Fundamentalss of entrepreneurship are fundamentally about entrepreneurship which is affecting the ability to transform an thought to the creative activity of new endeavors where the enterpriser is a laminitis. This assignment focuses on the fundamental of entrepreneurship and is split into four parts where the first portion will be focused on the reappraisal and public presentation of a company. The 2nd portion is concerned about the strength and failing of a company. The following portion would be about the stairss which can be done to get the better of the failing and urge a program will capitalize company strength. The concluding portion is about manner to keep strength and bing public presentation.
For the first portion of the assignment, Jerry ‘s company will be using a few component to reexamine his company public presentation which would include market portion, merchandise life rhythm, clip direction, gross revenues and direction accomplishment. For the 2nd portion of this assignment, SWOT analysis is used with the intent to happen out what are the strength, failing, chance and menace of the company. For the 3rd portion which is about get the better ofing his company ‘s failing and to capitalise his company strength to convey out the competitory advantage to vie with rival. For the 4th portion, it is about the ways to keep if non better Jerry Company current public presentation and strength.
2.0 Jerry concern
Jerry concern is about smart phone retail merchant store and his company name is KK phone & A ; accoutrements Sdn Bhd. Jerry foremost stated his concern on the 2nd of February 2010 and his company is located in a shopping batch in Penang centre metropolis.
2.1 Review the public presentation of concern
Harmonizing to Willis et.al ( 2008, pg 267 ) from the book name as Understanding the Aust Health Care Syst had reference that “ the map of direction is summed up as program, form, take and command. ” Planning, forming, taking and commanding a portion of the direction accomplishment where Jerry is able to utilize these four elements to pull off his company. By utilizing these elements, Jerry will cognize how to be after his resources, and to form or apportion his resources in a manner where he can use his resource in a effectual and efficient manner. By making so, Jerry will be able to non merely minimise input but to besides maximal end product to increase his overall net income.
Harmonizing to Longenecker et.al ( 2006, pg 312 ) from the book name as Small Business Management: An Entrepreneurial Emphasis, Volume 1 reference that “ an of import construct underlying sound merchandise scheme is the merchandise life rhythm, which visualizes the gross revenues and net income of a merchandise organize the clip it is introduced until it is no longer on the market. ” The merchandise life rhythm will assist the Jerry company analysis the merchandise stay in which phase such as debut, growing, adulthood and diminution. The merchandise life rhythm plays an of import function in a merchandise because it identifies how affects the merchandises where it can be improved or demo diminution. By making so, Jerry know usage which type of schemes will be best to implement for his company based on the four phases. At the current minute and phase, Jerry ‘s company is at the growing phase of the merchandise life rhythm as his company repute is get downing to turn right after the debut phase.
Harmonizing to Lamb et.al ( 2008, pg 41 ) from the book name as Marketing reference that “ the step of market portion used in the portfolio attack is comparative market portion, the ratio between company ‘s portion and the portion of the largest rival. ” Based on the definition above, market portion is the per centum of an industry or market ‘s entire gross revenues which are earned by a peculiar company over a specified clip period. The market portion can be calculated by taking the company ‘s gross revenues over the period and spliting it by the entire gross revenues of the industry over the same period. This metric is used to give a general thought of the size of a company in comparing to its market and its rivals. The current market portion of Jerry company is 10 per centum over 100 in the local market because his working provinces has so many rival compete with him and his company still in its growing phase.
Gross saless or sale is the act of selling a merchandise or service in return for money or other compensation for the merchandising of that peculiar merchandise or service. Gross saless will act upon the overall company benefit because it is about the dealing between good and service to the consumer. The gross revenues of a company can be increased by transporting out publicities and offers to the consumer to guarantee that they are satisfied with the merchandises or services which are offered by the company. By making so, the consumer will distribute out the information about good intelligence and it makes the public presentation of the company addition as the company will be known to a wider scope of possible clients.
