Impact of Entrepreneurship: Parry Stainless Steel Products Report

This report presents a comprehensive analysis of Parry Stainless Steel Products, focusing on its entrepreneurial journey. The report delves into the life and entrepreneurial traits of Mark Banton, highlighting how he recognized and capitalized on opportunities, particularly during the COVID-19 crisis. It explores the company's innovative approach to product development, emphasizing the importance of innovation for organizational success. The analysis covers the entrepreneurial organization of Parry Stainless Steel, examining how Banton built his team and his role as a leader. Furthermore, the report assesses the company's contribution to the economy and society, especially during the pandemic, and addresses the survival issues faced. Finally, the report offers recommendations for ensuring future growth. The report highlights the importance of innovation and effective leadership in navigating challenges and achieving business success. The report provides a detailed examination of the company's operations, including its innovative products and services, entrepreneurial leadership, and contributions to the economy and society. The report also includes survival issues that has been faced by company and recommendations has been given to company through which they can assure future growth.

TOPIC

Table of Contents
3. INTRODUCTION.......................................................................................................................1
4. MAIN BODY ..............................................................................................................................1
A) About the Entrepreneur..........................................................................................................1
B. Entrepreneurial Organisation..................................................................................................3
C) Contribution to the Economy and Society ............................................................................5
Survival issues.............................................................................................................................7
5. Conclusion and Recommendations .............................................................................................8
REFERENCES................................................................................................................................9
Appendix 1 ....................................................................................................................................11

3. INTRODUCTION
Entrepreneurship is defined as a process in which activities related to designing,
launching and running of new business takes place which is mainly initiated on small scale. Main
aim of this process is to successfully develop, organize and manager venture as to earn large base
of profitability while undertaking associated risks (Agafonow and Perez, 2020). In this process,
entrepreneur develops new business ideas while bearing risks in order to satisfy customers with
new services and products. This process of entrepreneurship also contributing in economy of
nation in number of ways such as creation of job opportunities, wealth creation and more.
Present report has been conducted on Parry Stainless Steel Products which is engaging in
the services of offering quality stainless steel equipments and furniture of catering environment.
This entity ranked among United Kingdom foremost manufactures with a 40-year heritage rooted
in British craftsmanship. In this report formative discussions has been conducted on contribution
of Parry Stainless Steel to society and economy during coronavirus crises. In addition to this,
discussions has been made upon, entrepreneur personality traits and the manner in which they
recognise opportunity. Along with this report also include importance of innovation for
respective organisation and the way in which entrepreneur build entrepreneurial team. Further in
this report discussions has been conducted on role of entrepreneur as a leader and contribution of
company in economy and society. Report also includes survival issues that has been faced by
company. Lastly in this project recommendations has been given to company through which they
can assure future growth.
4. MAIN BODY
A) About the Entrepreneur
Mark Banton worked in a coal mine after completing education from school. The
challenging environment of coal mine lead him to turn out as a successful manufacturing
entrepreneur. According to his words, dangerous environment of coal mine gave him number of
valuable lessons in man management (Smith, 2020). Further it has been evaluated that after
working in coal mine for 14 years Banton move in steel forging. In this sector he successful
defines his passion, acted as an agent to drive operational as well as cultural change and the
principles of lean manufacturing. After this, he worked in aerospace sector. In the year 2012,
Banton had the opportunity to work with Parry as operations director. However, despite of best
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services company suffered deficit due to refusing support from business financiers. In 2016 end,
Banton get the opportunity to buy the assets as well as business from the administrator that lead
him to save more than 70 jobs (Presenza and et. al., 2020). This lead towards creation of Parry
Stainless Steel brand.
Personality traits of the entrepreneurs
Mark Banton having gone through intense struggle in his early life, as coal mines
prepared him to be a successful entrepreneur (Arru, 2020). As per evaluating struggle of
respective entrepreneur it has been evaluated that he is a passionate individual and risk takers
which also acts as his personality traits. In addition to this, one of the most important trait of
Banton as an entrepreneur is that he is a self-motivator as he learned many valuable things even
in coal mines and develops his man management skills (Brînză and Anichiti, 2020). Further it
has been evaluated that, being a risk taker he purchased business from Parry administrator and
save 70 jobs on his on risk. All these skills effectively lead Mark Banton to become as successful
entrepreneur (Vizcaíno, Cardenas and Cardenas, 2020). With the help of effective
entrepreneurial trait Mark Banton marked Parry among leading producers of stainless steel
products.
How did the entrepreneur recognise the opportunity or did the entrepreneur create the
opportunity?
Mark Banton is a passionate person who goes through which many challenges in his early
life which turned him to be a successful entrepreneur (Phil-Thingvad and Klausen, 2020).
