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Statement and Confirmation of Own Work

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Statement and Confirmation of Own Work

  Task 1 of 3

1.1. Review what makes a successful commercial or social entrepreneur, and evaluate your own skills and attribute in that area

An entrepreneur is defined as an individual that adopts certain business practices to achievebenefits while dealing with the risks that come with them (York and Venkataraman, 2010).These business activities that the individual conducts are collectively known as entrepreneurship. An entrepreneur may utilise an array of competencies and skills to carry out their business in an efficient manner.

An entrepreneur should possess accurate knowledge with respect to the nature of business because it enables the entrepreneur to form an ideology and value that aids the entrepreneurial individual in accomplishing an operative and productive path. It is imperative for the entrepreneur to formulate long-term goals. This would enable the entrepreneur to attain these goals in a timely manner while keeping in view the mission of the business at all times.

An efficient entrepreneur is gifted with certain risk-taking competencies, whichcomplementthe majority of the entrepreneurial activities, for instance, credit and operational risk. However, the process of evaluation significantly helps in mitigating the occurrence of any potential risk (Burns, 2016). The entrepreneur should also possess the competency of adaptability. This is because being adaptable allows the leader to adopt strategic change if the need arises. The competencies pertaining to risk-taking and adaptability allows the entrepreneur the luxury to attain a productive economic and strategic position in the desired market segment.

1.2. Propose a business idea

It is important for the entrepreneur to devise an authentic, reliable, and valuable system to evaluate the entrepreneurial business idea that needs to be implemented. To form an operative and productive idea for an entrepreneurial business, the Stage-Gate model is taken into account.

Figure 1 Stage-Gate Model(Grönlund, Sjödin, and Frishammar, 2010).

In this model, the preliminary stage displays the phase in which a business proposal or a product idea is formed. Subsequently, the idea becomes set for evaluation and its potential and scope is devised. The business case is then created, closely followed by the development of a report which encompasses every aspect of the entrepreneurial business, for example, assets required, profit margin, and launch time etc. is communicated with the probable shareholders. Next, the phase of development and testing is initiated in which the rate of competition, market evaluation,and cost-effective nature would be evaluated (Grönlund, Sjödin, and Frishammar, 2010).

All of the aforementioned phases of the Stage-Gate model assists the entrepreneurs so that they can assess their ideas while observing their productivity and sustainability in the target market. After all the phases have been successfully carried out, an entrepreneur would finally be able to launch his/her business.

TASK 2 of 3

2.1. Summarise and analyse the 3 business ideas

Following are the potential business ideas along with their analysis with respect to the market of UAE:

Cosmetic Store: A large number of the population of UAE spend significant amounts on the cosmetic products (Khraim, 2010).Hence, the business idea of opening up a cosmetic store can prove to be quite profitable and sustainable in the long run. However, it is important for this business to have an effective association with a large number of brands that are famous for their respective cosmetic products.

Multicultural Restaurant:UAE has always been one of the go-to places for the tourists. The continuous visits of these tourists may prove to be quite financially viable for a restaurant that serves multicultural cuisine. This restaurant will also attract many locals due to the diversity in their dishes.

Gym:The market for UAE is quite diverse because people from contrasting backgrounds reside there. The people living in UAE are usually very concerned about their health and fitness. Therefore, the idea of opening up a gym may be very profitable. Ideally, this gym should be equipped with all the necessities that a gym provides and must be supervised by a qualified training to attract maximum customers.

2.2. Analyse production and marketing feasibility of all 3 ideas

The text has identified three business ideas, which are, cosmetic shop, multicultural restaurant, and gym. To select one of the aforementioned business ideas, it is imperative for the entrepreneur to assess and evaluate a variety of internal and external factors in relation to the proposed entrepreneurial ideas (Antonelli, Crespi, and Scellato, 2013).

The first business proposal is the cosmetic store, which would consist of a variety of cosmetic products. The cosmetic products are often shopped frequently by both men and women. Therefore, opening a cosmetic shop might be the most feasible idea in terms of revenue generation.

