Sample Assignment: An Introduction to Entrepreneurship

ENTREPRENEURSHIP

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Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1 Case Study Assignment.....................................................................................................3 Discuss briefly terms entrepreneur and entrepreneurship...........................................................3 Application of Timmons’s core and desirable attributes.............................................................4 Evaluate whether these attributes contribute towards growth of the company...........................5 Conclusion...................................................................................................................................6 Impact of the learning..................................................................................................................6 TASK 2 Business Planning Assignment..........................................................................................8 Business concept..........................................................................................................................8 Market Research..........................................................................................................................8 Financial projections....................................................................................................................9 Evaluation of the business model..............................................................................................13 CONCLUSION..............................................................................................................................14 REFERENCES..............................................................................................................................15

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INTRODUCTION Entrepreneurship means the process to identify or start a new business venture with the available resources and ready to take risks and rewards both related to business. An entrepreneur is a person who is independent and wants to start something new with an innovative idea and skills and make the business run successful. In this report Steve Jobs has been taken into account as an entrepreneur and analysis has been made on his journey from starting up the business with an innovative idea to growth of the business. Steve Jobs the co-founder of and chief executive officer of Apple started business with an innovative idea.

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TASK 1 Case Study Assignment Discuss briefly terms entrepreneur and entrepreneurship The analysis of Burns between the personal characteristics of owner managers and entrepreneurs is simple that the entrepreneur is a person who is starting a business or venture on his own and taking all risk and liabilities. But at the same owner manager are person who are working in an organization and giving their services to someone (Alsos, Carter and Ljunggren, 2011). They do not bear all the risk and uncertainties. This truly supports Burns distinction between owner managers and entrepreneurs that they both possess different characteristics.

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Owner managers are working for their own self interest to earn money and the entrepreneurs are working for doing something new and their personal characteristics influences them to start something new and innovative (Aulet, 2013).

Entrepreneurship can be defined as the process of starting a business or organization.

The entrepreneur creates a business plan, acquires the human and other needed resources. He or she is completely responsible for the success and failure of the business (Bessant and Tidd, 2011). Entrepreneurship process includes five steps idea generation, opportunity evaluation, planning, launch and growth. In the present context, these people are acting as leaders who are willing to take risk and initiatives, taking advantage of market opportunities through planning, organizing and employing resources.

Application of Timmons’s core and desirable attributes Steve Jobs was a successful entrepreneur and was born in San Francisco, California. His vision was to get computers in the hands of every people and he succeeded in this mission.

Timmons’ core and desirable attributes are applicable to the journey of Steve Jobs. 

Leadership – One of the best leadership quality hold by Steve job was to stay focused towards the vision. One day, Apple’s bet programmer told Steve that Apple II compute could not be made; he fired that programmer on the sport without any hesitation (Bygrave and Zacharakis, 2009). Jobs always stayed focused on the vision that he had for the Apple and made sure that every employee of the company must head towards that vision.



Commitment and determination – It is another core attribute for successful entrepreneurs.

Steve was very committed and determined towards what he wanted. It was his fearless commitment and devotion towards electronic gadgets that he co-founded Apple in the year 1976 (Coate, 2007). After being removed from Apple also, he keeps on working on the same things and remained motivated always.



Opportunity Obsession – A good entrepreneur is the one who knows how to convert the ideas into opportunities. Steve did the same thing as he started business in a small garage.

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From a small garage to an organization like Apple was a tough task for him but he grabbed every opportunity which came into his way (Darling, Gabrielsson and Seristö, 2007). A best quality of an entrepreneur is to make optimum use of opportunity which arises while the course of the business. 

Tolerance of risk, ambiguity and uncertainty - Steve found many risk and challenges in his entrepreneur career. He was forced to leave the position of board of directors of Apple due to some disagreements with other people. Later he indulges in his own venture by starting NEXT Computer Company by involving huge innovations in the features of computer (Denning, 2013). During facing all such challenges he coped with all the risks and was again selected as the board of directors in Apple.



Motivation to excel – One of the best qualities that an entrepreneur can learn from the journey of Steve Jobs is to remain disciplined in the work. Steve was a perfectionist and he had a very little space for errors. This created a sense of fear among the employees but it was accepted because Apple had a sterling reputation as a leader in the field. This helps in encouraging a professional atmosphere within the organization (Duening, Hisrich and Lechter, 2009). The best lesson learned from this quality is that a professional environment leads to better outcomes for staff and the business.

