Exploring Entrepreneurial Performance

This assignment contains a collection of academic papers and articles from various journals and publications, including the Journal of Small Business Management. The papers cover topics such as personal characteristics, business relationships, entrepreneurial performance, social entrepreneurship, e-marketing adoption, responsible innovation, gender inequalities in academic innovation, sustainability reporting, and business process management. Additionally, there are some non-academic sources, including a webpage about Swing Patrol and an article on the history of swing dance. The aim is to provide a comprehensive overview of various aspects related to small businesses and entrepreneurship.

SMALL BUSINESS
ENTERPRISE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
i. Profile of the company.............................................................................................................1
ii. Analysis business performance with competitors...................................................................2
TASK 2...........................................................................................................................................3
i. Recommendations with justification to overcome weaknesses...............................................3
ii. Analysis ways to maintain performance and strengthened.....................................................5
iii. Suggest new areas where business can expand with reasonable justification.......................6
TASK 3............................................................................................................................................7
i. Business Objectives and Plans.................................................................................................7
ii. Reviewing Business Plan........................................................................................................8
iii. Action Plan to Implement Changes.......................................................................................9
TASK 4..........................................................................................................................................10
i. Impact of Changes on business and its personnel..................................................................10
ii. Plan for managing the changes.............................................................................................10
iii. Performance of Swing Portal UK Ltd..................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Small medium enterprise is determines their functions to operate it effectively at low
capital and manage business resources at workplace. They are giving effective contribution for
making successful outcomes at workplace. Hence, overall production process consist important
role to manage business results (Carlos Pinho and Sampaio de Sá, 2014). Government also take
initiative to enhance GDP growth of the country by operating different functions and operations.
In respect to this, present report is based on Swing petroleum UK. It emphasizes on evaluating
strength and weaknesses of the firm.
For assessing strength and weaknesses, report identified activities and operations which
are conducted by the firm to carry out effective operations. Furthermore, it evaluates financial
performances of the company by competing with different business. Moreover, it also
recommends and suggests strategies through which the cited organisation can maximize their
performance to reach success.
TASK 1
i. Profile of the company
 The name of business: Swing petroleum UK is privately owned business which regulates
through investors.
 Owner structure: Investors of the company operate their functions to develop profitability
and maintain business resources at workplace (Williams, 2016). They are provided fund
to business to operate smooth functions and operations in effective manner. Hence, it
supports to achieve high quality of business products and services.
 History/background: The Swing petroleum UK was established on May, 16 2006. It is
registered company which operates functions by developing positive outcomes at the
workplace. They offer qualitative products and services which assist in the long term
journey to sustain within the market (Theodorakopoulos, Kakabadse and McGowan,
2014).
 Business location: Swing petroleum UK is located in Hope Cottage, ox, Stroud and UK.
 Strength: Swing petroleum UK specializes in manufacturing and distribution of articles
and make plan within UK market. They offer excellent products and services such as
wood, material and many more things. In addition to this, the company has good
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reputation and brand position through which they can easily maintain loyalty of customer
at the workplace (Rainer, Cegielski and Sanchez-Rodriguez, 2013). There workers are
skilled and talented which assist to promote business functions and operations in different
areas.
 Weaknesses: Swing petroleum UK has limited access to intervene productivity within the
market. They are also unable to meet with long term objectives and capital requirement
which creates high debt level at the workplace (Karataş, Özkan and Chell, 2015). Their
percentage are continuing decline which falling to create return within the business.
Further, the cited firm does not focuses on training and development programs to manage
business results.
 Mission: Swing petroleum UK has mission to target large part of audience by delivering
effective services and products (Massa, Farneti and Scappini, 2015). In this context, they
are proving excellent services by creating the best value at workplace. Hence, the firm
can easily meet their objectives.
 Vision: The chosen organisation has vision to become more successful brand all over the
world where they are serve services.
 People: Jonathan Charles and Katharine Sarah are very important people of Swing
petroleum UK They are continuously monitoring business operations and practices to
make successful operations within the marketplace.
ii. Analysis business performance with competitors
Main aim of every company is to generate high revenue and profitability at workplace. In
this aspect, profits are generates through turnover of goods and services. Hence, the business can
manage their outcomes easily. With taking view of the chosen firm, Swing petroleum UK face
high competition within the market with Charles Cantrill Ltd. Hence, there are different types of
ways in which business can measure their operational efficiency and results to perform functions.
