BPM 320: ENTREPRENEURSHIP IN PROJECT MANAGEMENT
QUESTIONS
An entrepreneur is a person who scans the environment, identifies the business opportunity, and brings the resources together to start a business, while entrepreneurship is the process of scanning the environment, identifying the business opportunities, and bringing the resources together to start a business to make profits (Ostergaard, 2019).
(b) Explain five (5) pathways to entrepreneurship. (10 marks)
A business plan is a tool that helps entrepreneurs to design their ventures and design a business idea before taking any necessary actions. A business plan provides a future map of the venture that the entrepreneurs desire to get into (McKenzie, 2017).
It is a plan that concerns the successful operations of the business, identification of the financial sources. It generally deals with how a company will create value through the customer base and the company products in a particular market (Geissdoerfer, Vladimirova & Evans, 2018).
The concept gives a summary of the performance of the company, more specifically in the financial performance. The model helps to enable better financial decisions and also determine the cost of capital.
The concept above is a business tool that helps you visualize all of your business’s building blocks, such as clients, route to market, value proposition, and financing. It helps to target customer needs, reduce the risk of failure, and focus on achieving profitable business through product innovation and designing the business correctly (Keane, Cormican & Sheahan, 2018).
(b) With the help of an illustration of an enterprise of your choice, explain the contents of a good business plan. (20 marks)
The enterprise of choice is a sole trader in chicken farming (Poultry).
The executive summary. It helps to summarize what the enterprise will accomplish and what is in the rest of the plan. It should be compelling and describe the products and services with the mission statement. For example, the products, in this case, are the chickens and eggs.
Company description. It describes the company’s critical information about the enterprise. It includes the goals, the customers targeted, why the enterprise and not the competitors, and the enterprise solutions to customer needs. The goals here can be winning the hearts and the tastes of the customers and improving the living standards in the region. The target customers can be locally and internationally, such as hotels and supermarkets (McKenzie, 2017).
Market analysis. The market analysis should indicate the specific enterprise wants to enter, and it should help visualize the target customers. It should contain customer information on their earnings, buying habits, what their wants and needs are.
Competitive analysis. A good business plan should contain a competitive analysis that can help to be aware of the strengths and weaknesses of the competitors and develop strategies to stack up. In this case, the competitors don’t offer transport services which is a weakness to them that can be used to defeat them (McKenzie, 2017).
Description of the management and the organisation. This is to show how the enterprise is set up. It deals with the introduction of the managers and the abstract of the skills and roles. The owner of the business is the manager and controls every activity within the poultry business.
Analysis of the products and the services. A good business plan should contain the breakdown of the products and services, how long they may last and how they may meet the current demands.
Marketing plan. It contains the procedures on how the products and the services will reach the target customers. It contains the steps to promote the products and the budget for implementing the strategies. Through the sales representatives, the orders can be made for eggs and chicken and delivered to them by the sales representatives through any channel available.
Sales strategy. This indicates how the products will be sold and the services offered. It also includes the sales targets and should be specific. The sales target of chicken farming are individuals, hotels, and fast-food restaurants.
Financial projection. This shows the financial goals and expectations based on the market research (McKenzie, 2017).
(c) Justify the need for business planning? (5 marks)
Business planning is critical in the business, whether it is small or growing enterprises or big enterprises. Business planning guides every decision that can positively or negatively affect the business; they determine the business’s success. It provides clarity on all the aspects of the business, from marketing to finance to operation and the product details. They help develop a strategy to start a business; they guide growth and navigate the expansion into the new markets for the small businesses. Business planning helps to know whether you need things like new assets, help in creating a marketing strategy, and investment in the business.
The classical theory is anchored in free trade, specialization, and competition values. The values help guide the business activities to the extent of allowing business activities to be carried out freely, allowing firms to specialize in producing what is in their line of expertise while allowing free and fair competition. The proponents of the theory put the entrepreneur as the center of the business that directs the activities in the competitive market (Strachan, 2018).
