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Conditions of Motivation of Business Venture

Discuss about the Business Case Development of Entrepreneurship.

The study is related to the development of entrepreneurship in Singapore. The case study illustrates the development of the company Tranium Academy, a training providing enterprise by an entrepreneur named Eugene. Entrepreneurship is defined as the development and starting business ventures of its own. The concept of entrepreneurship is itself a challenging task where entrepreneurs must possess the characteristics of perseverance. Entrepreneurs while starting a new business should accept some negative attributes of loss of money, risk taking, suffering setbacks while embarking the journey of starting a new venture. In this context, the use of creativity in the minds of Eugene is the key cause of success of the business started by him in the market. There goes a concept that creativity and money do not correlate with each other. When entrepreneurs face various limitations then they start to become more creative in nature. The study focuses on the motivation of Eugene while starting his own venture along with the market opportunities that have supported him to start the business. Apart from that, the business model used by Eugene along with its feasibility in the market, sustainability, gaps and growth of Tranium Academy will also be discussed in the report.

The case study illustrates that Eugene Seah has faced countless setbacks while thriving his business of training in the Singapore market. Previously Eugene is associated in working with finance sector. At that sector, he used to take care of the strategic marketing and communications project over many years. Apart from that, he has attended many certification programs for training and assessment and has been associated with many seminars and workshops related to training and development in the Singaporean market (Chatterji et al. 2014). From his very childhood days, Eugene is attracted towards public speaking, hosting various events, enhancing personal skills, etc. It is a cause of motivation of starting his own venture in the future.

Apart from that, during his job life in the financial sector, he has gained many experiences in the field of training, development, personal grooming, public speaking, skill development programs, etc. that has been responsible for the source of motivation of developing his career in this sector. In his job life, he has gained opportunity to work with many trainers in different training programs, seminars and workshops that has enhanced his capabilities and level of expertise in the areas of training and personal development (Galindo and Méndez 2014). Beside this, there is a transition phase in the career where he has to choose for entrepreneurship and a career with no opportunities for growth. Pursuing with same position over years has no point of growth. However, there are many risks related to entrepreneurship that the entrepreneurs must understand while proceeding with the creative idea of venturing own business (Drucker 2014).

Opportunities Relative to Market Demands

Ample amount of research about the sector that the entrepreneur wants to start the business is essential. Entrepreneurship also includes the concept of both macro environment analysis and micro environment analysis. Macro environment analysis includes the external condition of the market relating to profitability, investment, scope of the business, growth of the business, nature of competition, number of competitors, dearth of technology usage, current trends of business model used in the industry by the major players, searching potential areas of growth and business, and many more (Sahut and Peris-Ortiz 2014). While having ideas of these attributes, entrepreneur will find motivation in exploring the marketing opportunities. On the contrary, micro environment analysis of the company includes resources, skills and the financial condition that the entrepreneur is available with. It will help in exploring the opportunities that Eugene will implement while expanding the business opportunities.

It is mentioned in the case study that Eugene has conducted enough market research on the genre of business he will be operating in. The different types of opportunities in the Singapore market regarding the training and personal development of the personnel is one of the opportunities for growth of the business venture. Market research of the training and development sector at that time was occupied with major players and their way of providing service is different from that of the other companies (Letaifa and Rabeau 2013). In this context, both the macro environment analysis and micro environment analysis of the market i.e. training and developmental market is important. Apart from that, the motivation for an entrepreneur is the zeal of starting his own venture in the field of expertise he has gained in the due course of time. The training and development of the professionals of the Singapore has been considered as the market opportunities in the business. The expertise that the entrepreneur has gained in his career life has immense importance while thriving the business in the Singapore market (Binnui and Cowling 2016).

It can be said that from the very beginning training and development is considered as the important factor for the growth of every companies in all parts of the world. Training, personal development, career development, enhancement of skills and expertise are always important not only for growth of career of the individuals but also for the growth of the companies in terms of employee relations and productivity of them in their respective fields (Shaw and de Bruin 2013). Apart from the corporate companies, the field is also important in different schools and personal career counseling activities. Different high level executives of Singapore believe of enhancement of their skills and expertise once in 3 to 5 years for their personal development in their profession they are associated with. Research of Eugene illustrates the fact that the major players of this industry are focused on only one activity with limited amount of resources and capabilities. Another opportunity for the growth of the business is the growth of the non academic tuitions for personal development (Thébaud 2015).