To identify the feasibility of the business ideas, the aspect of cost is the primary consideration. To launch a multicultural restaurant, both the initial and maintenance cost will be high. In addition to this, UAE already has a number of restaurants that provide multiple cuisines to its customers so the competition would be immense. To launch a business in this tough competitive environment, a high cost would be a definite requirement. This is because the business would have to make investments in various aspects to attain a unique value proposition for the business.

The final entrepreneurial idea is to open a gym, which would provide the residents with a variety of health-related activities. Although this type of business will incur less cost as compared to a restaurant but a relatively large place would be required. The basic equipment of gym may be bought at a lower price but the adoption of a Jacuzzi or Sauna can inflate the costs considerably.

Conclusively, therefore, the business proposal that is selected is the cosmetic store considering the varied market of UAE. Although it also requires high investment, it has the ability to provide a prompt return on profit in a productive and efficient manner. The name of the cosmetic store will be, “Le’ Fleur.”

2.3. Produce business planning forecast using financial techniques

The above illustrations reflect the elements of the start-up capital of Le’ Fleur. Following is the forecast of its profit and loss:

The forecast pertaining to profit and loss intelligibly reflects the financial condition of an association (Harris, 2010). To initiate a business in the market of UAE, it is mandatory for the business to predict its profit and loss so that precise estimations may be provided through statistics discussing of how well a business can fare performance-wise. The table below demonstrates the profit and loss forecast of Le’ Fleur over a period of five years.

The above table highlights the ability of La’ Fleur to attain profitable results even from the very first year. However, to meet the forecasted results, it is mandatory for the business to improve their consumer base annually, by 20%. Following is the cash flow forecast of La’ Fleur:

The cash flow statement is a crucial illustration of inflow and outflow of the cash (Miloš, and Jovan, 2013).It has also been observed that it is not necessary thatall of the acquired net profit would be converted into cash inflow.In this particular scenario, it is assumed that 80% of the net profit will become a cash flow, which requires the association to maintain efficiency in their corporation. The table below signifies the forecast for Le’ Fleur over a period of five years.

The forecast above clearly demonstrates that Le’ Fleur will start observing cash inflow towards the end of the first year while attaining a cash inflow of approximately 742, 200 AED. Following is the break-even analysis:

The break-even indicates the stable and strategic position of an organisation in which the firm have neither any profit nor any loss (Tsorakidis et al., 2011). The table below demonstrates the break-even analysis of Le’ Fleur for five years:

According to the above table, to attain a break-even point, it is imperative for Le’ Fleur to achieve a consumer base of 285.

2.4. Produce a marketing plan

The formulation of an effective marketing plan is important to develop a proactive path that the entrepreneur may follow for the business to become productive in their target market (Westwood, 2013). In the current scenario, opening up a cosmetic store is the primary consideration. The store should be established in an area, which is usually populated, by a large number of residents and tourists of the UAE. To launch the business on a high, conductinga comprehensivemarket analysis should be the foremost proposition.

To conduct a market analysis of both the internet and external factors, an entrepreneur may employ SWOT analysis or Porter’s five forces.The SWOT analysis is one of the most common tools of strategic management that is extensively used by the business for the assessment of both the internal and external factors of the corporation. This model is comprised of four fundamental aspects, namely, strengths, weaknesses, opportunities, and threats (Helms, and Nixon, 2010). Following is the SWOT analysis of Le’ Fleur:

The Porter’s five forces is a famous tool that allows the association with an opportunity to conduct a thorough market analysis (Dobbs, 2014). If the model is implemented accurately, Le’ Fleur would be able to devise an effective strategy for the future. The figure and table below illustrate the model of Porter’s five forces and analysis of Le’ Fleur based on Porter’s five forces respectively:

A variety of promotion techniques may be adopted by the business to improve the performance of a firm. Following are the promotion methods that Le’ Fleur may utilise to improve the existing business activities.

 

Celebrity endorsement:It is one of the most common forms of promotion which may be useful for Le’ Fleur in order to multiply their sales by a significant amount (Spry, Pappu, and Cornwell, 2011). Le’ Fleur may select a brand ambassador so that they can effectively attract his/her fan base to its products.

Digital Media:In addition to the celebrity endorsement technique, Le’ Fleur may utilise digital media to create awareness with respect to the product or brand (Howard, and Hussain, 2011).Digital media is defined as a tool that has the tendency to eradicate a variety of barriers, for instance, a geographical barrier that limits the physical reach.