Behaviorism school of thought. The thought explains that environmental causes can explain all behaviors rather than internal forces. The psychosocial theory idea indicates that an individual faces a conflict at every stage where the conflict may not be resolved successfully (Thompson, Verduijn & Gartner, 2020). From the theory, ego makes contributions to developments through the mastering of ideas, attitudes, and skills.
Social theories are paradigms or empirical structures that are used to research and understand social phenomena. Social theories are a technique that social scientists use to discuss historical controversies about the validity and reliability of various methodologies, the importance of structure or organization, and the relationship between contingency and necessity.
The contingency theory school of thought argues that the fit between an organization’s resources, structure, and strategies on the one hand, and the external environmental conditions that may include political, economic, social, and technological conditions on the other, determines its success (Williams, Ashill & Naumann, 2017).
The leadership theories explain how and why some people become leaders. The theories focus on the traits and the behaviors that people may have to increase leadership. They view strong ethical and moral standards, great self-organization skills, efficient learner, nurturing growth in employees, and fostering connection and belonging as the important traits of the leaders.
The great person theory states that certain people are born with the requisite characteristics that distinguish them. These characteristics are responsible for their ability to rise to positions of power and authority. Assumptions are drawn that leaders are born, not made, and have certain traits that they inherited, and they can come out when there is a great need (Thompson, Verduijn & Gartner, 2020).
A sole proprietorship is an unincorporated form of business owned only by one person who enjoys all the profits and suffers all the losses alone. The sole proprietor provides the necessary capital and other resources alone.
A partnership is a relationship between two or more persons jointly carrying out a business to make a profit. Each partner contributes capital and other resources needed, and also they share profits (Winfree et al., 2018). It can be permanent or temporary. Examples may include general partners and limited partners.
This is an advanced form of partnership that operates as a separate legal entity away from the owners. The minimum and maximum membership numbers are two and fifty, respectively, excluding past and present workers (Winfree et al., 2018). Their stock isn’t easily transferable. They are unable to sell shares to the general public. At least one director is needed. They start doing business as soon as the registrar of companies issues them a certificate of incorporation.
They must have a minimum of seven members, but there is no limit. Their shares can be freely traded. Trading certificates and an annual audit of accounts are required. A minimum of two directors is required. They may have limited or unlimited liability.
A cooperative is a private enterprise owned and operated by the people who use its goods, services, or supplies. A cooperative aims to meet the economic, cultural, and social needs of its members and the society in which they live. Cooperatives also have a clear sense of community and emphasize improving the communities in which they operate or work (Winfree et al., 2018).
References
Agbai, E. P. (2018). Pathways to entrepreneurship training towards addressing youth unemployment in Nigeria.
Geissdoerfer, M., Vladimirova, D., & Evans, S. (2018). Sustainable business model innovation: A review. Journal of cleaner production, 198, 401-416.
Keane, S. F., Cormican, K. T., & Sheahan, J. N. (2018). Comparing how entrepreneurs and managers represent the elements of the business model canvas. Journal of Business Venturing Insights, 9, 65-74.
McKenzie, D. (2017). Identifying and spurring high-growth entrepreneurship: Experimental evidence from a business plan competition. American Economic Review, 107(8), 2278-2307.
Ostergaard, A. (2019). The beneficial differentiation within entrepreneurship of self-employed, business owner and entrepreneur. Industry and Higher Education, 33(1), 18-29.
Strachan, G. (2018). Can education for sustainable development change entrepreneurship education to deliver a sustainable future?. Discourse and Communication for Sustainable Education, 9(1), 36-49.
Thompson, N. A., Verduijn, K., & Gartner, W. B. (2020). Entrepreneurship-as-practice: grounding contemporary theories of practice into entrepreneurship studies.
Winfree, J. A., Rosentraub, M. S., Mills, B. M., & Zondlak, M. P. (2018). Ownership and the Emergence of Team Sports. In Sports Finance and Management (pp. 35-71). Taylor & Francis.
Williams, P., Ashill, N., & Naumann, E. (2017). Toward a contingency theory of CRM adoption. Journal of Strategic Marketing, 25(5-6), 454-474.
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