Entrepreneur and entrepreneurship

Order Instructions:

This module is assessed through two pieces of coursework.
• Case Study Assignment
• Business Planning Assignment

a. Case Study Assignment

The case study assignment will contribute for 70 per cent of the module assessment. It can be in the form of an essay or report and should be typed or word-processed; it should comprise no more than 1,500 words.

Aim

The aim of the individual case study is to show your understanding of a number of entrepreneurship concepts from the module and your ability to apply these in a meaningful, insightful and balanced way. The case study assignment emphasises an understanding and application of concepts you have studied in the module to analysing the entrepreneurial process, the role of the entrepreneur and entrepreneurial outcomes

“Timmons’ described successful entrepreneurs as ‘patient leaders, capable of instilling tangible visions and managing for the long haul. The entrepreneur is at once a learner and a teacher, a doer and a visionary.’ This is all very different from the charismatic hero much loved by folklore. Timmons talks about six dominant themes (‘core attributes’) for successful entrepreneurs and ‘desirable traits’:”

1. Leadership
2. Commitment and determination
3. Opportunity Obsession
4. Tolerance of risk, ambiguity and uncertainty
5. Creativity, self-reliance and ability to adapt
6. Motivation to excel

Alongside this he identifies some desirable traits:

1. Intelligence
2. Creativity & Innovation
3. Energy & Health
4. Emotional Stability
5. Capacity to inspire
6. Values

Adapted from: Entrepreneurship & Small Business, Burns, Palgrave Macmillan 3rd Ed, 2011:441. This is taken from the ‘Original Source’ (latest edition): New Venture Creation – Entrepreneurship for the 21st Century, Timmons & Spinelli, McGraw Hill 8th Edition, 2008

Required:
• Discuss briefly the terms entrepreneur and entrepreneurship.

• Select an ‘entrepreneur’ and illustrate with examples to what extent Timmons core and desirable attributes are applicable to them. You may tabulate your findings.

• Critically evaluate whether these attributes alone fully explain the successful launch and growth of your entrepreneurs venture. What other factors are critical?

• Based on your response and understanding of entrepreneurship following on from the module, what do you conclude about successfully launching and growing a new venture?

• How has this learning impacted you personally in terms of being an entrepreneur or more entrepreneurial?

You are reminded to make use of examples from your analysis and draw upon wider reading of the entrepreneurial literature, in your response.

Additional Guidance:

You can select an entrepreneur who has created a business or social enterprise and your research can be based on ‘desktop’ research or an interview. The entrepreneur need not be well known and you may use someone you know personally. Draw on multiple data sources, clearly reference your work and make use of theoretical frameworks and academic literature discussed through the module and wider reading. The aim is to demonstrate a thorough and grounded understanding of the entrepreneurial process.

Issues you may wish to consider in your analysis include (this is for guidance only):

• the background of the entrepreneur
• the source of the idea
• how the idea was translated into an opportunity
• the role of the entrepreneur(s) and how they coped with risk and uncertainty
• the role of the environment
• the role of social capital
• the types of resources used and how they were acquired
• the role of luck

Further guidance will be provided throughout the course of the module.

Assessment Criteria for Individual Case Study
At the highest level there is no ‘perfect solution’. However higher marks will be awarded for:
• Understanding & Analysis – identification and critical analysis of key issues, quality of reasoning, clear conclusions.
• Evidence of further reading – beyond lecture notes and core text.
• Use of relevant theories, frameworks and terminology.
• Creativity – in evaluation and presentation
• Structure, Style & Presentation of work – clear organisation, logical flow with appropriate use of tables, diagrams and appropriately referenced.

b. Business planning assignment
The business planning assignment will contribute 30 per cent of the overall module assessment.
The assignment is in the form of a business model evaluation and should be typed or word-processed; it should comprise no more than 1,000 words.
The appendices should not exceed 8 pages.
Assignment aims
The aim of the assignment is to show your understanding of a number of entrepreneurship concepts from the module and your ability to apply these in a meaningful, insightful and balanced way. The assignment emphasizes an understanding and application of concepts you have studied in the module to identify, develop and evaluate a business idea and distinguish an ‘idea’ from an ‘opportunity’.
Assignment task
Identify a potential business idea, explore this and construct a business model. Evaluate whether or not your business model is feasible.