Monetary results of both organisation can be assess to determine profitability of 5 years which
are as follows:
Turnover Absolute
changes
Decrease
and increase
Absolute
changes
Increase and
decrease
2011 2350 - 2200 - -
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2012 2600 250 11.11% 2440 240 11.43%
2013 2960 360 14.40% 2580 140 5.98%
2014 3400 440 15.38% 3550 970 39.11%
2015 3780 380 11.52% 3940 390 11.30%
With the help of following analysis, it can be detect that Swing petroleum UK grow their
operations continuously. Their revenue is gone very high but Charles Cantrill Ltd. not effectively
operate their functions. Their revenue fluctuate in every year so that it create impact on the
business operations (Massa, Farneti and Scappini, 2015). Hence, the cited firm can easily
enhance their revenue at workplace. In the UK market, there are various resources which can be
taken for maintain poor quality and services at workplace. In respect to this, competitor of the
chosen enterprise has determines financial data to evaluates business performances.
Year Swing petroleum UK Charles Cantrill Ltd.
Gross profits ratio Gross profits ratio
2011 900 35.56% 640 23.00%
2012 1070 38.80% 730 27.00%
2013 730 22.00% 1120 41.00%
2014 1160 34.00% 1380 37.00%
2015 1330 33.00% 1490 37.00%
From the above analysis it has been seen that the firm can easily develop positive
outcomes to manage business results and operating functions. Only one year Swing petroleum
UK not easily expand their operations in effective manner. After it they are continuously
expanded their operations to develop effective functions and operations (Rainer, Cegielski and
Sanchez-Rodriguez, 2013). In this aspect, turnover goes very high so that business need to
establish functions to protect the business environment. On the other hand, competitor of the
cited firm has gradually increasing and decreasing operations so that it create issues at workplace
to develop market and enhance profitability.
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TASK 2
i. Recommendations with justification to overcome weaknesses.
It is important for Swing petroleum UK to overcome their weaknesses to perform
effective functions at the workplace. In this aspect, there are several strategies which support the
decisions of the firm to carry out the successful operations (Karataş, Özkan and Chell, 2015).
Hence, they can easily overcome difficulties and weaknesses from the business operations. There
are various ways through which the firm can eliminate problems from the business. It makes
successful operations of the company through reduce problems from the enterprise.
TOWS matrix
Strength (S) Weaknesses (W)
Opportunities (O) SO strategies
Swing petroleum UK provides
excellent goods and services
which assist in expanding
business operations in different
market segment. Hence, the
firm can gain market
opportunities and various
advantages to achieve goals
and objectives
(Theodorakopoulos,
Kakabadse and McGowan,
2014).
WO Strategies
In the whole world-wide,
operations, labour and material
can be acquire at economical
charges which control cost and
maximize return.
Threats (T) ST strategies
In these strategies, re putative
image, loyal customer and
managerial skills can be used
to minimize threats from the
market place.
WT strategies
Swing petroleum UK can also
make strategies to minimize
cost and pricing policy is
determined in an effective
manner to expand business and
reduce weaknesses (Rainer,
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Cegielski and Sanchez-
Rodriguez, 2013).
Development of budget: Managers of the business performs various functions which
support each and every activity of the company. In respect to this, they have to frame budget to
ascertain actions and activities for overcoming business problems (Karataş, Özkan and Chell,
2015). In respect to this, Swing petroleum UK can estimate budget to determine profit and loss at
the workplace.
Conducting training and development programs: In order to overcome business issues,
the cited firm is required to provide effective training and development program for employees
(Massa, Farneti and Scappini, 2015). In this aspect, they can easily enhance skills and knowledge
regarding business operations.
Expansion: In order to diversification, the organization can easily meet with objectives
and solve business problems. With diversify business operations; Swing petroleum UK can
generate high revenue and long term profitability.
ii. Analysis ways to maintain performance and strengthened
There are various ways through which the business can maintain their performance and
strengthen at workplace. It assists to enhance current business working conditions; high
profitability and increase revenue for maintaining sustainability (Rainer, Cegielski and Sanchez-
Rodriguez, 2013). In order to perform these functions, Porter model can be applied on Swing
petroleum UK. Hence, they can assess market performance through various elements. These are
as follows:
 Supplier power: Within the UK marketplace, there is high supplier power. Thus, they are
highly control on potential pricing, profitability and many more aspects (Massa, Farneti
and Scappini, 2015). Swing petroleum UK can easily switch towards profitability in
terms of gaining low cost material. The organisation is in better position so that they have
multiple choices to perform different functions.
