Entrepreneurship Report: Apex Solutions and LMA Recruitment

This report delves into the core concepts of entrepreneurship, using LMA Recruitment and the proposed Apex Solutions as case studies. It outlines the key stages involved in becoming a successful entrepreneur, emphasizing the importance of a sound business idea, a detailed business plan, and securing financial resources. The report also examines critical characteristics necessary for implementing a business plan, including human resources, resource allocation, systems, and organizational culture. Furthermore, it explores the application of models such as SWOT analysis to identify strengths, weaknesses, opportunities, and threats. The second part of the report focuses on Apex Solutions, analyzing its niche market within the recruitment sector, identifying operational and financial needs, recommending a record-keeping framework, and formulating a job description to attract suitable candidates. Finally, the report suggests the use of Key Performance Indicators (KPIs) to measure and achieve specific business objectives.

ENTREPRENEURSHIP
MANAGEMENT

INTRODUCTION
Entrepreneurship management is an essential concept which assists in making people a
successful entrepreneur whose role is to start the business idea and inspires others to do so. With
support of entrepreneur skills & competencies, chances are higher that the business objectives
would be accomplishes in given time period. In the present era, entrepreneurship understanding
is necessary to makes out conclusion on how business will works and what strategy can be taken
same to realizes the starting of own business (Bradley and Klein, 2016). This report will cover
discussion on LMA recruitment, which is small business founded in 2014 in London. This firm
was started by its founder and CEO Jonathan Austin and firm is specialized in the giving
recruitment solution to firm working in HR, finances, operation, R&D, insurance etc. This report
will be carry on main stages of process of becoming successful entrepreneur. Also, this report
would consists of characteristics that is required to implement plan and concept or model that
will plays its role in identification of the weakness and building recognized strength.
TASK 1
1.1 Define the main stages of the process in becoming a successful entrepreneur
Entrepreneurs invest their time and efforts in becoming successful at what they are doing, hence,
it is a whole process which is bifurcated as follows: Business idea: Jonathan Austin should a good and sensible business idea which can
be decided on the basis of market research. This will help in making more feasible
choices. Business plan: Austin should have a plan which will provide directions for carrying
out business activities to achieve the targets. Fund-raising: This stage is concerned with having sufficient financial resources by
which plan can be executed. Rights sources should be used for this purpose. Jonathan
should focus on gathering adequate financial resources for taking LMA recruitment to
new heights.

 First customers: This is targeting the right customers and fulfilling their demands.
Jonathan should have a clear vision of providing quality services so that higher
satisfaction can be provided.
 Prepare for the outcome: There could be both positive and negative outcomes which
should be taken into account so that more effective plans can be made for future
purpose. Jonathan should have a positive outlook to unsuccessful results.
1.2 Explain main characteristics that need to be evaluated in order to implement the business
plan
Business plan works as a blueprint giving guidance or directions to conduct business with ease. It
should be implemented by following a specified process which has been evaluated below:
Human resource: This is about the number of workforce in an organization for working as a
team in order to have the business plan executed well. LMA Recruitment may have additional
manpower, if required, based on skills and capabilities.
Resources allocation: Every enterprise need financial as well as non-financial resources for
carrying business activities (Bruton and et. al., 2015). Proper allocation must be done to avoid
any delay in execution of business plan.
Systems: There should be appropriate system which are capable to perform the activities as per
the instructions of the management. LMA Recruitment should have systems which will speed up
the implementation of plans.
Culture: The culture that exist in an organization play a significant role in implementation of
business plan. If the atmosphere at the workplace is positive then plan can be implemented faster
and vice versa. LMA Recruitment should reward its employees on their performance in order to
foster implementation of business plan.
1.3 Explore the concepts, models and frameworks in addressing identified weakness and in
building on the recognized strength
There are different types of concepts/models/frameworks by which strengths and weakness can
be identified. It should be applied according to need of an entrepreneur. Some of the
concepts/frameworks/models are as follows:

SWOT analysis: This model helps in ascertaining the weakness and strengths together with
potential opportunities and threats so that right decisions can be made (Oviatt and McDougall‐
Covin, 2015). This will bring success to the enterprise if strengths are given the prime focus and
weaknesses to be removed.
Strength:
LMA Recruitment, is unique in its own
sector. Since the company is working in
different sections like finance, recruitment
and more could be considered as a strength
which helps company in sustaining for a
longer period of time. Jonathan has built this
company considering all the requirements of
its clients from recruitment, finance, HR,
operations and many more. This made the
company much more fruitful not only for the
clients but for itself as well.
Weakness:
Since the market is carrying a rapid change in
nature, LMA Recruitment is a little weak in
adopting all the alterations. This pushes back
LMA Recruitment, in front of its competitors.
Another weakness is that, Jonathan follows
autocratic leadership style which sometimes
demotivate staff members as they do not get
the chances of taking decisions.
Opportunities:
Working in different sectors in which LMA
Recruitment, is not doing business could be
considered as one of the opportunity that
Jonathan can grab in order to gain
competitive advantages in near future. With
the help of this both sustainability and
effective strategies development process can
easily be developed in a short span.
Threats:
Rising competition, rapid changes among
customer needs and technology e, strategies
developed by competitors at international
market could be considered as some of the
threads which LMA Recruitment is facing
continuously. Another threat that Jonathan can
face is that company performs slowly as
compared to others which might it reduces the
chances of of sustaining in the market for a
longer period of time.
TASK 2
2.1 Evaluate niche market by scrutinizing the industry, the client’s needs and competition
After an analysis of an industry, here new entrepreneurial venture is going to be open
named as Apex solution. As, this firm will operates its functioning in the recruitment sector
which is a potential business to operate (Mugler, 2017). After evaluation of related business
LMV recruitment, niche market for this firm will be financial, operational such as supply chain
& logistics etc. are some of the potential sector, with the help of which Apex solution will sets its
potential customer. In recruitment sector, clients such as accurate consultancy, providing links to

