Entrepreneurship and Small Business Development

This assignment delves into the critical aspects of entrepreneurship and small business development. It examines the influence of entrepreneurial marketing strategies, the significance of networks for innovation and firm performance, and the impact of financial structure on SME growth. Furthermore, it explores the role of project management in new product development within SMEs and investigates factors influencing the adoption of B2B e-commerce technologies.

SMALL BUSINESS
ENTERPRISE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
1.1 Profile of Cocofina and its strength and weakness...............................................................1
1.2 Analysis of business using comparative measure of performance........................................3
TASK 2............................................................................................................................................3
2.1 Recommendation to overcome the identified weaknesses....................................................3
2.2 Examining ways in which present performance can be maintained and strengthened ........4
2.3 Recommendation of new areas in which business can be expanded....................................5
TASK 3............................................................................................................................................6
3.1 Assessment of current objectives and plans of business.......................................................6
3.2 Revising business plans for incorporating changes..............................................................7
3.3 Action plan for implementing the changes...........................................................................8
TASK 4............................................................................................................................................9
4.1 Influence of proposed changes on the business as well its personnels.................................9
4.2 Planning of how such changes will be managed in the business........................................10
4.3 Improvement in the performance of business over past two years.....................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Small business corporation are generally those ventures which involves very less number
of workers and are having short term goals and objectives (Van Der Wijst, 2012). As this is a
small company, so they invest very low money but hopes to earn maximum profit from that.
There are so many small and medium size companies who are running their businesses and also
contribute in the economic condition of their country. The present report is based on the
Cocofina which is a small firm and are situated in United kingdom. It is offering foods and
drinks made up of coconut. For example, they commonly provide baking ingredients, coconut
water, snacks and many more things. In this project, the profile of small business enterprise
named as Cocofina is formulated. Their position in the marketing location is going to be
evaluated with the help of financial and non financial measurement. Additionally, various tools
and techniques are utilised here in order to overcome the weaknesses so that performance of the
company gets improved. A smart business plan is made in this regard. Apart from this, impact of
modification happened in the enterprise and its employee management is also highlighted here.
This also describes the monitoring activities so that hidden issues and problems are determined
and development can be made possible.
TASK 1
1.1 Profile of Cocofina and its strength and weakness
Cocofina is a small business firm which is situated in a local regions of United Kingdom.
The motive of entrepreneur is to seek the attention of large number of consumers from their tasty
or delicious food and drinks. The founder of this enterprise is Jacob Thundil and he established it
in the year of 2005. He has launched its brand by offering first coconut water in the retail sector
of UK. After that, this company has manufactured different food items which are prepared from
coconut water and its energy such as vinegar, chips, sugar, flour, etc. In the year of 2017, its turn
over reach at over $3.6 m. Cocofine is now producing more than three thousand speciality and
healthy outlets in not only United Kingdom but also in 28 more countries in all over the world
(Gronum, Verreynne and Kastelle, 2012). Every organisation consist of some strength and
weaknesses. So, this firm has also some capability and imperfection. Some of the major strength
and weakness of the Cocofina are listed below :
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Strength Weaknesses
This is a term which highlights the positiveness
of a company which aids in achieving their
goals and targets . Cocofina has also some
impressive strengths which are mentioned
below :
 Tasty and delicious food items are
produced by the corporation.
 They are selling their goods and
services at genuine or affordable price
so that each and every kind of person
either they are poor or rich can
purchase and taste their food
commodities.
 In addition to lower prices, they are
also manufacturing healthy food items
that is prepared from the oil and water
of coconut. This is good for heart and
liver and do not affect it as other junk
snacks do.
 They are also offering drinks in the
form of coconut water in an attractive
way so that more nad more people get
attracted towards it.
 They are keeping their products in
different stores which can be reached
by common people easily . They are
also selling their goods or services
through online modes. As a result their
business activities get expanded and are
covering more than 29 countries in all
This term shows the weak point of some thing
and negativity are counted under this category.
