Airdri's Entrepreneurial Journey: Management Report and Analysis

This report offers a comprehensive analysis of entrepreneurship management, focusing on the case of Airdri, a hand drier manufacturing company. It explores the main stages of becoming a successful entrepreneur, including developing a business plan, raising funds, and acquiring customers. The report examines the essential characteristics needed to implement a business plan, such as market research and financial planning, and discusses various concepts, models, and frameworks to address weaknesses and build strengths. It evaluates niche market strategies, operational needs, and record-keeping frameworks. Furthermore, it delves into formulating effective job descriptions, utilizing academic models like KPI assessment, and applying research findings to develop and market products. The report also assesses data to customize growth and liquidity plans, ensuring business sustainability. Overall, it highlights the importance of feasibility studies, business modeling, and operational, growth, and financial management for achieving optimal business outcomes. The report includes an introduction, detailed sections on key topics, and a conclusion summarizing the findings, complete with references.

Entrepreneurship
Management

Contents
INTRODUCTION.................................................................................................................................3
1.1 Main stages of becoming a successful entrepreneur....................................................................3
1.2 Main characteristic needed to implement business plan...............................................................4
1.3 Concept, models and frameworks................................................................................................4
2.1 Evaluation of Niche market by scrutinising the industry.............................................................5
2.2 Operational and functional need of enterprises............................................................................5
2.3 Most suitable record keeping framework.....................................................................................5
2.4 Formulate job description that attracts the right people in line with the business growth plan....5
2.5 Academic model / concepts in determining the pertinent measures required to target the specific
business needs...................................................................................................................................7
TASK 3.................................................................................................................................................8
3.1 Apply research findings to develop and market a product that address the need of clients better
than competition................................................................................................................................8
3.2 Assess the data collected to customise the growth or liquidity plan to ensure business
sustainability when faced by challenges............................................................................................8
3.3 Research impacts the changes required to turn a business plan into a business venture...............8
TASK 4.................................................................................................................................................9
4.1 Contribution of feasibility studies and business modelling in applying sound entrepreneurial
skills..................................................................................................................................................9
4.2 How entrepreneurs can increase the probability of success in a fast changing business
environment.......................................................................................................................................9
4.3 Key tasks of operational management, growth management and financial management in order
to achieve best outcomes from all the business resources available.................................................10
CONCLUSION...................................................................................................................................10
REFRENCES......................................................................................................................................11

INTRODUCTION
Entrepreneurship management is the major activity of any business organization that
help to maintain the business at up position (Audretsch and Caiazza, 2016). The main
function is to innovate new ideas and implement it within organization to maximize the
profits. Its main aim is to develop the mind-set, skills, competencies and experimental
learning for expanding business. In changing marketplace, there is need to recognize new
entrepreneurial skills. To understand the importance of entrepreneur management Airdri has
been selected, that is hand drier manufacturing company. It make plans to introduce new
products in existing as well as new market place. It want to be a leading company by
manufacturing the product and services. The present report will discusses about main stages
of successful entrepreneur, characteristics that need to be evaluate in order to efficaciously
implement the business plan, concepts, models and framework identifying weakness and
building the recognized growth. Moreover, report will covered changes which is required in
business plan, entrepreneurial skills and how entrepreneurs increase the profitability of
business environment.
1.1 Main stages of becoming a successful entrepreneur
The perfect business idea: This means a person should have a business idea that will
help to think about business and its needs in order to earn profits. Such as the manager of
Airdri thinks about launching new product like electric heater for influencing people.
A business plan: A person should have planned that means what need to do, how and when
it needs to do for running a business in different market place (Blundel, Lockett and Wang,
2017). Such as manager of Airdri make plans to run a business and make efforts to
implement it.
Raising fund: The entrepreneur need to arrange the capital for implementing the
business plan. Such as Airdri’s manager arranges capital from relatives, public and other
resources.
Get your first customer: This is next phase that means the business concern need to
know the customer and their wants that help to manufacture that kind of goods.