The format of your final report will vary according to the nature of the business but it should typically include:

• Product/Service Description (Business Concept)
•  Market Research
•  Financial projections (One year cash flow and profit and loss, break even, investment requirements)
• Evaluation of the business model
• Supporting Documents (where necessary)

Ensure that you clearly indicate how much investment would be needed to start the business. The business model should be as realistic as possible, keep assumptions to the minimum, including about your own skills and abilities.

The evaluation of the concept should address the following:

• What are the strengths and weaknesses of the concept?
• Is the business concept feasible?
• Would you pursue this venture? Why or why not?

SAMPLE ANSWER

Introduction

Many people have failed in their businesses due to lack of essential skills concerning entrepreneurship. When one has basic knowledge on entrepreneurship such as the role of entrepreneur, the possible challenges as well as how to tackle them, it leads to success in delving in a given business venture. This paper analyses different aspects of entrepreneurship such as the role of entrepreneur, and how to venture into business in a successful way. There is analysis of the Timmons core and desirable attributes and their applicability in entrepreneurship based on a case study. There is also analysis of how one can maneuver in a new business venture based on a business model. Aspects such as the feasibility of the business venture have been analyzed.

Entrepreneur and entrepreneurship

According to Millán, Congregado, Román et al (2014) an entrepreneur is a person who develops a business idea, acquires the necessary resources and runs such a business. Such a person is usually responsible for the success or failure of the business. For an entrepreneur to be successful in a given business venture, they must be able to articulate some viable attributes in relation to the entrepreneurial ecosystem. This idea emanates from the consideration that; a business does not exist in a vacuum. The entrepreneurial environment plays a great role in influencing success or failure of a given business venture. The entrepreneur must therefore not take for granted the prevailing environment, but must put it into consideration as they move along with management of the business.

Entrepreneurship entails the process of starting a given business venture. Millán, Congregado, Román et al (2014) clarify that; before the start of such a venture, the entrepreneur must have conceived an idea of the idea. Entrepreneurship also involves assembling the required resources. These do not just include monetary resources but may have also to involve personnel. Entrepreneurship also entails managing the given business venture to ensure its success. This idea is based on the consideration that; no entrepreneur starts a business venture with the aim of seeing it fail. But still, for such a business idea to succeed, the entrepreneur must put in the necessary efforts and skills.

Case study

A case study of a well known entrepreneur has led to understanding of applicability of Timmons core and desirable values. The entrepreneur in question is here is Steve Jobs, the founder of Apple. This entrepreneur came to be known in the whole world following his entrepreneurial skills which led to development and maintenance of a global business that withstood the test of hard economic times as well as other business hardships. The skills exercised by this globally known entrepreneur cannot be said to have emanated from business schooling, rather they are associated with his innate traits that perfectly orient to business, as well as his past experience in undertakings that were related to the ventures he came to take.

Through his savings coupled with contribution from his partner, the Apple Company was started. The vision of this entrepreneur was oriented to seeing that the products would change the way people communicate in the whole world. It is such kind of vision that saw the success of this company, and which many entrepreneurs today ought to emulate regardless of the orientation of their businesses.. Timmons core and desirable attributes of an entrepreneur are applicable to this entrepreneur as shown in this table.

leadership	Entrepreneurial trait of leadership has been manifested in this entrepreneur in the way he made leadership in the company. As it is understood, it is not always that leadership is demonstrated in words. Steve Jobs entrepreneurial trait of leadership could be analyzed in terms of the way he set good example as a leader to the employees in his business especially in articulating the quality of hard work.
Commitment and determination	The trait of commitment and determination is manifested in the undertakings of Steve Jobs in the way the way he managed to keep his business afloat despite many challenges that are inescapable in every given business. It is this commitment and determination that saw him come up with gadgets that were not envisioned by any one before and keep measure in place to ensure that they reach the targeted destinations. This determination also enabled him to come up with varieties of the gadgets in a bid to match different needs of different people.
Opportunity obsession	Opportunity obsession in Steve Jobs is manifested in his seizing of the opportunity that he saw in the need for communication especially in the modern world. It is realization of this opportunity that saw Steve Jobs put efforts in ensuring that he comes up with devices that are capable of solving the rising needs of communication
Tolerance of risk, ambiguity and uncertainty	This is manifested in the investment in electronic devices especially in the initial stages whereby; there was no certainty of the outcome.
Creativity, self-reliance and ability to adapt	It is creativity that saw Steve Jobs envision his devices being used allover he world. .
Motivation to excel	Motivation to excel saw Steve Jobs put efforts in coming up with devices that match the need of communication in the modern world. This is more so especially in coming up with highly portable devices.

