Entrepreneurship for Business, Society and the Professions

Entrepreneurship for Business, Society and the Professions Individual Portfolio

Assessmen

Section 1

“New Start Highland is a dynamic charity based in Inverness with operations across the highlands. They need to balance both for purpose and profit elements of their business”. The organisation has developed a new brand Uniqueness, which is a furniture selling company. This organisation is clearly having a mission of reduction of employment barriers providing the people support who are facing housing issues and home decoration crisis. The main purpose of this brand is to design some unique furniture and involve project work towards business process development.

Social:

The essential part of New Start Highland is the project that works in industries of furniture making, which is applicable under the tagline Uniqueness. An entrepreneurial mind set is essential for a start-up business to succeed and tackle the business process. Based on different psychological aspects the meaningful business growth is observed. The entrepreneurial mind set is beneficial as the opportunities taken will be viable to process business in general. The social compatibility gained by understanding the business ventures (Bergkvist, Hjalmarson, & Magi, 2015). As a part of introducing the sequential analysis the compatibility associates with an overall understanding and supremacy of market development and companionship.

Spatial:

New start highland can find help with highlands by proposing employment solutions. The brand has 497 qualifications and certifications that they have received. Welter’s framework enables an analysis of the New start highland organisation from entrepreneurial and contextual perspectives. Entrepreneurship work is not just bound socially, it also outlines the needs of the community. Limiting the factors of a wider business context is important since it helps in getting an understanding of ownership objectives (Ardichvili, Cordozo, & Ray, 2003). It provides social cohesion and a contextual understanding of economic and natural resources. Policies are undertaken on the uses and compatibility of special economic engagements are important for managing community ownership.

Economic:

Economic challenges are that there are several similar brands available in the market. These brands empower the brand value and maximum potential. As a part of aligning and regulating the brand value, one needs to identify what works best for the organisation in the context. While maximum benefits are provided people have to make an understanding of the definite complexities. One can engage in political and affirmative contexts of leaving up to the expectations. The organisation provides benefits of getting more customer traffic driving towards it without much of the effects (Ardichvili, Cordozo, & Ray, 2003).

Political: The highland has its own political issues. Scottish labour gaining has always been an issue. Skilled labour force engagement associates with intelligent and thoughtful solutions. Lack of skilled labour force is disrupting the services in highland solutions. Donated facilities work in relation to the fund accounting and activities. Expenditure and irrecoverable VAT are part of issues.

Institutional: Reusing the collection shops and generating fund activities have been observed. Tools for small equipment analysis are applicable under the retail unit niche management.

Entrepreneurial ecosystem: Entrepreneurial ecosystem is created as a part of defining a professional setting and defining knowledge for the company. As experts are looking into the situation where entrepreneurship goals will be on top the company might find different expenditure and support costs of the IT system as a part of regular occurrence. Total human resource cost is 2244 pounds. Ever changing demands in the furniture industry is involving a community ownership issue (Callaghan, Danson, & Whittam, 2011). Finance and management is occurring with a total expenditure of 26909 pounds. Training the staff from a distance is part of the entrepreneurial ecosystem. The furniture brand is facing issues with salaries and managing overall individuals. Understanding the floor space used is also important with managing staff. Management and consultancy occurs with positional challenges like what is done in the progress of the company

The essential criteria will include an understanding of managing community ownership and great entrepreneurial ventures. For the organisation it is imperative to understand the benefits of entrepreneurship and defining the shared components. Community ownership is important for the overall understanding and engagement of local business components that is involved with entrepreneurial value and allows utilisation of local business to make revenue invested back into the community. In a business context, the limiting or enabling factor describes the wider situation and understands the situational impact of the target market. The business context allows community engagement and it is important to keep in mind that people are given enough opportunities to develop their financing.

The enabling factor for furniture describes a wider situation in business operators. Transportation indulges in effective understanding of community owned business processes and financing. The industry unlike any other industry works on rural compatibility and results in overall engagement and management of profits. Furthermore, “there are many different dimensions to context, namely business context, social context, spatial context and institutional context (Welter, 2011), all of which can help entrepreneurs perform a more correct situational analysis for their target markets” (Tresch, 2016). The business operates on recycling furniture and enabling visual consistency applied under universal entitlement development. Comparing current business tactics to the financial strains helps in raising more money at less cost. Facebook, Instagram events have been carried forwards as a part of changing the discipline towards sustainable development. Interactive quiz helps in managing views and presenting short documentary videos (Zeng, Bu, & Su, 2011).

Market research

According to the Uniqueness website there exists millions of people worldwide that are having an age range from 18 to 30 years are in need of a resource engagement. For a job one has to make an understanding of current circumstances and utilise how sustainability can be created. Different people with sustainable components to indulge in componential benefits for the learning of global market positioning. The possibilities impact over growing back the harnessing and understanding how not to jump into unsustainable components. Profit and loss understanding improves the market position. 70% of the global consumers share a compound annual growth rate of 12.5% (Churchill, & Lewis, 1983).