Be prepared for outcome: This is the ending stage which is used to get outcome
from business plans. Such as the manager of Airdri make plans and implement it for getting
outcomes within organization.
1.2 Main characteristic needed to implement business plan.
In order to implement the developed business ides it is essential by the respective
manager to have a systematic approach and essential characteristic (Burns and Dewhurst,
2016). In context to Airdri the following feature that support to make business idea profitable
are:
Market research: It is one of the most essential parts to be played by manager before
launching a new product into existing market. Manager of Airdri must have proper analyse
market by analysing competitors, trends and preferences of customer so that goods that can
fulfil the emerging needs of customer can be fulfilled.
Financial factors: To run business activity, entrepreneur requires sufficient funds so
that production process keeps on going. Hence, manager of respective company must raise
the required funds for respective sources such as bank loan, capital that do not have greater
impact on business performance. This helps them to manufacture large quantity of electric
heater to meet the demands of customer (Durkin and Gunn, 2016).
1.3 Concept, models and frameworks.
There are number of problems that are faced by entrepreneur while launching new
business of manufacturing new product in competitive world. In context to Airdri Manager
faces the problem of skilled labour, insufficient funds etc. So it is crucial for them to
overcome these identified weaknesses and work significantly which aid to build more
strength for business. There are certain models that help entrepreneur of company to turn
identified weaknesses into meaningful strength so that sales volume and profit margin can be
increased.
Obtain additional training: Professional development is a key action you can take to
improve weaknesses. Thus once goal are set than entrepreneur are required to determine the
are of improvement which require proper and effective training. This model help manager of
Airdri to guide responsible representative to work in proper manner so that overall
weaknesses can be turned into future opportunities and that further help to reach the desired
objective.

Set goals: It is crucial for manager to make sure that goals must be SMART that is
specific, measurable, attainable, realistic and timely. This support entrepreneur of respective
company to set the deadline in effective manner, so that overall strength of company can be
increased (Lussier, Bandara and Marom, 2016).
2.1 Evaluation of Niche market by scrutinising the industry.
The concept of Niche market is related to an effective advertising strategy that helps to
focuses only a specific group of customer instead of large number of audience. Such as electrical
industry is a wider concept and developing a new product and making available for every customer is
not possible for Airdri therefore the target specific customer so that more benefits can be delivered.
The analyse the market and make sure that there product are more economical, supportive for
consumer. They consider niche market that stand apart from other because of culture, demographic
and geographic area.
2.2 Operational and functional need of enterprises.
In order to attain the desired goal in specific period of time it is very much significant for
entrepreneur of business to proper analyse the operational and functional needs that support in better
execution of plans and strategies.
2.3 Most suitable record keeping framework.
In present business scenario, it is essential for manager to adopt the best possible
accounting framework that help to maintain a systematic record of overall expenses and
income of company during an accounting period. The accounting framework must include
GAAP that develop high level framework of good practice within organisation. This
framework have number of principle such as accountability, transparency, integrating,
protection that help Airdri to keep record of overall business transaction (Mamabolo, Kerrin
and Kele, 2017).
2.4 Formulate job description that attracts the right people in line with the
business growth plan
As currently Airdri seeks to make innovation in its new Hair dryer product and launch it
successfully in marketplace, therefore, for this purpose it needs to develop a proper growth plan. This
will entail in what manner, innovation can be developed so that higher success can be gained. In this
regard, its management are going to hire a new employee as a project manager who will help in
developing proper plan for attainment of business growth. For this assistance, they have provided the
given job description to attract potential candidate –

JOB DESCRIPTION
Organisation Name: Aridri Pvt. Ltd.
Post: Project Manager
Department: Operation Department
Roles and Responsibilities
 Identify current requirement of business and develop effective plans for increasing its
growth
 Develop effective and strong policies to launch a new product or services of a company
successfully in a targeted area of marketplace.
 Identify the latest trends of marketplace and aggregate demand of customers for
development of product or services
 Coordinate with team members and provide them proper guidance to complete assign roles
in better manner
Required Qualification
Graduation from affiliated university
Management degree must required
Experience required
More than 10 years
PERSON SPECIFICATION
Name:
E-Mail:
Contact:
Objective: To transfer my abilities and efforts in improving and increasing the productivity of a
manufacturing industry by taking entire responsibility to develop, manage and execute a project
plan for success of business.
Qualification:
Class University/ Board Grade Passing Year