 

This entrepreneur demonstrates desirable traits necessary in success of entrepreneurship. For instance, the trait of intelligence is highly demonstrated. Ankeny (2014) proposes that; intelligence is a very much viable trait when it comes to entrepreneurship. It is this intelligence that saw continued existence of this business venture and in a highly successful way despite the many other businesses of this caliber. The trait of creativity is demonstrated in this entrepreneur in the sense that there were efforts to come up with a device that matches a given need for particular groups of people.

These factors are not exhaustive when it comes to entrepreneurship. This idea emanates from the realization that; depending on the nature of business, there is always need to embrace different attributes to ensure success. For instance, creativity must take different angles when it comes to different business venture. Millán, Congregado, Román et al (2014) maintain that; there must also be deliberate seeking of more knowledge concerning business. In the case of this entrepreneur, there should be more efforts of ensuring additional knowledge. This idea is based on the consideration that; the business world keeps changing and therefore entrepreneurs must always be in the front line when it comes to additional studies concerning business.

Many people may be tempted to think that nothing more would have been needed in Steve Jobs, but no one knows how more education would have impacted him in terms of improving his entrepreneurship. It is therefore, crucial that; entrepreneurs attend conferences or even join classes of business studies that will ensure expansion of their business knowledge. Such entrepreneurs should ensure the same for the workers so that they reap the benefit of having highly knowledgeable workers.

Successfully launching and growing a new venture

Many people, including entrepreneurs take for granted the process of launching and growing new venture. As Ankeny (2014) found out; in order for one to be successful in launching and maintain a new venture, they must be articulate in coming up with the business idea. The idea should be based on reality in the ground and not on fantasies. When one has ensured that the idea is viable through a feasibility test or survey, it is crucial that they come up with the strategies of ensuring its launching. For instance, select a strategic positioning f the business. The entrepreneur must ensure that they acquire and maintain human personnel. Many people are tempted to think that as long as one has monetary resources, it is enough for a successful launch of a business. One must have the right human personnel to ensure success. Such human personnel must be well selected in terms of their education level, ability and willingness to serve the purpose.

When an entrepreneur gets the right personnel as required, they ought to ensure that they employ strategies of maintain them. For instance, reasonable remuneration goes a long way in ensuring that the entrepreneur does not lose the good workers. Incentives for motivating the workers also ensure that they employ good performance. To ensure successful launching and growing of a new venture, the entrepreneur must ensure an availability of required materials. For instance, if the business requires transportation, there must be an availability of transportation facilities. There must be an accumulation of adequate capital to ensure that the business kicks up in good momentum.

It is crucial that entrepreneur ensures utilization of the unique advantage of the business. This idea is pegged on the consideration that; when one is coming up with a business idea, they must ensure that there is an element of uniqueness in the venture. This aspect is what the entrepreneur must then seek to utilize in order to maximize on profitability. For instance, if the business attracts more sales in a given period of time, such time must be made use of in the highest way possible.

The entrepreneur must ensure good organization and coordination. This idea is pegged on the trait of an entrepreneur hat touches on leadership. The entrepreneur is a leader who must lead by example. A good organization and coordination of a business ensures a success of the venture. In order to ensure success, the entrepreneur must ensure that the business keeps congruency to the culture of the society. This ensures that the business gets maximum customers which translate to success.

The learning in this course is very much influential because it gives one insights in to the way to become a successful entrepreneur. Articulation of elements of this success such as the core and necessary traits of an entrepreneur as well as the strategies f ensuring success in venturing into a new business, lead to better knowledge and enthusiasm in the entrepreneurial world.

Business planning

The conceived business idea involves provision of computer training services. This idea is based on the realization that; there is increased demand for computer knowledge in the modern world. It is realized that, many people have deficits in one area of computer operation or the other. Other people do not have the idea of operating such useful devices. Pisano (2015) suggests that; in coming up with business ideas, one must consider the available opportunities

The conceived business idea would therefore involve customizing the service to the needs of the individual client. For instance, those that have an idea in one area and not the other would be taken through the course on the part that they lack knowledge. There would also be flexibility in offering the services to match the different timings of clients. For instance, the people who cannot be able to come for the services in daytime due to work or other commitments would be attended at their convenient time. This aspect is in the realization of many commitments ailing people that make them not to be able to get time for some increased knowledge in the usual hours. In consideration of such commitments, there would be more flexibility in the services such that, there would be offering of coaching at one’s required place at extra charges. This would allow people to receive coaching in the comfort of their homes or at relaxation places.  Such flexible offer of services would on the other hand provide extra income due to the extra cost associated with them. However, it is realized that; this kind of business requires heavy investment especially with the flexible services. For instance, there would be need for extra workers to cater for the offering of services outside the business premises. Laptops would be required for the venture as well as an office location for contact.

