Entrepreneurship and Business Creation

This assignment delves into the multifaceted world of entrepreneurship and business creation. It examines the core skills required by aspiring business owners, drawing upon a range of scholarly sources to highlight both the opportunities and challenges inherent in this field. The focus encompasses topics such as the social value of entrepreneurship, gender dynamics in entrepreneurial endeavors, and the role of technology in facilitating business growth. Furthermore, the assignment analyzes accounting practices within small and micro enterprises and explores the impact of institutional perspectives on entrepreneurial behavior.

Small Business Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Profile of a small business to identify its strengths and weakness........................................1
1.2 Analysis of business using comparative measures................................................................3
TASK 2............................................................................................................................................5
2.1 Recommendation to overcome weaknesses..........................................................................5
2.2 Ways to maintain existing performance................................................................................6
2.3 New areas for expansion of business....................................................................................7
TASK 3............................................................................................................................................7
3.1 Existing business plans and objectives.................................................................................7
3.2 Revise business plan to incorporate appropriate changes.....................................................9
3.3 Action plan for implement changes......................................................................................9
TASK 4..........................................................................................................................................10
4.1 Impact of change on business and its personnel.................................................................10
4.2 How the changes will be managed in the business.............................................................11
4.3 Improvements in business performance over a specific time period..................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
.......................................................................................................................................................14

INTRODUCTION
In modern era, small business enterprise is that type of organization in which they hire
few people due to their tiny size. In simple words, it play important role in development of the
economy by providing employment opportunities to their local people which helps in improving
their living standard in most effective manner. The main of this type of business is to provide
quality services to their customers in order to get their higher satisfaction which leads in
improving their profitability level at market place. They produce new and innovative products to
invite large number of customers towards it company so that they easily capture large market
share (Acevedo and Tan, 2011). In this context, government also provide financial support due to
less financial resource so that they easily execute their operational activities at international
market to develop their organizational growth in market place and also take competitive
advantage. Present report is based on Clearly PR & Marketing Communication which aid in
providing better services to improve reputation as well as brand image at market place. This
report include current performance of company which helps in evaluating their actual image at
market. Various proposed changes also discussed in this project which aid in improving the
management system of the company in effective manner. Along with this, impact of
modification of business operations is also mentioned in this assignment.
TASK 1
1.1 Profile of a small business to identify its strengths and weakness
Small business enterprise is one of the important aspect for the country because it largely
contribute in overall growth of the economy by providing better job opportunities to local
peoples. With the help of employment peoples improve their living standard which also improve
economic growth in positive manner. The main function of small business enterprise is to
introduce new and innovative products and services to their customers in order to get their higher
satisfaction. With the help of this they also improve their employees skills and knowledge by
providing training and development programs in most effective manner. In this context, Clearly
PR & Marketing Communication is small business which provide better services to other
companies to improve their brand image at market place in which they easily get competitive
advantage in most effective manner (Aremu and Adeyemi, 2011). This company established in
4th March 2014 and founded by Mr. Paul Alexander Mackenzie-Cummins. Mainly this company
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focus on providing better services for increasing brand image, position and reputation to other
organization so that they attract large number of customers towards its products and services.
They work for other organization as a important pillar in which they communicate with other
companies about their goals and objectives which lead in maintaining better relation with their
clients and other people in market place (Gibb, 2011). This type of organization operate their
business operations to achieve better target and results in most effective manner. There are main
important objectives of this company which are as follows:
 To satisfy their potential customers by providing better products and services in order to
fulfil their demands.
 To increase their financial profitability and other side minimize their operational cost in
most effective manner.
 To expand their organizational activities in international market so tat they easily capture
large market share.
All these are important objectives of the company in which they improve their brand image at
market place. In this context, various strength and weakness of PR & Marketing Communication
company are as follows:
Strength: This factors define the positive aspect which increase overall brand image at market
place. It include various characteristics which helps in improving overall business performance.
Which are as follows:
 High brand image is one of the biggest strength of the company which helps in improving
their overall performance at market place.
 They include skilled and experience employees which helps in providing better
satisfaction level to their customers. They main aim of this organization is to provide better services to their customers in
order to get their higher satisfaction which directly contribute in achieving competitive
brand image at market place (Gilmore, 2011).
Weaknesses: It define various drawbacks which negatively affect the business performance.
Under this various weakness of company are as follows:
 New business entries is one of the negative impact on organizational performance
because it reduce their brand image because other companies easily invite large number
of customers by providing same services at lower price.
