Entrepreneurship

Under this assignment I will discuss his prospects as a growing entrepreneur and a variety of factors that are to be considered. The starting and enlarge his business In the hospitality services industry. According to the demand of the industry, the driving forces for him to move forward will also discuss. The analysis of the answers of the Interview will be presented with theoretical arguments. Background The entrepreneur I chose was Necessary Centenarian, who is from Sir Lankan. He has done a BAA Business Management degree. His Business partner is Gaffed Mohamed Huzzah. They are the two shareholders.

Their company Is called the Cements International (Pity) Limited. They provide hospitality services. Main Body 1. Planning the Interview An interview was taken with an incorporation of numerous questions. Each and every important fact have been asked from Necessary Centenarian with an expectation of understanding the good and bad practices of their business as well as to understand how he applied different theories Into practice. The analysis of his answers may helpful to other small and medium entrepreneurs who are providing hospitality services in Sir Lankan to have certain direction in their path to success.

The questions were built using the guidelines given in the assignment question. I chose this person because I have certain experiences with it. Therefore I know he is a talented small and medium sized entrepreneur who Is trying to become one of the most successful entrepreneurs within tourism and hospitality industry. Even though, still their company website is under construction I had to find their contact details from their to contact him over the telephone using the contact details found from the Faceable and he kindly gave the opportunity for me to interview him over the Skips.

Order custom essay Entrepreneurship with free plagiarism report

450+ experts on 30 subjects Starting from 3 hours delivery

Get Essay Help

I could bled to reserve two hours of his valuable time to conduct my interview. I conducted the interview as planned and his all responses were written clearly (See appendix 01). I will mention below as an analysis which were talked about in that interview. 2. Analyzing responses At the beginning of the interview I asked him about the size of the business, whether it is a micro -enterprise or small to medium business. His response that he is the one of the managing directors of the Sewing's International (Pity) Limited and they conduct it as a small and medium sized company. Bower (2003: up. 87) expressed hat small and medium sized companies should have effective hierarchy of the organization (Referring to SQ). There are two managing directors of the company. They are Necessary Centenarian and Gaffed Mohamed Huzzah. The company has a management team which has performed and organize sales and other services along with the daily activities of the organization. The board of directors has the authority to control the managers by taking decisions and putting necessary rules and conditions regarding controlling accounting, marketing and HRS departments as well as entry level.

The organization chart which he showed me has been mentioned in he appendix 01 . (Referring to SQ) I needed to know that the factors which are motivated him to run the business (Referring to IQ). Angel et al (2006: up. 139-154) viewed that, as a small and medium entrepreneur in the tourism and hospitality industry, each company should have a dynamic power to forward even with having boundaries by reforming the standards and current market situation. As a reply to this, he pointed out certain factors. According to his view, their entrepreneurial spirit has been motivated them initially to run this business by using their own ethical values.

Moreover they needed to take the best advantage of the emerging marketplace of tourism in the country. Further I asked him about how did he start and develop the business (Referring to SQ). A small entrepreneur always has a considerable challenge to start a business, because he cannot invest huge capital. And also they have to understand the most suitable place and target customers before starting the business. According to his answer, I can understand that they have conducted an effective market research before starting the business.

In order to overcome obstacles in a successful way, they effectively analyses the marketplace and have built a strong business plan. The interview was carried out by specifying variety of other skills required by him in order to place a tangible base for his small and medium sized company (Referring to SQ). As his reply, they needed to have different skills such as leadership skills, business skills, technical skills, unique business communication skills towards good knowledge about local government regulations. According to Robbins (2001 : up. 2), especially the tourism industry required a range of skills and knowledge in the starting as well as maintaining stages of a successful business. Some of skills Centenarian named are strategic business planning skills, marketing skills, sales and customer relationships, human resource management skills and financial and accounting skills. (Referring to SQ) about their start up activities Deere (2000: up. 81) mentioned that if a company of start up activities. According to the reply of Centenarian, I could be able to summaries ten starts up activities of the company and clearly list them in the appendix (SQ).

Some examples are creating a Business plan, conducting research and many others as mentioned in appendix. The business plan is a very crucial instrument for each and every company. As mentioned in Robbins (2001 : up. 82), a business plan is very important as it actually provides a base as a compass for the direction of a company will expect to obtain in the future. A strong business plan will support the business to obtain success and to achieve what it really needs to achieve. I needed to know whether they had an effective business plan before starting the business (Referring to SQ).