According to the evaluation of his life this has been determined that, entrepreneur effectively
recognise the opportunities with their passion and commitment. As it has been signified that in
the year 2016, Banton gained the opportunity and created Parry Stainless Steel brand. This
further lead towards one the renowned and high quality offering company. Key to the success of
the new business was a radical approach of ongoing openness with creditors and it is pleasing
that in this case, the vast majority of these creditors continue to support and trade with Parry
today. To compliment this process, the management team has worked closely with Mazars LLP,
who replaced the chosen administrators on the request of the Pension Protection Fund, in order to
maximise the recovery and unusually deliver a significant return to the old creditors of the
business.
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What are the innovative products/services introduced in the market? Discuss why innovation is
important for an organisation
Innovation is one of the most important aspect for each and every business irrespective
for their size and scope as with the help of this organisations can effectively allow themselves to
serve their customers while assuring maximum benefits and competitive advantages (Aldieri,
Kotsemir and Vinci, 2020). In terms with Parry Stainless Steel, it has been identified that
innovation is acting as crucial element for company as they mainly aim towards offering high
quality and innovative products and services to their customers in order to ensure their long term
loyalty. Innovation also facilitate entity to gain more competitive advancements compared to
other rivals in same industry. This has been evaluated that company is having constant pipeline
of product development in different stages of Research & development through which they are
producing products according to needs and demands of their customers. It has been determined
that company undertakes advantage of high quality steel as produce products like Butchery
tables, sinks and cladding, Bars, servery counters facing the customer, Hotel room service heated
trolleys, Production kitchens, including tables, sinks and trolleys and more (Long, Iñigo, and
Blok, 2020). Further as per according to the evaluation it has been determined that, respective
company also undertakes advantage of innovative opportunity in COVID-19 crisis, in which they
switches their production to meet urgent need for healthcare equipments. As Parry Stainless
Steel, is a catering equipment specialist entity but during coronavirus crisis they engage in the
operations of producing essential healthcare equipments as to provide efficient support in the
fight against COVID-19.
This has been determined that, respective entity innovatively engages in the functions of
producing glove/mask dispensing units, stainless steel mobile wash basins and knee operated
sinks. This not only supports healthcare unit but also allow company to assure their survival
during this pandemic (Jessop and et. al., 2020). Thus, according to the above mentioned analysis
it has been evaluated that innovation is playing most important role for Parry Stainless Steel
from their staring phase, as this entity is always serving their customers with high quality
products and services in order to assure their long term loyalty towards company. It has been
underlined that, serving qualitative and innovative products are always been on entity top priority
list. Thus, by taking assistance of innovation respective company offers wide range of products
and services. Along with this, it has been seen that company effectively concentrated towards
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undertaking advantage innovation in order to build healthcare as well as hygiene products on
urgent basis as to meet needs and demands of healthcare workers in coronavirus crisis.
B. Entrepreneurial Organisation
Parry Stainless Steel Products is operating their business operations as a UK's one of the
leading high quality producer of stainless steel fabricated products. This entity main aim is to
serve their customers with high quality products and services. For this company undertakes
advantage of innovation in order to effectively meet their expectations. Company commitment
towards their customers are seen through quality of their products which is easy to use, easy to
maintain, easy to clean and easy to repair. Further it has been evaluated that company engages in
the production process by keeping consumers perceptions and need in mind. In addition to his as
per according to the evaluation it has been signified that all entity products are being developed
as per according to UK and RU regulations with proper reliability, quality and value.
How did the entrepreneur build the entrepreneurial team?
Mark Banton, MD of Parry Stainless Steel Products built an effective team in the
company based on his skills and capabilities which helped him in making the company survive
and sustain the Covid-19 pandemic. The characteristics of Banton helped him in forming an
effective team based on his openness, conscientiousness and extra-version capabilities which
helped him in making selection of effective team members who can use their skills and talents in
an effective manner. This helped in increasing number of innovations and creativity in the
company which helped in increasing the profitability of company along with developing new
markets. Also the characteristics of Banton helped him in dealing with changing market
conditions through risk-taking and innovative skills which also improved the culture of Parry
wherein the employees became motivated to use their skills to the maximum potential (Akers,
2018). This helped the company in changing its approach of catering to the market needs during
the corona virus pandemic by supplying medical equipments. This helped in survival of the
company in market through formation of effective team in company so that their skills and
capabilities can be directed towards achieving team goals in an efficient manner.