Harmonizing to Roberts ( 1998, pg 1 ) from the book name as Time Management references that “ clip direction is considered a really of import concern accomplishment. It is basically about passing the hours and proceedingss in the twenty-four hours every bit efficaciously as possible. ” Based on the definition above, clip direction is an highly of import component as it is about the direction of clip of the company. For illustration, Jerry Company needs to hold good clip direction so that he will be able to give the stock to his client on clip. By making so, his can direction his improve and increase the merchandise input and end product good.
2.2 Learning result
As a sum-up, it can be said that Jerry Company public presentation and reappraisal is based on the direction accomplishment, selling accomplishment and operation direction accomplishments which is used by Jerry to pull off his company efficaciously and expeditiously.
3.0 SWOT analysis
Harmonizing to Pahl et.al ( 2009, pg 27 ) from the book name as Swot Analysis – Idea, Methodology and a Practical Approach reference that “ SWOT analysis is a good tool for determination devising and understanding dependences between a company and its environment. ” Based on the definition above, the SWOT analysis can be described as a tool which is used to understand the dependence of a company and the environment so that it can assist the company make good determinations doing based on its ain strength, failing, chance and menace.
3.1 The strength of Jerry Company
Harmonizing to Jain et.al ( 2009, pg24 ) from the book name as Business Environment reference that “ the strength of a concern organisation refers to the capacity by which an organisation can derive advantage over its rivals. ” Based on the definition above, the strength of a company or concern organisation can be determined by analyzing the internal competitory advantage of a company and comparing it with the rivals. In other words, the strength of the company will find what does a company does best. So by Jerry cognizing his ain concern strength where he can put accent on them when the clip comes to implement an effectual selling plan. A SWOT analysis is done to place the strengths and failings of Jerry ‘s company. The strengths part of the SWOT analysis is used to find what does a individual ‘s concern does best. By concentrating on Jerry ‘s concern ‘ strengths he can put accent on them when the clip comes to implement the right selling plan. For case, if Jerry knows that he can do a merchandise much cheaper than anyone else in his market can, he will be able to name that as his strength. By making so, Jerry does non necessitate to be the best in the industry at something to name it every bit strength as his company ‘s strengths are based on internal and external public presentation.
3.1.1 Being able to supply good client relationship and service
Customer service presents is highly of import as client experience is a major factor in finding whether the client will desire to come back to the same company for their services. By supplying a good client experience and service, Jerry will be able to concentrate on client ailment and feedback so he can instantly cover with the ailments. For illustration, when a client is kicking about a merchandise which is non working good, Jerry ‘s company can supply the client with a pick to replace a new phone or to serve the faulty phone for free. Besides that, Jerry company will look frontward to hearing and having feedback every bit good as paying attending to the client feedback so he can do a rectification from the complaining and give a improve to his company. By making so, Jerry ‘s company will be in a place where his concern is able to harvest the benefits of good client service.
Besides that, Jerry Company besides will be helpful even though no immediate net income in it. Jerry ‘s Company will make this action because he feels that as a phone trader it is his responsible are to distribute out all the phone intelligence to his client and assist them when clients faces a job with their phones.
Specialist phone fix service
Jerry Company has employed and hired a figure of specializer in phone fix so that he is able to work out a battalion of proficient jobs which are faced by different trade names of phone job without go through to the provider. By making so, he can jump multiple phases and charges a much lower cost to the client.
3.1.3 Offers a wider scope of merchandises
By the offering of a wider scope of merchandises, Jerry enables his clients to take from a larger pick of merchandises. Since get downing operation a few old ages ago, Jerry ‘s Company has sold different trade name of merchandise such as Samsung, Apple, Motorola, and Sony and so on. With the big pick for consumer so they have many chance can take their lovely trade names and purchase it. Besides that, he besides sells the branded phone accoutrements such as French telephone, earphone, and phone screen for client. If the client after purchase phone and the client want to upgrade earphone so client can direct purchase a good quality earphone such as best earphone available and so on.
