Entrepreneurship and Small Business Success

This assignment examines the factors influencing the success of small businesses. It delves into the roles of innovation, entrepreneurial networks, and education in shaping business performance. Students will analyze relevant research papers and case studies to understand the relationships between these elements and ultimately assess their impact on entrepreneurial ventures.

Small Business
Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
Covered in PPT...........................................................................................................................4
TASK 2............................................................................................................................................4
3.1 Produce an assessment of existing business objectives and plans........................................4
3.2 Revised business plans to incorporate appropriate changes.................................................4
3.3 Prepare an action plan to implement the changes.................................................................5
4.1 Report on the impact of the proposed changes on the business and its personnel................6
4.2 plan how the changes will be managed in the business........................................................7
4.3 Monitor improvements in the performance of the business over a given timescale.............7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Small business enterprises are those which have less financial and non financial sources.
Owners of small business enterprise employs less number of workers for performing their
business operations. Further they don't have high turnover and revenue, they usually works on
small projects. Small business enterprise generally operated by private owners means they don't
have ownership of public or government(Bridgeand O'Neill, 2012). In this report Windsor house
hotel and its profile has been explained so as to find the strength and to analyse weakness of
entity which allows the users to measure the performance of firm. In this report a comparison has
been made in accordance with various techniques which can be used to compare the performance
of an entity(Stokes,Wilson and Wilson,2010). It has been recommended in presentation that in
which area Windsor house hotel can expand its business operations. Cited entity has its hotel at
London and they deals in bed and breakfast activities also known as B&B

TASK 1
Covered in PPT
TASK 2
3.1 Produce an assessment of existing business objectives and plans
Windsor house hotel is a firm which provide food and accommodation facility to its
customers. The main objective of owners of cited firm is to provide quality of food to its
customers and to provide comfortable accommodation facilities to them. Through such objective
they can satisfy their customers which allows them to lead the targeted market and to acquire a
major share in it(Altman, Sabato and Wilson, 2010). For the establishment of organisational
objectives and goals, managerial personnels of entity take certain decisions and make some
strategies which help them to achieve those predetermined targets. Development strategies may
include reduction in the price of rooms and food services through which they eliminate several
rivals from the market. Further better quality of food with luxurious interior and lavishing
accommodation facility are some other factors which shows the objectives of business entity.
That they want to dominate their rivals and to earn a major share of targeted market(Storey,
2016). Their objective is customer satisfaction, as it is the main factor which approves the
validity of cited firm. Their management of available finance represents that they are properly
concentrated over their financial needs and requirements(Burns, 2010). Cost reduction strategy
has been implemented by managerial team of Windsor house hotel which means they using such
techniques through which their cost of production or cost of delivering services gets reduced
which further allow them to earn a high margin of profit and assist them to reduce price of
product without any problem(Carraher and Paridon, 2015). So that the customers can get
attracted towards its products and its rivals can make a way to exit easily from such targeted
market.
3.2 Revised business plans to incorporate appropriate changes
A company and its management uses revised business plans which is necessary to
incorporate appropriate changes in organisation so that they can achieve their organisational
targets. In modern world customers changes their desires every day, due to factors like
technology, quality and taste organisations are continuously researching in vital areas which can
generate better results with efficiency and effectiveness(Raposo and Do Paço,2011). A flexible
business plan is necessary which can cop up easily with dynamic business environment. Windsor

house hotel deals in food and accommodation services so they faces a lot of such challenges
regarding customers needs. As now a days living standard of people in society is
increased(Chell,Nicolopoulou and Karataş-Özkan,2010). They already resides in luxurious
houses with all facilities hence they demands more luxurious hospitality from cited entity. A
better interior can work as a tool to attract customers and to offer them a luxurious life. Hence
owners of Windsor house hotel needs to invest in a quality work of interior which also reduces
the cost of refurbishment.
Analysis of customer desires helps cited entity to offer them the products and services
which they desires. They can develop their payment modes so that costumer will find it easy and
hassle free. Managers of Windsor house hotel can provide better amenities with guarantee so as
to attract several customers towards its services and goods(Rae, 2010). Revised business plans
must be made as per the trend of the targeted market so that the steps which the organisation will
take against such changes can easily cultivate the desired results. When managers and leaders of
an entity sets a business plan then they should continuously research over the market
environment which assist them to get data related with trends(Chittithaworn et. al., 2011). Such
data and factors should be implemented within existing plan so as to make a revised business
plan.
3.3 Prepare an action plan to implement the changes
An action plan can be drafted by Windsor house hotel for conducting operations of
organisation in a better way. After setting up the goals organisations should draft a better plan in
order to chase the targets(INSTITUTIONAL CHANGE PROCESS STEP 5: MEASURE AND
EVALUATE. 2017). Implementing action plan allows an entity to get sustainable development.
As action plans are drafted in a way so that organisation can concentrate over specific
audiences(Cowling, Liu and Ledger, 2012). The steps which are necessary to follow in order to
draft an action plan for implementing changes in operations are mentioned below :
 Determine Goals : Windsor house hotel and its management requires to ascertain the
goals so that they can make a targeted strategies in order to achieve the desires
objectives. Determination of targets allows the employees of an entity to quantify it.
Through which they can easily attain them and fulfil their responsibilities(Olson and
Staley,2012). Without any purpose a person cannot make a sincere effort towards

