Question

Project (60) Choose any small business of your choice. Using relevant management theory, engage with the management and staff of the business and find out the following information:

1. What does the owner believe to be the importance of entrepreneurship? (8)

2. What are the important qualities and characteristics of a successful entrepreneur? (12)

3. How do they make use of a various factors of production to produce their goods and services? (12)

4. How did they generate their business ideas? (13)

5. How did they plan for their business? Has their business plan helped them acquire additional funding? (15)

On completing your findings, write a project report detailing the specified information. Your answer must be supported by relevant theory.

Answer 1

1. The owner believes the importance of entrepreneurship as an economic activity contributing to the economic growth of the society with supplying goods, creating demand and offering employment. The owner considers entrepreneurship as an enterprising risk-taking activity to utilise the opportunities available and contribute towards social development and community work.

2. Important qualities of a successful entrepreneur are determined, self-confident, visionary, leadership, innovative, risk-taking, kind and ethical values.

3. They make use of various factors of production like labour, capital and land by using them in the business for generating more resources and facilities for running the business. The labour is essential to run a business and capital and land provide the support to generate the infrastructure needs for a business for the manufacturing of products or providing services.

4. The business ideas are generated based on market research, idea labs with employee participation and research and development activities, observing the market and industry trends, available resources and scope for growth potential based on expertise or partnerships and collaborations.

5. They planned for their business by considering the immense scope and demand in the industry, the facilities and resources available with them and experienced professionals and network to support the business for utilising the opportunities available. The planning was done based on studying market trends, starting the business on an incremental basis and adhering to the goals of providing quality and value to the customers, collecting feedback and suggestions for further changes.

Their business plan has helped them acquire additional funding as they have established their position in the market through consistent performance, availability of skilled labour and resources, experience and scope for expansion.