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 Less market share is also negative drawback for the company in which they face more
obstacles in promoting their business at international market (Glover and Kusterer,
2016).
 This company does not perform CSR activities in which they reduce their brand image in
market place.
1.2 Analysis of business using comparative measures
Business organization is an effective place in which number of people perform their work
for achieving all the targets in most effective manner. Clearly PR & Marketing Communication
company is small business enterprise which provide better services to other companies to
improve their brand image at market place which directly helps in getting competitive advantage
in most effective manner. They provide their support to many companies to operate as well as
established their business in systematic manner. This type of business include approx 45
employees which helps in delivering quality services to their target customers and get their
higher satisfaction. It is important duty of all the companies to evaluate their actual performance
at the market place. With the helps of this Clearly PR & Marketing Communication evaluate
their reputation as well as positive at market place. In which they easily take best actions for
improving their overall productivity of the company. In this context, their are some comparative
measures which is used by the company to asses their actual performance are as follows: Customers satisfaction level: In modern era, customers taste and preferences are
continuously changes so that it is important duty of the company to produce quality
services as per their needs in order to get their higher satisfaction level (Goyal and
Parkash, 2011). Clearly PR & Marketing Communication undertake various research to
determine the customers demand and than provide them quality services. It they
effectively satisfy their customers demand than they improve their overall performance of
the company at market place. Quality audit: It is an effective tool which is related to managerial in which the company
effectively measure their quality services to the products. It is used by every organization
in which they define better as well as innovative ideas to evaluate their current
performance in effective manner. If Clearly PR & Marketing Communication provide
quality services to their customers so that they easily capture larger market share and also
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get competitive advantage ion appropriate way. With the help of this they also improve
their overall performance at market place (Hamilton, 2011).
 Financial statements: It is more important for every organization to make as well as
prepare their financial statement in their end of financial year to measure their current
financial position. With the this company easily achieve best competitive advantage
which directly impact on overall performance of the company at market place. Financial
statement is one of the core concept for the enterprise in which company easily generate
larger profitability which helps them in expanding their operational activities and also
compete their market competitors in order to get better success.
Along with this, with the help of above mentioned measures company asses their actual
performance at market place in which they effectively compare their position to other companies.
It aid in evaluating the growth of the company at market place. There are two financial position
of small business enterprise in below mentioned:
By taking help of this financial statements of Clearly PR & Marketing Communication. It
define that it is achieve better financial profitability. But they compare their financial statement
with other company and name of this company is Stripe communication is to evaluate their
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current performance level at market place. In this financial statement of its competitors are as
follows:
This is financial statement of Stripe PR & Communication company which define that it
is high competitors of cited company. It can be evaluated by their financial statement in order to
measure their overall performance level at market place.
TASK 2
2.1 Recommendation to overcome weaknesses
Every business having their own strength and weakness in which they expand their
operational activities and also work on their negative aspects in order to improve their overall
performance of the business at market place (Hassard and Pym, 2012). So that it is more
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important for the company to improve their productivity and also reduce their weakness in most
effective manner. For overcoming from their weaknesses, Clearly PR & Marketing
communication enhance their overall productivity within the market place (Korsgaard and
Anderson, 2011). In this company should provide their best consultancy services to the other
companies in which they improve their reputation and also capture large market share. In this
context, the biggest weakness of the company is high work pressure ion their employees which
decrease the employees motivation. So it is important for the company to divided their all
activities in sub groups in order to operate their process in most effective manner. Other
weakness of this company is less brand image because their does not perform CSR activities. But
by performing this they easily improve their overall brand image at market place.
Along with this, due to higher competition at market place company suffering various
problems so that they focus on their quality services and provide their target customers as per
their demands. It helps in improving overall performance of the company.
2.2 Ways to maintain existing performance
Every organization wants to maintain their higher performance to achieve better success
at market place. For this their improve their activities and procedures to get positive results in
more effective manner. For this senior management of Clearly PR & Marketing Communicative
use various strategies to increase the chances of improving their organizational performance. In
this context, they should include skilled and experienced employees so that they easily
communicate with their customers and also understand their demand in order to get their higher
satisfaction. In this it is important duty of manager of the company to monitor their all activities
in which they also provide better training and development programs to overcomes from their
weaknesses.
Along with this, company also focus on employees performance because they are play
main role in understanding the clients requirements so that it is important to organize better
training programs in which they improve their confidence level (Lautenschläger and Haase,
2011). On the other hand they also introduce new and innovative services to other companies in
which they easily invite larger number of audience which lead in increasing overall profitability
of the company. Performing CSR activities is also important for the company which aid in
improving overall brand image at market place.
