Entrepreneurship Report: Skills, Case Study, Business Plan, and Sales

This report delves into the multifaceted world of entrepreneurship, beginning with an exploration of the fundamental skills required for launching a new business venture, such as identifying qualified personnel and managing finances effectively. It then presents a detailed case study of 'Fresh Mind ...Read More

Entrepreneurship

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 2............................................................................................................................................1
1. Entrepreneurship and its related skills....................................................................................1
2. Case Study...............................................................................................................................1
3. Business Plan for Achieving the sales capabilities.................................................................3
4. Managing Investment and Cash flow Statement to reduce business risk...............................3
5. Suggestions for the attainment of sales capabilities................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Starting-up a new business venture is the most crucial and smart decision made by the
entrepreneur. As stated above it requires great skills, idea and patience on the part of the owner
to carry out a new unit. The present research report is conducted in the similar context and
various decisions regarding to carry out the operations in the most efficient way possible. Main
purpose of this study is to provide learners a better understanding of various decisions made by
the businessman. Readers will get a better insight of various conceptual as well as analytical
tools to apply in different situations (Barringer, 2012). Additionally, a case study has been
developed for the new venture which serves as a guide to formulate further business plans. Along
with that, various suggestions and recommendations have also been proposed in order to manage
the cash flow statement and capital investment of the firm. This report also present an idea to
increase the sales capabilities of the firm in order to cope with the several other entities.
TASK 2
1. Entrepreneurship and its related skills
Entrepreneurship is the concept of innovation and launch of brand-new ideas in order to
setup a new business venture. As illustrated before, the said entrepreneur opts to start up a
recruitment service centre. Main reason behind choosing the particular service was to provide the
society with an advanced and quality personnels. The varied entrepreneurial skills required in the
particular business is that identification of the qualified and capable personnels for the business
entity (Kirzner, 2015). Apart from it, one must have the knowledge of how to manage the
company's fund in the most appropriate manner that yields maximum benefit to the country as
well as the society. Furthermore, it can be said the building a strategy is a various crucial task of
a businessman which needs to be done with utmost care because the all the activities of the
organization will depend on it. Therefore, the entrepreneur must have the relative skills to
develop an appropriate strategy that meets the vision and mission of the business entity. In
addition to this, success is not an easy task as it requires lots of patience on part of the
businessman. The entrepreneur must have the capability to survive the downfalls and potential to
handle the varied situations (Drucker, 2014).
2. Case Study
Fresh Mind Talents is one of the famous recruiting firms in the UK, that has setup its
business in the past few years. It serves extinguishing services to all its clients and provides well
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qualified and knowledgeable personnels to varies large enterprises. The Entrepreneur started its
business with some of its initial investment and selecting an appropriate source of finance. It
took 200000 pound as bank loan and invested the same amount in the most appropriate manner.
This amount has helped the businessman to grow and build its empire in the past few years. A
sudden generation of the idea has lead to miracles for the entrepreneur (Greening, Wall and
Elias, 2012). He has become the United Kingdoms largest businessperson that provides best and
ravishing services all across the nations. He used the concept of technology disruptive to cater
the attention of all the customers and its clients. In the present era of modernization and
globalization, technology is the upcoming feature and tool used by each businessman to succeed.
Apart from this, the entrepreneur took inspiration from the Google company and planned its
operations accordingly. The main concentration was led on creating a “recruiting culture” which
demonstrates that the organization itself hired the best personnels from the top management to
the lower level employees. Each of them are so capable and confident in there own field that
provides extra benefit to the entrepreneur (Bozoki and Richter, 2016).
Nonetheless, the businessman is planning to grow and bring new and innovative ideas to
serve the customers and its clients in the most appropriate manner. In the initial start-up of the
Fresh Mind Talents, the Bourgeois leased a small land to carry out its activities. Slowly and
gradually the entrepreneur grew its business by deploying its resources in the most efficient and
effective manner. After repaying the loan and earning minimum profit in the initial year the
owner took his own land and built an empire on it. Additional, new and innovative assets were
brought in the organization to make task easier and faster for its employees. In the later stages
the firm used funds from several other sources such as angel financier and venture capitalist to
grow the enterprise. He laid emphasis on innovating the work rather than making the Jobs and
job specification more attractive to the people. The company has a highly efficient employees
not because of the higher pay or structure but due the kind of work the company is providing.
Starting its business from serving two to three companies, the firm has grew so strong
and big that it is now providing the recruitment services nationwide. An entrepreneur to start-up
a new venture requires great skills and knowledge to use the same in its day-to-day activities
(Carland and Carland, 2015). Moreover, appropriate leadership and managerial skills are needed
to lead the group of people and the organization as well. The main vision and mission of the
Fresh Mind Talent was to provide quality services by using new and latest technologies to its
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clients. Apart from it, the entrepreneur wanted to open a leading firm that has a strong brand
image in the minds of every people.
3. Business Plan for Achieving the sales capabilities
An organization is most likely to grow if the resources are deployed in the appropriate
manner which aids in raising its sales. Revenue is the crucial component of every business entity
as the every business wants to increase its operations. Likewise, the entrepreneur aims to raise its
sales capabilities to achieve its desired objectives and aims. For this person the said entrepreneur
uses various internal as well as external tools to increase the demands of its services (Shepherd,
2015).
Some of the external factors available with the Fresh Mind talent companies is the
amount of agencies that assist the company in achieving its set objectives. The firm provides
recruiting services and these agencies helps the management of the concerned organization by
providing them with fresh and young talents that can be recruited. Apart from it, the company