Some of the weakness of Cocofina are
discussed below :
 The main weak point of this firm is the
presence of very small workforce that is
the number of workers are very low and
this the reason they are failed in
manufacturing as well as delivering the
orders of products on time to their
clients.
 In addition to this, workers present in
the enterprise are also not so skilled and
qualified (Singh, 2011). Thus, venture
needs to provide them good training so
that they can produce goods quality of
products in minimum amount of time.
 They are also having a gap in the area
of communication between the superior
and lower authorities and because of
this, misinterpretation is created among
them. This is negatively affecting the
performance of the venture as
confusions and conflicts are rising day
on day between the employer and
employees.
 Besides this, competition is also
increasing continuously in the nation
and large number of companies are
providing the same goods and services
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the world.
 This company is very famous in the
British market because of their
outstanding performance which can be
considered as their main strength (Sila,
2013).
to the customers. Due to this,
consumers are getting divided in all
these enterprises and firm is losing their
potential users.
 There is a lack of distribution channels
so they are facing problems in
supplying their products.
1.2 Analysis of business using comparative measure of performance
There are many other ventures which are offering the similar type of goods as provided
by Cocofina in the British market. On the basis of different types of parameters, the performance
of the present firm can be compared very easily. These parameters are like way of managing
human resources, utilisation of technologies, level of profits and selling rate, financial
performance, etc. The overall profitability of Cocofina is increasing very rapidly since its
establishment as the coconut based corporation. In previous years or starting days, the economic
conditions of this firm is not so good as the business is started through a poor investment. But
after that, company has shown its marvellous performance in all sectors such as production,
sales, profitability, human resource management, use of technologies, etc. In June 2017, it was
recognised that this organisation is making a turnover of approx $3.6 million (Schaper, Volery,
and Gibson, 2014). They are trying to hire more number of employees and also making a plan of
proving them efficient training. They are taking use of modern techniques for producing the best
quality products so that they can prepare it in minimum cost and in very less time.
TASK 2
2.1 Recommendation to overcome the identified weaknesses
Weakness act as major hindrance and obstructor that negatively impacts on the success of
Cocofina as it generates different problems at the time of attaining aims and objectives. Thus, it
is essential for the manager of this enterprise to conduct several programmes so that these
weaknesses can be converted into strength. Some steps that can be taken by management of
Cocofina in order to over its weak points are described below :
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 Communicative barriers : As cited venture is facing issues regarding communication in
their higher and lower level of personnels, due to this employees who are working under
superior one are not able to tell their issues to heads of department. Managers should
focus on creating positive and healthy relationship with their workers so that disputes
among their workforce can be resolved appropriately and this does not give any type of
impact on the work of corporation. Lack of employees : This is one of the major weakness of Cocofina as it consist of very
less number of workers at the workplace. So, association now needs to develop a human
resource department which is having the responsibility of recruiting skilled and qualified
workers in their firm (Mohammadjafari and et. al., 2011). In addition to this, after hiring
employees the next job of HRD is to provide them efficient training and development
programmes so that they get an idea of their job roles and they can also contribute in
achieving the aims and objectives of company. Shortage of skilled and talented personnels : This is another weak factor of the cited
organisation as there is a lack of qualified and talented workers. The performance of
present work force is very poor and that is why they are not able to complete their task
effectively in proper time (Love and Roper, 2015). Thus, for removing this problem,
Cocofina should formulate some special training activities for the existed workers so that
they can get an experience and after they can give outstanding performances as skills get
improved efficiently. This influences positively on the manufacturing as well as turn over
of the firm.
 Time management : Cocofina is taking so much time in delivering their orders taken by
different clients. This is happening due to poor time management among the employees
as well as less workforces. In order to eliminate this weakness, firm has to hire
personnels in bulk and give them training to do proper time management so that they can
complete their projects within or before the deadline of delivery.