12th Class XYZ School 80.00% 2013
Graduation in
Commerce
ABC College 75.00% 2016
MBA( in Marketing) DEF University A 2018
Experience:
8 year of working experience in manufacturing industries.
Roles and Responsibilities:
 Create appropriate project plan for achievement of business objectives
 Develop strong strategies in order to execute project plan effectively
 Executed customer rebate and co-operative advertising programs.
Personal Skills:
 Digitalised marketing skill
 Managerial abilities
Declaration:
I have declared hereby, that all above mentioned information and data is true as per my knowledge
and skills
2.5 Academic model / concepts in determining the pertinent measures required to
target the specific business needs
To determine the pertinent measures which are required to target the business needs for making
innovation in business, management of Airdri has used the KPI assessment tool (McKenny and et.
al., 2017). This KPI tool i.e. Key Performance Indicator refers to a measurable value which will help
present company in demonstrating its abilities for achievement of key business objectives. This model
can also be used at multiple levels for evaluating its success to meet targets in desired way. hereby,
this tool also focused on overall performance of business of respective company as well as on
functions of entire departments such as HRM, finance, sales and marketing, etc. Through KPI model,
it has been analysed that the main key performance indicator of respective company is its business

idea which always cater needs of customers via offering innovative electronic products. Its current
business idea is based on launching a hair dryer having features of charging batteries only in the
presence of solar energy. This would be based on ‘go green’ approach for getting sustainability in
business as well by offering eco-friendly product.
TASK 3
3.1 Apply research findings to develop and market a product that address the
need of clients better than competition
In order to make innovation in business, project manager have used both primary and secondary
research techniques. Hereby, under primary research, feedbacks and suggestions of targeted audience
has taken to analyse what type of innovation will help in catering their needs. While secondary
research has aided to determine factors which may effects in developing innovation and launching the
product at marketplace. Along with this, market penetration technique has helped Aridri Limited in
analysing how to launch new product within existing market (Ramoglou and Tsang, 2016). Thus,
both primary and secondary research techniques have helped present company in forecasting the
performance of its new product and profitability which will be gained after launching of the same in
both new and existing market area.
3.2 Assess the data collected to customise the growth or liquidity plan to ensure
business sustainability when faced by challenges
Through the data which is collected by primary and research techniques, further project manager
of Aridri can develop effective growth plan, to ensure success and sustainability of business. Along
with this, data collection has also helped in analysing the factors which may create challenges for
respective company. It includes shortage of resources, lack of financial sources, less technical skills
and more, because Aridri works at small scale so, such challenges may affect its process of
developing innovation and launching the same appropriately. Therefore, through secondary data
collection, its managers have evaluated the strategies by which this company can overcome from
mention challenges. It includes merging its business with other manufacturing company that deal in
same industry so that requirement of resources and finance can be completed for launch product
successfully.
3.3 Research impacts the changes required to turn a business plan into a business
venture
Research is known as the process of collecting information from various sources in order to identify
about the trends exits in market and to remain update about the changes which take place in needs and
wants of customers. Research explore the facts that firms who deals in electronic products largely