3.1.4 Use attractive payment, fillips and inducements
Jerry Company has provided attractive wage such as fillips and inducements to his employee because he is utilizing two factor theory which is motivator factor to actuate his employee and satisfaction his employee demands. By making so, he can cut down the turnover rate of employee and increase public presentation of employee. Besides that, Jerry Company is utilizing acknowledgment to his employee by give fillip. So, it will do his employee has high spirit to acquire a gross revenues and acquire a fillip
3.1.5Growing Market Share
Jerry Company is still in the phase of growing so there is still a batch of potency for his company ‘s market portion to increase by the merchandising of many merchandise of his company. So, if the selling employee is successful in selling his merchandises where his gross revenues will maintain increasing, therefore bettering the company repute to allow other people more know about the company inside informations so the market portion will increase quickly.
3.1.6Allowing employees to neglect in acquisition and steer them to success
Jerry Company is a company who let employee larning from their errors as he wants to develop his employee to be make bolding to hazard and better themselves to a much higher degree.
Harmonizing to Jain et.al ( 2009, pg24 ) from the book name as Business Environment reference that “ failing of a house refers to restriction of a concern house. It consequences in important disadvantage for a house in comparing to its rivals. ” Based on the definition above, the failing of a company or house will demo or expose the restriction and defects of a company. It is able to demo that the disadvantage of a house in comparing with its rivals. Knowing your concern ‘ failings through a SWOT analysis is critical to the success of the company. Anything that your concern struggles with or deficiencies is considered a failing. For case, the limited production capacity is a major failing as Jerry would non be able a mass-market a new merchandise as he is non able to run into a big demand should it happen. If Jerry knows his concern ‘ failings, he is able to avoid utilizing an uneffective scheme on those said failings.
3.2.1No on-line purchase methods
Jerry Company is a company which carries out and patterns face to confront gross revenues dealing and direct hard currency gross revenues. So, many consumers need conveying a majority if they want to purchase phone but it is unsafe for consumer because they will be at hazard when conveying a batch of money. It might be robbery or lost the money. Besides that, it is non as convenient for client because they need come to shop physically to buy their merchandises.
3.2.2Unable to supply 24/7 service to clients
Jerry Company has a current operating clip which is from 10am to 8pm. As his company non utilizing on-line concern format due to non holding adequate fiscal resources, hence clients will happen it hard to confer with him at times to acquire information about phone and accoutrements. As compared with other rivals utilizing cyberspace engineerings, Jerry is unable to vie as efficaciously in this peculiar country.
3.2.3Low client consciousness
Jerry ‘s Company is still in the growing phase so non many people will come to buy as non many people are cognizant of his company. This in fact will impact his company public presentation in a negative manner as there wont be much gross revenues to better his company net income.
Harmonizing to Jain et.al ( 2009, pg24 ) from the book name as Business Environment which mentions that “ the handiness of chance is a favourable status in the organisation environment. If a company has adequate strength to avail chance, it can bring forth excess net incomes. ” Based on the definition above, the chance is an external opportunity to bring forth net incomes. Hence it can be said that chance is an external factor which affects the profitableness of the company.
3.3.1 Offer extra service
Jerry company will offer extra service to his client such as if the phone purchased has any job and under guarantee so his company will assist client deliver to the Centre and assist them repair it without any excess extra charges.
3.3.2 Product assortment more than other rival
Jerry Company has different trade names of merchandise which are much more than what other rival offer. This is a major chance where consumer will be able to come here to purchase and take from a broad scope of different trade names.
Harmonizing to Jain et.al ( 2009, pg24 ) from the book name as Business Environment which mentions that “ menace is an unfavourable status in the organisation environment. Menace can be in the signifier of turning competition, alteration in manner, unfavourable alteration in authorities policy, and so on. ” Based on the definition above, menace is non a good status in the organisation environment. The menaces to a company can be influence by different types of external factors.
