Daft, R. , webpage 148, point out that entrepreneurship is the process of initiating a business venture, organizing the necessary resources, and assuming the associated risks and rewards. A business owner is a person who engages in entrepreneurship. A business owner recognizes a viable idea for a business product or service and provides it out by finding and assembling the required resources such as money, people, equipment, and location to undertaken the business opportunity. Entrepreneurs also assume the potential risks and receive and enjoy the rewards of the business enterprise. They presume the financial and legal hazards ownership and receive the business's revenue.
Jerry is a young graduate and has just started a new company. Jerry needs the advice of seasoned business executives to success. In job 1, is approximately review the performance of Jerry business. Performance is defined as accomplish of a given task assessed against present known expectations of accuracy and reliability, completeness, cost, and velocity.
In process 2, is determining Jerry Company's business talents and weaknesses. When doing business, company must value the durability and the weaknesses. It is because, both of these will affect the business growth, revenue, and etc.
In task 3, is following analysis of the company's advantages and weaknesses. Then, recommend a plan of action that will capitalize on the company's strength. And also conquer its weaknesses available.
In process 4, is aiding Jerry to investigate ways in which the business' existing performance could be managed and strengthened. Therefore, Jerry has bought you a one-week, go back solution to his vacation home in Penang.
Performance is thought as accomplish of a given task measured against present known standards of precision, completeness, cost, and swiftness. Have a good business performance is very important before you started up a business.
Jerry is a graduate and has just began a new company. Business name is Jerry's ice-cream house. The business enterprise is run in yr 15 Feb 2012. The location of Jerry's ice-cream house is in Greentown Ipoh, Perak around an industry area. Jerry's ice-cream house working hour each day is 12 hour, 10:00 a. m. until 10:00 p. m. In addition, weekly of Wednesday Jerry's ice-cream house have one day is off day. Therefore, Jerry's ice-cream house just work six days per week only.
Jerry's ice-cream house has provided few types of products such as ice-cream, wedding cake, and drink. Ice-cream has different types include long lasting, rotators, sherbets, sorbets/ices, no glucose added, lighter part, and low fat ice-cream. Besides that, cakes likewise have different types that provide to the client such as birthday, getaways, special occasions, sports and animals, tasteful designs, and novelties wedding cake. And the beverage also has few several types. For instance, shakes, blast, and also fruit fusion.
Moreover, the price of the merchandise that Jerry ice-cream house provide is standard price to the client. Mugs and cones ice-cream generally is RM4, a sundae is RM8 and hand-packed ice-cream have three alternatives small, medium, and larger, there are RM10, RM20, and RM30.
The presentation of the ice-cream has few types, it offers mugs and cones, sundaes, or pre-packed quarts. Difference type of packaging can attract the client because different customer has different needs. Furthermore, customer also can buy hand filled. Customer can bring home the favorite ice cream to take pleasure from whenever they want, choose from any of the delightful flavours available in our dipping circumstance. Hand-packed glaciers cream comes in small, medium, and large.
In the conclusion, Jerry is a young graduate. Besides that, Jerry doesn't have any experience to operate a business and also just started out a new business recently. Therefore, must give some advice to Jerry how to enhance of his business and also must let Jerry understand the business enterprise performance.
First, the effectiveness of Jerry's ice-cream house is has more than 100 flavours of ice-cream in the library include long lasting, rotators, sherbets, sorbets/ices, no sugar added, lighter aspect, and zero fat ice-cream. There are so many choices allow customer choose their flavour and additionally, it may satisfy the customer needs. Therefore, customer does not feel weary but still got a great deal of flavour provide to the customer.
Besides that, the effectiveness of Jerry ice-cream house is providing several services for different age group customer. Jerry's ice-cream house focus customer range is very greatly, it includes children, teenager, individuals, and old people. It is because, Jerry want everyone also can enjoy it.
In addition, the effectiveness of Jerry's ice-cream house could it be has lower price of the product that provide. Compare with other shop, the product of Jerry's ice-cream house is cheaper than other. For instance, Haagen-Dazs provide ice-cream however the ice-cream is very expensive. Therefore, not absolutely all customers have capability to acquire their product. Just only the high class people can enjoy it
Besides the strength, Jerry ice-cream house likewise have their weakness. The main is the capital available. Capital is to be able to create certain goods or in order to create and keep maintaining the correct environment for offering certain services. New businesses often find themselves in working capital crunches. Without sufficient working capital, they can not build inventory or purchase recycleables. As a result, the business cannot sell enough products to create the profits had a need to rectify this example. That is extremely dangerous and can be destabilizing for the company or even lead it to collapse. Having a capital loan working for you, you can make sure your business gets a strong start.