2.2 Examining ways in which present performance can be maintained and strengthened
Although turnover of Cocofina is increased rapidly, its present performance is not so
appreciable as they are having many weaknesses. Therefore, it is necessary for corporation to
maintain as well as improve its current performance. This can be done by taking help of
following tools and techniques which is discussed below :
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 Creation of healthy relationship : At priority basis, the relationship between employees
and employers in the cited firm should be improved as various conflicts are emerging
which is leading negative impact on its performance. Therefore, mangers should form a
healthy relationship among their work forces. By this, personnels get inspired and feel
less pressure or stress and helps in the attainment of goals and aims of venture. Arrangement of training and development programmes : This is a good method of
improving the skills and learning ability of employees. Here, firm need to form a training
session of approx 6 months where they provide effective training to their all workers so
that they can overcome from their weaknesses and come as a polished personnels who
can solve any type of issues without taking help from others (Gronum, Verreynne and
Kastelle, 2012). Appraisal sessions : As per this methodology, Cocofina requires to formulate some
appreciation programmes where they offer rewards or appraisal to their work force in
different forms like incentives, increment in their wages, giving them promotion, etc.
This helps in motivating employees a lot and they will contribute effectively in the
achievement of goals and objectives of company.
 Maintaining market share : This corporation also needs to give more contribution in the
market share of British economy so that they can maintain their brand value in front of
customers as well as government of UK.
2.3 Recommendation of new areas in which business can be expanded
Cocofina needs to enlarge their business across all over the world so that they can earn
huge probability. Thus, they require to consider some important strategies, plans and factors
while expanding their business activities. Hence, such factors which are compulsory to think are
listed below : Cost : Ownership is the soul of every company and this can be attained by investing
high capital or revenue in the business. Coconfina also needs to invest more amount of
money so that they can produce different varieties of products and services.
 Trends : The culture or trends of customers need to focussed a lot as preferences of
users changes drastically over time to time (Jones and Rowley, 2011). And enterprise
requires to manufacture their goods as per the preferences of their customers.
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In addition to this, Cocofina should also adopt various strategies while takimg entry in
new market place which is discussed below :
Ansoff matrix : This is most important strategy which is applied at the time of expanding
business as it gives ideas to owners of company in which areas they should focus more. This
scheme is described below : Market penetration : As per this, a venture needs to increase their market share. Market development : This states the development of market in various other regions
where company is not doing business yet (Gardet and Mothe, 2012). Product development : Production of best innovative quality products and services.
 Diversification : Focus on creation of new products for a new market place.
TASK 3
3.1 Assessment of current objectives and plans of business
Prior to enforcing business plans, an organisation requires to assess its planning as well
as objectives. Present amazing plan of Cocofina are stated below :
Employee's vision :
 The main or first objective of the cited venture is provide better administration and
healthy working conditions to their workers.
 Conduction of training sessions in order to motivate their work force towards their
personalised as well as professional goals by improving their leaking skills (Dennis Jr,
2011).
 Preparation of blueprint of activities or tasks for eliminating the faults and mistakes. Conducting safety operations for securing the lives of personnels as well as customers.
Customer's vision :
 Providing good quality and healthy food items made up of coconut to purchasers.
 Generation of healthy and positive relationship among vendors and buyers. Offering goods and services at affordable prices so that every one can buy their products
(Fassin, Van Rossem and Buelens, 2011).
Share – Owners' aims and objectives :
 Provide appropriate shares to their shareholders from the earned profitability.
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 Main motive of Cocofina in context of partnership is to concentrate more on offers and
promotional activities.
 Disclosers of explosions.
 Maintaining long term agreements by developing healthy relationship with their
shareholders.
3.2 Revising business plans for incorporating changes
Business plans needs some of the essential modifications in order to improve and uplift
the whole association. For the same purpose, current norms and policies of the Cocofina should
also changed as per the trends and preferences of citizens. In this case, venture wants to design
such type of strategies that helps them in making rapid and ultimate growth and development.
