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BMAC5203 Entrepreneurship For Rectifying Distinct Business Issues

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Questions:

a.As the accountant at Sepang Bikes, develop a master budget for the review of the entity’s controller, so that it can then be presented at a meeting with the CEO and the various department heads. Create individual /functional budgets in the following order:
 
i.Sales budget
ii.Production budget
iii.Direct materials usage and purchases budget
iv.Direct labour budget
v.Manufacturing overhead budget
vi.Ending inventories budget
vii.Cost of goods sold budget
viii.Support department budget
ix.Budgeted statement of profit or loss
 
b.Briefly explain FOUR (4) importance of cash budgets and how these are related to organisational strategy.
  
 

Answer:

Introduction 

In the modern era, there are several organizations that are functioning in the global economy each one of the companies have been performing according to their aims and objectives. The operations of a company is dependent on the style of the entrepreneur and the ability and the mind-set of the entrepreneur determines the process that would be undertaken with the help of which the company can gain competitive edge and increase their profit in the global economy (Hampel-Milagrosa et al., 2015). Entrepreneurship is the method that includes the launching, functioning and designing of a fresh business which is generally from the beginning a small business. The individuals who establish their businesses are actually known as the entrepreneurs.

The process of entrepreneurship has been addressed as the willingness and the ability to enhance, manage, organise a venture of the business along with any sort of risks in order to generate profit. The decisions of the entrepreneur have a key factor on the development of the business and therefore steps need to be taken with the help of which the entrepreneur can take decisions according to the market scenario and the risks that are involved with the help of which the profit can be attained (Devece et al., 2016). Poor and bad decisions can hamper the operations of the business and therefore it is of vital importance to understand the key success factors for the development of the business.

This report has been constructed in order to assess the key success factors of the entrepreneurs. The report has been framed after an interview was undertaken with the entrepreneur of a business and thereby the success factors can be examined. The operations of the business along with the decisions in different circumstances taken by the entrepreneur will be taken under consideration as well in order to have an idea about how entrepreneurs run their business. 

 

Body of the Report 

An interview has been undertaken with an entrepreneur who has within the last 5 years initiated their business and their sales has increased to millions and thereby the company has become profitable and has even become successful. The interview would look to bring out the answer of the entrepreneur in relation to the functions of the business and thereby understand the business decisions that are having a negative or a positive impact (Ramadani, 2015). There are several success factors that are related to the entrepreneurs and each one of them have a key role to play for the business decisions. The interview has been able to highlight the various features and ach one of them will be explained in a suitable manner in order to compare and contrast the same. The entrepreneur has addressed that the willingness to take actions from the part of the entrepreneur plays a key role. This is the initial and the most vital factor for the future and the existing entrepreneurs. All the other factors that are available to the entrepreneurs are not so much important if the entrepreneur is scared of taking practical actions. The actions are looked upon as something that would be essential for the success of the business. If any actions are not taken by the entrepreneur, it is not possible to become a successful entrepreneur.

The next key factor for the purpose of success is the entrepreneurial knowledge. The entrepreneur needs to have essential amount of knowledge with the help of which effective and efficient decisions can be undertaken. This knowledge can be helpful for the rectifying distinct business issues that are associated to the business. The extent of knowledge will raise the potential of the business energy and in the huge segment will contribute to the success and the accomplishment of the organization. The amount of knowledge can be gained by an entrepreneur with the help of their past experiences and theoretical knowledge that can be helpful for the development of the business (Neumeier, 2017). The entrepreneur needs to have an extensive level of market knowledge and needs to make an assessment of the market on a frequent basis with the help of which changes in the market can be known and accordingly measures can be taken by the entrepreneur that can improve the level of business. 

 


The extent of creativity among the entrepreneurs can lead to business decisions that can be innovative and new. The entrepreneur needs to be a creative personnel in order to be unique and skilled. This uniqueness can be helpful in providing the power to the entrepreneur for sustainable development and improvement within the business operations. The level of creativity will raise the potentiality of the business with the help of which significant amount of possibilities can be discovered for the business (Ramukumba, 2014). The extent of creativity ascertains the importation of the innovative ideas into the business and effectiveness of the ideas can be understood with the assistance of the profitability of the ideas.  