Market research for this business venture would delve in the availability of customers for such services and if they are willing to pay enough for the services such that the business is viably sustained. Pisano (2015) maintains that; such market survey would also entail the cost of needed implements.  These would include computers and software. There would also be exploration of the success rates of similar or oriented kind of businesses so as to ascertain the areas that need innovation for more success.

Financial projections

Financial projections in this business model touch on the cash received from the services offered and the costs incurred in buying the implements as well as offering the services. There is a complication in accounting for this kind of business venture due to the realization that there is a huge sum required in the initial investment stage. But the good thing is that the implements bought would serve for a long time while generating profits. There would therefore not be an accumulation of profits in the initial stages; rather, there will be a lapse of time before real profit is generated. It is therefore conclusive that; this kind of business venture requires huge investment as well as patience in waiting for the reach o f profitability stage.

Analysis of the expected cash flow and the expected costs would suggest that within the first one year there would be break even. This is whereby; the business would have been able to pay up all the required cost. There would be cash in but no profit would have been made. This is mainly due to the initial cost of buying electronic implements for the venture. At such point, there would be no profit neither would there be loss. This is as seen in appendix 1

One year cash flow

This is estimated to be as shown in appendix 2

Analysis of the business model

The business model adopted is as seen in appendix 3. The strengths of this business concept touch on its orientation towards realistic needs in today’s world. The world today is revolving around technology and therefore, it is crucial that everyone gets knowledge concerning computer application which enables one to interact with the world as well as carry out much functionality which is useful in business and in day to day life. Therefore, basing a business venture on such need makes it very strong and able to fetch a high market hence its success. Strength in this business model touches on the flexibility of services. The services are to be flexible such that it is possible to accommodate as many customers as possible. Haslam, Tsitsianis, Andersson (2015) assert that; when a service orients to the needs of the customers, it is highly viable and the chances of its success are usually very high. In this model, there is consideration of competencies. In regard to this, the entrepreneur involved, has knowledge concerning the service being offered. There must also be consideration of competency of the employees to be utilized, not only in offering the service required in the business but also in having business knowledge such that they are able to generate income.

In view of this business model, there must be good management f the business. This touches on management of the utilities as well as the personnel involved in the business. Haslam, Tsitsianis, Andersson (2015) note that; in management, one ought to implement the core trait of leadership in successful business management. The product involved is the services being offered. Revenue is expected to be collected from the offering of such services in a flexible manner. In view of this model, there ought to be a wide distribution of the services, but in a controlled manner such that the extended distribution brings in more profits.

However, there is weakness in terms of the initial cost required. The initial cost is high due to the need to buy electronic devices and also payment of initial cost of rent. There is also weakness in terms of the fragility of devices to be used. For instance, it is easy to incur losses from computer breakage or theft. However, this business concept is feasible because; the expected profit far much surpasses the costs involved. In consideration of the long term profit, it would be viable to pursue this venture.

Appendices

Appendix1

Appendix 2

Cash at start      5000

Cash in

Sales in cash——3000

Sales in credit —–500

Cash going out

Inventory ——4500

Rent —200

Wages —2000

Insurance—100

Ads ——-100

appendix 3

References

ANKENY, J 2014, ‘YOU WIN SOME, YOU LOSE SOME’, Entrepreneur, 42, 3, pp. 64-70, Business Source Complete, EBSCOhost, viewed 7 July 2015.

Haslam, C., Tsitsianis, N., Andersson, T., & Gleadle, P. (2015). Accounting for Business Models: Increasing the Visibility of Stakeholders. Journal Of Business Models, 3(1), 62-80.

Millán, J, Congregado, E, Román, C, van Praag, M, & van Stel, A 2014, ‘The value of an educated population for an individual’s entrepreneurship success’, Journal Of Business Venturing, 29, 5, pp. 612-632, Business Source Complete, EBSCOhost, viewed 7 July 2015.

PISANO, GP 2015, ‘YOU NEED AN INNOVATION STRATEGY’, Harvard Business Review, 93, 6, pp. 44-54, Business Source Complete, EBSCOhost, viewed 7 July 2015.

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