher and Paridon, 2015). They use social media
in order to communicate with their service users so in this way they gained popularity
among people.
 Team strength: Employees of small firm are receiving training on continuous basis so
their skills are get enhanced and in this way they will be able to offer quality services to
their staff members.
The weaknesses of Shine Communication are as follows:
 Competition: The competition in the market is high so it become difficult for Shine
Communication Ltd to maintain their competitiveness.
 Financial cost: When firm conduct such promotional campaigns and advertisement then
this will incur some cost so firm will not be able to generate high profits.
1.2 Analysis of Small business enterprise on the basis of comparative measure
Shine communication is a media and telecommunication industry which perform some
public relations and marketing activities. They face competition due to some local firms and
other new entrant into the market. The comparative analysis can also be performed on the basis
of some factors such as price, quality, cost, payment system and financial changes. Through
these, the overall performance of agency can be improved in an effective manner as compare to
their competitors. Low pricing strategy has been followed by the firm and on the basis of this
they offer quality services to their consumers (Chittithaworn, 2011). From the last few years,
performance of company is improving as their sales and gross profits are get increased.
The current staff members of company are highly skilled and knowledgeable so this is
beneficial for them as they can carry out campaigns in more effective manner. Along with this,
there is high competition in market so due to this bargaining power of customers are get
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increased. So, on the basis of these Shine Communication Ltd has to perform its operations so
that they can grab the attention of clients towards their services (Draycott and Rae 2011). They
offer more innovative products and their innovations are based on new technological
advancements such as beta. Furthermore, manager can identify the views of their employees and
after that overall performance of Sales, Marketing, Finance can be evaluated.
TASK 2
2.1 Recommend some appropriate actions so that identified weaknesses can be overcome
In the present situation, Shine Communication Ltd is on the rank of 6th out of many small
business enterprises. But, in 2012 it was on 1st rank so on the basis of this it can be identified that
either the performance of firm is get decreased or other business owners start performing their
operations (Eid and El-Gohary, 2013). There are some approaches which needs to be followed
by agency so that they can sustain their competitive advantage at the marketplace. Some of these
are as follows:
 The marketing manager of small business enterprise cannot use market survey approach
as this is cost ineffective so they can collect the information from various recent journals,
newspapers, research papers. This is very helpful for them as they will be able to attract
many clients towards their services in more successful way.
 There are approx. 50 employees who are working in firm so for this each and every
employee needs to work on two to three projects (Fassin, Van Rossem and Buelens,
2011). So, in this way they will not be able to provide quality work. So, it is the
responsibility of manager to allot a single project to each worker so that they can come up
with new ideas.
 Shine Communication Ltd can offer their services at flexible prices to their clients so that
they will be able to attract them towards their high quality standard services.
 There is huge competition for the firm in market as there are many small business
enterprises in same sector. So, for this agency can market themselves by performing
some promotional campaign. Through this, they can increase the brand awareness among
different people.
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2.2 Analyse ways through which existing performance can be maintained and strengthen
Some ways and approaches are there which can help the firm in enhancing their existing
performance (Forsman, 2011). It is the responsibility of manager to identify some different ways
so that they can grab the current opportunity and their performance can be improved. Some of
these are as follows:
 Maintaining good cash flow position: Cash flow can be managed by performing some
operations and activities. On the basis of this, financial health of firm can be enhanced to
greater extent. The overall cash flow can be maintained by setting the targets, make easy
payment system for customers and on the basis of technology.
 Customer satisfaction survey: The manager of Shine Communication Ltd can conduct
survey at marketplace in order to identifying the satisfaction level of clients. For this,
questionnaire is an appropriate approach as through this manager can identify the views
and opinion of many people at a same time (Gronum, Verreynne and Kastelle, 2012).
After getting the reviews of different people, services can be improved as per their
expectations.
 Benchmarking: In this, company evaluate its own performance and practices as compare
to other industries. Along with this, some steps are followed by an enterprise like first
they identify their own performance then they evaluate performance of others. After this,
comparison should be established between these so that performance gap can be reduced
and their goals can be achieved.
 Training: The firm should conduct some training sessions at workplace so that their
employees will be able to enhance their core competencies (Jones and Iredale, 2010).