 Buyer power: This force is consist important part within the business through determine
analysis from customer point of view (Massa, Farneti and Scappini, 2015). Customer has
the power to reduce business profits so that they can purchase products and services from
another company. In UK, buyer power is low so that customer purchase products in small
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amount (Rainer, Cegielski and Sanchez-Rodriguez, 2013). As a result , the enterprise can
sell it in different areas easily.
 Competitive rivalry: This force examines competition of market which is related to the
company. It determines through number of competitors who are capable to do functions
within the marketplace. Rivalry competition is very high so that the firm need to take
their operations at low cost (Theodorakopoulos, Kakabadse and McGowan, 2014). On the
other hand, when rivalry is so high advertisement and price war take place at workplace.
 Threats of substitution: This force determines that how customer switch towards another
products and services of competitor. It looks towards competitor performances and
examine profits of the business operations (Massa, Farneti and Scappini, 2015). Threat of
substitution is determines as ability to perform effective functions within the business.
With the help of this force, Swing petroleum UK can examine their profits easily.
 Threats of new entry: This force ascertain that how easy ad difficult competitors are take
place within the market (Vorley and Williams, 2016). In this aspect, Swing petroleum
UK can easily make long term plan to deliver effective services.
iii. Suggest new areas where business can expand with reasonable justification
Swing petroleum UK operating multiple areas so that they can easily expand business in
effective manner. To develop positive results, the company can easily maintain infrastructure to
enhance products and services (Halme and Korpela, 2014). New areas of the business can assist
to manage outcomes and enhance profits. The chosen company can expand their operations in
the following manner:
 Manufacturing furniture: Swing petroleum UK can easily diversify their business with
operating functions in manufacturing furniture. Currently they are operating functions in
oil industry (Burns, 2010). Thus, they have experience to work in different types of
products and services. In this aspect, relevant machinery are requires at workplace to
produce products and services. In addition to this, the cited firm can easily attract various
customer through one strategy. It aids in expanding USP of business to monitor
performances in different areas. In this aspect, the firm can easily manage profitability
through measure performance of company (Berger, Cowan and Frame, 2011).
 Operate new outlets: Swing petroleum UK can also operate new outlets to make variety
of products which like of customer. They can expand business with developing physical
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stores with attracting various customer. Hence, it will support to large number of buyer
and users easily. With the help of using relevant information, business can establish
outcomes for manage their services. With the help of new outlets, new product
development can be expand at workplace through business (Rainer, Cegielski and
Sanchez-Rodriguez, 2013). It assists to focusses on customer convenience at workplace
for using different fundamental aspects. Thus, operations can be manages through ideas
and views.
 Proposed changes in products: In existing products and services can also helpful to
business to expand operations in effective manner. In respect to this, Swing petroleum
UK can easily manage outcomes according to business issues. Hence, it assists to develop
profitability with proposed changes in physical stores and online as well (Karataş, Özkan
and Chell, 2015). In this way, the cited company can attract various customer together
who can beneficial for the firm.
TASK 3
i. Business Objectives and Plans
The Swing Patrol is operating in the market, with a mission to share joy of the wonderful
activity of dance. It is a community of more than 1000 members who are passionately pursuing
their career in this field. It also comprises of performance troupes who are performing with a
massive collective energy (About Swing Patrol, 2017). The entity is engaged in providing classes
all over the city of London. The biggest USP of Swing Dance is that anyone can gain the
experience of these classes, without making prior bookings. Hence, it is working to spread the
joy of dance among maximum possible people. In pursuance to the same it organizes varied
workshops, both social as well as large balls, and such other events which gather crowd from the
across the world. In pursuance to the same the SMART objectives of the company have been
assessed in the following manner:
ATTRIBUTES OBJECTIVES
Specific
To spread the joy of dancing through the assistance of a
passionate team of teachers, and mark the presence in
every part of the nation.
Measurable To commence operations in the new target market and
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realize an enhancement of about 30% in the annual
turnover by the year 2020.
Achievable To conduct workshops and open classes in new cities to
reach a varied type of people.