Creativity

In our pestle analysis we have identified lack of systematic understanding of components as an issue. Project’s funding remains an issue while private investors are working in relation to the community and it is financially self-sustaining to bring about a positive market research. “Many entrepreneurial attributes apply to the community, which is the reason for the community buyout. For example, it demonstrated the community's willingness to take risks, the desire to achieve a common goal and that they were able to see and cease an opportunity”.

The organisation is critically providing support on housing and it is implementing a concrete market position and database analysis. As systems are being emerged there is significant research progress engaged within sustainable components. Furniture and action taking of students might be found in the understanding of the topic that defines communication and networking. The housing supports entrepreneurial networking which is essential in quantitative market data finding. The Unique Ness project is built upon sustainability and the concept is as follows:

Each individual team is understanding how the marketing is working at its best and they are also coming up with blue sky ideas to manage the organisational action. The community's contextual benefits are provided. In case of matching with factors of revealing the ideas on decision making has to be organised. Environment protection is observed since a sustainable business within the Island can be gained. “A vital area of our work is our housing support service, which is accessible to adults who are homeless, or at risk of being homeless. Our team delivers individually tailored support to specific housing needs, and works to enable people to develop the life skills required to manage their tenancy” (Shulte-Holdhaus, & Kuckertz, 2020). Different social media platforms provide options on interactive communication on Instagram and facebook.

The residents of highland are going to participate in different social media platforms for competitive understanding and weekend stay. Providing acknowledgments on Instagram stories are going to provide appropriate customer attraction and customer base. Documentary videos with information prices and sustainable furniture are going to help with the corporate networking. Facebook, Twitter, Instagram is getting views on the sustainable project components. Since, there exists weekly competitions on getting discounts coupons and free furniture selection options. It becomes easier to get an understanding of climate change related issues and contribute to the environment by generating sustainable housing help (Tresch, 2016). Each post will not receive many comments and understanding how accountability is developed for organisational consistency. Performance domains are integrated within an understanding of the following:

Idea evaluatio

SWOT analysis is conducted for idea evaluation

Data working

Section 3

The entrepreneurial process explores what it means to be an entrepreneur. It also gives a reasoning to the business which is created. The entrepreneurial process expresses new requirement understanding for business. For any start-up business to take gear the opportunities which have been seen as an innovative opportunity. Project is fueled by the business idea that finding out financial limitations can manage the risks of individuals' lives. Business processes and tools can be critically assessed in terms of understanding marketing and communication.

Finance and budgets

The project has the financial outcome of understanding what works best for the individuals. The management will implement an understanding of the components to clearly define the organisational improvement and improve finance.

People management

Volunteers and workers are not available in the advertising process of making an understanding of what the business does. There exists people who understand how natural landscape is created by enabling fresh accommodation to be built. The realisation of engaging people in education to the sustainable furniture building has become important. There exists different people who are facing a lack of accommodation and the opportunity exists with getting furniture with a natural view and enabling fresh accommodation to be built with good furniture.

Legal concerns

The legal issues include having a skilled labour force. There is a lack of skilled people due to the compatibility and training issues. There exist campaigns where people wish to visit the store and buy sustainable products for their houses.

Resource planning

The project is associated with having funds applicable within promising business idea generation. “If this idea is successful This will create opportunities for Business in lots of areas aside from our main idea. This will hopefully create a snowball effect and bring a sense of liveliness back into the New State Highland estate where the economy could be financially self-sustaining”

Marketing and communication

Marketing is processed in terms of understanding the graduate attributes of learning from case studies. The marketing will be improved in terms of understanding how social media will be utilised in understanding potential highland business. As a part of ethical business development the organisation needs to specify the project objectives.

New start highland business proposal

Project objectives

The increase in net income which is possible by a 100% for the company within 12 months through sustainable community development and engagement of crowdfunding events. Sustainable furniture development is ongoing to create unique ideas of furniture with unique artists. Butcher’s block has been designed at 99 pounds which is less than any other brands in the market (Shulte-Holdhaus, & Kuckertz, 2020). Expecting vulnerability is identified as a part of supporting the network and understanding project objectives. The objective is to obtain reasonable assurance on whether financial statements are optimised and market misstatement occurs. The fullest extent permitted to the law as a part of charitable compatibility is found as regulating the eligibility and compatibility of companies. The identifiable solution for engaging in selective compatibility is found as the process of dealing with absolute intelligence and compatibility. The engagement of concepts incline with perspectives of absolute integrity and conceptual benefits.

Profit/Loss for Business Proposal

Opening Dates 01 April 300 Days per year

New furniture sale 15 days every quarter £187,250.00

Estimated sales 70% of the new bookings £131,075.00

Earnings from sales 60% of the net profit £133,750.00

Estimated people visit 60% of in peak season £80,250.00

Estimated Earnings £211,325.00

Revenue 211325.00

Less: Expenses 51664.78

Revenue £211,325.00

Less: Expenses £51,664.78

Profit/Loss £159,660.22

There are many ways an organisation can become sustainable. The reduction of plastic wastage and packing materials in appropriate paper based packaging. Using wood, which will not harm the environment, is important to manage eco-sustainability. As a third sector organisation the Scottish Domestic market has seen a 43% increase in bookings made by Scots (Bergkvist, Hjalmarson, & Magi, 2015). Around 500 pounds are overall being spent off-site.