earn revenues from its personal resources, such as renting the part of building to other person. In
this way the entrepreneur is successful in raising its revenue. In addition to this, by using new
and innovative methods the firm can increase its sales. The entrepreneur can earn royalties by
providing authority to another firm to operate the similar business using its brands name and
image of the company (Bridge and O'Neill, 2012). These are some of the personal as well as non
personal sales techniques used by the owner of the concerned enterprise. These comprise of the
door to door selling of the services and the other non personal methods are newspaper and
television advertisement, online methods of selling and recruiting employees. Herein, several
other promotional tools can also be adopted such as providing discounts and offers to the new
clients, in order to maintain good terms that is useful for the company (Bosma and Amorós,
2014). Apart from it, maintaining liaisons with other recruitment agencies and educational
institutions will also helps the company to increase its sales, as the new and talented candidates
can be selected and provide them with appropriate career development opportunities. All these
methods can aids in increasing the sales capabilities of the said organization which will further
increase the overall revenue and income of the firm.
4. Managing Investment and Cash flow Statement to reduce business risk
It is essential to plan things and manage the operations accordingly in order to minimise
the amount of risk that is likely to occur in the near future. For this purpose several conceptual
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models and tools are being used by the entrepreneur's to select the best possible choice for the
firm. This includes Return on Investment method as used earlier by the businessperson to select
the best appropriate sources of finance. Similarly, in order to manage the investment and cash
flow of the company, it can select the Cost benefit analysis tool. This provides an idea of the cost
incurred and benefit derived from the particular course of action (Baum, Frese and Baron, 2014).
The entrepreneur can select the one best suitable option from the several others by considering
varied economic, social and environmental factors.
The investment decision shall be made in such a way that it renders must fruitful
outcomes. In addition to it, the firm shall have a deliberate cash flow statement. The entrepreneur
must have the skills and capabilities of the manage the expenditure and income of the firm in the
most appropriate manner. This will aids in maintaining the liquidity of the firm along with the
cash flow statement. For this purpose accurate budgets needs to be prepared and same needs to
followed also. There are several other budget constraints that needs to be considered by while
devising the plan to meet the sales capabilities of the firm. The various sales methods suggested
above needs funds in implementing the respective processes (Kuratko, 2016). For instance,
adopting online method of recruiting the staff and taking order from the customers require a
large investment in form of the establishing and starting up the process. All these needs to be
devised in the most appropriate and efficient manner so as to meet the cash requirements of the
firm.
5. Suggestions for the attainment of sales capabilities
The firm needs to attain the required above mentioned techniques in order to attain its
sales capabilities. It is suggested the that entrepreneur must develop a non personal form of sales
techniques to generate larger revenue. This is the best method to increase the sales as compared
to the personal method of selling as it consumes and time and money of the company. A nominal
sum of money is required to start-up the non personal method, such as the window selling,
advertisement tools to cater the clients from different corners and also to expand its business in
the other nations will help the firm to increase its sales (Barringer, 2012). There is no need to
setup the unit in the another country as the services can be provided on online basis. The will
enable the company to gain foreign currency which is beneficial for the future prospect. Apart
from it, the revenue generated from the sales can be utilized and absorbed in the company's
operation in the most beneficial ways possible.
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These methods of sales generation is the most efficient way and is tried and tested by
several other successful recruiting agencies such as Google. The entrepreneur must adapt the
following idea to increase its sales capabilities which will enable the firm to develop and grow its
business units in the future. As demonstrated above Cost benefit Analysis and Return on
Investment is the best conceptual tool to identify and gain the accurate results (Kirzner, 2015).
These models have been applied above in context of defining the appropriate sources of finance
and selecting the best best techniques to increase and enhance the services of the concern.
Therefore, it is recommended that the proposed plan will enable the firm to gain competitive
advantage as well as aids in generating revenue for it.
CONCLUSION
The above report can be concluded by stating that entrepreneurial skills and knowledge is
essential to develop a vast empire. It requires great efforts and patience on the part of the owner
in order to manage the operations in the most efficient way. The report presents an ideas and
skills required to increase and sales and operations of the company. The entrepreneur has started
an a recruiting services in United Kingdom named as Fresh Mind Talents and manages its
operations in the most efficient manner so as to achieve its vision, mission and objectives.
Several methods have been suggested so as to increase the sales capabilities of the enterprise as
well as generating higher revenue (Drucker, 2014). Various recommendations have also been
proposed to manage the investment and cash flow of the firm in order to minimise the risk.
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REFERENCES
Books and Journals
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
Baum, J. R., Frese, M. and Baron, R. A., 2014. The psychology of entrepreneurship. Psychology
Press.
Bosma, N. S. and Amorós, J. E., 2014. Global entrepreneurship monitor 2013 global report.
Bozoki, E. and Richter, M., 2016. Entrepreneurship, Institutions and Economic Growth: A
quantitative study about the moderating effects of institutional dimensions on the
relationship of necessity-and opportunity motivated entrepreneurship and economic
growth.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Carland, J. W. and Carland, J. C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Greening, D. W., Wall, J. and Elias, S. R., 2012, December. Developing Theory in Corporate
Social Responsibility and Social Entrepreneurship. InProceedings of the International
Association for Business and Society (Vol. 23, pp. 91-97).
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Shepherd, D. A., 2015. Party On! A call for entrepreneurship research that is more interactive,
activity based, cognitively hot, compassionate, and prosocial. Journal of Business
Venturing. 30(4). pp.489-507.
Online
Peavler, R., 2016. Six Sources of Startup Business Financing. [Online]. Available through:
<https://www.thebalance.com/six-sources-of-startup-business-financing-393415>.
[Accessed on 20 October 2016].
Zwilling, M., 2014. The 10 Most Reliable Ways to Fund a Startup. [Online]. Available through:
<https://www.entrepreneur.com/article/237926>. [Accessed on 20 October 2016].
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