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Management of Entrepreneurship, and Various Issues in it

University: University of Sunderland

  • Unit No: N/A
  • Level: High school
  • Pages: 13 / Words 3210
  • Paper Type: Dissertation
  • Course Code: UGB 234
  • Downloads: 774
Question :

This assessment covers the following questions:

  • Demonstrate an understanding of the theoretical business start-up, growth activities and risks relevant to the management of the entrepreneurship, innovation and creativity processes.
  • Discuss a Concept plan – with important areas of market research,  operations, human resource, marketing, legal, finance and contingencies/exit strategies.
  • Generate reflection of the impact of entrepreneurship, innovation and creativity on an entrepreneur’s journey.
Answer :
Organization Selected : John Home Furnishing

INTRODUCTION

The term entrepreneurship is defined as the process of launching, designing and running a new business which is initially a small business. It is also defined as the willingness and capacity to develop, manage and organize a business venture along any of the risks to gain profit. It is a dynamic activity that includes operation and creation of an enterprise by ensuring optimum utilization of the funds. It involves the activity of developing innovative products or services. The Report is based on a new business idea of starting John Home Furnishing for smart home parts distribution in UK.

TASK 1

My story -

The term Entrepreneur is defined as the individual who develops a new idea for starting a business that enjoy most of the rewards and also bears high level of risk. They play a major role in the country by using initiatives and skills that are necessary to bring new ideas to the market. I am an entrepreneur as I have taken risk to start a new business called John Home Furnishing for distributing smart home parts. I possess major skills that are required in an entrepreneur to start a new venture such as creativity, problem solving, independence, organization skills etc. My family is not entrepreneurial but family members has supported me in establishing the new business (Lynch, Lynch and Clemens, 2018).

The term entrepreneurial skills and abilities are defined as the competencies that are required in individual to become successful. The term skills refers to the ability that helps entrepreneur to perform multiple task and promoting interest in the business. I possess various types of pre entrepreneurial attributes and skills such as ambition. I have internal drive to work hard for achieving the aim and objectives behind starting a new business of smart home parts distribution. Further, I also possess the skill of creativity because I will develop and supply innovative products that are used in smart homes such as security alarms, security cameras etc.

Entrepreneurial skills and abilities are very important for achieving the goal and objectives of the venture.

Belbin defines a team role as a tendency to contribute, behave and interrelate with other individuals in a specific manner. There are 3 roles related with action like complete finisher, implementer and shaper. There are 3 people oriented roles that are team worker, coordinator and resource investigator. Further, there are 3 cerebal roles that are monitor, plant and evaluator etc. Moreover, according to Belbin's team roles, I am a specialist as I make efforts to bring in depth knowledge in respect of new business to the team members (Kirzner, 2015).

TASK 2

Idea/Concept -

The term idea can be defined as combination of different types of thoughts that are generally developed with the intent but it can also be created unintentionally. There are various types of ideas such as abstraction, brainstorming, thought experimentation etc.

There are various lessons that can be learned by the individual while getting the concepts and ideas to the market place. The concept of starting the business of smart home parts distribution helps me to learn various things. These are as follows -

Focus on the problem -

One of the major lesson learned is that starting a new business helps to bring new products in the market place that helps to provide solutions for current problems that are faced by the organization. Questionnaire helps to evaluate the views, attitude, need of people in respect of products that are used in smart homes such as security cameras etc. It helps to understand the problems related with security that customers are facing currently in their homes.

Focus on a market niche -

Another important lesson that has learned is that entrepreneur should concentrate on a specific target segment to offer new product or service. Developing marketing strategies for a niche segment not only provides new start-ups an opportunity to start a new business in successful way but also assist the entrepreneur to grow into major players in a larger market. Further, for distributing smart home parts the target market has been selected on the basis of different factors such as demographic, behavioural etc. This will help to satisfy the requirements of particular niche segment as well as it will also support the business to increase the sales and to improve profitability (.