3.4.1 Low monetary value rival
Jerry Company is still in the turning phase so he has non much of fiscal resources to let him to buy economic of graduated table from the phone provider. Hence he is unable to offer a really inexpensive monetary value as compared with big house.
3.4.2 Hard to keep market place
Jerry Company has to keep his current market place because so many big steadfast rivals and his company population is non every bit strong as his rivals.
As a sum-up, this undertaking is about SWOT analysis which includes the strengths and failings of Jerry ‘s company and the chance and menace to his company.
4.0 Capitalize on the company strength
Jerry Company needs to place specifically what strength holding now and utilize it for intent in order to capitalise the strength of the company.
In order to capitalise on the strengths of his company, Jerry will hold to first cognize what and place his strengths are and for the intent that he is meaning to utilize them for. Hence Jerry will necessitate to place specifically what are the strengths of KK Phone & A ; Accessories Sdn Bhd.
4.1 Having Specialist staff which can develop others
Jerry Company can see opening a category with the exclusive intent of developing his new consumption employee to larn about the proficient side of phones and the cognition on how to mend phones and hone the accomplishments of the employees to go adept technicians.
4.2 Using feedback signifier to keep the client service criterion
Jerry Company is a company pays a batch of attending and attention towards client service because he knows that client satisfaction is really of import to retain his clients. He can use the feedback which he receives signifier to his client to make full out and happen out how to function them better in the hereafter. Besides that, he besides can acknowledge the employee who has gathered the higher rate given by client by spring that peculiar employee a fillip to actuate him or her. Thus Jerry will be able to keep his company client service.
4.3 Overcome its failing
Jerry company chief failing is non holding cyberspace engineering to back up his online concern and services. Hence the best solution to get the better of the failing is to get down utilizing his money to put in an online concern to bask an advantage and do it more convenient for client by enabling on-line payment, naming out monetary value scope and classs merchandise, practical capacity, information sharing and exchange, linking and synergistic when utilizing cyberspace engineering in this concern and how it convey up the concern population.
4.3.1 Implementing an On-line payment method
Nowadays, it is much more convenient for the client buying something online as it is really fast and safe comparison with traditional payment because consumer no demand travel to bank to retreat money and convey a batch of money to buy in computing machine store. Besides that, consumers no longer needs to blow clip travel to bank retreat the money and diminish the per centum give people rob and cause the consumer loss the money. The on-line payment system is available 24 hours a hebdomad ; this allows the consumer to buy in any clip so it can increase the overall gross revenues in the company.
4.3.2 List out the monetary value scope and classs merchandise
Jerry company can make a web page which is able to name out all the monetary value scope of the full merchandise by utilizing information direction which will do it much easier for the consumer to calculate the monetary value scope merchandise and no longer necessitating to worry about taking a higher priced merchandise. Besides the advantage of cognizing the monetary value of the merchandise much more convenient, it will let the consumer the ability to happen the merchandise in a much faster and easier manner.
4.3.3 Virtual capacity
Virtual capacity is an advantage which is provided by cyberspace engineering where it makes it possible to set much more information inside the system without giving physical infinite and layout of the store or shop. For illustration, online concern can be display their merchandise by uploading a exposure to pull image without holding to put up a particular show country in the store which will blow a batch of infinite.
4.3.4 Information sharing and exchange
Information sharing and exchange can be achieved in about any topographic point and everyplace every bit long there is internet engineering. Hence, Jerry Company can utilize internet engineering to portion the information or exchange information between the client and his company.
4.3.5 Connectivity and synergistic
E-business enables the company to do a direct connexion with the client by using cyberspace engineering. The connectivity and interactions that the cyberspace allows will be able to assist Jerry ‘s company to portion the information about the merchandise, client information, distribution goods with low cost and so on.
4.4 Learning result
As a sum-up in this undertaking is about how Jerry will be able to capitalise on the strength of his company and the ways for him to get the better of his company failing.