the resources and even expertise. As, competition is diverse, as LMV recruitment is the market
leader and also have potential resources with help of which business can accomplishes its
objectives. In this, people are willing to pay more, but in return they needs potential expertise.
First of all, this is a service sector and giving expertize to clients from any other industry such as
finance, operation, human resources would solves their potential needs at to the major context.
This expertise product has features such as giving knowledge to clients either which are related
to one zone such as one company firm or businesses of different units or functions.
2.2 Identify the operational and financial needs of the business enterprises
Apex solution is the new upcoming business enterprises, which is expertise in giving
solutions to the industries such as marketing, finance, human resources etc. In needs such as
operational there is a huge of manpower or people, who have that level of knowledge and ability
to share its supporting knowledge or informatics to other peoples (Wu and Huarng, 2015). Needs
such as logistics, supply chain is required for same to takes decision making on how business
will work, operational efficiencies and what funds and also for where funds will be attracts such
as angel investor, bank loan etc. The financial needs of the business will be ascertain using given
table such as follows:
Statements showing financial statements
(In Pounds sterling)
Initial investment 10000
Retained earnings 4000
Total 14000
Add:
Advertisement cost 500
Furniture and fixtures 600
Interest on bank loan 700
Commission paid 500
Total 16300
From above table, this is estimated that initial investment from investor is requires which
is worth almost 10000 and for which additional funds of 4000 is also their which is part of owner
own retained earnings. In addition to this, cost such as commission paid, interest on back loan,

furniture & fixtures and advertisement cost has been identified as relevant with help of which
operation of business would be started.
2.3 Identify the most suitable record keeping framework and the applicable reporting structure
At present time, accounting framework is said to be one of the crucial systematic record
system that can be utilised by the manager (Aldrich, 2017). Apex Solutions, a whole new
business whose manager could use the GAAP procedure in its accounting framework as this
could help in in developing much more high level of the framework related to good practice
within the business organisation. Accountability, transparency, integrating, protection that helps
Apex Solution to keep record of overall business transaction.
2.4 Formulate job description that attracts the right people in line with the business
growth plan
As currently Apex solution seeks to make innovation in its new recruitment, finance and other
services or solutions provided by the company to its clients, therefore, for this purpose it needs to develop
a proper growth plan (Welter and et. al., 2017). For this assistance, they have provided the given job
description to attract potential candidate –
JOB DESCRIPTION
Organisation Name: Apex Solutions.
Post: General Manager
Department: Operation Department
Roles and Responsibilities
 To develop effective plans and procedures in order to to make the business much more
sustainable.
 Build unique range of policies in order to to improve the marketing position of the company
and products as well.
 Focus on motivating staff members, through developing policies in favor of them.
 Daily target and tasks are required to be given two staff members based on their own
capabilities
Required Qualification

MBA from a professional college, University
Experience required
5 years of experience is required within the same industry.
PERSON SPECIFICATION
Name:
E-Mail:
Contact:
Objective: To use my capabilities in order to improving and increasing the productivity of a industry
by taking entire responsibility to develop, manage and execute a project plan for success of business.
Qualification:
Class University/ Board Grade Passing Year
BBA XYZ College 60.00% 2010
MBA( in Marketing) Harvard University B 2013
Experience:
5 years of experience in ABC Solutions.
Roles and Responsibilities:
 Develop strong strategies in order to execute project plan effectively
Personal Skills:
 Digitalised marketing skill
 Managerial abilities
 Effective communication and interpersonal skills
Declaration:
I have declared hereby, that all above mentioned information and data is true as per my knowledge and