Due to the present situation of competition which increasing day on day , firms should new plans
which are based on modern technologies (Curran and Storey, 2011). Cocofina should take use of
updated technologies and tools for making innovative products or services in order to attract
large number of users towards their new production. For making modification in the existed
business plan of enterprise, some of the steps needs to be followed which are stated below : Research methodology : The first step is do researches by conducting surveys in local
areas in order to gain information about the present demands and need of customers
(Burrows, 2015). The goods and services should be manufactured as per the information
gathered from this investigation. Recruitment and selection : The cited organisation requires to appoint best and deserving
candidates for filling the vacant positions or designations. Evaluation of performance : As per this method, venture needs to evaluate or measure
the performance of their personnels and overall business so that they can make necessary
alteration.
 Controlling : This is the last stage where management or administration of enterprise
needs to control on all the sections. They should also minimise their extra wastages.
In addition to this, another important plan for the cited company will be providing goods
and services at affordable prices. They can also provide several offers to their consumers at the
festival seasons or at some special occasions. By following these plans, Cocofina can gain
popularity and maintain a good position in market place.
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3.3 Action plan for implementing the changes
As per the above stated plans, Cocofina needs to make an action plan for implementing
these changes in order to achieve success. This is a fundamental step that is used to made in each
and every company. The main motto of this planning is allocate all the tasks in a hierarchical
structure so that it can be completed in decent way (Brien and Hamburg, 2014). The effectual
overview of action plan is described below by showing which tasks should be finished in how
much amount of time :
Tasks Time period
Formulating an effective plan that would be
followed by workers
3 to 4 days
Conduction of researches in order to collect
information regarding demands and
requirements of users.
2 to 3 days
Arrangement of required resources 4 to 5 days
Hiring skilled workers 5 days
Arrangement of training and development
programmes for recruited work forces
5 to 6 days
Revising business plan 1 to 2 days
Access data associated with the manufacturing
of new products and services
3 to 4 days
Sorting out competitive products or services 2 days
Providing vision to employees as well as
customers
1 to 2 days
Formulating smart and awesome strategies and
objectives
2 to 3 days
Expansion of business activities in different
regions
8 to 10 days
Making an appraisal programme where bonus 1 to 2 days
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or rewards are offered to all personnels as per
their performances
As per the above stated tabular activities, employers as well as employees have to follow
such action plan so that visions and objectives of Cocofina can be achieve within a specific time
interval. For doing this, they need to train their workers so that they can apply all the above listed
plans effectively and can easily attain all the goals of venture. Besides this, managers should
provide appropriate compensations or rewards their work forces so that they get motivated and in
turn give their best while working.
TASK 4
4.1 Influence of proposed changes on the business as well its personnels
When the preferences of the consumers changes, Cocofina also has to change their
planning and business structure as per that. For evaluating the impact of these changes,
organisation has set up a panel in order to discuss about the same in context with their employees
and business. It is recognised that changes are good as well as bad for the venture. Some of the
impacts which are examined in the Cocofina are describe below : Segmentation : At the year of starting that is 2005, company is focusing on a single
market place and serving people as per their demands. But afterwards , a drastic change
is seen in the business of venture as its demand rises rapidly. Now company has to
consider different areas of people who have different needs and expectations. In order to
provide the same, segmentation of marketplace or targeted customers has been done so
that they can be treated easily. People who consist of same demands or requirements are
put in same group and vice versa. Work pressure : Due to the modification in the demands of coconut based food items,
the work is also increases instantly. Now employees are facing more pressure and stress
in comparison to older days (Brady, 2012). They also have to work for more hours and
due to this conflicts are creating among the personnels. They are now demanding more
wages as they are serving longer working hours. Recruitment of new employees : In order to cope with the above issue of working hours,
company decided to hire more number of workers so that work pressure can be managed
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effectively and projects can be accomplished within specific time frame without working
extra hours. Now the conflicts gets also settled as enough employees are going to be
recruited for manufacturing such a vast products or services.