He replied that his company had a strong business plan and it supported the company to become successful not only in the short run, but in the long run too. Both new entrants and existing competitors in the tourism industry are huge challenges to the Sewing's International (Pity) Limited. Therefore, I asked Centenarian about identifying and assessing the competition in the industry. His reply pointed out that, they did a competitive analysis before developing particular service. They believe it supports the company to position their services for success by assessing healthy competition.

I further asked him regarding the external support or advices taken to develop the business (Referring to QUO). He mentioned that his company took huge financial support as well as financial advices room the Bank of Ceylon. According to the view of Validity (2000: up. 62) the financial advices given by the commercial banks support the Seems heavily to have better financial control. The business statistic researchers have supported for Sewing's International very much, when the company conducted a market research to identify the best possible market opportunities.

As Sewing's International used marketing campaign group to promote products and services, the people who were in that group also very helpful to the company. After his description, I asked about funding (Referring to IQ 1). Centenarian cleared that they have not acquired funds from external parties. They have used self funding to establish and develop the business. The media they have used to promote the business Centenarian stated that still their website is under construction (Referring to IQ 2). However, they use Faceable to promote their business by mentioning their information and uploading attractive photographs (HTTPS://www. Casebook. Com/sewing/info). For marketing and communications strategies, he motioned that in order to promote discounts on their products they are heavily used email promotions and short message service news (Referring to IQ 4). He further mentioned that advertising current discounts and promotions on local magazine are also used to promote their services among the tourists. As a company under SEEM category, it is important to know their attitude to risk (Referring to IQ 3). I asked about the company's potential risks under the twelfths question.

According to the view of Thomson (2004: up. 42), through higher risk, a company can achieve a higher potential return while lower risk generated lower returns. Sewing's International runs as a moderated company in the tourism field. They need to manage risk effectively to achieve higher business outcomes. The future plans of the company (Referring to IQ 5). As a company which appreciating long term business I specified the company's goals which are expected to achieve within next two years. Centenarian mentioned that they need to keep higher consideration to achieve customer base.

And also he states that the tourism industry is modifying rapidly. Therefore they need to modify their hospitality services according to those changes. Otherwise they will lose their loyal customers. The managing director of Sewing's International expects to modify their services in order to achieve individual customer distractions. He further declared that they will expect to cater Malaysian travelers in the near future. Conclusion Sewing's International is a small sized company who provides hospitality services to the people who visit Sir Lankan.

Centenarian, one of the managing directors of Sewing's International was interviewed to extract the information about their business and its strategies. I conclude that the company has many good and bad aspects. Still they haven't created a website for their company. It is one drawback of the company. As most tourists can be attracted through the website definitely they would construct their website as soon as possible in an attractive way. The other drawback is they do not use external funding sources to expand the company. However, they should expand the company by taking more financial support from possible external party.

The other weakness is their service categorization is not strong enough. The company also should categories its services into a number of sections with the expectation of providing differentiated service for visitors from different countries. As many foreigners visit Sir Lankan more than one time, the company can offer discount packages to those visitors to make them loyal to the many. But when it is considered about their business plan, they have a good focus on the future. Their start-up activities, skills and organizational hierarchy should be appreciated.

However, in order to attract more tourists, the company should able to use many social media and creative strategies in the future. Write about the person whether he is a real entrepreneur or not. His skills and characteristics. What makes him an entrepreneur? References Angel, Linda, C. , Classes and Robert, D. (2006). Integrating environment issues in to the Mainstream: An agenda for research in Operational management, up. 36-147 Bateman, Thomas, S. , and Carl, P. (2001). Management function and strategy,up. 66-79 Peasant, J. And Apatite, K. (2005).

Managing Innovation: Integrating technological, market and organizational change, Third edition, up. 34-42 Black, J. S. (2002), Leading Strategic Change ,3rd Eden. , Upper Saddle River, New Jersey: Financial Times Prentice Hall, up. 76-88 Bower, J. (2003). Business model fashion and the academic spin out firm, R;D Management, 33(2), up. 97-106. Cohen, L. (2003). Quality Function Deployment: How to Make SF Work for You, Addison-Wesley,up. 167-190 Guise, O. (2007). Indigenous Knowledge Systems and Sustainable Development: An Analysis of Motivational Values Across Cultures.

