Fundamentls of Entrepreneurship

Executive summary: Fundamental of entrepreneurship is an individual who takes initiative to bundle resource in innovative ways and is willing to bear the risk or uncertainty to act. The purpose of done this assignment to know and understand that entrepreneurship play role to started new business enterprise. Moreover, entrepreneur for started new enterprise that SPM JATI (cooking oil), need review performance of his business, identify strength and weaknesses, recommend a plan of action that will capitalize on the company’s strengths, and overcome its weaknesses and finally business existing performance could be maintained and strengthened.Without this cannot complete the task to started new business. Before I start my assignment, I had obtained some information from my lecture and I also get information about entrepreneurship from internet. Through internet I know that entrepreneur of review performance to started new enterprise that SPM JATI (cooking oil), strength and weaknes ses, recommend a plan of action and business existing performance could be maintained and strengthened.The process of doing assignment, I found out a lot of information about started new enterprise of entrepreneurship. As the same time, I also know the strength and weaknesses and existing performance could be maintained and strengthened. NO| Question and title| Page| 1. 0| Introduction | 3| 2. 02. 1 2. 1. 1 2. 1. 2 2. 1. 32. 2 2. 2. 1 2. 2. 2 2. 2. 32. 3 2. 3. 1 2. 3. 2 2. 3. 32. 4 2. 4. 1 2. 4. 2 2. 4. | Presentation and analysis: How would you review the performance of his business Introduction task 1Answer ConclusionHelp jerry indentify his company strength and weaknesses Introduction AnswerConclusionFollowing the analysis of the company strengths and weaknesses, recommend a plan of action that will capitalize on the company strengths, and overcome its weaknesses. Introduction Answer Conclusion Jerry has bought you a one-week return ticket to his holiday home in Penang. He wants you to helpHim investigate ways in which the business existing performance could be maintained and strengthened.Introduction Answer Conclusion | 4444-66777-88999-1010 11111112| 3. 0 | Conclusion | 13| 4. 0| References | 14-15| 1. 0 Overall Introduction Entrepreneurshipis an individual who rather than working as an employee runs a small business call entrepreneurship and assumes all the risk and reward of a given business venture, idea or good or service offered for sale. Entrepreneurship combined with land, natural resources and capital to produce profits that is call entrepreneurship.Entrepreneurship must face all kind of problem and know need to solve the problem then only can achieve in business, if the entrepreneur run away from business it show he or she cannot face it the business and don’t know how to solve the problem. Task 1, is mention a bout review the performance of SPM JATI enterprise cooking oil. It’s easy to focus only on the day-to-day running of SPM JA TI enterprise. It’s simply include business efficiency, financial position, business goals and conduct a customers and market analysis.Task 2, is indentify about SPM JATI enterprise, strength could be seen in terms of SPM JATI staff extremely polite and helpful and your competitor’s staff has very few customer-friendly attributes, products SPM JATI provides cooking oil, customers loyalty is demand, and location located at. And weakness, an object’s look every aspect of SPM JATI enterprise whether its products and service could be improved. Task 3, is analysis the company strengths and weaknesses. And how to overcome the weaknesses of company.Task 4 is talking about help jerry to investigate ways in which business existing performance could be maintained and strengthened Task 1: 2. 2 How would you review the performance of his business? 2. 1. 1 Introduction task 1 In this task talking about review the performance of business of SPM JATI Company. This task explain s about operation management. Product planning, location planning, process planning, supply chain management and quality management. 2. 1. 2 Answer Review the performance of SPM JATI Enterprise cooking oil for financial position, it’s often fail because of poor financial management or a lack of planning.Often the business plan that was used to help raise finance is put on a shelf to gather dust. When it comes to SPM JATI Enterprise cooking oil business' success, therefore, developing and implementing sound financial and management systems. . Product planning Product planning and product control work hand in hand to ensure that consumers get the products they want, when they want. Product planning involves evaluating the product and placement, price, package and position. SPM JATI cooking oil using product planning. Price must standard and the package look nice and the customer attract to the package. Location planningLocation is also very important for service and manufacturi ng ventures, which have such costs as advertising, promotion and distribution that are a direct result on where they located. SPM JATI company location is very near customer and other shop also. Location has to be convenient for customers and their employees need adequate parking. That means locating near to key suppliers in areas for pick-up and deliveries. JATI company choosing the best location for business that us the first step to target the customers. Process planning A business plan is used when starting a new business or new product into market.SPM JATI cooking oil develops the products and maintains the products. SPM JATI cooking oil planning buys a new machine that is automotive packing machine to improve the business and supply in big scale. Supply chain management Supply chain management is the oversight materials information and finance as move in a process from supplier to manufacturer to wholesaler to consumer. The product flow includes the movement of goods from a su pplier to a customer as well as customer returns or service needs. SPM JATI cooking oil supply to wholesaler and the wholesaler supply to consumer this is supply hain management of SPM JATI cooking oil company. Quality management SPM JATI Company maintains the good name and reputation of the company. To gain a competitive advantage, many companies will implement a quality management system to ensure they produce the best products. 2. 1. 3 Conclusion The conclusion is when I do this question I got a lot of idea about the business and also I can understand very well about what is product planning, location planning, process planning, supply chain management and how much important to business. This steps all SPM JATI company follow and maintain the businessTask 2: 2. 2 Help Jerry identify his company’s strength and weaknesses. 2. 2. 