5.0 The manner concern bing public presentation could be maintained and strengthen.
The ways to keep the bing public presentation of Jerry Company can be checked in the vision and mission of the company. Hence Jerry Company must look into out the scheme whether it is either related to his company and how does scheme convey out the competitory advantage to vie with recent rival. Furthermore, he can trust on the feedback from the client to further better his service to clients.
5.1 Vision, mission of Jerry Company
Harmonizing to Swansburg ( 2002, pg 81 ) from the book name as Introduction to Management and Leadership for Nurse Managers reference that “ mission of an organisation describes the intent for which that organisation exists. Based on the definition above, the mission of a company is the intent for which the organisation exists. Jerry Company has 2 nucleus missions which is to develop good client experience and to globalise his phone store. Develop good client experience is intending every client come Jerry Company purchase phone they besides provide good advice and service to their client.
Harmonizing to Mooij ( 2009, pg 2007 ) from the book name as Global Marketing and Advertising: Understanding Cultural Paradoxes reference that “ vision of a company states where the company wants to be sometime in the hereafter. ” Based on the statement above, the vision of a company shows that what the company wants and aims to be in the hereafter. For Jerry company, the vision is to be able to convey the best client service experience and planetary cheaper phone retail merchant store. This is because Jerry Company is concentrating on his client service and emphasizes on the satisfaction of the client when purchasing his merchandise. Besides that, he besides wishes that he can go cheapest phone of retail merchant store in order to derive his company repute.
5.2 Competitive scheme and competitory advantage
Harmonizing to Rainer et.al ( 2010, pg45 ) from the book name as Introduction to Information Systems: Enabling and Transforming Business reference that “ competitory scheme is a statement that identifies concern schemes to vie, its ends and the program and policies that will be required to transport out those ends. ” Based on the definition above, the competitory scheme of a company focuses on the use of the schemes which enables a company to be more competitory than the rivals. In this assignment, Jerry Company is utilizing client service as a competitory scheme because it can do the client satisfaction and come back purchase once more. Besides that, Jerry Company has friendly client service, so the consumer can inquire all the inside informations from the merchandise and it will salvage the clip comparison with the bad client service because consumer demand find the information by their ego.
Harmonizing to Ogbar ( 2009, pg 253 ) from the book name as Entrepreneurship in Sub-Saharan Africa reference that “ competitory advantage is the collection of factors that sets a concern house apart from its rivals and gives it a alone place in the market superior to its competition. ” Based on the definition above, a competitory advantage is a alone advantage which enables a company to successfully vie against the rival and is able to convey out the company to higher and more superior place in the market. Jerry company competitory advantage is his company has different trade name of phone and accoutrements to let his consumers a larger choice to buy and take from. Besides that, he is able to aim low flat income, average income degree and high income degree of consumer. By making so, Jerry will hold different types and degrees of income of consumer to be able to buy nomadic phones from his company.
5.3 Follow the feedback and ailment from the client to better service portion
Feedback and kicking are really of import in the betterment of an organisation because it can assist an organisation to better the public presentation and supply better service to their consumer. Jerry Company pays a batch of attending to the consumer feedback and ailments as by making so will assist him to better the company public presentation and to rectify error had been done from his company. By making so, Jerry will be able to maintain on bettering his company ‘s strength to vie more sharply with his other rivals.
5.4 Learning result
As a sum-up for this undertaking, the ways that an bing concern public presentation could be maintained and strengthen based on the vision, mission of a company, scheme and the feedback or ailments that are given by the client.
In decision, this assignment focuses on Jerry as an enterpriser to do his concern which goes by the name of KK phone & A ; accoutrements Sdn Bhd and the explaination on how to analysis his public presentation of his company based on the component of SWOT analysis and get the better of the failing. Besides that it besides discusses on how a concern bing public presentation could be maintained and strengthened. In my sentiment, nomadic phones are highly of import presents particularly for smart phones where it plays a critical function in concerns as it makes things so much more convenient for the users, hence by transporting out a concern selling smart phones, Jerry will be able to bring forth high net incomes and income by utilizing the right selling scheme.