Evaluate whether these attributes contribute towards growth of the company The above discussed attributes are very critical to the launch and success of a business.

All these qualities contribute towards becoming a successful entrepreneur. These help in achieving, what has been desired by an individual. The attributes can be discussed critically in the following manner: Leadership – It is one of the most essential qualities for a businessman. Leaders act as middle management for an organization. These persons are responsible and accountable for the performance of the employees. It is them who motivate employees towards the goals and objectives of the business (Erve, 2004). Leaders are critical to the success of the company. In the TOLL-FREE NO: +61 879057034

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absence of leadership, company may fall apart from its way of vision and mission. There will be no guidance, no learning, no development, no growth and no success. Further it will be difficult for the company to create a professional environment (Shane, Locke and Collins, 2003).

Commitment and determination - An entrepreneur is required to be committed and determined towards his goals and objectives. Commitment is required in efforts which are to be made for the success of the business.

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He should be fearless and courageous, that means no matter what the situation, a positive attitude is required at every level (Grafton, 2011). In the absence of commitment and determination, everything will look like effortless. There will be no sign of motivation and inspiration & ultimately it will negatively affect the business of the company. But it is to be noted that commitment must take the form of confidence, not over confidence for the entrepreneur.

Tolerance of risk, ambiguity and uncertainty – These skills shows how courageous and brave the entrepreneur is. It shows how bravely an entrepreneur can tolerate situations of risk, ambiguity and uncertainty. He must possess the power to face uncertain situations which may arise in any course of time (Morris Kuratko and Covin, 2010). For that purpose, assessment of risk is to be done in appropriate manner. Contingency plans can be prepared in order to face the

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uncertainties related to the future. This may prevent entrepreneur from different types of business damages and losses. Lack of these may result in poor productivity and profitability.

Motivation – This is an element which cannot be avoided at all under the business. Motivation is something which brings life into the entrepreneurship (Sami, 2013). It is very crucial to the success of the organization. An entrepreneur is required to be motivated from the surrounding atmosphere and aspects. It helps in improving his performance and brings lots of improvements.

Through proper motivation an entrepreneur can put human resources into action, improves efficiency level of employees, leads to achievement of company goals, bring stability in the workforce and also creates friendly relations. In the absence of motivation, there will be no direction and focus (Holcombe, 2003). No extra efforts will be laid by the people and a kind of stagnancy will arise in all business activities. There will be no self development, growth, competency etc in the absence of motivation.

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Conclusion On the basis of understanding the subject of entrepreneurship, it can be concluded that it is not an easy process. It requires lot of concentration and focus. Timmons’ core and desirable attributes are very essential for both existing as well new entrepreneurs. A new venture can be opened but presence of certain characteristics is very essential for an individual. Example of Steve Jobs is amazing and very inspiring for new businessmen. There are certain exceptional qualities and managerial skills of him which can offer great motivation for all kind of entrepreneurs. The difference that lies between theory and practice is that of theory is making the hypothetical idea which explains something else. But practice refers to applying that idea or task in other form to prove into action (Holcombe, 2003). Steve being an entrepreneur always believes in applying the ideas into practical form to know their results. It is good to being practical to know the situation of the task performed and achieves the result effectively.

Impact of the learning According to me about creating a successful new venture there should be possible characteristics of having entrepreneurial qualities that differentiate you from others. Here, it means that one should mandatory possess such distinct qualities to create a successful new venture. He should have innovative thinking or new ideas and thoughts to start up a new venture and through passing the entrepreneurial process achieves growth. Here, in this case Steve Jobs possess such distinct qualities of an entrepreneur who works independently and innovatively to produce good results. He started Apple which was his work of excellence and which proved himself that he was a true entrepreneur.

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TASK 2 Business Planning Assignment Business concept The major aim of this business project is to come with a restaurant for the people of UK which can offer multi-cuisine food for the people. It will offer different variety of Asian Mix food items such as Indian, Chinese, Thai, and Singaporean etc. It is evident that because of the increasing travel and tourism, the trend of food restaurants has become popular across the world.

An individual can discover different types of restaurants offering distinctive food.

