Entrepreneurship And Industry Analysis Essay.

Learning Outcomes to be assessed:

The learning outcomes to be addressed through this assignment are:

Knowledge and Understanding

1. a) Analyse the critical debates about the role of entrepreneurs and entrepreneurship in the delivery of business innovation.
2. b) Evaluate the management efficacy of alternative approaches and tools to identifying, selecting and managing emerging opportunities.

Subject Specific skills

1. e) Provide a comprehensively researched and detailed analysis of emerging opportunities within a specific business sector and show an awareness of the contrasting influences.  

Key Skills

1. g) Collate, organise, critically evaluate and synthesise evidence and information from a variety of sources including: academic articles, business reports and case studies.
2. h) Solve problems using complex concepts, appropriate tools and arguments leading to creative solutions and innovative business approaches.
3. i)  Engage confidently in academic and professional communication with others, reporting on proposals clearly, autonomously and competently.

• Your summary should provide answers to following questions:

What do you intend to sell? Where will be your ‘position’ in the market?

What is the Industry like? Who are the main players and stakeholders? Who will be your customers?

How will you obtain products and reach your customers?

How will you provide services or sell your products?

Also, you need to include information about people and skills needed to successfully run your new venture.  

An entrepreneur is an individual who starts the business with a limited number of resources and efficient planning that is required and he/she is responsible for the rewards and risk of the business venture. The business idea encompasses the new product and services rather than having the business model. There are entrepreneurial start –up venture targets with the highest returns and equal level of uncertainty. The entrepreneur has been willing to take risks for financial security as well as career. This needs to spend time on the uncertain venture as well as the capital and arrangement of necessary raw materials, requisite capital and skilled employees. Marketing, distribution and sales are essential aspects which will be controlled through the entrepreneur. There is a small line between the small business and entrepreneur. The roles are common, but there are distinct differences which can set apart. Small businesses are known for dealing with the established products and entrepreneurial ventures with the innovative offerings. There is limited growth and has continued profitability and entrepreneurial ventures target for the rapid growth.

Environment Analysis is regarded as a strategic tool. This is the process which identifies the existing internal and external elements and this will have an impetus on the level of the opportunity or threat that these factors will possess. These evaluations have will get translated in the decision-making process. The analysis will help and with respect to alignment of strategies with the environment of the firm. The market has been undergoing changes every day. There are new things developed and whole scenario will be altered in a few seconds. There are few factors which will be beyond the control. A lot of control can be implied in the situations. Businesses have been influenced through the environment. All situational factors can determine daily circumstances and impetus on firms. Businesses will constantly make an analysis of market and trade environments (Kushwah, 2018). There are a number of strategic analysis tools which the firm will be able to use and these are common. The detailed analysis of environment can be given through the PESTLE analysis. This can give the strategic view of how to conduct the business. Strategy builders and managers have been using this form of analysis of finding where they stand currently. It helps foresee where the organizations will beget standing in future. The factors will be affecting the industry directly as well as indirectly (Kushwah, 2018).  

Managers will be required to learn about the political, social, economic and technological factors. This is how the PEST analysis is conducted. PEST is also considered as environmental analysis. This is regarded as short version of PESTLE analysis. External environmental analysis will be conducted by primary analysis and study of the macro environmental factors, competitor analysis and industry analysis and reviewing the growth of the organization. Macro environmental forces are regarded as dimensions in a broad society which will be influencing the firms that are existing within. This will be focusing on the future probability of the events. Industry environment also includes the contingencies set which will be having the direct influence on response and action of the firm. It will be focusing on factors that will be influencing the firm’s profitability existing within the industry and competitor analysis is focused on the anticipation of competitor dynamism in responses and action (Grier, 2014). E.g.: An organization ABC needs to accept a key call to differentiate its portfolio. Henceforth, it will go to the outer condition examination. By this, it will SCAN (for any flag of progress in patterns all in all condition), MONITOR (the progressions to check whether these happen from the anticipated filtered ones), and FORECAST (Tidström, 2012).

Industry Analysis

Industry Analysis is the strategic tools which facilitate the comprehension of the company which is relative to the position of other organizations and produce the same products and services. Comprehension of work forces in whole industry is regarded as important effective strategic component of strategic planning (Sumiati et al., 2017). Industry analysis will enable the small business owners for identification of threats and opportunities that are faced by the business and resources on the development of unique capabilities while will be leading the way towards competitive advantage. There are a number of small business owners as well as executives who will consider themselves as the worst victim and best observers of what have been running in the industry. The managers fail sometimes in understanding the industry, which has a direct impact on the ability of succeeding.

Understanding the industry and anticipation of future trends as well as directions will be given on which people need to do reaction and control the industry portion (Kamble, Gunasekaran and Sharma, 2018).  There are both competitors and people in the similar industry and key is searching for the different or similar abilities between the organization and competition and dealing with the industry special forces that will have an impact over the organization. It is essential in identifying the abilities that are regarded as superior to the competitors. The companies can utilize ability for the establishment of competitive advantage. The industry analysis will be comprised of 3 elements. Foremost, the underlying forces at the work and organization, the complete industry attractiveness and also the critical factors which will be determining the success of a company within a specific industry. One methodology through which business are compared is finding out the average of the participants in the industry. This can be achieved through the ratio analysis as well as comparisons (Vydra, 2007).  The ratios will be calculated through division of one measurable factor through total sales and the employee’s number. For instance- The financial ratios will be calculated through the whole industry with data available through many papers and reports published. By doing the comparison of a given ratio for one company and complete industry as the whole. The business owners will be learning about how the business stands when compared with industry averages. For instance-There is a nursing home (small), which will be comparing the payroll given every employee ratios through the residential care average operator and determining the competitive edge (Gugliermetti and Bisegna, 2006).   