Explain the entrepreneur’s role as leader and what it takes to become a successful leader
Entrepreneurial leadership includes organising and motivating a group of people by
leading and managing their efforts so that desired goals can be achieved by the way of
innovation, risk optimisation, taking advantage of opportunities etc. Banton possess strong
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entrepreneurial leadership skills which helped him in making Parry Stainless Steel successful in
market by using radical approach so that the changing business environment can be dealt with
effectively. With the help of various skills like maintaining long lasting relations with
stakeholders, creating an open culture in company which promoted integrity, string vision,
positivity, influence etc. helped Banton in leading the team at Parry in an efficient manner so that
desired objectives were achieved (Switzer and Switzer, 2016). He also motivated the team
members so that a friendly culture could be developed in team which helped in increasing
innovation in company. Strong leadership skills of Banton helped him in enhancing the ability of
company to deal with pandemic crisis by switching its production to meet the demand of medical
equipments in market.
How did the entrepreneur grow the business
Banton with the help of his risk taking capabilities along with passionate nature towards
his work helped him in making Parry Stainless steel successful in the market along with
enhancing its sustainability. From the age of 14 years Banton demonstrated his passion and his
capabilities related with application of various principles in an organisation so that desired goals
can be achieved. He effectively used his life experiences in improving the efficiency of business
through continuous innovation and using radical approach in the company. By making strong
and long term relations with the suppliers he was able to acquire high quality products at
reasonable costs so that high quality products and services can be made available to their
customers. Banton followed the strategy of improving quality of production in company so that
maximum customer satisfaction can be achieved long with applying policies so that job
satisfaction of employees can be increased. This helped Banton in making the business highly
successful by improving innovation in company so that high growth of company can take place.
C) Contribution to the Economy and Society
The crisis of Covid-19 significantly maximised demand of medical care and suppliers
around the globe. As no vaccines or medications are yet been available for the treatment of
coronavirus, so countries around the world need medical resources like PPE, health care
equipments, ventilators and other essential treatment equipments. In this, each and every
manufacturer of United Kingdom are significantly contributing their contribution in economy are
producing different equipments for healthcare units. (Every UK manufacturer helping to produce
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PPE and equipment for NHS workers. 2020). Companies within this sector are contributing at
large scale in every segment such as creation of job, product innovation, wealth creation, new
production innovation and more. Further it has been evaluated that, entities within this sector are
undertaking advantage of strategies and measures in order to ensure their sustainability while
effectively contributing in economy
It has been identified that, Derby catering equipment specialist Parry, adapted its
manufacturing operations in producing essential healthcare equipments in order to provide
significant support to the fight against coronavirus (Parry Stainless Steel Products. 2020). This
entity employs 70 individuals at their factory on Town End Road in Draycott. Owner of
company undertakes this decision after having discussion with their staff and workforce. For this
entity aim towards significantly respond to national call to provide maximum support to
healthcare workers. For this company maximises their output of glove/mask dispensing units,
stainless steel mobile wash basins and knee-operated sinks. Further it has been evaluated that
production within company unit carried out as per according to the government norm and
regulations for social distancing. Entity ensures staggered lunch, more number of wash stations
and PPE in order to make sure that their staff remain safe (Sayburn, 2020). By looking to the
situation, this company switched their manufacturing serveries and cookers for the catering
industry to healthcare equipment which not only helps in supporting efforts against Covid-19 but
also turned out as new product innovation. Company is continuously engaging in developing
their healthcare products and has rapidly expanded their range to fulfil demand of Covid-19
crisis (Silva and et. al., 2020). It significantly enhanced wealth creation, it is contributing in
country economic growth and development.
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Faced with the global pandemic, entities from different sector are taking advantage of
technology and innovation to tackle this crisis at their best. This can be seen as, Parry switches of
their manufacturing operations to healthcare equipments. In addition to this it has been
determined that, this catering equipment specialist is not only making their important
contribution in job creation but also playing major role in development of country and society
overall economy (Tarfaoui and et. al., 2020). Further this has been evaluated that, by taking
advantage of this opportunity respective company is engaging in new product innovation as they
are currently in talking to number of consumers related to customisation design and modification
of products in order to provide help in preventing possibility of contamination. Thus, with their
high quality services and products which is designed as well as manufactured from high quality
stainless steel company is significantly offering their contribution in both society and in
economy in effective basis. Thus, as per according to the above mentioned evaluation it has been
evaluated that respective organisation despite being dealing in manufacturing sector significantly
contributing in economic growth and development of country.
