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

I am going to explain the given questions with a hypothetical example that can be related to every small business. So this explanation can be related to any small business. Please rate this answer a thumbs up, if you find this useful. Let me know if you have any doubts regarding my explanation. Thank you.

1. In any small business the owner himself is the ultimate decision maker. In most of the small businesses owner has to take the risk of taking decisions, There will be a few people or sometimes none for helping him out. So entrepreneurship is a great responsibility from the owner's point of view, since it involves lot of decision making skills and brainstorming. Entrepreneurship is often considered as an activity which helps an organization in developing it's wealth by taking care of each and every activity. So by this we can conclude, that this whole process can be important for any small business owner relating  the importance of the ownership.
   
2. There are many characteristics that are actually important for a successful entrepreneur. Some of the important characteristics are, identifying the reasons for setting up the business and understanding the market trends. And also a successful entrepreneur should also focus on the main vital and important things that are actually needed for running the organizations rather than unnecessary things. And another important characteristic is finding and recruiting the people who are suitable for the organization culture. A successful entrepreneur also tries to set new goals and objectives whenever the old ones are achieved so as to keep him motivated all the time. These are some of the important characteristics for being a successful entrepreneur. This is list just an exhaustive list.
   
3. For any organization the factors of production are considered as Ownership, Capital, Land and Labor. Any small business would try to use these factors efficiently. Using efficiently means getting more output with minimal input. A typical small business would try to get Labor at lower cost and capital at lower rate of interest (if possible own capital) as well as efficient use of Land, Buildings, Machinery and efficient Ownership for producing goods and services. So by this we can conclude that in this way every small business would try to use the factors of production for producing good and services.
   
4. In every small business the owner is made responsible for developing a business plan or new business idea. To implement his ideas, he can create a management team for the best results. Then, the owner can maintain his business through the team by giving them valuable suggestions. The suggestions will be strategies for developing business. Some of the methods for generating business ideas would be having proper team for analyzing market trends, environmental situations and also by assessing the internal and external factors to the organization. By following these methods one can identify new opportunities and develop new business plans and ideas.
   
5. Any small business would first draft a business plan that suits it's organization culture. And later it identifies the opportunities it has for making the business plan successful. A successful business plan should match with company's vision and mission by understanding its goals and objectives. By this way a typical small business would plan. And it is obvious that a successful business plan would help the business in getting or raising funds easily. A good business plan would attract prospective customers and clients. This makes the small business get funds easily.