skills
2.5 Apply academic model and concepts the determining pertinent measures required to target
the specific business needs
At the time of making determinations upon pertinent measures, that are basically necessary in order to
target business requirements through adopting innovative approach (Fayolle and Gailly, 2015). In
present context coma Apex solutions which is offering customers with various range of of policies and
other sorts of solutions to its clients related to recruitment, finance, operations, HR and many more can
utilise a range of procedures in order to meet all the specific business needs. Here, Apex solutions can
utilise KPI tool i.e. Key Performance Indicator. Basically this is being considered as a tool that help up
business organisation in looking into and also demonstrate all the achievements for attainments done and
of business related objectives. to a measurable value which will help present company in demonstrating
its abilities for achievement of key business objectives. Since, Apex Solutions is going to offer customers
with a unique featured software that could easily help its clients in reducing all the issues that are being
faced by them related to recruitment, HR, finance, operations and many more.
TASK 3
3.1 Apply research findings to develop and market products or services that have been addresses
the needs of the clients better than competition
At the time of bringing innovation within the products or services offered by the company, it is required
for organisations manager to consider both secondary and primary based research techniques as this helps
in understanding the needs of both current trends and clients needs (Michael and et. al., 2017). Here, it
can be said that without using these techniques a project manager might lack upon developing an
innovative approach for upcoming products and services offered by the company. Therefore, it is vital for
business organisation's project manager to look into different range of techniques which could be utilised
for bringing innovation. Primary research is referred to the most authentic investigation that can be done
by an individual like project manager while executing for bringing innovation within the product or
service line. On the other side, it can be said that secondary approach can also be utilised as it helps in
looking into all the research done on on same product by different authors and economists. On the other
side, market penetration technique can also be utilised by Apex solutions as it is one of the crucial tool

that could help a software air with innovations to be launched within the existing market. As this may
help Apex solutions in looking into all the risks, and opportunities at the same time of launching a new
product within the existing business market.
3.2 Assess the data collected to customise the growth or liquidity plan to ensure business
sustainability when faced by challenges
With the help of primary along with the secondary research techniques, data which has been
collected will help project manager of Apex solutions, could easily develop a range of effective plans so
that sustainability of the business organisation could easily be improvised with in the existing market. On
the other side, if it is talked about data collection then it can be said that it has also helped in analysing the
factors which may create challenges for respective company (Meyer and et. al., 2017). This majorly
stays closed with a range of factors like shortage of resources, lack of financial sources, less technical
skills and more, because Apex solutions is working works at small scale. Therefore, organisation cannot
face challenges as it may affect its process of developing innovation and launching the same
appropriately. Still the plan which Apex solutions project manager has developed contains stronger
opportunities for the company in near future that mean, if any e customisation is required in near future
within the company e or in its products then it will be easy for the companies to make alterations because
of the stronger side of finance position of the company.
3.3 Research impacts the changes required to turn a business plan into a business venture
Investigation is being considered as one of the process that helps in collecting all the information and
regards to all the trends that are coming in near future, customer needs, updates within the technology and
many more other factors. With the help of conducting and effective research it can easily be said that a
company could develop a much more effective program. Research explore the facts that firms who deals
in electronic products largely affect the environment and it is very essential for Apex solutions to take
care of environmental factors before implement its production activity. From primary and secondary
research, it has been identified that there is a trend of use of natural resources. That’s why Apex solutions
has decided to launch a software which the feature of combining all the departments. Company launch a
software which can be used within the Mobile phones and in systems as well.
TASK 4

4.1 Apprise the contribution of the feasibility studies and also business modelling in applying
sound entrepreneurial skills
In entrepreneurship, role of an optimized skills are increased with help of which business
generally accomplishes its own defined goals or targets in given time period (Hitt and Duane
Ireland, 2017). Studies shows that entrepreneurship is evolving from process, where the skills of
the people evolving such as like, how business is doing. Entrepreneurial skills such as
communication, interpersonal has become necessary, in which studies says that this skills are
still growing at the productive will helps an future peoples who are looking to start its own
business work. During the feasibility studies, this was realized that, gap analysis of skill lackness
has been found, which says that, skills for role of entrepreneur is adequate, this has saw major
flux into the process of its development. Thus, feasibility studies has helped to check suitability
of the skills that can be applied.
4.2 Evaluate how an entrepreneur can increases the probability of the success in a rapidly change
into the business
Entrepreneurs of the Apex solution are looking to enhances or develops strategic
planning with the help of which performances of a business can be ensures. Understanding of the
market as well as customer would helps to rise scope and sustainability of this recruitment
business for longer period of time. Designing a pre-planned business plan in which action plan,
strategic objectives of a business is used to be considers. Complete understanding of a market of
UK is potential scope for business developments.

CONCLUSION
From the above report, it is concluded that entrepreneurship management is one of the
necessary concept which involves making of an entrepreneurship more productive as making of
working opportunity for other also. Support of an entrepreneurship management is to makes
productive functioning and also starting of any business with the moral support of what is
business firm is doing. Every business firm is required to makes decision making onto the matter
of raising funds for the same along with establishing a kind of an effective working which help
of which firm to grow at to the major opportunistic stage of working. Also, entrepreneurship is
proven as sources of an effective with the help of which business functioning can be gather or
survives at to the major level of working or potential sources of business functions.

REFERENCES
Books & Journals
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Meyer, G. D., and et. al., 2017. The entrepreneurship‐strategic management interface. Strategic
entrepreneurship: Creating a new mindset. pp.17-44.
Michael, S., and et. al., 2017. Discovery and coordination in strategic management and
entrepreneurship. Strategic entrepreneurship: Creating a new mindset. pp.45-65.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
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Welter, F., and et. al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
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Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
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