1 Introduction task 2 In this task discuss about SPM JATI company strengths and weakness. SPM JATI company strengths and weakness. SPM JATI Company strengths is understand consumer needs and provide high level customer service. Weakness is not enough workers in the company and also the labor costs very high. 2. 2. 2 Answer: The impacts of internal strengths and weaknesses on the success of the ‘subject’ of analysis. The internal strengths and weaknesses of you, your staff, your products, and your business.The internal strength that make’s organization more competitive than its marketplace peers. And the internal weaknesses with organization that will keep it from achieving its objectives; it is what an organization does poorly. Strength This involves looking at the strength and weaknesses of SPM JATIenterprise cooking oil. Internal strength of business SPM JATI enterprise cooking oil, could be seen in terms of SPM JATI enterprise staff, products, customers loyalty, processes, or location. SPM JATI enterprise cooking oil,strengthterms staffextremely polite and helpful, very important to be totally honest and realistic.Next products, cooking oil, customer loyalty is when a supplier received the reward of his efforts in interacting with his customer. Customer loyalty tends the customer to voluntarily choose a particular product against another for his needs. Location for SPM JATI enterprise are very good because very near to customer and wholesaler also. So when very near to customer the supply cost become low and can save money also. The name of company very popular everyone knows about JATI cooking oil and the products quality. JATI Company understands the consumer needs.JATI Companyprovides high level customer service. Have a presence in retail markets. And also the customer like and go for JATI cooking oil. Weakness Company weaknesses are a lack of resources or capabilities. SPM JATI Company has higher labor costs. Competitor who can have similar productivity from lower labor costs. SPM JATI also not enough workers and the management are not very good. 2. 2. 3 Conclusion In this task discuss about the company strengths and weakness. Explain about the SPM JATI company strengths and weakness. Task 3: 2. Following the analysis of the company strengths and weaknesses, recommend a plan of action that will capitalize on the company strengths, and overcome its weaknesses. 2. 3. 1 Introduction In this task discuss about the strengths and weakness of Jerry Company SPM JATI enterprise. So need to find out some step to help Jerry Company to improve. And also discuss the overcome company weakness. 2. 3. 2 Answer Company strengths The first strengths for jerry JATI Company are good name in market everyone know about the company and the brand. JATI Company provides high level customer service.Customer also likes to buy JATI products because customer likes the packing and the good service also. JATI Company supply goods time to time. Overcome company weakness After I discuss about strength and weakness of Jerry Company that is SPM JATI enterprise. Jerry can be try to improve t he products and packing. Customer service is very important in business, Jerry Company must focus on customer service. First the weakness of SPM JATI Company is higher labor costs. After that SPM JATI company not enough workers in the company so cannot produce more products because very less worker.SPM JATI must take new worker for company and can produce more products. SPM JATI company have 3 lorry but that is not enough for supply goods because a lot of order from customer and wholesaler. So need to buy new lorry, for more supply goods for customer and the business also can develop if supply more goods for customer the company can make high profit. 2. 3. 3 Conclusion As a conclusion, I help to find the steps or ways to help Jerry Company to improve and do much better then now. Next is, found the ways to solve jerry company weakness Task 4 2. Jerry has bought you a one-week return ticket to his holiday home in Penang. He wants you to helpHim investigate ways in which the business e xisting performance could be maintained and strengthened. 2. 4. 1 Task 4 introduction In this task discuss about to help jerry investigate ways in which the business existing performance could maintained and strengthened. I help jerry how to improve the performance of SPM JATI Company. So for one-week I will take care jerry business and help him also to improve the business. 2. 4. 2 Answer The ways to improve the company performanceI have help jerry to promote his company name and product. I do which customers buy a lot of JATI product they all get some gifts from company. Next is, I give some donation under JATI company name then only people know about the company and what they are selling or produce. This also one good type of advertising. If company name popular in market then all customer know about the company and the business sales also increase. And I ask jerry to do some offer or discount. When customer purchase JATI product the price be half price for few month, to promote the product.Another idea is make t-shirt for customer, like which shop sell a lot of JATI products give them t-shirt. 2. 4. 3 Conclusion Conclusion is, this is the ways to improve the company performance and steps. When jerry follow the steps above sure jerry company will be improve and success on his overall business performance and also can increase the business sales or monthly turnover can increase. This steps all are very good to business improve and can increase the production of the company so jerry must follow the ways to improve. But now Jerry Companyimproves ready, so for no problem for Jerry Company.I think Jerry Company does better sales and better business management. Because jerry know ready what is steps and ways to improve the company performance. 3. 0 Conclusion As a conclusion when I finish this whole assignment I can understand what is business strength and weaknesses. And how to take care the business and also how to solve the problem. So when jerry follows all t he ways or steps of business, sure the business will successes and can make more profit. Every entrepreneur must know the business strength and weakness.And must know about how to solve business problem. 4. 0 References Businessweek. com (2013) Analyzing Your Company's Strengths and Weaknesses – BusinessWeek. [online] Available at: http://www. businessweek. com/smallbiz/tips/archives/2008/09/analyzing_your_companys_strengths_and_weaknesses. html [Accessed: 22 Mar 2013]. Dollinger , M. (2003) Fundamental of Entrepreneurship . 3rd ed. India : Doring Kindersley , p. 153-155. Hoit, D. (2001) entrepreneurship. 5th ed. New Delhi: Ashoke K. Ghosh, p. 67-68. Infoentrepreneurs. org (2009) Review your business