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2.3 New areas for expansion of business
Every business wants to expand their business in which they lead to get high level of
success at market place. It also helps in improving profitability and market share in order to get
all the desirables goals and objectives. In this every business tries to set best area in which they
expand their operational activities in order to generate more revenue. In this context, Clearly PR
& Marketing Communicate also diversify their products and services line in which they divide
their target market in various segmentation to achieve positive growth (Marlow and McAdam,
2013). For this company acquire various capital from bank loans, government and many more
that provide their support to small business in order to expand their organizational activities. In
this context, there are some effective areas in which Clearly PR & Marketing Communication
expand their business which are as follows: National and international expansion: In this area, Clearly PR & Marketing
Communication expand their business in international level in which they increase their
market share. In this the company take helps for merger and acquisition at the time of
entering in new business so that they easily expand their business activities without
spending huge amount. For this they select Russian and Indian market for expanding their
business in effective manner.
 Diversification into new sectors: In this, Clearly PR & Marketing Communication
provide their services in various areas such as manufacturing, health and care companies
and many more in which they easily increase their market share and also take competitive
advantages from its rivals. With the helps of this company easily get higher success and
also improve their brand image.
TASK 3
3.1 Existing business plans and objectives
Business plan is one of the important process of every type of business in which all the
target and objectives are clearly mentioned which helps in achieving better success at market
place. So that every organization prepare their business plan to reach their target in most
effective manner. It prepare by owner of the business before operating their organizational
activities in order to get their specific target (Mbroh and Attom, 2011). With the help of this
company define their SMART target which lead in achieving higher growth at market place. It
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helps in defining best way in which company operate their business and get positive results. In
this context, Clearly PR & Marketing Communication provide better services to other companies
in order to improving their brand image at market place. For this they include as well as required
public relation specialist, experienced person, brand socialist and many more to provide
information to operate their services in effective way (Osita and Marcel, 2012). In this there are
some tools and techniques which is used by the company to improve their profitability. All these
are as follows: Strategic approach: It is one of the effective methods which is used by Clearly PR &
Marketing Communication company. It helps in improving overall performance of the
company at market place. Effective strategies management of the company aid in
achieving all the desirables goals and objectives in appropriate time period. Focus on digitalisation: In modern era, many companies take help of digitalisation
because they ants to operate their business in more systematic manner. Clearly PR
Marketing Communicate use digital technology in order to build strong brand image at
market place. They also use various social media in which they easily promote their
services in front of number of audience.
 Innovations and creativity: The main aim of Clearly PR & Marketing Communication is
to provide as well as produce innovative and creative products and services to their
customers in order to get higher satisfaction. This lead in attracting number of customers
in order to get competitive advantage in most effective manner.
Along with this, there are some important objectives of Clearly PR & Marketing
Communication which aid in improving organizational activities in most effective manner. Customers: It is more important for the company to provide quality services to their
customers in order get their satisfaction. For this they design and produce innovative
products and services. If they fails in satisfying customers needs than they can bot set
their desirables results. With the help of this they get high level of growth. Shareholder's: They are important factors in which they invest their money for getting
best returns on their investment (Passerini, El Tarabishy and Patten, 2012). Without these
people company can not able to operate their business operations in most effective
manner.
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 Staff members: Employees are backbone of the company because they contribute in
overall success of the company by performing their best. With the helps of staff members
company easily achieve all the desirables objectives. In this context, Clearly PR &
Marketing Communication give their best attention and also provide best services so that
they feel more valuable for their company (Storey, 2011). It lead in improving their
motivation level which helps them in improving their performance level.
3.2 Revise business plan to incorporate appropriate changes
Business planning is one of the important process for the manager in which they easily
run their operation activities in effective manner and get better results. In this process the
manager of the company make plan in which they include various procedures and strategies to
execute their operations in systematic manner. It is more important for every business to make an
plan to set their goals and objectives. Clearly PR & Marketing Communicate include internal and
external plan for preparing action plan to get all the desirables profits.
Internal plan define core attention for intermediate goals. In this the Clearly PR &
Marketing Communication provide better support to otter organization in order to improve their
brand image at market place. With the help of marketing principle and various tools they easily
provide better services to other firms so that they easily promote their products and services in
from of larger audience and get their positive feedbacks. On the other side, external plan also
helps in taking competitive advantage from its rivals by providing quality services as compare to
their competitors. Both plan helps to the company in achieving all the goals and objectives in
more effective manner.
