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Explore the achievements, motivations and aptitudes of John Blackburn, an entrepreneur who over the past few years has built up a profitable business based upon his skills and ideas.

Extracts from this document...

Introduction

Contents page. * Objectives & Introduction.....................................Pg 1 * Business background...........................................Pg 2 * Industry Analysis...............................................Pg 3 i) Industry Survey....................................Pg 4 - 6 * Context and Process of the business start-up............... Pg 7 * Proprietors motivations through motivational theory..... Pg 8 + 9 * Extent to which business methods are applied.............Pg 10 * Accounting figures and ratios.................................Pg 11-19 * Analysis and evaluation of figures and ratios...............Pg 20 + 21 * The future of the business.....................................Pg 22 * Survey Findings and its relation to other Evidence........Pg 23 i) Survey results...................................Pg 24-27 ii) Specimen questionnaire......................Pg 28 * The role and rewards of being an entrepreneur............Pg 29 * Conclusion.......................................................Pg 30 Objectives: 1) The business, its market and its competitors. 2) Context of and process of the business start-up 3) Proprietors motivations through motivational theory 4) Extent to which business methods are applied 5) The future of the business 6) Survey findings and its relation to other evidence 7) The role & rewards of being an entrepreneur 8) Conclusion Introduction. I aim to explore the achievements, motivations and aptitudes of John Blackburn, an entrepreneur who over the past few years has built up a profitable business based upon his skills and ideas. I will also explore the advantages, disadvantages and rewards of being an entrepreneur. Business Background. The company I have chosen to study is called Precision Weighing Systems (PWS), located in Burnley in the north west of England it offers service, supply and repair of industrial, retail & laboratory weighing equipment. It has been officially established for roughly 4 years and was started solely on the proprietor, John Blackburn's expertise gained from over 20 years of service to the weighing industry with later support from his family. He spotted an opportunity in the market for a local, reliable service with excellent quality service at the right price. The business was originally run from a home bedroom/office as a sole trader organisation due to advantages such as confidentiality of accounts, total control and the proprietor being the sole financial beneficiary of the business' success. ...read more.

Middle

It was a concoction of neo-human relation theories and management that helped mould the proprietor's character into whom he is today. It is these factors, which influence the way in which he approaches management and leadership allowing him to manipulate his aptitude and develop his workforce to become a tool for success for both them and himself. The Extent to which business methods are implied. Due to the size of the firm (PWS), the entrepreneur applies some of the business methods such as cash flow forecasting, break-even analysis and liquidity but not all- available methods like health and safety indicators and waste levels, as they are inappropriate. This is as some of the figures of those methods not implied would show minor trends which occur as part of the natural business process and tie up the entrepreneurs time researching and analysing figures for facts he already knows. However there are other methods which to a large extent are applied as these show business performance and how the life blood of the business (cash) is either flowing or not as it maybe the case. A recent cash flow forecast undertaken shows that from the period 01/01/04 to 31/12/04 that there will be a negative cash flow of �3,558 as shown in cash flow forecast listed in the appendix. This demonstrates the need to improve the time taken for bad debtors to pay. Balance sheet and profit and loss analyses are extremely important but due to the extensive entrepreneurs, experience in this field full analysis is not necessary. This is as he can see through the blur of figures and deduce an approximate which he knows is either good or bad and come up with possible solutions or strategies to employ to remedy the problem, providing it is within his control such as the following: > Poor cash flow > Insufficient Revenue > Poor Liquidity > Poor Personnel performance Recently motivational strategies have been applied in order to raise personnel performance. ...read more.

Conclusion

Conclusion. In evaluation I have explored the achievements, motivations and aptitudes of John Blackburn, the entrepreneur. I have also explored the advantages, disadvantages and rewards of being an entrepreneur as well as achieving the objectives which I set out to complete as listed below. * Looked at the business, its market and its competitors. * Described the Context of and process of the business start-up * Identified the proprietors motivations through motivational theory * Analysed the extent to which business methods are applied * Examined and evaluated accounting figures and ratios * Envisaged the future of the business * Completed a customer survey and produced the results * Studied the surveys findings and its relation to other evidence * Considered the role & rewards of being an entrepreneur * Concluded the above factors (see below) The first thing to conclude is that being an entrepreneur is not totally positive and with its benefits comes its drawbacks as I have shown. The degree of time, responsibility and dedication required to succeed are high and come with heavy costs. However it does have its rewards which can balance and outweigh the costs, which inspires many people to become self-employed every year in Britain. The second thing to conclude is that the perception towards successful motivation of leaders, bosses and managers starts during their younger years at work but this must not be taken as the only way to approach things and theory change with time. What seemed successful many years ago to Taylor would not work in today's business culture which is where the Japanese have succeeded by changing culture rapidly through motivation and HRM to ever evolving internal and external influences. Finally, not all people who set out to achieve becoming an entrepreneur will succeed; it takes a combination of knowing your market, customers, competition and product portfolio. Understanding of all aspects business processes, tactics, strategies and solutions to problems. And last but not least the will to succeed, profitably and ethically. ...read more.

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