COLLEGEOF BUSINESS, HOSPITALITY AND TOURISM STUDIES
DEPARTMENT OF MANAGEMENT, INDUSTRIAL RELATIONS & OCCUPATIONAL HEALTH & SAFETY
MGT 604: ENTREPRENEURSHIP AND SMALL BUSSINESS MANAGEMENT
ASSIGNMENT 1: 10%
Name: Unaisi Druguloka
Lecturer: Ms.Reshma Lal.
CASE STUDY 1
laborate on the main aim of the Young Entrepreneurship Program.
In simple terms,Entrepreneuship is defined as the ideas generated by people in order to start a business where they think of better approaches to get things done or a new approach to do things that other individuals benefit from.The main aim that is stated in the case study is to ‘Empower and develop training for yourths’ to be independent and open door of possibilities around the nation.Young people and single parents hesitate in participating in this programe as some experience financial challenges while getting along therefore the nation is thankful to the government for providing trainings and awareness programs for the young people of Fiji,Moreover entrepreneurship is slowly developing and are encouraged by Fijian youths inspiring them to develop bussiness opportunities and to innovate them to confidently do whatever they want only to facilitate trades and improve living conditon as well to help them be better leaders of tommorow ,which is one of the main objective the government is willing to fulfill for our young people.
According to the case study discuss two key factors for success.
There are many factors that can lead to the success of entrepreneurs,however the factor that I suggested for the success of a young entrepreneur is firstly, ‘The willingness to take action in starting a business’As mention in the case study,trainings concerning business start up was the main focus in the entrepreneurship program,this highlighted the process of gaining skills and knowledge about entreprenurship which I consider as the first stage and than comes the second stage where youths and young people will take what was learned into action with a creative mindset for a unique business and continuous improvement,therefore taking action in starting a venture is the first and most critical factor for “would be” and current business people. All other entrepreneurial key achievement factors, are a bit much on the off chance that you are a man who reluctant to make genuine move. Creativity is something that can lead entrepreneurs to achievement,without creativity, there is no hope to wind up an effective entrepreneur,Secondly is’Risk taking and self confidence’ both of this factor are considered a huge and key achievement factor for business people either a starter or a current bussiness owner. I surmise that no one will end up being a business visionary in the event that he doesn’t have fearlessness in himself, essentially identified with begin and deal with his own particular business.
What do you think was the main purpose of the training? Discuss.
The main purpose of the training provided for enterpreneurship programs is to develop and motivate a unique innovative approach for participants, There are numerous potential business people in Fiji that have lack guidance,inspiration, and capital of Entrepreneuship therefore advancement programs aims to distinguish them, equip them with the vital abilities,as well to fund their bussiness for beginners and current Entrepreneurs.Moreover trainings programs are provided to eradicate and minimise unemployment for our young people, for youths being unemployed is the single most prominent issue in Fiji,Because of technological revolution , an ever increasing number of individuals are losing their employments. On the off chance that this pattern is left unabate.That is the reason governments are venturing in to equipt more individuals with building business aptitudes to help them be able to step up and be independent.Lastly, it helps and tries to promote industrilisation around the nation, Industrialization is vital to the quicker advancement of any nation. A developed nation implies the rate of unemployment to be low. On the off chance that if individuals are more employed, criminal activities could decrerease and individuals can coincide in harmony. Entrepreneuship improvement programs are basic to empower potential business people to avoid the numerous entrepreneurial bottlenecks that could repress quicker business development. Furthermore, with innovation rendering an ever increasing number of individuals jobless, governments are reinforcing these projects by infusing significant money to guarantee their country’s growth.
Elaborate on the importance of business planning before starting up a business.