The skills of the entrepreneur determines the efficiency level of the individual. The skills of the entrepreneur varies according to the kind of business. Every business is in need of unique skills and the extent of the skill is useful for determining the success of the business. An entrepreneur who has knowledge but does not possess the skills can be encompassed with the help of the incorporation of the factors that the entrepreneur has learned and this may not be effective in determining the level of success (Bocken, 2015). The development of the skills is possible with the undertaking of the actions and incorporating the knowledge that have been gained by the entrepreneur. 

 


The decisions and the construction of the plans and policies are dependent on the mind-set and the intelligence of the entrepreneur. It is essential for the entrepreneur to be intelligent in order to manage, supervise and control the probable scenarios and rectify the complex issues and problems that would be the most dependable thing in the business life. The intelligent of the entrepreneur will furthermore add in uniqueness to the organization as it is something that cannot be duplicated from the others.   

One of the intrinsic features that should be existent within an entrepreneur is the power of being patient. Entrepreneurs have to interact and communicate with various kinds of people and needs to manage them accordingly. It is therefore essential for the entrepreneur to remain calm and patient and communicate with all the stakeholders so that effective business operations can be undertaken. The entrepreneurs need to be patient and be active and ready to sustain with their work even if they lose initially (Osei-Kyei, & Chan 2015). It is vital because of the fact that the operations of the business is still functional. The entrepreneurs need to understand that the job of the entrepreneur is not easy and accordingly the entrepreneur should construct their future course of actions.

Persistence in a simple manner refers to a refusal to sacrifice for something or the capability to maintain the actions against their personal feelings that includes not ready to undertake the actions that is desired (Jones et al., 2015). The motivation and the feelings of the entrepreneur will not be able to manufacture the results. The action is something that will give out certain results that one wants to achieve. The level of persistence would be useful for providing power to the entrepreneur that is useful for the sustenance of the business.

The entrepreneur looks to have the ability to create teamwork as teamwork is a significant factor with the help of which efficiency level of the employees along with the business level as well. No one has the ability to accomplish their work by themselves and there it is essential for the entrepreneur to be a team player with the help of which bonding can be developed and accordingly success of the business can be achieved (Schlosser, 2015).

The entrepreneur needs to have the ability to take risk because of the fact that risk taking ability leads to development and accomplishment of the business. The level of risk would determine the level of success and an entrepreneur cannot take risk they do not have self confidence among themselves. The risk management principles need to be constructed by the entrepreneur in order to mitigate the risks and be aware of the risks that might take place in the near future (Si et al., 2015). The risks may arise due to various factors and it is the responsibility of the entrepreneur to make sure that plans and policies are constructed with the help of which all such risks can be eliminated. The risk needs to be calculated and on this basis the entrepreneur can construct their framework.  

It is essential for the entrepreneur have self-confidence and is one of the key success factor for entrepreneur. A person cannot become an entrepreneur unless they have self confidence among themselves. The generation self-confidence is useful for making decisions and even motivates them from giving out their best. The entrepreneur with the assistance of self-confidence can even bring out the best quality out of the employees and the entrepreneur and the entrepreneur can initiate and manage their business effectively (Raudeli?nien? et al., 2014). Self-confidence is generally developed from personal traits and confidence is dependent on the mind-set of the entrepreneur.

The entrepreneur needs to have adequate amount of experience, with the help of which they can improve their quality of work and even make decisions that are efficient for the development of the business. The extent of experience addresses the potentiality of the business and experience would determine the path and the changes the entrepreneur would undertake in accordance to the changes in the market and other economic factors. The entrepreneur needs to utilise their past and their current experiences in the business in order to develop the business and shape it accordingly.

Talent is an internal characteristic of an entrepreneur and therefore can be termed as something that is inborn (Turró et al., 2014). Talent among the entrepreneur can lead to the entrepreneurial success as talent and intuition may provide certain extensive level of performance that can lead to world class decision making and development of the business in an effective manner. However, there has been an observation that talent can be replaced by skills and knowledge.

Honesty is essential in every scenario but honesty in reality can be an enemy for the entrepreneur in certain complex scenarios. The extent of honesty within the company can be helpful for the building trust and loyalty that can enhance effective level of operations.

In order to make the business more efficient and effective it is essential for the entrepreneur to create connections with the help of which the business can be developed and expanded as well. Connections are essential for creating possibilities for generating a successful business. In this manner connections can lead to interacting with new people and in that matter transfer of new and innovative ideas with the help of which the entrepreneur can improve their level of business (Swoboda, & Olejnik 2016).