anything hence setting up purposes allows performance comparison and brings
productivity.
 Assessment of institutional rules and roles : There are some rules and laws in every
organisation hence managerial personnels needs to analyse such rule and laws which
gives shape to the current position and they also assist in implementation of various
potential solutions for meeting success(Fassin and et. al., 2011). Rules can be informal
and formal which decides workplace behaviour. Roles can be defined as those people
and their responsibilities who are responsible for maintaining sustainable development.
On the other hand tools are those workplace techniques and system through which
various needs can be fulfilled easily.
 Development of Action plan : Proper analysis of environmental factors is necessary in
order develop an action plan after following the first two steps now the managers and
leaders of Windsor house hotel can make an action plan(Nga and
Shamuganathan,2010). Identification of linkages among different financial and non
financial resources helps an entity to develop a proper and effective action plan.
 Implementation Of Action Plan : After developing the action plan Windsor house hotel
requires to implement such action plan so that they can get desired positive results.
 Measurement and Evaluation : This is the last step in preparation of action plan as in
this step the personnels will evaluate the action plan drafted by them for Windsor
house hotel and they will check that estimated results are obtained or not.
4.1 Report on the impact of the proposed changes on the business and its personnel
For efficiently developing business entity and its operation it is very necessary to
concentrate over every single aspect which may affect the organisational process(Forsman and
Temel,2011). Considering each and every factors helps an entity to achieve its purposes for
which it exists. Business condition changes as per the change in time. Marketing environment
consists such elements which changes very easily which means environment is dynamic in
nature and it never remains stable but it keeps on changing. Hence it become necessary for a firm
to cop up with the changes so as to ignore the improper maintenance of organisational resources
and to get better and satisfactory results(Gronum,Verreynne and Kastelle,2012). When guest
visits in the hotel premises then they desires to get a humble welcome and a lavishing interior
with mouthwatering cuisines. Hence after making proper changes in organisational policies

Windsor house hotel can entertain their customers or guest in a much better way. Through
making changes entity can operate their tasks as per the trend and they can get benefit of
customer satisfaction.
4.2 plan how the changes will be managed in the business
Management plays an important role in managing business operations. This will ensure
proper development of its condition in market at which it conducts its operations. There are
certain ways through which an entity can manage various changes in business. These are
mentioned below :
 Accept the Changes : Windsor house hotel can get success in its operations if it accepts
the changes of business environment because without accepting such changes an
organisation cant run its business activities efficiently.
 Practice openness : Entity usually manages their work when they found the changes
impacting upon staff(Islam and et. al., 2011). Thus management should foster an
environment of openness. They can establish trust and loyalty through maintaining a
system which allows employees to communicate with leaders.
 Training : Training staff can be given by the managers and experts of Windsor house
hotel so that they can easily cop up with changes and they can provide fruitful results to
their superiors.
 Solicit Input : If top managerial personnels accept the inputs of their subordinates then
they will feel motivated and on their personal discretion they will try to improve their
performance for next time(Jones and Iredale,2010). Labour force is considered as the
main strength of any organisation hence their inputs in organisational operations should
be appreciated.
Aforementioned are some steps which can be taken by management of cited entity so as
to manage organisational resources and manage various changes of business environment.
Changes should be managed on time so that entity can exploit the opportunities and they can
extract the required results from them.
4.3 Monitor improvements in the performance of the business over a given timescale
Windsor house hotel performs several task like providing accommodation to its
customers and to provide them food of different cuisines so these services includes various
processes which needs to be maintained and monitored in a way which allows them to properly