Business plans is an imperative instrument for overseeing and developing a business. The importance of creating a business plan highlights a successful approach for business starters, it helps by making a decision on action to take before creating or starting an actual business. The purpose of why an entrepreneur needs to take note of a business plan is firstly, is to test the Feasibility of the business, when starting a business, it is the foremost thing to do first is to write a business plan to determine or test if the business is feasible or not, In this sense, the business strategy created and is regarded as a security net; composition a marketable strategy can spare a lot of time and cash if working through the strategy for success uncovers that your business thought is illogical. Frequently, a thought for beginning a business is disposed of at the advertising analysis or competitive activity to organize and liberate entrepreneurs to proceed onward to another (and better) level. Moreover, writing a business plan clarifies the direction of entrepreneurs, the motivation behind a strategy for success is to help characterize why how and what the business is and makes a guide for progress. It should set quantifiable objectives, discusses about products and service, the objective market, how you will contact them, in addition to a monetary conjecture. Keep in mind it is a guide. A strategy for success should be a living record, being surveyed refreshed and re-evaluated always and even yearly. It ought to be dealt with as a living record changing and developing to keep records of business growth. Lastly is to attract Investors to the business, there are approaches to make business strategies to attract investors or customers to the business. Indeed, once you discover officials that offer indistinguishable vision from you, sharing your strategy for success with them can enable your business to develop naturally and successfully.
Favourable environment is one of the elements that allows entrepreneurship to thrive in a country. Discuss with relavant examples from Fiji?
The way toward beginning up and building up a business isn’t only an adventure, yet additionally a genuine test. Keeping in mind the end goal to assist business visionaries with this, it is basic to make a great business environment. Ensuring less demanding access to subsidizing, making enactment clearer and more viable and building up an entrepreneurial culture and encouraging groups of people for organizations are on the whole instrumental to the extent the setting up and development of the business venture is concerned. However, making an ideal business condition does not mean essentially enhancing the development capability of organizations, it likewise implies transforming Fiji into a place in which it is profitable to contribute and work. Along these lines, the advancement of corporate social duty is adding to making business in Fiji more alluring. In relation to Fiji’s Entrepreneurship three components are most imperative for empowering an organization’s development, which are the access to business sectors, the supply of human capital (i.e. individuals with the correct aptitudes for the activity) and access to subsidizing. These discoveries were astoundingly reliable crosswise over various regions at different levels of advancement. Access to business sectors basically concerns the straightforwardness with which organizations create associations with clients. A study shows that domestic rank organizations is the most basic client group, however business people in nation like Fiji is developing and getting along with w more global levels of Entrepreneurship. Human capital is comprised of the distinctive wellsprings of workers that organizations can enlist as well as the management and the technical workers are positioned as most important by business people. Access to financing incorporates the different wellsprings of obligation and value capital that can be utilized by developing organizations. Business visionaries in the investigation tended to rate blessed messenger speculation and funding as the most critical financing sources accessible to them.CASE STUDY 2
Highlight the main issue in the case study.
The main issue that is being depicted in the case study is that youth need assistance and motivation in emphasizing them to start ventures of their own. Youths should not fear setbacks and failure an one of the issues that the Chinese embassy highlighted as they try to encourage youths not to think with in the box but outside of the box, being creative in mind such as show casing their talent in many ways and one could be beginning as a craft artist to begin with his/her business as an example, Moreover many youths lack knowledge and skills on entrepreneurships as well as challenges in setting up their own venture with lack of financial assistance, experience and resources as to be on of the issue noted in the case study. As of today many young people are thankful that the government has financially assisted to promote entrepreneurship that has benefited them in many ways being able for them to survive on their own without being depended on others. Negativity amongst youths is also seen as an aspect that they go through, for instance they be characterized negatively as they their business won’t last long or could be told that they do not worth in starting a venture, this negativity should be eradicated and young people should be given the freedom to do whatever they want and speak their mind out.
Elaborate on two benefits of starting up a business to the economy.