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For opening a new business, this industry has been selected because it is the only industry which can never reach to its saturation point. People are always fond of food which is one of their basic necessities. Further tourists would also like to taste the cuisine of the country which they have visited. This business sector has plenty of opportunities for new entrepreneurs as the population of food lovers is very high in UK as well the other countries.

Market Research Multi-cuisine restaurant is a place where different varieties of the food dishes from all over the world are served. It is a special method of cooking which belongs to a particular region or country. Some of the popular cuisines include Italian, French, American, Mexican, Indian, TOLL-FREE NO: +61 879057034

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Japanese etc. UK restaurant sector is worth over ÂŁ40 billion. People in UK are very fond of food and like to do experiments with their taste (UK Restaurant Industry, 2014).

Taking into

consideration the multi-cuisine segment of the restaurant industry, huge popularity of ethnic cuisines can be noticed in the country. This segment is becoming eye catching for the customers because they desire for new flavors and preparation styles of cuisine. In the category of limited services, multi-cuisine is a flourishing sector for UK restaurant industry. This kind of food provides a chance to the people to taste ethnic food specialties. In the present context, lots of efforts are being made by the companies in order to engage the multi-cuisine audience (Restaurants Market Research Reports & Industry Analysis, 2014). This segment is growing rapidly and competition is also becoming tough for the restaurants. All of them are making hard efforts to become innovative in terms of global cuisines that they offer and to achieve differentiation in respect of branding.

Financial projections Source of finance Sources of Fund

Amount (ÂŁ)

Owner's capital

500000

Bank Loan

200000

Total Sources of Fund

700000

Sales forecast Sales forecast Year

0

1

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Units

6000

Sales

Value

300000

@£50/unit

Cash flow statement YEAR

0

1YEAR

Cash inflows Cash from Sales

3,00000

Directors loans

0

Share capital

70,00 0

Other cash inflows Total cash inflows

70,00

3,00000

0 CASH OUTFLOWS Payments for materials

1,30,00 0

operating expenses (

)

0

Premises (rent, rates)

20,00

20,000

0 Wages and salaries

0

40,000

General expenses

0

60,000

Interest and bank charges payable

0

4,000

Lease payments

15000

15,000

Corporation Tax Market survey costs

4,000

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Other preliminary expenses

13,00 0

Plant

and

other

capital 0

expenditure Loan repayments

0

Dividends Total cash outflows

52000

269000

18,00

31,000

Cash flow summary Net cash flow for period

0 Opening cash balance

0

18000

Closing cash balance

18000

13000

Profit & Loss Account

Particulars Year

0

1 year

Revenue

0

300000

Cost of sales

0

1,50,000

Gross profit

0

1,50,000

Expenses/overheads Premises (rent, rates)

20,000

Wages and salaries

40,000

General expenses

60,000

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Interest and bank charges payable

4,000

Lease payments

15,000

Depreciation

0

Other expenses

16,000

Total expenses/overheads

0

1,55,000

Profit before tax

0

-5000

Tax @25% Profit after tax

-5000

Dividends Transfer to reserves

-5000

Break Even Revenue

Contributio

Fixed

n

Cost

Profit

300000

165000

35000

130000

325000

178750

35000

143750

350000

192500

35000

157500

387500

213125

35000

178125

Investment requirements NPV at 10% TOLL-FREE NO: +61 879057034

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Year

Net Cash flow

PV @ 10% cost of

Present Value

capital 1

31,000

31,000/ (1+0.10)^1

28,181

2

14,400

14,400/ (1+0.10)^2

11,900

3

27,975

27,975/ (1+0.10)^3

21,018

4

38,780

38,780/ (1+0.10)^4

26,487

5

88,876

88,876/ (1+0.10)^5

55,185

Total PV

1,42,771

IO

70,000

NPV @ 10%

72,771

NPV at 15% Year

Net Cash flow

PV @ 15% cost of

Present Value

capital 1

31,000

31,000/ (1+0.15)^1

26,956

2

14,400

14,400/ (1+0.15)^2

10,888

3

27,975

27,975/ (1+0.15)^3

18,394

4

38,780

38,780/ (1+0.15)^4

22,172

5

88,876

88,876/ (1+0.15)^5

44,187

Total PV

1,22,597

IO

70,000

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NPV @ 15%

52,597

Interpretation – At 10% cost of capital, the net present value is 72771 and at 15% cost of capital the net present value is 52597. This indicates that new business development proposal is feasible and valuable for the entrepreneur.