There exists a psychological factor that can have an impact on the success of the entrepreneurs. Luck plays a vital role because of the fact that entrepreneurs who are lucky would be able to gain their opportunity at the right time and at the right place. The entrepreneurs in this scenario would be able to accomplish their goals and would be able to take advantage of the benefits that is received due to positive luck (Dikert et al., 2016).

The essential success factors have been sorted according to the significance of the success of the entrepreneur. Accordingly the entrepreneurs can take actions that can improve the level of the operations. The significant factors that have been explained can lead to the generation of the potential for the business and therefore skills and knowledge can be used with the help of which the business can be developed and improved. The potentiality of the business is existent within the entrepreneur and therefore the entrepreneur plays a huge role in the business development (Lee et al., 2016). This has been the key factors that have made the business that is under consideration to grow in an effective manner and gain a revenue of over 2 million. The entrepreneurs need to stay disciplined as they are the idol for the employees and thereby the employees behave in a manner that would be fundamental for the company. The entrepreneurs have to be open mined with the help of which they can communicate with their employees and asks them about their grievances so that these things can be mitigated. The employees are even asked to provide their insights and suggestions in accordance to the operations of the company so that new ideas can be incorporated in the business (Muñoz, & Kibler 2016). In order to make the business effective, it is essential for the entrepreneur to become competitive in the market. The entrepreneur can undertake various plans and policies after assessing the market with the help of which the actions and plans that have been executed by the rival companies can be influential for the development of the business (Laukhuf, & Malone 2015). The extent of competition is related to creativity as the creative nature of the entrepreneur can lead to policies and actions that can enhance the level of business. The entrepreneur needs to have the mentality of remaining determined as determination within the entrepreneur would motivate them to get the desired jib done with the help of their employees and even remain focus on improving the operations of the business and attain their goals and objectives in order to make profits and stay alive in the economy.

Ethics, play a key factor in the operations of the business and therefore steps need to be taken by the entrepreneur in constructing policies and plans that are in accordance to work ethics. The ethics should be true and fair and should not be influenced by anyone. The entrepreneur has to have the zeal and passion for developing the operations of the business and needs to make effective level of actions that would improve their business performance (Guenzi, & Storbacka 2015). For a successful entrepreneur, they are the one who arrives the office before time and needs to be the last person who would be leaving the office. The entrepreneur has their mind constantly on the work and therefore is able to understand the changes that can be made in the business with the help of which effective level of performance can be undertaken.

The assessment of the success factors related to the entrepreneur explains that all the factors that have been explained are the essential success factors. It is seen that the comparison of the factors have led to the idea that willingness to take action is the main factor that may lead to the development of the business of the entrepreneurs. This factor is associated directly with other factors as well. The willingness to take actions is initiated by the internal characteristics of the entrepreneur like persistence, patience and creativity (Chen et al., 2015). These factors of an entrepreneur stimulates them to perform in an effective manner which influences them to undertake jobs in an effective manner. The comparison of the various factors have indicated that knowledge, skills and creativity has an enhanced role to play with the help of which the entrepreneur can segregate between what is right or wrong and accordingly construct policies and  plans that can be proficient for the business. The entrepreneurs are known to be the brain of a business and therefore their plans and management policies and the ideas play a fundamental role with the help of which the company as well as the management is able to enhance their activities (Eftekhari, & Bogers 2015). The level of entrepreneurship is an essential feature and therefore the company that has been taken into consideration looks to plan their policies based on the actions and the decisions of the entrepreneurs.  The success factors of the entrepreneurs is the key reason that has an impact on the expansion and development of a company and therefore every company along with the company that has been taken into consideration in this paper has given stress on these factors so that effective business decisions can be undertaken.  

 

Conclusion 

The paper has been able to explain the critical success factors with the help of which the entrepreneur has been able to maintain their level of operations and have been able to attain profit. The report has highlighted the fact that creativity and the patience of the entrepreneur plays a pivotal role with the help of which the operations of the company have been developed and innovative and mechanised services have been delivered. Creativity has been able to create new ideas along with the understanding the market so that the level of operations can be enhanced. The entrepreneur has to have the willingness to take actions because of the fact that risk taking ability and undertaking actions at the right place and at the right time would be able to increase the revenue of the company. The leadership skills of the entrepreneur is one of the key factors with the help of which the entrepreneur can take innovative and influential steps with the help of which the company would be able to enhance their operational activities. The risk taking capability of the entrepreneur determines the amount of competitive actions that a company wants to take and accordingly the development of the company is dependent on the same. The entrepreneur needs to have a sound mind in order to understand the transforming market and accordingly can take decisive steps in order to mould their business according to the changing pattern of the economy and the tastes and preferences of the customers. Therefore, these are the key factors with the help of which any company can attain competitive edge and accordingly expand their business in a precise manner. This interview has been helpful in determining the key success factors that have been explained by the entrepreneur who has been interviewed and accordingly these factors can be disclosed to the others so that they can implement the same with the help of which they can attain their desired goals as well. 