 Investment : As demand increases, venture has to produce large amount of goods and
services and for this, they need to invest more so that such a demand can be full – filled.
For this, venture requires to take help of business partners, shareholders, stakeholders,
etc. as the amount of investment is quite high (Bridge and O'Neill, 2012).
4.2 Planning of how such changes will be managed in the business
Planning can be simply refereed as pre-defining or designing outlay of the works. This
provide guide lines to the workers that how work is going to be performed and which steps need
to be taken. This also resist misleading. Some of the changes are occurring that can be managed
some plans are made for this which is stated below : Proposal and acceptance : When any of the changes emerges, it is natural to accept it.
But before that, those alteration should be proposed by superiors to their workers for
getting their opinions and ideas for any other modifications. This is proved to be helpful
in creating loyalty among work force and by this way, such changes can be easily
accepted by them. Researches : For managing alterations in business, high authority have to conduct
different investigation in every level of work in context the matter of changing and
should have the data for reviewing the same so that if alteration is not suitable for any
level, then they can take time and take proper against it (Anderson, 2011). Instruction and training : For maintaining the changes effectively, proper training and
instruction needs to be provided to the workers so that they get familiar about the new
trends and techniques. Venture should bring specialised trainer for doing this from
outside of the corporation. They conduct an analysis where they are going to evaluate the
capabilities , learning skills and power of doing any work. Once this happens, necessary
modification can be done easily by allocating works as per the capacities of an
individual. Evaluation of performances : This is termed as a fair stage of managing changes. This
is done by providing all kind of training and instructions to the personnels for
determining how work of alteration is going on (Blackburn, Hart, M. and Wainwright,
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2013). If any of the faults in context with the new changes are seen at this level can be
resolved by that external trainers.
 Initiatives : For maintaining the changes, authority have to take correct steps. This
involves awareness regarding alterations, strategies or planning that reflects how to
implement it, proper training, requirement of change and examination of working
capabilities or capacities of workers, etc.
4.3 Improvement in the performance of business over past two years
Despite of numerous of changes and issues, Cocofina is able to operate its business
smoothly. They have done tremendous improvements in their business over past two years which
is discussed below :
 The cited venture has managed all the changes by implementing different strategies and
are earning huge profits in these past two years.
 Situation of its various departments are good and they has also attempted for increasing
the efficiency and competence of its different sectors.
 Cocofina achieves success in building a good brand image in front of people as well as
government in the last two years (Improvement made in Cocofina, 2017).
 Apart from this, a significant change is noticed in its business structure which is
expanded a lot in different areas internationally.
 The venture has also concentrated on professional development by investing more time as
well as money on researches for making themselves ready for the competition. Such
attempts also resulted in improved performance in last few years (Ainin and et. al., 2015).
 They have given extra attention in offering innovative goods and services by taking use
of modern technologies. They have also used social media like Facebook, gmail, what' s
app, etc. for doing better communication from their employees. This also helps them in
making 24 *7 connection with their potential users.
 Cocofina has worked hard in making their work force more effective by using human
resource department in their firm. Special training and development programmes are
arranged for their personnels so that they improve their skills and working capabilities
during these two years.
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Illustration 1: Improvement made in Cocofina
(Source : Improvement made in Cocofina, 2017 )
CONCLUSION
From the above based report, it has been concluded that although small business
enterprises are small in sizes and have less popularity but they are efficiently contributing in
growth of the economic conditions of their country. Cocofina is also a small business corporation
which is playing a vital role in improving the economy of the United kingdom. The profile of
this company along with their strength and weaknesses has been described in this project. In
addition to this, various strategies and plans are explained for adopting or managing the changes
occurred within venture as well as market place.
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REFERENCES
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Van Der Wijst, D., 2012. Financial structure in small business: Theory, tests and applications
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Online
Improvement made in Cocofina, 2017. [Online]. Available through :
<https://www.gov.uk/government/publications/uk-digital-strategy/uk-digital-strategy> .
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