Another weakness is Jerry's ice-cream house doesn't have doing advertisement to market the business. Advertising is the most crucial part available. The reason is, advertising can be an beneficial representation of product to make consumers, customers and public know of the product. It lets the potential buyers, general public and customers to know the brands.
In the final outcome, the effectiveness of a business corporation refers to the capacity by which a business can gain advantages over its competitors. Environmental evaluation helps the business organization to learn its strength. After that, it can make the regulations and strategies to expand the business enterprise and take advantages over opponents. In addition, matching to Trehan, M. et al. (n. p. ), web page 24, said that "the weakness of a company refers to limitation of any business company. It results significant disadvantages for a firm in comparison to its competitors". The environment evaluation helps is to learn the weaknesses of the business. For future development and extension of the business enterprise, decision-making should make ideas to beat the weaknesses.
Plan of action can be an order of steps that must be taken, and the actions that also must be performed well for a strategy to succeed. Therefore, the plan of action can help Jerry to improve the ice-cream house.
The durability of Jerry's ice-cream house is the products that selling the low price to the client. Therefore, Jerry must maintain this durability because the purchase price as a competitive benefits. A competitive advantages is an edge over competition gained by offering clients greater value, either through lower prices or providing better benefits and service that justifies higher prices.
Overcome the weaknesses of Jerry's ice-cream house about the advert, it can create a site to advertise the business. There's many advantages using website to advertise the business. It includes cheap general market trends, use features on your website such as visitor polls, online surveys and the web site statistics to understand what the customers like more and that they experience certain aspects of the business to determine how can enhance the product and the best way to conduct business. Besides that, it is a growth opportunity. It is because, a website will serve as a great destination to refer potential traders to, showing them what your company is about, what it has achieved and what it can perform in future.
Jerry has bought a one-week, go back solution to his holiday home in Penang. Besides that, Jerry need for help to research ways that the business' existing performance could be maintained and also strengthened to his business. After help Jerry investigate, it includes few ways on how to keep and bolster Jerry's business.
The first way to retained and strengthened Jerry's ice-cream house business can use the proper alliances. Matching to Michael, M. et al. (1995), webpage 4, speak about that "a tactical alliance links specific areas of the businesses of several firms". Tactical alliances is partnerships between and group and a foreign company in which both share resources and knowledge in expanding services or building new creation facilities. If Jerry's ice-cream house proper alliance with others retailers, it can benefit the shop to increased brand recognition. It is because, the chance to increase market size with a collaboration presents the additional chance to increase knowing of the brand. One of the key elements of the business' success is constant, growing brand recognition. Besides that, proper alliances allow Jerry's ice-cream house to attain a broader audience without putting in any more time and capital.
In addition, when Jerry's ice-cream house face the financial problem it also can sharing the financial risk. Companies can make use of the strategic arrangement to reduce Jerry's ice-cream house financial risk. For instance, when two organizations jointly invested with equal share on employment, the greatest potential that each of them stands to lose is only half the full total job cost in case the endeavor failed.
Next, is Jerry's ice-cream house can turn his business into franchise to maintained and fortify the business. Corresponding to Gappa, B. (2001), said that "franchising is a business technique for getting and keeping customers. It really is a marketing system for creating a graphic in the minds of current and future customers about how the company's products and services can help them. It really is a method for distributing products and services that satisfy customer needs". For instance, advertising can be one of the primary expenses for any new business. Jerry can't endure without effective advertising and also effective advertising is expensive. Although Jerry's ice-cream house have a good location, if the clients are not really acquainted with your business what have to give you, in addition they won't come in. Franchises offer national promotional initiatives that are contained in the franchise fee. This is a huge benefits for Jerry's business.
In the conclusion, there have many ways to taken care of and strengthened Jerry's business. Besides that, there likewise have a lot of advantages. If Jerry changing the ways to operate the business. After few months later, Jerry's ice-cram house can become a famous shop in the state of hawaii. And also Jerry's business can extend to some other location or broaden globally.
After done my entrepreneurship assignment
Task 2 is about the power and the weaknesses of Jerry ice-cream house. The effectiveness of a business firm refers to the capacity by which an organization can gain benefits over its rivals. In contrast, the weakness of a company refers to restriction of a business firm. It brings about significant down sides for a firm in comparison to its challengers.
Task 4 is about the ways in which the business' existing performance could be retained and strengthened. During research, there have so many ways to retained and strengthened the business.