"The main difference in securing funds in the private sector versus the third sector is the way organisations do this. Organisations in the third sector are not typically looking to create monetary value which makes them more reliant on alternative ways of securing funds. Whereas companies in the private sector can earn money by selling products, third sector organisations must turn to grants and benefactors for their financial needs (Chrisiaens & Verbruggen, 2012)". A non-profit organisation works with survival, success, and resource integrity. "For example, in the first stage, the organisation would only have a few employees, limited income and their focus would need to be on gaining customers. In the third stage, the focus would shift from the customers to expansion of the product and market, the organisation would have a growing number of staff and the profit would be growing” (Bessant, & Tidd, 2015).

Section 4

Reflecting on self in the case study is applicable within an understanding of business and entrepreneurship. Social and cultural attributes need to be managed within the spatial context and business context. Cultural impact is more in any business and one needs to manage the community buyout. The furniture industry needs to focus on sustainable product building and it needs to develop a common goal associated with sociological and psychological concepts that can develop a willingness to manage risk. The skills include indulging in high-level qualities, skills and understanding that students need to gain learning experiences that they engage within the university. The ten different graduate attributes have been found as:

Technologically literate

Communication and technical competence

Entrepreneurship is important to manage sustainable development

Having a communication understanding is important for key conceptual development and bringing in graduate people to manage team working skills. Leadership skills indulge in management of professionalism. The undertaking of our own initiative to engage in communication effectiveness is important. Most important skill for students to learn in business is understanding quality and top results. The productive attributes will encourage consistent performance building. As a part of self-learning the effectiveness it is important to explain the task. Describing the actions will impact learning in top skills of employability. Thinking skills and up scaling communication is determined by time management and a specific understanding of the business. Understanding the categories of qualifications and personal attributes will impact performing duties to a specific job. As an individual I am going to use specific knowledge and co-creates the entrepreneurial concepts to engage in creativity, responsibility and confidential analysis.

References

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Bergkvist, L., Hjalmarson, H & Magi, A.W., 2015, A new model of how celebrity endorsements work: attitude toward the endorsement as a mediator of celebrity source and endorsement effects. International journal of advertising [online], 35, pp.171-184. doi: 10.1080/02650487.2015.1024384

Bessant, J. & Tidd, J. 2015. Innovation and entrepreneurship. 3rd ed. Hoboken: Wiley. Bonn, I., & Pettigrew, A. 2009. Towards a dynamic theory of boards: An organisational life cycle approach. Journal of management & organization. [Online] 15 (1), 2–16. doi: 10.5172/jmo.837.15.1.2

Bosworth, G., 2012. Characterising rural businesses – Tales from the paperman. Journal of rural studies. [Online] 28 (4), pp. 499–506. doi:10.1016/j.jrurstud.2012.07.002

Callaghan, G., Danson, M. & Whittam, G., 2011. Community Ownership and Sustainable Economic Development. Scottish affairs. [Online] 74 (First Series) (1), pp. 79–100. doi: 10.3366/scot.2011.0007.

Chrisiaens, J. & Verbruggen, S., 2012. Do Non-profit Organizations Manage Earnings toward Zero Profit and Does Governmental Financing Play a Role? Canadian journal of administrative sciences. [Online] 29 (3), 205–217. doi: 10.1002/cjas.1219

Churchill, N.C., & Lewis, V.L. 1983. The Five Stages of Small Business Growth, Harvard Business Review 61 May-June pp 30-50. Available from: https://hbr.org/1983/05/the-five-stages-of-small-business-growth Fook, J. & Gardner, F. 2007. Practising critical reflection : a resource handbook. Maidenhead: Open University Press.

Hickson, H., 2011. Critical reflection: reflecting on learning to be reflective. Reflective practice. [Online] 12 (6), 829–839. doi:10.1080/14623943.2011.616687

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Shulte-Holdhaus, S., & Kuckertz, A., 2020. Passion, performance and concordance in rock “n” roll entrepreneurship. International journal of entrepreneurial behaviour & research. [Online] 26 (6), pp. 1335–1355. doi: 10.1108/IJEBR-02-2020-0067

Tresch, R. W., 2016. Public finance : a normative theory. 3rd ed. London: Academic Press. pp. 4-19 Welter, F., 2011. Contextualizing Entrepreneurship-Conceptual Challenges and Ways Forward. Entrepreneurship theory and practice. [Online] 35 (1), pp. 165–184. doi: 10.1111/j.1540-6520.2010.00427

Zeng, F., Bu, X., & Su, L., 2011. Study on entrepreneurial process model for SIFE student team based on Timmons model. Journal of Chinese Entrepreneurship, [online], 3(3), [viewed 08 December, 2020.] doi: 10.1108/1756139111116698

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