When skills and knowledge of an individual are get improved then they will be able to
deal with their customers effectively.
2.3 Different areas in which Shine Communication Ltd could be expended
An organization should expand its business as through this growth and development can be
achieved. The small business enterprise can identify different opportunities where they can
expand their business other than public relations (Lambert and Davidson, 2013). Some of these
areas are as follows:
 Market research field: This department is the only one which can link all other
departments of the company. In this, the agency will be able to identify various
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opportunities, resolve all the issues and market plan can also be evaluated in an effective
manner.
 Export marketing: The small business enterprise has to perform its operations in all over
the world so that they can generate high revenues and profits. Through this, their brand
image can also be improved in an efficient way (Malhotra and Temponi, 2010). Along
with this, an enterprise will be able to maintain their relations with other countries.
 Partnership: This is an another approach in which two or more than two jointly start their
business. In this kind of approach, business owners will be able to achieve success at the
marketplace in more effective manner. As different partners have different set of skills so
in this way they will be able to achieve success collectively.
 Re-branding: In this type of approach, agency launch their new and innovative services
at their market area. They can offer services with some unique features so that they can
grab the attention of many clients.
Shine Communication Ltd can expand their business into these different areas so that they
will be able accomplish their specified goals and objectives. Along with this, they can perform
collaboration with other industry. So, in this manner their existing performance can be improved.
TASK 3
3.1 Assessment of existing business objectives and plans of Shine Communication Ltd
Each and every organization set its short term and long term goals so that they will be able
to perform well. These objectives are set on the basis of vision and mission statement (Rae,
2010). Through these, a direction can be made for the all staff members so that their
understanding level can be increased and tasks can be performed in more efficient way.
Assessment of business objectives: There are some objectives which are set by Shine
Communication Ltd so that they will be able to achieve success. These are as follows:
 To support the staff members of small business enterprise.
 To improve the skills and knowledge within the employees so that they can be the best.
 To fulfil all the requirements of clients.
 To enhance the financial wealth of the business organization.
The goals of Shine Communication Ltd are move closer towards the customer satisfaction
level. They offer quality and innovative services to service users so that they can build the strong
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base of consumers. By focusing on Smart objectives firm will be able to accomplish specified
goals in timely manner.
Assessment of business plan: Some action plan is formed by Shine Communication Ltd in
order to attain objectives. Here, a plan has been formed by manager in order to evaluate the
performance of employees against Smart objectives (Raposo and Do Paço, 2011). These goals
have been changed every year so their core competencies can be identified on continuous time
interval. For this, some motivational tools can be used by higher authority so that their
productivity level can be improved and they will be able to achieve their financial goals. So, in
this manner assessment of objectives and plan can be carried out in more effective manner.
3.2 Revise business plan to incorporate the appropriate changes
When an enterprise performs its operations at market area then they have to implement a
business plan. These kind of plans should be changes on time to time so that effective results can
be gathered at the end of year. It is the responsibility of marketing manager of Shine
Communication Ltd that they have to identify the marketing situation and as per the situation the
plan should be amended. Some modern tools and techniques should be used by an enterprise
which are as follows:
Budgeting: It is a type of process through which an enterprise can spend their money as
per the plan (Smallbone and et. al., 2010). Along with this, overall expenses can be balanced
with income so in this way high revenues can be generated. By following this type of plan an
entity will have enough money to spend.
Forecasting: It is a planning tool that is used by organization in order to predict the future
outcomes. All the assumptions that are made by manager are based on their experience,
knowledge and skills. For this, different mathematical tools should be used by Shine
Communication Ltd so that their performance can be enhanced.
Companies past performance reports: In order to identify the changes, company should
use their past performance reports so that they will be able to identify the gap between the past
and present performance.
By using these tools, the overall changes can be incorporated into the existing business
plan and they will be able to achieve their long term goals.
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3.3 Prepare an action plan to implement the changes
An appropriate action plan should be formed by business organization so that they will be
able to attain their future goals. It is a plan which give the priority to actions and these are
beneficial for them in attaining the specified goals (Thomä and Bizer, 2013). After setting the
priority, some appropriate steps should be taken by accomplish the roles and responsibilities.