Along with this, Clearly PR & Marketing communicate use low pricing strategy in which
they easily attract larger customers by providing quality services at minimum cost. It helps in
capturing large market share and also getting competitive advantage in effective manner. In this
process they also use various online sites such as Facebook and Twitter for promoting their
services in all over world. It helps in inviting large customers and also increase their overall
profitability.
3.3 Action plan for implement changes
Changes are more important for improve organization performance so that it is more
important for the company to implement all the changes in more effective manner which helps in
achieving better development and growth in market place (Turban, Bolloju and Liang, 2011).
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With the help of this company cope up with better environmental factors in which they easily
produce quality services to their customers in order to get their higher satisfaction in more
effective manner. With the help of adopting as well as implementing new changes Clearly PR &
Marketing Communication company easily reduce their weakness in effective way and maintain
their positive performance in market place. To implement new modification it is important for
the company to make an action plan in which they include all the various elements which helps
in improving their performance level. All these elements are as follows: Market evaluation: It is one of the important step of evaluating action plan in which
enterprise select the market and identify all the current trends so that they produce quality
services to their customers as per their expectation in order to get higher satisfaction in
most effective manner (Welter and Smallbone, 2011). In this context, Clearly PR &
Marketing Communication wants to enter in new market because the main focus of this
company is to develop their services in various countries and get various future
opportunities to achieve better results and image in market place. Market segmentation: In this the company divide its market in various segments in
which they provide better quality services to their customers as per their segments such as
hospitality, health care and manufacturing sector. In this process they promote their
services in various areas in order to get positive results.
 Target market segment strategy: Clearly PR & Marketing Communication use segment
strategy after evaluating market segmentation and evaluation. Which helps in achieving
all the desirable goals and objectives in effective way. In which they provide better
products and services top their customers at lower price to other companies to cover
larger market share which lead in improving brand image at market place.
TASK 4
4.1 Impact of change on business and its personnel
Changes are important for the organization to improve their overall performance in
effective manner. But some time it negatively impact on organizational performance. So that it is
important for the company should evaluate their all changes which directly affect the
organization growth in market place (Zachary, 2011). In an enterprise various changes are
controllable and some are uncontrollable which influence its negative impact on organization. In
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this Clearly PR & Marketing Communication adopt various modification and its impact are as
follows:
 Implementation of all the changes are not effectively done due to their inflexible
organizational structure (Korsgaard and Anderson, 2011).
 This company wants to expand their business which directly negatively impact on
employees performance. Because due this they increase their working process which
force to their employees.
 In this context, extra work load also a negative impact because which cupidinously
demotivate their employees which directly impact on their profitability level at market
place.
Hence, it can be say that all the changes are negatively impact on overall performance of
the company which lead in reducing their productivity level.
4.2 How the changes will be managed in the business
It is very complicated for manager of the company to implement all the changes at the
workplace. Because due to this manager face various conflicts situation which may decrease
their productivity. For reduce this manager have to take best action in which they provide better
training and development programs to their employees for improve their performance. With the
help of this they enhance employees skills and performance. For this manager of the company
select best training methods to encourage their employees productivity towards their work.
Clearly PR Marketing Communication will select job training method for their employees so that
they get motivated and perform their task in most effective manner (Hamilton, 2011). After that
manager evaluate the effectiveness of the training programs and also ensure that all the work
performance going in right way or not. It also help to the employees to accepting all the situation
in effective manner and provide positive results by putting their strong efforts.
4.3 Improvements in business performance over a specific time period
It is more important for the company to improve their overall performance of the
company. In this manager play important role in evaluating current performance in which they
take best action are per required. Clearly PR & Marketing Communication wants to enhance
their employees abilities so that they easily cope up with all the changes in effective manner. In
this company compare their staff members with each other to evaluating their actual
performance. With the help of this method firm easily determine their workers performance in
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most systematic manner. Along with this, Clearly PR & Marketing communicate use SWOT
analysis to asses their actual market positive so that they perform their best and take competitive
advantage form its rivals (Glover and Kusterer, 2016).
Along with this, company compare their all financial performance in order to monitor
their overall improvement within the organisation. With the help of SWOT analysis company
easily determine their future opportunities in which they expand their operational activities in
order to achieve best success in competitive market place.