maintain their business functionality(Lambert and Davidson,2013). Continuous monitoring of
organisational process helps an entity to improve their performance as per the time. Process of
performance improvement takes long time to complete so organisation needs to manage it in
accordance with the availability of time. Further maintenance of consistency in monitoring of
performance and process is necessary because inconsistent monitoring will not give any
successful results further it waste the available time. As small business entities like Windsor
house hotel has less availability of capital which means they cant bear losses continuously hence
they requires to effectively monitor the process of their projects so that they can yield better
results. Monitoring include setting short term targets and drafting strategies to adopt such
purposes(Malhotra and Temponi, 2010). It assist cited entity to analyse its performance through
different techniques so that they can ascertain that where they are standing and how far they are
from their prey. Monitoring helps an entity to achieve its performance which they desires. In
many cases customer satisfaction and trust of employees works as measurement tool to measure
improvement in level of performance. Continuous monitoring assist an entity to identify its treats
and it also helps in determining its strengths.
CONCLUSION
In this above mentioned report it has been mentioned that how Windsor house hotel
which is a small business enterprise at London can maintain its financial and non financial
resources in a way so as to attain desired targets. Readers from this report and presentation can
get a brief view of how cited entity operates its operations. Further its strength and weaknesses
are identified in presentation part which needs to be handled with care so that strength of cited
entity can be utilized against elements of business environment and it can overcome its
weaknesses. There are several ways which are defined in this report through which they maintain
and strengthened their business performance. As small business enterprises have less availability
of cash hence they requires to maintain these resources in a way so that they can get maximum
returns out of available resources. Further this report also includes various ways and importance
through which they can monitor their performance.

REFERENCES
Books and Journals
Altman, E. I., Sabato, G. and Wilson, N., 2010. The value of non-financial information in small
and medium-sized enterprise risk management. The Journal of Credit Risk. 6(2). p.95.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Carraher, S. M. and Paridon, T. J., 2015. Entrepreneurship journal rankings across the
discipline. Journal of Small Business Strategy. 19(2). pp.89-98.
Chell, E., Nicolopoulou, K. and Karataş-Özkan, M., 2010. Social entrepreneurship and
enterprise: International and innovation perspectives.
Chittithaworn, C., and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Cowling, M., Liu, W. and Ledger, A., 2012. Small business financing in the UK before and
during the current financial crisis. International Small Business Journal. 30(7). pp.778-
800.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
Forsman, H. and Temel, S., 2011. Innovation and business performance in small enterprises: an
enterprise-level analysis. International Journal of Innovation Management. 15(03).
pp.641-665.

Gronum, S., Verreynne, M. L. and Kastelle, T., 2012. The role of networks in small and
medium‐sized enterprise innovation and firm performance. Journal of Small Business
Management. 50(2). pp.257-282.
Islam, M. A., and et. al., 2011. Effect of entrepreneur and firm characteristics on the business
success of small and medium enterprises (SMEs) in Bangladesh. International Journal
of Business and Management. 6(3). p.289.
Jones, B. and Iredale, N., 2010. Enterprise education as pedagogy. Education+ Training. 52(1).
pp.7-19.
Lambert, S. C. and Davidson, R. A., 2013. Applications of the business model in studies of
enterprise success, innovation and classification: An analysis of empirical research from
1996 to 2010. European Management Journal. 31(6). pp.668-681.
Malhotra, R. and Temponi, C., 2010. Critical decisions for ERP integration: Small business
issues. International Journal of Information Management. 30(1). pp.28-37.
Nga, J. K. H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Olson, D. L. and Staley, J., 2012. Case study of open-source enterprise resource planning
implementation in a small business. Enterprise Information Systems. 6(1). pp.79-94.
Rae, D., 2010. Universities and enterprise education: responding to the challenges of the new
era. Journal of Small Business and Enterprise Development. 17(4). pp.591-606.
Raposo, M. and Do Paço, A., 2011. Entrepreneurship education: Relationship between education
and entrepreneurial activity. Psicothema. 23(3). pp.453-457.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Online
INSTITUTIONAL CHANGE PROCESS STEP 5: MEASURE AND EVALUATE. 2017. [online].
Available Through :<https://energy.gov/eere/femp/institutional-change-process-step-5-
measure-and-evaluate>. [Accessed On 14th March 2017]