Reduce barriers to conduct business -

Another important lesson learned is that entrepreneur faces various barriers while establishing a new business. I also faced various problems in starting the business of distributing smart home parts. One of the major problem faced is related with cash flow. This problem has emerged from delay in invoicing. Therefore, entrepreneur should adopt methods for proper management of cash flow such as effective budgeting. Another thing required is down payment for the products. Another challenge that is faced while conducting business is related with hiring skilled workers that helps to manufacture and deliver innovative parts for smart home to clients. It has been analysed that employer should recruit workers from different sources such as internal and external sources. This will help to recruit and select skilled employee's that helps to achieve the aim and objectives of the firm.

Understanding the competition is a good thing -

I have also learned that competition can be a good thing for buyers as well as for the business as well. The level of competition existing in the market between various firms help to develop innovative product for the customers. There is intense competition between firms that are operating in furnishing industry. This has provided an opportunity to develop and offer unique smart home parts to the clients such security cameras etc. Competition between various companies creates competition between firms to supply differentiated products that help the firm to secure competitive position in the market. Another lesson learned is that competition forces firms to make efforts for innovating new products. It also drives growth of economy and also help to improve standard of living of people living in the country (Ruch and et.al, 2018).

Keep message consistent -

If customer views one thing in a presentation and different message on the website of company or in an advertisement it is possible that they have to mentally reconcile all the different types of messages. There are possibility that they will not engage with the business and not purchase the products offered by the company. Therefore, entrepreneur should also focus on improving the marketing function because it greatly affects the sales and profitability of the company. There should be proper objectives behind marketing activities performed by the business.

TASK 3

Introduction

The business concept is based upon the smart home part distribution in which John Home Furnishing provides different and smart home parts such that Security system, intercom system, shaded and sprinkles and music that helps to prevent from risk and threats. Further, this business concept is consider one of the most innovative system because it helps to provide safety environment within homes (Ruiz-Pava and Forero-Pineda, 2018). This concept also generates an opportunity in which people creates awareness which force them to use such kind of mart home part smart home part in their homes.

Objectives

As the business concept is to distribute the home part products with bet quality so that it will help to generate better opportunities for the people. As through this business idea, John Home Furnishing will be easily generate best outcomes and also make money that will further help to strengthen up its financial performance. Therefore, a business idea is all about to implement new ideas that further help to solve many problem and also fill better business opportunities as well. Moreover, the main objective to develop this business concept is to provide effective home parts with better quality using advance tools and techniques so that it will easily attract wide range of people.

Market research

To determine whether the new business idea is beneficial for the company or not, there is a need to include primary and secondary research. Therefore, for primary research, questionnaire is prepared that helps to determine the perception of customers (McAlexander, Koenig and DuFault, 2016). Further for secondary research, books and journals are used that helps to analyses the whether the present business idea is beneficial or not.

Primary research:

In order to conduct primary research, 20 people are chosen to identify their views

Question 1: Do you have any security concern in your homes?

Answer: Majority of the respondents are in favor that they all have security concern and that is why, most of them already install security alarm system, CCTV in order to regulate their in- home activities. Such that out of 20, 15 are in favor while only, 5 did not have knowledge with this. Therefore, it shows that offering home parts which includes security alarm, CCTV will help the business to make better returns.

Question 2: What are the security issues do you face in your homes?

Answer: Majority of the respondents states that they faces issue in falsely triggered alarms and security system, while 3 out of 20 state that they faces issue related to maintenance of these system. Therefore, it is clearly reflected that while offering home parts, John Home Furnishing make sure that they provide techniques by complying advance technology so that they will easily operates and it also did not require any major cost for maintenance.

Secondary research:

From the data collected using Internet, books and Journals, It is analyzed that people have more concerns and that is why, there is a need to offer smart home furnishing items so that they may used this items in order to get better results.

Target Market

Target market are the group of consumer and organization who are most likely to buy the company's product and services. It is so because they are likely to want or need the company's offering by more focusing on the marketing. Further, for smart home parts, the company's target market are the upper and middle class people who actually afford this kind of products so that they may easily attract wide range of public (Noe and et.al., 2017). As this characteristic makes them different from others such that they may easily buy the products because they have good income sources and they may easily buy the same.