affect the environment and it is very essential for Airdri 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 (Ratten, 2016). That’s why Airdri has decided to launch a
hair dryer which the feature of solar energy. Company launch a dryer that can be charged from the
solar energy. This is an environmental safety idea and company has do this because increasing
environment issues.
TASK 4
4.1 Contribution of feasibility studies and business modelling in applying sound
entrepreneurial skills
Feasibility study is a analysis that is undertake by an organisation in order to analyse all relevant
elements related with a project. Main elements of a project include technical, economic, legal and
many more. One of the main benefit of this study is that it ensures effective execution of project and
also help in achieve set objectives. This study is also performs by managers to identify all benefits and
drawbacks of project execution before investing their funds in it. Business modelling is a concept
related with effective execution of business activities that help enterprises in generate a large amount
of profit. Both feasibility study and business modelling help managers in collect all the relevant
information about the scenario and help them in take right decision. This guide manager better
understanding the situation and help in use different skills as per the requirement of situation. With
help of feasibility, entrepreneurs come to know that execution of specific business idea or a project
will be beneficial or not. Further, it also help in examine the potential of business idea which is very
essential in order to achieve growth (Scarborough, 2016). Further, concept of business modelling
guide in implement all activities in a way which help enterprise in generate a large amount of profit.
This support entrepreneur in select a best possible alternative from all the options available.
4.2 How entrepreneurs can increase the probability of success in a fast changing
business environment
Every business organisation execution thousands of activities in order to fulfil the requirements of its
customers, to make a large amount of profits and to sustain in market for a long time period. In order
to achieve success, it is very essential for every business enterprise to manufacture products as per the
needs of customers and by consider all the changes take place in external environment. Further, to
increase the chances of business ideas in a situation where changes take place at a fast speed, it is very
essential for entrepreneur to carry out research on continuous basis in order to remain aware about the
changes take place in external environment, about the needs and wants of target customers and about
the trends exist in business environment (Terjesen, Hessels and Li, 2016). With this, entrepreneurs
can manufacture and offer a better product to its customers can better satisfy their needs and wants

and can generate a large amount of profit. With all these entrepreneurs can increase the success
chances of their business.
4.3 Key tasks of operational management, growth management and financial
management in order to achieve best outcomes from all the business
resources available
Every enterprise uses various kind of resources in order to achieve set business objectives and
to generate a large amount of profit. Further, different kind of decisions are taken in organisation to
achieve set business objectives. Before take any kind of decision, it is essential for managers to have
adequate information about the funds available in organisation. Further, it is also essential to consider
all the operational activities perform by company. All this processes, will help managers in formulate
right policies for business and also support the process of decision making. With all this, company can
utilise all its business resources at optimum level which improve overall efficiency of company’s
operations (Welsh , Tullar and Nemati, 2016).
CONCLUSION
It has been concluded from this assignment that in order to increase productivity and
performance of a company, it is essential to make innovation in business. For this purpose, by
developing effective entrepreneurial idea, management of such organisations can make proper growth
plan for developing innovation in business and launching a new product successfully at marketplace.
Along with this, through measuring performance of business, enterprises can also determine if they
are able to cater needs of marketplace or not, so that necessary changes can be made, for attainment of
success of business.

REFRENCES
Books and journals
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Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
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Durkin, C. and Gunn, R. eds., 2016. Social entrepreneurship: A skills approach. Policy
Press.
Lussier, R. N., Bandara, C. and Marom, S., 2016. Entrepreneurship success factors: an
empirical investigation in Sri Lanka. World Journal of Entrepreneurship,
Management and Sustainable Development. 12(2). pp.102-112.
Mamabolo, M. A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills
requirements in an emerging economy: A South African outlook. The Southern
African Journal of Entrepreneurship and Small Business Management. 9(1). pp.1-
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McKenny, A. F. and et. al., 2017. How should crowdfunding research evolve? A survey of
the entrepreneurship theory and practice editorial board. Entrepreneurship Theory
and Practice. 41(2). pp.291-304.
Ramoglou, S. and Tsang, E. W., 2016. A realist perspective of entrepreneurship:
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Ratten, V., 2016. Female entrepreneurship and the role of customer knowledge development,
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ventures. International Journal of Entrepreneurship and Small Business. 27(2-3).
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Scarborough, N. M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A
review and research agenda. Journal of Management. 42(1). pp.299-344.
Welsh, D. H., Tullar, W.L. and Nemati, H., 2016. Entrepreneurship education: Process,
method, or both?. Journal of Innovation & Knowledge. 1(3). pp.125-132.