Some of these steps are as follows:
 Set out plans to implement changes: In the first, the marketing manager identify
different sources in order to collect the information about the company. Along with this,
customer survey can be conducted at the marketplace so that their reviews can be
gathered in more effective manner. After this, it can be analysed that in which area
changes are required.
 Implement systems to manage the changes: All the changes which are identified in
different areas should be implemented in more effective manner so that their goals can be
achieved. Some of these changes are like to reduce the financial performance and to
enhance the core competencies of the staff members (Malhotra and Temponi, 2010).
 Monitor and evaluate the changes: When this get achieved then manager has to
establish the appropriate communication at work environment so that all staff members
can place their innovative ideas in front of higher authority. By taking the feedback from
different people, current changes can be implemented.
 Performance measure: The overall performance can be measured by using some tools
and techniques. When the current performance of implemented changes can be evaluated
then through this specified goals can be achieved.
 Set deadlines: The deadline should be set in order to complete the task in an effective
manner. For example, the changes will be accomplished at the end of year. So, in this
way they can achieve success.
TASK 4
4.1 Impact of proposed changes on the business and its personnel
When some changes are implemented by the organization then these will affect business in
both positive as well as negative manner. By implementing such changes, an enterprise will be
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able to gain competitive advantage in an efficient manner. Some changes are there which can
affect the business are as follows:
 Finance: After proposing the changes at workplace, financial gain can be achieved in
positive manner. So, this should be implemented in a systematic manner and its success is
depending upon the new staff members (Eid and El-Gohary, 2013).
 Workloads: The firm recruit new skilled employees at their workplace in order to ensure
the smooth functioning at the workplace. So, Shine Communication Ltd can conduct
training activities so that competencies of existing and new workers can be improved.
 Morale: When Organization hire new workers at the workplace then this may decrease
the morale of existing people. But Shine Communication Ltd is more focused on team
spirit so they will be able to achieve their goals collectively.
 Organizational structure: The structure should be managed in an effective manner as
new team is hired into the new market research area.
Along with these, if proper management is not there is at the workplace then the action plan
can affect the business organization in negative manner.
4.2 Appropriate plan in order to manage the proposed changes
A plan can be prepared by media and telecommunication industry in order to manage the
proposed changes in an effective manner (Chittithaworn and et.al, 2011). For this some change
management models can be used like John Kotter’s eight steps and Kert Lewin’s model.
John Kotter’s develop an eight step model and these steps are like sense of urgency, build a
guiding coalition, form a strategic vision, enlist a volunteer army, enable action by removing
barriers, generate short term wins, sustain acceleration and institute change. By focusing on these
elements overall problems can be resolved by manager while implementing this model. Through
this, the productivity of employees can be increased in an effective manner.
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Source 1: Webster, 2017
Lewin’s model is also based on the management of change which are faced by an
enterprise while implementing some strategies (Burns, 2010). This explain the three stages such
as unfreeze, change and refreeze.
So, by using these models at the work environment the overall changes can be managed in
an effective way. Through theses, Shine Communication Ltd can retain staff members in their
firm.
4.3 Monitoring the improvements of Shine Communication Ltd on a given time scale
The performance of business organization can be improved through some proposed changes
that are implemented at the workplace. For this, some techniques and tools can be used by Shine
Communication Ltd and these are:
 Regular meetings: The performance should be monitored by conducting the regular
meetings at the work environment (Ackermann and Audretsch, 2013). In these meetings,
the views and requirements of different people can be identified.
 360-degree feedback process: In this, feedback from different people can be gathered so
that overall performance can be improved. By observing the performance of different
employee’s overall changes can be implemented in an effective manner.
 Performance reports: There are some performance reports that should be analysed in an
effective manner so that overall changes can be monitored.
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CONCLUSION
From the above carried out analysis it can be concluded that small business enterprise is
owned by an individual and partner. Comparative analysis of different areas such as finance and
HR can be performed in an effective manner. By implementing the business plan, specified goals
can be accomplished in more successful way. Some planning tools like forecasting, Budgeting
and past performance, on the basis of these proposed changes can be implemented into the plan.
Furthermore, Meeting and feedback process can be used by Shine Communication Ltd in order
to monitor the performance.
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REFERENCES
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Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
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Wang, C.L. and Altinay, L., 2012. Social embeddedness, entrepreneurial orientation and firm
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Online
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