Relevant Business Model

The business model that is being initially used in Tranium Academy is partnership business of Eugene and one or more partners in the future years. As Eugene does not have sufficient amount of resources, hence he has joined hand with one event management company of one of his university friend. Initially partnership was agreed by both the parties and the business was started. There was no such specific business model used in Tranium Academy for capturing clients. All things are done manually by Eugene and other members of the business. Lack of use of technology in the business is the reason of very slow growth of the company as it was been projected earlier (Weber and Tarba 2016). There are many rejections and encounters that Eugene has to face while he is busy in tapping clients from the market. The positive side of Eugene in developing and flourishing his venture is capturing and grabbing knowledge from different sources and attending different seminars and workshops. The idea that Eugene captured from those areas were implemented by him in the business.

However, there are many weaknesses in this business model. The weaknesses are discussed above. But the positive side is only the expertise and knowledge gained by the entrepreneur itself to survive the business in the market of Singapore. Despite of having weaknesses, the entrepreneur has the ability to identify the potential business model relevant for the new venture of training and personal development. Being digital is the way identified by Eugene to sustain in the market. The potential business model that will help the entrepreneur to sustain in the competitive world is using technologies that use digital platforms such as websites, social media channels, etc. for tapping more clients for generating revenue for the company (?ledzik 2013). The company by using digital platforms will not only increase the profitability but also it will increase the brand image, reputation and popularity of the company in the market of Singapore. Hence, creating innovative digital content for the website is the chosen potential business model for the company to sustain the competition in the market.

Entrepreneurship is related to feasibility of the business venture in the market. An entrepreneur has to keep many things in his mind regarding the factors that may influence the business in the market. Mainly external factors are the point of concern that may cause a stoppage in the progress of the business. The external factor includes governmental rules, regulations, laws, trade regulations, safe competition, etc. Internal factors of feasibility of entrepreneurship illustrate the partnership ability of the business in the different operational perspective for the development and growth of the business (Maritz and Donovan 2015). The different perspectives that are mentioned in the case study points out the facts that the business is feasible enough to maintain its business in the market. The case study regarding entrepreneurship illustrates various scopes and opportunities that can cause both favor and unfavor the conditions for growth. The different conditions that are explained in the case study suggest that the business is feasible in the market of Singapore (Lindberg et al. 2014).

Feasibility of the business is the main point of consideration of every entrepreneur across different parts of the world. A list of things regarding the establishment of business in the particular sector is responsible for the positive growth of the venture in the market. The study describes about the opportunities of training and development in the market of Singapore. Apart from that, the condition of the market those are not favorable for the establishment and growth of the business is also mentioned clearly (Mro?ewski and Kratzer 2016). However, it can be said that besides of having many less favorable conditions for business growth, it can be said that the entrepreneur can utilize the available market opportunities in a way to increase the profitability of his business. Hence, it can be concluded that the business is feasible in Singapore market.

Control over a business is an important factor in terms of entrepreneurship. It can be said that the most of the businesses across the world is either established in sole proprietorship or in a partnership. Controls of business in both these types of businesses are different from one another. Control is necessary for the smooth flow of all business operations along with the profitability maintenance. It can be said that it is due to the nature of control of business that will determine the goals, objectives, profitability, way of conducting business, grip over the business and its action during the time of less favorable conditions in the market (Hoskinson and Kuratko 2015). The nature of control also determines the different types of actions that will be taken by the business while dealing with customers in different aspects. In this perspective, it can be said that the control of a sole proprietor business is different. Entrepreneur has to take care of each and every details of the business of its own. It can be said that the responsibility is huge over the field of control in sole proprietorship business. In partnership business, the responsibilities, control and other duties are divided into partners involved in the business. Decisions are taken in a joint way. It has both positive and negative aspects. Tranium Academy initially does not face any issues while controlling activities in the business (Patton 2013). However, due to passage of time, there are disputes that have been arisen in the partnership business of Eugene.

Starting a new business venture or the concept of entrepreneurship is characterized by potential growth and gaps that will help the entrepreneur in forming business strategies that will help the venture to sustain in the competitive business world. The gaps in the market are identified by the entrepreneur in the market so that they can get prepared about the different kinds of unexpected situations in the market that can hamper the profitability as well as the smooth flow of business operations in the market. In this context, potential gaps are identified by the entrepreneur himself that can affect the growth of Tranium Academy in the Singapore market (Padma and Sridhar 2016). The weaker areas of the company are the gaps that are responsible for creation of the negative catalytic affect in the business. Different types of positive actions and activities of the competitors in the market are also considered as the factors of growth in the company.

The case study reflects about different favorable factors of growth for flourishing the training academy of Eugene in the market. It is the responsibility of the entrepreneurs and the partners involved in the business to detect and identify the favorable factors for growth as well as the negative factors that inhibits the growth of the company in the market. In this perspective, it can be said that the entrepreneur i.e. Eugene has a huge level of expertise and skills in the field of training and personal development (Soares et al. 2013). Apart from that, the different kinds of degrees that Eugene possesses along with certifications courses that helps in the growth of Tranium Academy in the market. The market research conducted by the company is also responsible for identification of the different aspects of growth regarding the change of business model of the company along with the increase of profitability of the business in the long term (Ceptureanu 2015).

