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I have decided to study about an entrepreneur that has opened up a business within the last five years. The coursework will be a study of the motivations and achievements of the proprietor.

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Introduction

Contents Page Introduction 1 Types of Management 2 The Business 3 The Market 4 The Competitor 5 The Process of the Business Start-up 6-7 The Proprietors Motivation through Motivation Theory 8-9 The Extent to which the Entrepreneur uses business methods 10 The Future of Business through a survey of customers 11-15 The role and the reward of being an Entrepreneur 16 1. Introduction For my A2 business studies coursework, I have decided to study about an entrepreneur that has opened up a business within the last five years. The coursework will be a study of the motivations and achievements of the proprietor. Some of the things I will consider are: > The business, the market and it's competitors. > The context and process of the business start up. > The proprietors motivation through motivation theory. > The extent to which the entrepreneur uses business methods. For example cash flow forecasting and break even analysis. > The future of the business through a survey of it's customers. > The role and rewards of being an entrepreneur. 1.1 Who is the entrepreneur? Name: Mr Kuldip Singh Occupation: Single owner of a manufacturing, embroidery and quilting factory. Business Name: Midland Quilters Limited Year of start up: 1998 Year it became Ltd: 2000 1.2 Details: Mr Kuldip Singh opened up a small business in Smethwick, West Midlands in the summer of 1998. However, this was not an unfamiliar market or type of work for him. Four years prior to opening up his own business he was a partner in the business 'M.K Textiles' until he decided to go solo. There he gained experience about the work and got to know people (potential customers) and eventually decided to open up his own business without any help. In the summer of 1994, sales were working on a loss but in the winter of the same year the business picked up and Kuldip decided that his work was definitely seasonal. ...read more.

Middle

> Next, Kuldip had to determine the price of his goods. He decided not to start off with a lower price because he was worried of sparking a price war and with his business being new he wouldn't be able to compete and he didn't want to be forced out of the market. Therefore he charged the same price as most of his rivals and hoped he would at least break even. However he was not worried at operating at a loss as he was confident that in the long run his business would be a success. > Once the price was set he needed to attract the customers. He did this by persuading some of the customers he had at M.K Textiles to try his goods and service because he had free delivery etc. as a result he managed to gain a lot of customers from M.K Textiles. Eventually, M.K Textiles closed down as management wanted to concentrate on their other business. This was great news for Kuldip and at a great time as Kuldip gained many customers and a few more workers from M.K Textiles. Kuldip did advertise in the 'Asian Directory' from where got a good response. > Finally, once the business was ready Kuldip needed to keep track of the income and expenditure of the business. Therefore he started to do a regular cash flow to monitor this. > The business start up was complete! 7. The Proprietors motivation through Motivation theory 7.1 ABRAHAM MASLOW (appendix B) Kuldip's motivations can definitely be linked to Abraham Maslow's hierarchy of needs. As you can see below, he 'climbed' two steps and then started back on the first. He has now reached the fourth step with a possibility of reaching the top- 'Self-actualisation'. > STEP 1; Physical needs: When working at M.K. Textiles he managed to satisfy this need (for food and shelter). ...read more.

Conclusion

Also, the proprietor has the job of motivating himself as well as workers. The entrepreneur has also got to keep the stakeholders of the business happy. The entrepreneur also has to keep tabs on his rivals and try and be one step ahead of them. The entrepreneur also has to train employees and find a suitable way of recruiting them. Also, he has to monitor the progress of workers as well as the business as a whole. The main rewards of becoming an entrepreneur is that you would be making good money because the risk that you took would have paid off. As well as money, you would also get tremendous recognition for your achievements. For example, Kuldip took a big risk in opening his own business and the merits he has received, apart from money, is recognition for his achievements and that recognition has gained him a good reputation and status in society. The reputation of Kuldip has reflected upon his business and now the company has a good reputation. The greater the risk, the greater the rewards as long as it pays off. As well as recognition from others, success would greatly motivate the entrepreneur and give him/her the sense of personal achievement that would spur them on form more success. Those were the rewards of being an entrepreneur, however those rewards only count if the business succeeds. The bad thing about being an entrepreneur is that everything is a risk and if that risk does not pay off then the entrepreneur would be in deep trouble. Not only would there be financial trouble but the entrepreneur would get a bad reputation which could haunt him/her in the future if they decide to open a business later. It is a big risk being an entrepreneur especially if you are a newcomer in the market with no experience. Kuldip was okay because he was familiar with the market but a proprietor that is inexperienced in the market could encounter many problems and those problems could de-motivate him and the employees. 1 1 ...read more.

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