Evaluation of the business model SWOT analysis of new business



Strengths Innovative concept of hospitality



Outstanding customer services



Range of different cuisines



Very prompt, friendly and professional working atmosphere



First mover advantage



Modernized infrastructure



Presence of EPS (Electronic point of sale) High growth of travel and tourism in UK



    

Opportunities Hardcore promotion and advertising Expansion in other parts of UK Increasing rate of tourist arrivals in UK High growth of hospitality and tourism in UK Increase in purchasing power of customers

   



Weaknesses Competition from other multi-cuisine restaurants High cost of operations Lack of branding Complexities in obtaining restaurant licenses

Threats Tough rules and regulations from ruling bodies in the industry



Hospitality standards of BHA and VisitBritain.



Presence of substitute products

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

High attrition rate

Feasibility Hence from the above analysis it can be concluded that this business proposal is feasible.

The new business will offer variety of Asian cuisines for the customers along with fine dining experience and great infrastructure.

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The location is the plus point for the business because it is best known for its connectivity with aviation and hence the chances of tourist arrival are very high. While business will also employ technology named EPS within business and this will help in managing all kinds of customer’s orders (online, walk in, or over the phone) effectively.

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CONCLUSION Entrepreneurship is a concept which means that something new and innovative is started by an individual to grow and found new ways and ideas to develop and upgrade the product in the market. The study concludes that Steve Jobs co-founder of Apple was an entrepreneur and posses such qualities which made him distinct from others. He failed several times but he did not lack his confidence and continuously worked to achieve success. It is found that from making a business plan and launch a new product or service a number of considerations have to be followed.

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REFERENCES Books and Journal Alsos, A. G. Carter, S. A. and Ljunggren, E., 2011. The Handbook of Research on Entrepreneurship in Agriculture and Rural Development. Edward Elgar Publishing.

Aulet, B., 2013. Disciplined Entrepreneurship: 24 Steps to a Successful Startup. John Wiley & Sons.

Bessant, J. and Tidd, J., 2011. Innovation and Entrepreneurship. John Wiley & Sons.

Bygrave, D. W. and Zacharakis, A., 2009. The Portable MBA in Entrepreneurship. John Wiley & Sons.

Coate, P., 2007. Interview with Richard Pech. Business Strategy Series. 8(1). pp.8 – 13.

Darling, J. Gabrielsson, M. and Seristö, H., 2007. Enhancing contemporary entrepreneurship: A focus on management leadership. European Business Review. 19(1). pp.4 – 22.

Denning, S., 2013. The management revolution's growing army of rebel voices. Strategy & Leadership. 41(5). pp.23 – 33.

Duening, N. T. Hisrich, A. R. and Lechter, A. M., 2009. Technology Entrepreneurship: Creating, Capturing, and Protecting Value. Academic Press.

Erve, D. V. M., 2004. Temporal leadership. European Business Review. 16(6). pp.605 – 617.

Grafton, M., 2011. Growing a business and becoming more entrepreneurial: the five traits of success. Strategic Direction. 27(6). pp.4 – 7.

Morris, M. Kuratko, D. and Covin, J., 2010. Corporate Entrepreneurship & Innovation. Cengage Learning.

Sami, S., 2013. The Book on Entrepreneurship and Property: The Guide to Successful Entrepreneurship and Property Investment. AuthorHouse.

Online

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Holcombe, G. R., 2003. The Origins of Entrepreneurial Opportunities. [Online]. Available through : <http://www.gmu.edu/depts/rae/archives/VOL16_1_2003/2_Holcombe.pdf>.

[Accessed on 3rd July 2014].

Restaurants Market Research Reports & Industry Analysis, 2014. [online] Available at: <http://www.marketresearch.com/Food-Beverage-c84/Food-Service-Hospitalityc169/Restaurants-c532/>. [Accessed on 7th July 2015].

Shane, S. Locke, A. E. and Collins, J. C., 2003. Entrepreneurial motivation. [Online]. Available through : < https://faculty.utep.edu/Portals/167/52%20Entrepreneurial%20Motivation.pdf >. [Accessed on 3rd July 2014].

UK

Restaurant

Industry

(2014),

[online]

Available

at:

<http://www.companiesandmarkets.com/MarketInsight/Food-and-Drink/UK-RestaurantIndustry/NI8337> [Accessed on 7th July 2015]

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