 

Reference List 

Bocken, N. M. P. (2015). Sustainable venture capital–catalyst for sustainable start-up success?. Journal of Cleaner Production, 108, 647-658.

Chen, M. H., Chang, Y. Y., & Lee, C. Y. (2015). Creative entrepreneurs' guanxi networks and success: Information and resource. Journal of Business Research, 68(4), 900-905.

Devece, C., Peris-Ortiz, M., & Rueda-Armengot, C. (2016). Entrepreneurship during economic crisis: Success factors and paths to failure. Journal of Business Research, 69(11), 5366-5370.

Dikert, K., Paasivaara, M., & Lassenius, C. (2016). Challenges and success factors for large-scale agile transformations: A systematic literature review. Journal of Systems and Software, 119, 87-108.

Eftekhari, N., & Bogers, M. (2015). Open for entrepreneurship: How open innovation can foster new venture creation. Creativity and Innovation Management, 24(4), 574-584.

Guenzi, P., & Storbacka, K. (2015). The organizational implications of implementing key account management: A case-based examination. Industrial Marketing Management, 45, 84-97.

Hampel-Milagrosa, A., Loewe, M., & Reeg, C. (2015). The entrepreneur makes a difference: Evidence on MSE upgrading factors from Egypt, India, and the Philippines. World Development, 66, 118-130.

Jones, M. F., Singh, N., & Hsiung, Y. (2015). Determining the critical success factors of the wine tourism region of Napa from a supply perspective. International journal of tourism research, 17(3), 261-271.

Laukhuf, R. L., & Malone, T. A. (2015). Women entrepreneurs need mentors. International Journal of Evidence Based Coaching and Mentoring, 13(1), 70.

Lee, C., Hallak, R., & Sardeshmukh, S. R. (2016). Innovation, entrepreneurship, and restaurant performance: A higher-order structural model. Tourism Management, 53, 215-228.

Muñoz, P., & Kibler, E. (2016). Institutional complexity and social entrepreneurship: A fuzzy-set approach. Journal of Business Research, 69(4), 1314-1318.

Neumeier, S. (2017). Social innovation in rural development: identifying the key factors of success. The geographical journal, 183(1), 34-46.

Osei-Kyei, R., & Chan, A. P. (2015). Review of studies on the Critical Success Factors for Public–Private Partnership (PPP) projects from 1990 to 2013. International Journal of Project Management, 33(6), 1335-1346.

Ramadani, V. (2015). The woman entrepreneur in Albania: an exploratory study on motivation, problems and success factors. Journal of Balkan and Near Eastern Studies, 17(2), 204-221.

Ramukumba, T. (2014). Overcoming SMEs challenges through critical success factors: A case of SMEs in the Western Cape Province, South Africa. Economic and Business Review for Central and South-Eastern Europe, 16(1), 19.

Raudeli?nien?, J., Tvaronavi?ien?, M., & Dzemyda, I. (2014). Towards economic security and sustainability: key success factors of sustainable entrepreneurship in conditions of global economy. Journal of Security and Sustainability Issues, 3(4), 71-79.

Schlosser, F. (2015). Identifying and differentiating key employees from owners and other employees in SMEs. Journal of Small Business Management, 53(1), 37-53.

Si, S., Yu, X., Wu, A., Chen, S., Chen, S., & Su, Y. (2015). Entrepreneurship and poverty reduction: A case study of Yiwu, China. Asia Pacific Journal of Management, 32(1), 119-143.

Swoboda, B., & Olejnik, E. (2016). Linking processes and dynamic capabilities of international SMEs: the mediating effect of international entrepreneurial orientation. Journal of Small Business Management, 54(1), 139-161.

Turró, A., Urbano, D., & Peris-Ortiz, M. (2014). Culture and innovation: The moderating effect of cultural values on corporate entrepreneurship. Technological Forecasting and Social Change, 88, 360-369.

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