With regards to professional achievement, the relationship building abilities are similarly as imperative as the specialized capacity. In view of that, here are five of the most imperative resources we have to follow to construct a beneficial and agreeable work environment (Coleman, 2014).

1. Being veritable-It's anything but difficult to see through faked acclaim (or appreciation) and either can be immediately translated as disparaging. The most believed associates in my circle are the ones who enable me to take care of issues with exhortation and respectability. Endeavor to be that individual to whatever number of your companions as would be prudent. Legit associates are significant resources, so dependably be genuine.
2. Being a decent audience- It's entirely clear when somebody is processing what people said instead of simply 'hearing' it. Accepting a point and reacting with vitality and suitability is completely the key. Regardless of whether it's in more extensive gatherings or even over messages, make an effort not to get notoriety for being separated or just concentrating alone plan. As we give our partners the complete consideration, we will find that they turned out to be more responsive to us – making a more open and aware working relationship(Savage, 2009).
3. Being sure-It ought to abandon saying, yet an inspirational viewpoint is a gigantic resource for the group. Much like a grin, a cheery disposition is irresistible and will make people a joy to be near. People can spread this nice sentiment by setting aside the opportunity to draw in partners (at all levels) in useful discussion. A dynamic office condition relies upon positive camaraderie, so dependably know about your commitment to this. This is especially valuable when things turn out badly. Harping on oversights can energize sick inclination among your group; however discussing "how we ensure it doesn't occur once more" covers a similar topic in a significantly more beneficial way. Endeavor to be the 'dynamic arrangements' individual in your work environment and you'll before long observe the effect(Lee, 2013).
4. Being dependable-The most grounded working connections are based upon trust. A great many people are attracted to colleagues and companions that they know can be relied on. Accordingly, in the event that you never avoid a test and constantly present certainty and perception to stand up to them(Price, 2013).
5. Being amiable-From the gathering staff to the CEO, no one ought to be absolved from this. Regard and amiability are essential to how you conduct yourself among the general population

The financial feasibility is a degree by which a strategy, project, or a program is financially possible and attractive too. The feasibility financial study is defined as an assessment tool of financial concerns of anything. In a scenario, for starting and running the business, it will be considering numerous things and include startup capital, revenues, expenses and investor income as well as disbursements. Other portions that are regarded as whole feasibility study would be contributing the data to the financial basic structure. The feasibility financial study needs to be focused on a group of projects or specific projects like the advertising campaigns. However, the purpose of establishment purpose of the company and attracting the investor must include the financial variables in a comprehensive study of the financial feasibility (Schulmeister, 2008).

Key People and Skills

Start-up funding requirement

Start-up funding represents what amount of cash is needed to initiate the business and make it running unless this has self-sustaining. The company must include the capital fund for running the business for a period of one to two years (Pooittiwong and Ramirez, 2016).

Searching for the initial start-up funding sources

There have been different ways of raising the business capital irrespective of the route the company has taken. Investors are interested in investing and the banks will be approving the loans and large multinationals will provide the company with contracts, if personally business invested. When the complete list is regarding funding resources, it is essential to include that how the company contributes to business and this also includes free labor. If the company is a non-profit organization, the given professional timings can be tax deductible (Mitchell, 2013).

Potential returns and feasibility study of investor

An Investor can be anyone friends, family members, shareholders, investment institutions and professional associates. The individual or business is willing of giving cash and this could be the potential investor. The investor will be giving the money on understanding of how the company will receive be receiving return on investments. In accumulation to this, the invested amount will be getting the profit percentage. In order to attract the investors, it is essential to show how the businesses will be making profits. How much profits will be made and investors will get what from the investment done. This investment returns category will be providing the investors description will be getting involved and discussion on different variables which will have an impact over the business profitability in more than one scenario (Burke, 2013).

Conclusion

Venture Capital is regarded as financing the investors for providing the start-up organizations’ and small businesses which are believed to have the long term growth. This term venture capital has been taken from the well-off investor and financial institutions and investment banks. However, this will not be taking any monetary funds and it can be provided through the management or technical expertise. This can be risky for investors who will be putting up for funds, the average returns are attractive pay off. For new organizations, venture capital is regarded as increasingly popular and essential source for attracting the capital.

Ventures add up to income, deduct the operational expense, and after that from the rest of the sum, choose what rate will be disseminated to financial specialists. Individuals ought to never guarantee 100% of the rest of the sum to the financial specialists. Individuals need to keep money close by to keep working your business, develop your business, and fabricate savings. Most venture returns are normally dispersed on a quarterly, half-yearly, or yearly premise. Think about how the different dissemination cycles could influence your business' income amid the initial two years of task.

References

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