Sample Assignment: An Introduction to Entrepreneurship

ENTREPRENEURSHIP
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 Case Study Assignment.....................................................................................................3
Discuss briefly terms entrepreneur and entrepreneurship...........................................................3
Application of Timmons’s core and desirable attributes.............................................................4
Evaluate whether these attributes contribute towards growth of the company...........................5
Conclusion...................................................................................................................................6
Impact of the learning..................................................................................................................6
TASK 2 Business Planning Assignment..........................................................................................8
Business concept..........................................................................................................................8
Market Research..........................................................................................................................8
Financial projections....................................................................................................................9
Evaluation of the business model..............................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship means the process to identify or start a new business venture with the
available resources and ready to take risks and rewards both related to business. An entrepreneur
is a person who is independent and wants to start something new with an innovative idea and
skills and make the business run successful. In this report Steve Jobs has been taken into account
as an entrepreneur and analysis has been made on his journey from starting up the business with
an innovative idea to growth of the business. Steve Jobs the co-founder of and chief executive
officer of Apple started business with an innovative idea.
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TASK 1 Case Study Assignment
Discuss briefly terms entrepreneur and entrepreneurship
The analysis of Burns between the personal characteristics of owner managers and
entrepreneurs is simple that the entrepreneur is a person who is starting a business or venture on
his own and taking all risk and liabilities. But at the same owner manager are person who are
working in an organization and giving their services to someone (Alsos, Carter and Ljunggren,
2011). They do not bear all the risk and uncertainties. This truly supports Burns distinction
between owner managers and entrepreneurs that they both possess different characteristics.

Owner managers are working for their own self interest to earn money and the entrepreneurs are
working for doing something new and their personal characteristics influences them to start
something new and innovative (Aulet, 2013).
Entrepreneurship can be defined as the process of starting a business or organization.
The entrepreneur creates a business plan, acquires the human and other needed resources. He or
she is completely responsible for the success and failure of the business (Bessant and Tidd,
2011). Entrepreneurship process includes five steps idea generation, opportunity evaluation,
planning, launch and growth. In the present context, these people are acting as leaders who are
willing to take risk and initiatives, taking advantage of market opportunities through planning,
organizing and employing resources.
Application of Timmons’s core and desirable attributes
Steve Jobs was a successful entrepreneur and was born in San Francisco, California. His
vision was to get computers in the hands of every people and he succeeded in this mission.
Timmons’ core and desirable attributes are applicable to the journey of Steve Jobs.
 Leadership – One of the best leadership quality hold by Steve job was to stay focused
towards the vision. One day, Apple’s bet programmer told Steve that Apple II compute
could not be made; he fired that programmer on the sport without any hesitation (Bygrave
and Zacharakis, 2009). Jobs always stayed focused on the vision that he had for the
Apple and made sure that every employee of the company must head towards that vision.
 Commitment and determination – It is another core attribute for successful entrepreneurs.
Steve was very committed and determined towards what he wanted. It was his fearless
commitment and devotion towards electronic gadgets that he co-founded Apple in the
year 1976 (Coate, 2007). After being removed from Apple also, he keeps on working on
the same things and remained motivated always.
 Opportunity Obsession – A good entrepreneur is the one who knows how to convert the
ideas into opportunities. Steve did the same thing as he started business in a small garage.

From a small garage to an organization like Apple was a tough task for him but he
grabbed every opportunity which came into his way (Darling, Gabrielsson and Seristö,
2007). A best quality of an entrepreneur is to make optimum use of opportunity which
arises while the course of the business.
 Tolerance of risk, ambiguity and uncertainty - Steve found many risk and challenges in
his entrepreneur career. He was forced to leave the position of board of directors of Apple
due to some disagreements with other people. Later he indulges in his own venture by
starting NEXT Computer Company by involving huge innovations in the features of
computer (Denning, 2013). During facing all such challenges he coped with all the risks
and was again selected as the board of directors in Apple.
 Motivation to excel – One of the best qualities that an entrepreneur can learn from the
journey of Steve Jobs is to remain disciplined in the work. Steve was a perfectionist and
he had a very little space for errors. This created a sense of fear among the employees but
it was accepted because Apple had a sterling reputation as a leader in the field. This helps
in encouraging a professional atmosphere within the organization (Duening, Hisrich and
Lechter, 2009). The best lesson learned from this quality is that a professional
environment leads to better outcomes for staff and the business.
Evaluate whether these attributes contribute towards growth of the company
The above discussed attributes are very critical to the launch and success of a business.
All these qualities contribute towards becoming a successful entrepreneur. These help in
achieving, what has been desired by an individual. The attributes can be discussed critically in
the following manner:
Leadership – It is one of the most essential qualities for a businessman. Leaders act as middle
management for an organization. These persons are responsible and accountable for the
performance of the employees. It is them who motivate employees towards the goals and
objectives of the business (Erve, 2004). Leaders are critical to the success of the company. In the