Realistic
The name of the entity is already known across the
nation, thus the expansion plan to enter certain new
cities shall be a success.
Time-bound To accomplish an enhanced turnover and popularity by
the year 2020.
After analyzing the SMART objectives of the Swing Company, it can be clearly stated
that the management of the entity as well as the other stakeholders are enthusiastically
functioning towards objectives of the company. Their fundamental focus is on spreading the joy
of dancing across the nation, and marking their presence is all parts of the nation. In accordance
to the future projections of the entity, Swing Company aspires to enter such markets of the nation
which have stayed out of scope till date. In respect to the same, management has decided to
conduct workshops in all the target markets and record the level of response which the region
offers. This shall further, enable company to expand its operations in the cities which have a real
potential to undertake the business.
ii. Reviewing Business Plan
The current business plan on the basis of which Swing Patrol is operating is highly
efficient and has enabled the company to deliver services with high quality and creativity. It is
important to note that the primary objective on the basis of which company is operating is to
enable maximum people to enjoy the joy of dancing (History of Swing Dance, 2017). In
pursuance to the same, facility of drop in classes have been offered, where no ahead bookings are
required to be made. Moreover, there is also no need to come with a partner, which has
persuaded many youth to take the services of these classes. The effectiveness of their business
plan can also be evidenced from the fact that many clients have been approaching the troupes to
perform at corporate and other events. However, in order to prosper further in the market, the
current business plan is required to be improvised to accommodate the changing trends of the
industry:
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 The Financial Aspect: In accordance to the objectives of the company, it aspires to
expand its operations in areas which have remained untouched till date. In pursuance to
the same, they are required to undertake undertake a market research to explore the
potential of each of the ascertained target markets (Bridge, 2013). Therefore, there is a
possibility for requirement of high financial liquidity, which could smoothen the process
of expansion. The market offers variety of sources of finances which still remains
unexplored by the company, and thus, there is a need to make changes in this field.
 Marketing Plan: In the recent past this particular industry has been witnessing high
growth with an increasing number of participants. In consequence of which a fierce
competition exists, which may prove to be challenging for the Swing Portal. Therefore,
the marketing team shall develop innovative and new ideas to promote their services over
others and gain a competitive edge over others. Exploring the newly added options shall
further strengthen the popularity of the brand, and enhance the effectiveness of other
marketing operations.
iii. Action Plan to Implement Changes
Incorporation of different proposed changes in the business plan shall be made in a
systematic manner, in order to realize results which are highly effective and beneficial for the
business of the company (Costanzo, Vurro and Perrini, 2014). The following are some of the
steps which shall formulate to be the action plan for inclusion of all the requisite changes: Set a Vision: At the first instance, the vision statement shall be revised in pursuance to
the changes being incorporated. It shall represent the exact position where the company
views itself in the future. Hence, a vision of success shall be stated. Set the Goals: Specific goals shall be enumerated which the company desires to achieve
by undertaking the improvised business plan. These are the precise ascertainments which
shall direct the thoughts and actions of the management in a single direction. Develop a strategy: Once the precise and accurate direction is determined by the
company, the management shall develop effective strategies for introducing the specific
changes in an efficient manner. It shall be determined at this stage which all resources
shall be utilized and in what quantity, and shall be capable of addressing the ongoing
concerns of the company.
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 Budget: In order to achieve the business goals in an effective and efficient manner, it is
highly important for the management to ascertain the time and money which shall be
invested, from the current availability (El-Gohary, 2012). The specific costs of initial set-
up, time investment for managing shall be aggregated to determine the strategy costs.
 Monitoring: Effective methods shall be installed for ensuring successful implementation
of the action plan. Each and every activity in pursuance to the plan shall be tracked to
ensure realization of correct and accurate results.
TASK 4
i. Impact of Changes on business and its personnel
Introducing the proposed changes within the business plan of Swing Portal has the
potential to make the following impacts, some of which have been enumerated herein under: Increased market share: With an expansion in the operations, the company shall enjoy a
increased market share. It shall offer high growth prospects and opportunities to further
proper in its business. In addition, the management of Swing Portal shall also be able to
enjoy a business network which is spread across different markets, and which can eb
leveraged to realize enhanced profits. This shall be attached with automatic promotion of
the brand name in different regions, thereby offering higher opportunities. Impact on Finances: Introduction of these changes is directly proportional to financial
resources of the company. First of all the business shall incur costs for installing the
initial set-up of these changes. However, once successfully implemented into the system
the resulting benefits shall definitely enhance the financial condition of the business. Increased Uncertainties: The expansion plan in new target markets shall be attached
with high risk factors, as it is not possible for the companies to determine movement of
each of the forces of the market (Ates, Garengo and Bititci, 2013). Moreover, entering
into new and alien market always poses an element of risk, in terms of managing the
resources and other unknown trends.