2.5. Develop a control and monitoring mechanism for the business plan.

It is mandatory for Le’ Fleur to adopt an efficient monitoring mechanism that has the ability to enable consisting monitoring of cost and the benefits accomplished through the cost (Akhigbe, A., and McNulty, 2011). It will further enable the store to trade-off activities in a productive and efficient manner. To streamline the entire process, the store can also identify the aspect of customer loyalty in a periodic manner. The efficiency of word of mouth can also be assessed by determining the means that has attracted the major portion of the customers. Following is the Gantt chart that illustrates the marketing timeline of Le’ Fleur:

Task 3 of 3

criticially analyse the nature, characteristics, and challenges of establishing a different kind of enterprise and how you individually as a future manager could encourage creativity, innovation, and changes

Every business is different from each other and is composed of distinct nature and traits,due to which it becomes all the more mandatory for an entrepreneur to assess and analyse each and every internal and external factor that may affect the business in any way (Chittithaworn et al., 2011). This should be done comprehensively, prior to the actual initiation of the business. Generally, entrepreneurs possess productive and in-depth knowledge of the venture that they have plans to commence. However, they should still be wary of the risks and must prepare themselves in advance. This allows the entrepreneur to take certain strategies into consideration that has the power to produce profitability and long-term advantages for the business. To become an operative and efficient entrepreneur, it is compulsory for me to make use of my innovative and creative skills because these skills are the fundamental recipes for success (Fillis, and Rentschler, 2010).

According to my perspective, the initial step that an efficient entrepreneur should comprise of conducting a personal evaluation (Nga, and Shamuganathan, 2010). It will allow me to evaluate my strengths and weaknesses. Through the prompt identification of the strengths and weaknesses, an individual may be able to produce a path, which can allow a person to take the most productive skills into perspective for becoming a productive entrepreneur. To attain the competency pertaining to competitiveness, the entrepreneur should possess appropriate communication skills. This is because effective communication allows the information to flow, transfer, and propagate in an efficient manner (Makhbul, and Hasun, 2010). This specific skill would be critical for me to achieve because, as an entrepreneur, it is my responsibility to lead the business and the corporation. Arguably, without possessing the skills relating to communication, it would be impossible to lead the business or satisfy the goals of the stakeholders and of the corporation.

3.2. With reference to one or more organisation, identify potential creative and innovative management ideas that could contribute to encouraging creativity in the organisation

Being a student of management, I am quite familiar with the notion of creativity and innovation. As a leader and an entrepreneur, it enables me to produce a productive structure of the association, which would allow the employees to provide the organisation with commendable results. To adopt certain innovative and creative skills, it is imperative for an entrepreneur to inspire his/her workforce, because this inspiration plays a holistic role in employee motivation, thereby allowing them to be confident and produce quality results through effective participation in a variety of corporate activities (Shahzadi et al., 2014). This is one of the most productive approaches to instil lateral thinking amongst the workforce, which enables the organisation to attain a productive and strategic position in the desired market segment.

Google is a multinational firm and is one of the top firms, which adopts innovation to attain efficiency in their organisation (Steiber, and Alänge, 2013). Undeniably, Google has maintained a productive structure within organisational boundaries, which consists of a variety of amenities,for instance, library, playing area, restaurant, hotels, separate rooms etc. This helps the various segments of the workforce to remain motivated. There is no doubt that the availability of all the resources creates an environment that is peaceful and free of stress. This helps the workforce in producing innovative and creative products.

References

Akhigbe, A., and McNulty, J. E. (2011). Bank monitoring, profit efficiency and the commercial lending business model. Journal of Economics and Business63(6), pp. 531-551.

Antonelli, C., Crespi, F., and Scellato, G. (2013). Internal and external factors in innovation persistence. Economics of Innovation and New Technology22(3), pp. 256-280.

Burns, P. (2016). Entrepreneurship and small business. United Kingdom: Palgrave Macmillan Limited.

Chittithaworn, C., Islam, M. A., Keawchana, T., and Yusuf, D. H. M. (2011). Factors affecting the business success of small and medium enterprises (SMEs) in Thailand. Asian Social S



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