Survival issues
It has been evaluated that countries all around the world are suffering from a global
pandemic, COVID-19. This pandemic nearly affected each and every business sector in many
ways which is making businesses to shut their doors. Further this is underlined that, majority of
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Illustration 1: Parry Healthcare Products
Source: https://parry.co.uk/healthcare/

companies are finding hard to implement ways to deal with this pandemic. In addition to this
workers are also loosing their jobs and are severely suffering from pay cuts. According to the
evaluation it has been identified that, the UK manufacturing industry plays crucial role for
country economy, but Coronavirus/COVID-19 severely affected this industry which is making
some of the organisations hard to survive. It has been evaluated that production rate of some of
the companies within this sector did not even meet standard product line. This has been
evaluated manufacturing entities like, Parry Stainless Steel have measured many survival issues
in terms of supply chain risks and business interruption due to travel restriction that hampers
availability of raw material. These issues affected survival rate of entity that affected its growth
badly. These issues not impacted upon revenue earning capabilities of companies but also
affected employment providing tendency at higher basis even for ling period of time. As it has
been identified that many organisations cut down number of employees from their workplace
structure in order to ensure long term survival in respective industry. These cut down are mainly
because of no earning in lock down period imposed by country due to increase in cases of
COVID-19.
As per according to the evaluation it has been determined that, major survival issues that
has been facing by entities in pandemic situation include, keeping up with legislation, dealing
with information overload, finding balance and achieving a healthy mindset. In terms with
keeping up with legislation it has been evaluated that government keeps on releasing new
regulations every day this makes business owners to continuously monitor news form the
federal , local and state government. In addition to this, owners are also requires to make sure
that informations are obtained from official sources (Zhu, Chou and Tsai, 2020). This has been
determined that keeping regular check on government website and other professionals is also
major issue that has been facing by entities in manufacturing sector as they are required to have
proper knowledge related to taxes, grants, health and safety and much more (Crick and Crick,
2020). All these issues have adverse impact upon activities and functioning of organisation in
number of ways. In addition to this, having a healthy mindset is also a major issue that are
affecting mental health of business, owners and employees. According to the evaluation of many
research reports it has been seen that there were significant increase in additional stress level of
individuals as they have to cope with this situation in order to effectively recover form the losses
and serving consumers in more effective manner as to ensure profitability for future. Thus,
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according to the above mentioned analysis it has been evaluated that, business organisations get
heavily suffered from COVID-19 pandemic that not only affected their present business
operations but also created number of obstacles for their future business activities. As they have
to perform their business operations with more effectiveness in order to attract customers among
aggressive competition.
5. Conclusion and Recommendations
As per according to the above mentioned report it has been concluded that, all the
business sector get affected in many ways from Coronavirus that not only affected their profit
earning capabilities but also created obstacles for their future business growth. Every country
have gone through lock down phase in order to lower down the cases rates which makes many
business to totally shut down their operations (Nandy and Lodh, 2020). It lead them towards
suffering from many financial losses. Thus, it has been recommended to manufacturing entities
like Perry Stainless Steel to take advantage of financial support packages offering by UK
government in order to overcome from the impact of COVID-19. In this, packages like
Coronavirus Job Retention Scheme (CJRS)the Coronavirus Business Interruption Loan Scheme
(CBILS) are some of the financial support through which respective company can acquire loans.
It has been identified that there is significant increase in demand of government support
for all companies as COVID-19 crisis affected revenue of these entities in number of ways. In
this with the help of government financial support respective company can effectively ensure
their smooth working operations. In addition to this it has been evaluated that many other
benefits like tax reliefs are being offered by government to organisation especially for those who
are contributing their contribution even in adverse situation of COVID-19 with their industry
output (Morales-Narváez and Dincer, 2020). Thus, company is duly recommended to undertake
advantage of these financial supports and reliefs in order to continue their support in saving lives
which automatically assure sustainability of company in this pandemic.
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REFERENCES
Books and Journals
Agafonow, A. and Perez, M., 2020. Entrepreneurship and contextual definitions of mental
disorders: Why psychiatry abandoned the latter and entrepreneurship scholars may want
to follow suit. Academy of Management Perspectives, 34(2), pp.285-290.
Smith, R., 2020. Understanding the entrepreneur as socially constructed (Doctoral dissertation).
Presenza, A and et. al., 2020. Start-up entrepreneurs’ personality traits. An exploratory analysis
of the Italian tourism industry. Current Issues in Tourism, 23(17), pp.2146-2164.
Arru, B., 2020. An integrative model for understanding the sustainable entrepreneurs’
behavioural intentions: an empirical study of the Italian context. Environment,
Development and Sustainability, 22(4), pp.3519-3576.
Vizcaíno, F.V., Cardenas, J.J. and Cardenas, M., 2020. A look at the social entrepreneur: the
effects of resilience and power distance personality traits on consumers’ perceptions of
corporate social sustainability. International Entrepreneurship and Management
Journal, pp.1-21.
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