There are many ways entrepreneurs benefit from starting a venture that brings fourth success for them as well for the local community, two benefits that will be highly discussed in this question are firstly is that it provides employment opportunity for the locals, Work levels impact a scope of other way of life measurements, for example, extra cash, home abandonment rates and new independent venture new companies. With starting a business in the economy it helps boost economic opportunities in supporting local communities through increasing standard of living. Utilizing individuals in the neighborhood network can invigorate informal publicizing for an organization also, expecting the organization treats its workers all around ok to get positive notices. Secondly it Invest in products and service that people need, what spurs a man to begin business? As per customary models, business people make new organizations in light of neglected needs and requests in the market. That is, there is a chance to give an item or administration that isn’t at present in presence, or generally accessible. Financial experts allude to these business-starters as “opportunity” entrepreneurs are keeping in mind the end goal to recognize these people from those who begin organizations for absence of better work openings. Supposed “opportunity” business people, who dispatch new enterprises because of market needs, are key players with regards to cultivating monetary development within a region, they empower access to merchandise and enterprises that populaces require keeping in mind the end goal to be profitable. This isn’t to disregard “need” business people that dispatch endeavors since they have no different alternatives. Both can and do add to monetary development.
Examine three entrepreneurial characteristics highlighted in the case study.
Three entrepreneurial characteristic that can be depicted from the case study were firstly, to be risk takers, for a young person to start a new venture risk do arise in various aspect and in crook or by hook they will have to take the risk into their own hand to if it will lead to the productive of their business, Entrepreneurs are said to be risk takers where some even risk their life in unknown circumstances knowing that whatever risk they take concerning business it would probably worth their career and their life time. Secondly, is courage, confidence and motivation that enable an entrepreneur to begin his/her business. This incorporates confiding in them to do as well as can be expected, appointing completely, searching for approaches to extend individuals and help them develop, and urging them to attempt new things. This additionally implies helping individuals move from bring low levels of certainty and skill to larger amounts, until the point that they can assume full liability for activities and undertakings. Thirdly is Empowerment, though young people are always characterized to have lack of knowledge and skills on entrepreneurship, they need to be empowered to have the courage and self-belief in venturing their own business with financial assistance and the support they can have from the local community, with this, positivity is the main element that needs be empowered by our young youths, they need to think, talk and work in a positive way so that they are able to be productive and have competitive advantage in life, without positivity in their mind, there is no way an entrepreneur cannot be successful.
Discuss two constrains faced by youths in starting up their business as highlighted in the case study.
Two constrains highlighted in the case study that are faced by youths are firstly, is the lack of finance or capital business startup, young people go through this major problem when starting a business, they do not have sufficient finance or capital in order to begin their venture. Capital is a standout amongst the most critical requirements to build up a venture. Accessibility of capital encourages entrepreneurs to do whatever they wish for their new venture, it is also known to be a lubricating merchandise process of a business, therefore young people are thankful to the government for providing them with training programs as well as financial support in obtaining capital to start their business venture at given cost, Secondly is the ability to take risk and make mistakes, at the first level of creating a business young entrepreneurs will have to expect mistakes and risk taking challenges throughout the beginning of their business venture, they may also lack experience and skills in handling entrepreneurship but ‘practice makes perfect’ as they say, therefore entrepreneurship training programs and seminars are provided by the government to the local so that they are well equipped before they start their own business ventures. This two challenging factors are mostly the main problems that every entrepreneur go through, the only thing they need is to have self-confidence as well to have courage in whatever they do to bring a productive business after all.
Examine an element that allows for creativity and innovation in a country.
One of the elements that need to be highlighted when creating a business venture is the need to have a favorable environment or atmosphere; it is certainly a social trademark and should be empowered and sustained inside an organization. It does not stop by essentially flipping a switch. One must set a situation that urges individuals to think in unordinary and innovative ways. This is not anything but difficult to achieve when a lot of business is, by definition, so organized and methodical in its procedures. Business, regardless of whether items or administrations situated, needs institutionalized schedules for quite a bit of what it needs to achieve. Development, then again, requires thoroughly considering of the normal. These two are different to the point that keeping in mind the end goal to have compelling advancement, mind must be taken to energize and permit flighty reasoning.