 Cultural Diversity: Expansion of the current level of business shall induce employees
from different backgrounds, and thereby enhancing the cultural diversity within the
organization. Though this may prove to be beneficial for the company, there arises a high
probability that the situation of conflict of interest may be resulted.
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ii. Plan for managing the changes
Introduction of changes within an organization is followed by an entire process of
transition, which is expected to be eased by the management. In pursuance to the same,
following steps shall be undertaken in order to effectively incorporate the changes at an
organizational level and realize desired results: Demonstration of the rationale: At first instance the management shall clearly
communicate to the employees the actual reason behind introduction of the changes. It
can be in terms of the performance gap, which is required to be bridged or advancement
in technology or a shift in the objectives of business (Sanders and Galloway, 2013.).
This shall enable the employees to understand the requirement for change, and accept it
without resistance. Demonstration of type and scope of changes: The nature of changes which are
purported to be undertaken shall be described, followed by which the consequential
changes shall be clearly communicated. For instance the manner in which it would
affect their job roles, policies, structure and so on. This shall eliminate uncertainties and
ambiguities. Development of Change Management Team: A specific group of people shall be
accorded with the responsibility to communicate with all those who are involved in the
process of incorporation of changes, and further make the entire process as smooth as
possible.
 Installation of a Communication Plan: It is imperative for the higher authorities to stay
connected with all the stakeholders of change. This enables the employees to stay
updated, and motivated in respect to the amendments being taking place (Soriano and
Castrogiovanni, 2012). The rationale for changes shall be reinforced on a frequent basis.
iii. Performance of Swing Portal UK Ltd.
The Swing Portal has showcased tremendous success from the time it commenced its
operations. The number of events which the company has organized in the past 2 years has found
to realize a great enhancement. The number of personnels involved with the entity for teaching
has crossed a number of 1000. A massive collective energy has been developed, with the
assistance of highly passionate and dedicated staff members and volunteers. Currently, more than
40 weekly classes are being conducted at 35 different venues in the city of London. Apart from
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this, the events organized by Swing Portal has the potential to attract people from all across the
world, which has been evidenced in the Annual London Swing Festival (About Swing Patrol,
2017). It is also the owner of four highly energetic dance troupes, which has been performing all
over London. In addition, the popularity of workshops of swing dance has realized tremendous
growth, in pursuance to which a year round program has been launched by the company.
Another achievement which the company realized in the year 2015 was when it broke the
world record in respect to the World's biggest Charleston's Dance. One of the performance
troupes was credited with the third position in a Championship related to Swing Dance. With the
assistance of these achievements the company has developed a brand name of its own, and has
become highly popular within the nation. Moreover, in pursuance to its expansion plan the
company also started its operation in the cities of Melbourne, Sydney and Berlin. Therefore,
Swing Portal has undertaken varied measures to realize the current position of one of the leading
entities in its industry.
CONCLUSION
The Swing Portal UK Ltd. Has been functioning in the industry from the past few years,
and has made significant developments in the manner in which it is operating. The primary area
of operation of company is within London but it has been also marked its presence in other cities
of UK, along with those of Melbourne, Sydney and Berlin. Considering the current level of
operations, it is favourable for the company to expand its operations in different target markets.
In pursuance to the same, a thorough assessment of the business objectives and plans shall be
undertaken, and moulded in accordance to the changes being incorporated. Moreover, an
effective change management plan shall also be installed within the organization in order to
make the process of transformation smooth and effective.
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Williams, C. C., 2016. Tackling enterprise in the informal economy: an introductory overview.
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Online
About Swing Patrol, 2017. Available through: <http://www.swingpatrol.co.uk/about/>.
[Accessible on 7th February 2017].
History of Swing Dance, 2017. Available through:
<http://www.swingpatrol.co.uk/spevents/history-of-swing-dance/>. [Accessible on 7th
February 2017].
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