CONCLUSION
From the above mentioned report, it can be concluded that small business enterprise is
one of the important part which directly impact on overall growth of the country and its
economy. It provide better opportunities to their local people which helps in improving their
living standard in appropriate manner. In present time period, small business enterprise largely
contribute in economy growth. Some time they face various problems due to less resources
within the organization. For this, government play important role in which they provide better
support so that they maintain their sustainability in order to get maximum profitability in most
effective manner. In this process legal authorities provide better services to small business in
which they easily expand their activities at international level. Clearly PR is a small business
enterprise in UK. They implement better recommendation changes within the workplace in order
to get better growth in appropriate manner. It is more important for the business to evaluate as
well as revise their business plan in which they effectively implement all the changes in order to
reduce the chances of negative impact on organizational process. In this context, with he help of
effective planning process company easily set their targets and attain better results.
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REFERENCES
Books and journals
Acevedo, G. L. and Tan, H. W. eds., 2011. Impact evaluation of small and medium enterprise
programs in Latin America and the Caribbean. World Bank Publications.
Aremu, M. A. and Adeyemi, S. L., 2011. Small and medium scale enterprises as a survival
strategy for employment generation in Nigeria. Journal of sustainable development.
4(1). p.200.
Gibb, A., 2011. Concepts into practice: meeting the challenge of development of
entrepreneurship educators around an innovative paradigm: The case of the International
Entrepreneurship Educators' Programme (IEEP). International Journal of
Entrepreneurial Behavior & Research. 17(2). pp.146-165.
Gilmore, A., 2011. Entrepreneurial and SME marketing. Journal of Research in Marketing and
Entrepreneurship. 13(2). pp.137-145.
Glover, D. and Kusterer, K., 2016. Small farmers, big business: contract farming and rural
development. Springer.
Goyal, M. and Parkash, J., 2011. Women entrepreneurship in India-problems and
prospects. International Journal of Multidisciplinary Research. 1(5). pp.195-207.
Hamilton, E., 2011. Entrepreneurial learning in family business: A situated learning
perspective. Journal of Small Business and Enterprise Development. 18(1). pp.8-26.
Hassard, J. and Pym, D. eds., 2012. The theory and philosophy of organizations: critical issues
and new perspectives. Routledge.
Korsgaard, S. and Anderson, A. R., 2011. Enacting entrepreneurship as social value
creation. International Small Business Journal. 29(2). pp.135-151.
Lautenschläger, A. and Haase, H., 2011. The myth of entrepreneurship education: seven
arguments against teaching business creation at universities. Journal of
Entrepreneurship Education. 14. p.147.
Marlow, S. and McAdam, M., 2013. Gender and entrepreneurship: Advancing debate and
challenging myths; exploring the mystery of the under-performing female
entrepreneur. International Journal of Entrepreneurial Behavior & Research. 19(1).
pp.114-124.
Mbroh, J. K. and Attom, E. B., 2011. Accounting and control systems practiced by small and
micro enterprise owners within the Cape Coast Metropolitan area of Ghana. Asian
journal of business and management sciences. 1(9). pp.28-47.
Osita, I. and Marcel, E. C., 2012. Entrepreneurial Skills Required by Business Related Graduates
for Successful Operation of a Business Enterprise in Enugu Commercial Centre and
Enivirons. Kuwait Chapter of the Arabian Journal of Business and Management
Review. 1(8). p.37.
Passerini, K., El Tarabishy, A. and Patten, K., 2012. Information technology for small business:
managing the digital enterprise. Springer Science & Business Media.
Storey, D. J., 2011. Optimism and chance: The elephants in the entrepreneurship
room. International Small Business Journal. 29(4). pp.303-321.
Turban, E., Bolloju, N. and Liang, T.P., 2011. Enterprise social networking: Opportunities,
adoption, and risk mitigation. Journal of Organizational Computing and Electronic
Commerce. 21(3). pp.202-220.
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Welter, F. and Smallbone, D., 2011. Institutional perspectives on entrepreneurial behavior in
challenging environments. Journal of Small Business Management. 49(1). pp.107-125.
Zachary, R. K., 2011. The importance of the family system in family business. Journal of Family
Business Management. 1(1). pp.26-36.
Online
Company House Beta. 2017. CLEARLY PR LIMITED. [Online]. Available through:
<https://beta.companieshouse.gov.uk/company/08922160/filing-history>.
Company House Beta. 2017. STRIPE PR AND COMMUNICATIONS LIMITED. [Online].
Available through: <https://beta.companieshouse.gov.uk/company/SC305878/filing-
history>.
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