Marketing

Marketing is all about to promote the products in the market in order to generate best results. That is why, John Home Furnishing needs to develop best strategy so that they may easily attract wide range of customers. Such that it uses social media, advertisement and billboards in order to attract wide range of public. At initial stage, to attract customers, quoted firm offer discount strategy In which it provide 20% off on the selected smart home parts so that large mass of group got attracted easily.

Human Resource

They are responsible to hire the man who are able to perform the work in better way and also work In adverse situation as well. Further, it is also analyzed that HR of John Home Furnishing may easily recruit the candidate by using effective recruitment process. For that, HR of the company evaluates the current approach of recruitment which further includes design and purpose of the vacant seat and then evaluate candidate's CV to evaluate whether he/she is eligible for the seat or not (Barnard, 2017). Further, they take interview in which they analyze communication and interpersonal skills that helps to evaluate they are liable for the position or not.

Operations

Business canvas model

Key partners

  • Office furniture
  • Office furniture Retailer

Key Activities

  • Maintaining and improving product quality
  • Managing customer relationship
  • Supplier relationship management

Value propositions

  • Customized product 's dimension
  • Affordable price
  • Product quality

Customer relationships

  • Personal assistance

Customer segments

  • Office
  • Government
  • Individuals

 

Channels

Cost structure

  • Employee salary
  • electricity charges
  • Water charges
  • Telephone charges
  • tax
  • Track Maintenance

Revenue streams

  • Selling home products

 

Legal issues -

There are various types of legal issues that entrepreneur faces while conducting the business. Owner of the firm may also take the help of an expert to comply legal laws. While conducting the business of supplying smart home parts. Owner is required to comply laws related with Health and safety of workers, Equality Act etc. Entrepreneur is required to ensure that human resource department should provide equal employment opportunities to every employee. Further, business also have to face issue related with intellectual property rights (Martin, 2017). Entrepreneur is required to protect its innovative idea and products with the help of patent rights, trademark etc. This will help to protect innovative idea to be copied by the competitors.

Financial -

The term financial plan is a combined document that involve details in the respect of savings, cash flow, debt, insurance and other elements. Financial planning in respect of business refers to determining the way in which company will afford to attain strategic aims and objectives of the business (Dudin and et.al, 2015).

Budget is defined as financial plan related with future that is related with cost and revenue of the business.

Expenses

Amount (£)

Plant and Machinery

4000

Expenditure on marketing

1000

Salary and Wages

3000

Equipments

2000

Total

10000

 

Related Article:- Economic Stability of New Startup 

Contingency and exit strategies -

There are various risk related with establishing a new business such as lack of funds, financial risk, having lot of debt etc. The entrepreneur may adopt various types of strategies for exiting from the current business. Such as selling the business to manager, liquidation etc. Owner of the business may sell the existing business to the manager who is interested in purchasing the business. Major advantage is that it may allow businessmen to maintain a share of the firm and stay in an advisory capacity.

Other issues -

There are some other issues that entrepreneur may have to face while establishing a new business. One of the major issue is lack of skilled employee's for performing various types of functions. If, there is lack of competent workforce in the country in that case, entrepreneur will have to outsource the workers from another country.

Another issue that entrepreneur may have to face is related with technology. It may be possible that business does not have advanced tools and techniques for developing smart home parts. Further, they may have to face the issue of lack of financial resources.

CONCLUSION

By summing up above report, it has been concluded that developing new business idea is more beneficial for the existing firm because it helps the generate more sources of revenue and also sustain the brand image in market as well. Moreover, report also concluded that offering smart home furnishing parts to the customers will help the business to attract wide range of public and John Home Furnishing also set budget i.e. 10000 pound which helps the business to operates smoothly without any obstacles. Budget defines the expenses and revenue for a particular period of time.

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