The concept of sustainability is a vital aspect that helps business in creating a positive impact on the minds of the target customers in the target market i.e. Singapore market. Nowadays, sustainable approaches are adopted by companies to create positive impact in the minds of the people. Sustainability is the area which is focused not only by the company itself but also by the consumers (Mok 2015). If businesses in the competitive market do not have sustainability approaches or business operations, then they are not be able to sustain in the market for long term. In this perspective, sustainable approach of implementing digital approaches and technologies will help Tranium Academy while creating a positive impression in the minds of their target customers. Going digital and implementation of technology while maintaining sustainability are the best methods or approaches, that the business can implement in order to increase the profitability and feasibility of the business (Cropley and Cropley 2014).

Conclusion

The report discusses about the different aspects of flourishing the business in the Singapore market. The report discusses about the strengths, weakness and feasibility of the current business model along with proposition of another most feasible option of business model in the company which will increase the growth and profitability of the company. Apart from that, the viability, feasibility of the business is described in terms of the flow of business in the market. There are different types of problems that Tranium Academy faced is also discussed in details along with recommendations for avoiding the business.

References

Binnui, A. and Cowling, M., 2016. A conceptual framework for measuring entrepreneurship and innovation of young hi-technology firms. GSTF Journal on Business Review (GBR), 4(3).

Ceptureanu, E.G., 2015. Connection Between Entrepreneurship And Innovation Into Romanian Small And Medium-Size Enterprises. Risk in Contemporary Economy, pp.127-134.

Chatterji, A., Glaeser, E. and Kerr, W., 2014. Clusters of entrepreneurship and innovation. Innovation Policy and the Economy, 14(1), pp.129-166.

Cropley, D.H. and Cropley, A.J., 2014. Managing entrepreneurship for innovation: a psychological analysis (Doctoral dissertation, Edward Elgar Publishing Limited).

Drucker, P., 2014. Innovation and entrepreneurship. Routledge.

Galindo, M.Á. and Méndez, M.T., 2014. Entrepreneurship, economic growth, and innovation: Are feedback effects at work?. Journal of Business Research, 67(5), pp.825-829.

Hoskinson, S. and Kuratko, D.F. eds., 2015. The Challenges of Ethics and Entrepreneurship in the Global Environment. Emerald Group Publishing.

Letaifa, S.B. and Rabeau, Y., 2013. Too close to collaborate? How geographic proximity could impede entrepreneurship and innovation. Journal of Business Research, 66(10), pp.2071-2078.

Lindberg, M., Lindgren, M. and Packendorff, J., 2014. Quadruple Helix as a way to bridge the gender gap in entrepreneurship: the case of an innovation system project in the Baltic Sea region. Journal of the Knowledge Economy, 5(1), pp.94-113.

Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for greater discipline contextualisation. Education+ Training, 57(1), pp.74-87.

Mok, K.H., 2015. Questing for Entrepreneurship and Innovation for Enhancing Global Competitiveness in Hong Kong. In Research, Development, and Innovation in Asia Pacific Higher Education (pp. 115-134). Palgrave Macmillan US.

Mro?ewski, M. and Kratzer, J., 2016. Entrepreneurship and country-level innovation: investigating the role of entrepreneurial opportunities. The Journal of Technology Transfer, pp.1-18.

Padma, M.C. and Sridhar, V., 2016. Mini-Project Based Approach to Promote Entrepreneurship and Innovation in Engineering Education. Journal of Engineering Education Transformations, 29(3), pp.67-74.

Patton, D., 2013. Entrepreneurship: globalization, innovation and development. International Journal of Entrepreneurial Behavior & Research.

Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small Business Economics, 42(4), pp.663-668.

Shaw, E. and de Bruin, A., 2013. Reconsidering capitalism: the promise of social innovation and social entrepreneurship?. International Small Business Journal, 31(7), pp.737-746.

?ledzik, K., 2013. Schumpeter’s view on innovation and entrepreneurship.

Soares, F.O., Sepúlveda, M.J., Monteiro, S., Lima, R.M. and Dinis-Carvalho, J., 2013. An integrated project of entrepreneurship and innovation in engineering education. Mechatronics, 23(8), pp.987-996.

Thébaud, S., 2015. Status beliefs and the spirit of capitalism: Accounting for gender biases in entrepreneurship and innovation. Social Forces, 94(1), pp.61-86.

Weber, Y. and Tarba, S.Y., 2016. Mergers and acquisitions, entrepreneurship and innovation. Emerald Group Publishing.

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