KAMALA-RAJA Press, up. 45-56 Soot, W. ; Isabella, l. (2002). Beyond Complexity: Paradoxes and coping strategies in management life, Rosenberg Publications, up 245 Robbins, S. (2001). Managing Capabilities, Business Strategies, Customer Preferences, and Hypersensitive Arenas: The Sustainability of Competitive Advantages with Implications for Firm Competitiveness, Competitiveness Review, up. 56-82 Journal References Deere Organizational learning and competence development, The Learning Organization ,An International Journal, Volvo. 7 Issue 4, up. 79-88 Thomson, S. (2004).

Corporate Values and Corporate Governance, Journal of Corporate Governance: International Journal of Business in Society, Volvo. 4 issue 4, up. 29-46; Toni, A. , and Tonight, S. (2003). Strategic planning and firms' competencies: Traditional approaches and new perspectives, International Journal of Operations & Production Management, Volvo. 23 Issue 9, up. 947-976 Web References Sewing's on face book (2013), contact details [online], Available from: HTTPS:// www. Faceable. Com/Sewing/info [Accessed 16th January 2013] Sir Lankan Tourism Development Authority (2013) tourism in Sir Lankan [online], Available from: http://www. Salted. Ova. Elk/ [Accessed 19th January 2013] Hospitality industry Sir Lankan (2012) Hospitality Marketing in Sir Lankan[online], Available from: http://www. Deadlines. Elk/2012/01112/buses. Asp [Accessed 20th January 2013] Appendix 01 Transcript Name of Entrepreneur- Centenarian Necessary from Sir Lankan. Media used for the interview- Skips conversation - ours 1 . What size is the business? Micro -enterprise or small to medium business (seem)? Sewing's International (Pity) Limited is a SEEM 2. Directors Manger Legal Decision Accounting Marketing Entry level For Seems: What is the organizational structure? Who does what in the organization?

Is Yes there is a management team which is perform and organize sales and after sale services along with organizations daily activities 3. What motivated she/he to run a business? * Initially our entrepreneurial spirits which motivated us to run our lives and businesses using our own ethical values * Next we took advantage of an opportunity that emerged in the marketplace since the country is witnessing a sudden spurt in tourism activities * And it's an opportunity for us, desire to control our own destiny having space for thinking time' and to pursue an idea, to gain the financial rewards that entrepreneurship can bring. . How did she/he start / establish [grow the business? Before we draw up the tourism business plan, we did analyses and researches to understand the market, because a good business plan can help you overcome one obstacle after the other 5. What skills did she/he need?

As an entrepreneur to start and run a business there are varies skill needed such as leadership skills, business skills, technical skills , unique business communications kill along with awareness of local government rules and regulations, But tourism industry need a range of knowledge and skills to both start and operate a successful business those are, * Strategic Business Planning Skills * Marketing Skills * Sales and Customer Relationships * Human resource management skills * Finance and Accounting Skills 6.

Did they she/he have a business plan? We do have a strategic business plan to meet longer term objectives 7. What were their start up activities? Creating a Business Plan Conducting research Choose a business Structure Set Up a business Location Registering business name Acquiring licenses (government rules and regulations) Financing Your Business Training Staff Marketing your Business Going Green 8. What help did they get? What agencies, advisers or other support did they tap group to promote our products and services 9.

How did they acquire funding? Or self funding? Self funding 10. How do they use the web & social media for business? Advertising current discounts and promotions on local magazine and social networks 1 1 . What is their marketing and communications strategy, including their website and any use of social media? We use email promotions and SMS news about accounts on our products 12. Did she/he identify and assess the competition?

We have did a thorough competition analysis before we develop our product, we are likely to have at least some competition. Taking the time to assess healthy competition will allow us to position our product for success. 13. What is their attitude to risk? Higher risk higher potential return, lower risk lower potential returns We are on moderate 14. Where are they headed? Do they plan to grow? In what way? Or what other plan for the next 1-3 years? So far we have achieved certain customer base, we have hoping to cater Malaysian travelers in future.

Don't let plagiarism ruin your grade

Run a free check or have your essay done for you

Check my essay Hire Writer