absence of leadership, company may fall apart from its way of vision and mission. There will be
no guidance, no learning, no development, no growth and no success. Further it will be difficult
for the company to create a professional environment (Shane, Locke and Collins, 2003).
Commitment and determination - An entrepreneur is required to be committed and determined
towards his goals and objectives. Commitment is required in efforts which are to be made for the
success of the business.
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He should be fearless and courageous, that means no matter what the situation, a positive attitude
is required at every level (Grafton, 2011). In the absence of commitment and determination,
everything will look like effortless. There will be no sign of motivation and inspiration &
ultimately it will negatively affect the business of the company. But it is to be noted that
commitment must take the form of confidence, not over confidence for the entrepreneur.
Tolerance of risk, ambiguity and uncertainty – These skills shows how courageous and brave
the entrepreneur is. It shows how bravely an entrepreneur can tolerate situations of risk,
ambiguity and uncertainty. He must possess the power to face uncertain situations which may
arise in any course of time (Morris Kuratko and Covin, 2010). For that purpose, assessment of
risk is to be done in appropriate manner. Contingency plans can be prepared in order to face the

uncertainties related to the future. This may prevent entrepreneur from different types of business
damages and losses. Lack of these may result in poor productivity and profitability.
Motivation – This is an element which cannot be avoided at all under the business. Motivation is
something which brings life into the entrepreneurship (Sami, 2013). It is very crucial to the
success of the organization. An entrepreneur is required to be motivated from the surrounding
atmosphere and aspects. It helps in improving his performance and brings lots of improvements.
Through proper motivation an entrepreneur can put human resources into action, improves
efficiency level of employees, leads to achievement of company goals, bring stability in the
workforce and also creates friendly relations. In the absence of motivation, there will be no
direction and focus (Holcombe, 2003). No extra efforts will be laid by the people and a kind of
stagnancy will arise in all business activities. There will be no self development, growth,
competency etc in the absence of motivation.

Conclusion
On the basis of understanding the subject of entrepreneurship, it can be concluded that it
is not an easy process. It requires lot of concentration and focus. Timmons’ core and desirable
attributes are very essential for both existing as well new entrepreneurs. A new venture can be
opened but presence of certain characteristics is very essential for an individual. Example of
Steve Jobs is amazing and very inspiring for new businessmen. There are certain exceptional
qualities and managerial skills of him which can offer great motivation for all kind of
entrepreneurs. The difference that lies between theory and practice is that of theory is making the
hypothetical idea which explains something else. But practice refers to applying that idea or task
in other form to prove into action (Holcombe, 2003). Steve being an entrepreneur always
believes in applying the ideas into practical form to know their results. It is good to being
practical to know the situation of the task performed and achieves the result effectively.
Impact of the learning
According to me about creating a successful new venture there should be possible
characteristics of having entrepreneurial qualities that differentiate you from others. Here, it
means that one should mandatory possess such distinct qualities to create a successful new
venture. He should have innovative thinking or new ideas and thoughts to start up a new venture
and through passing the entrepreneurial process achieves growth. Here, in this case Steve Jobs
possess such distinct qualities of an entrepreneur who works independently and innovatively to
produce good results. He started Apple which was his work of excellence and which proved
himself that he was a true entrepreneur.

TASK 2 Business Planning Assignment
Business concept
The major aim of this business project is to come with a restaurant for the people of UK
which can offer multi-cuisine food for the people. It will offer different variety of Asian Mix
food items such as Indian, Chinese, Thai, and Singaporean etc. It is evident that because of the
increasing travel and tourism, the trend of food restaurants has become popular across the world.
An individual can discover different types of restaurants offering distinctive food.
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For opening a new business, this industry has been selected because it is the only industry which
can never reach to its saturation point. People are always fond of food which is one of their basic
necessities. Further tourists would also like to taste the cuisine of the country which they have
visited. This business sector has plenty of opportunities for new entrepreneurs as the population
of food lovers is very high in UK as well the other countries.
Market Research
Multi-cuisine restaurant is a place where different varieties of the food dishes from all
over the world are served. It is a special method of cooking which belongs to a particular region
or country. Some of the popular cuisines include Italian, French, American, Mexican, Indian,

Japanese etc. UK restaurant sector is worth over £40 billion. People in UK are very fond of food
and like to do experiments with their taste (UK Restaurant Industry, 2014). Taking into
consideration the multi-cuisine segment of the restaurant industry, huge popularity of ethnic
cuisines can be noticed in the country. This segment is becoming eye catching for the customers
because they desire for new flavors and preparation styles of cuisine. In the category of limited
services, multi-cuisine is a flourishing sector for UK restaurant industry. This kind of food
provides a chance to the people to taste ethnic food specialties. In the present context, lots of
efforts are being made by the companies in order to engage the multi-cuisine audience
(Restaurants Market Research Reports & Industry Analysis, 2014). This segment is growing
rapidly and competition is also becoming tough for the restaurants. All of them are making hard
efforts to become innovative in terms of global cuisines that they offer and to achieve
differentiation in respect of branding.
Financial projections
Source of finance
Sources of Fund Amount (£)
Owner's capital 500000
Bank Loan 200000
Total Sources of Fund 700000
Sales forecast
Sales forecast
Year 0 1

Units 6000
Sales Value
@£50/unit
300000
Cash flow statement
YEAR 0 1YEAR
Cash inflows
Cash from Sales 3,00000
Directors loans 0
Share capital 70,00
0
Other cash inflows
Total cash inflows 70,00
0
3,00000
CASH OUTFLOWS
Payments for materials 1,30,00
0
operating expenses ( ) 0
Premises (rent, rates) 20,00
0
20,000
Wages and salaries 0 40,000
General expenses 0 60,000
Interest and bank charges payable 0 4,000
Lease payments 15000 15,000
Corporation Tax
Market survey costs 4,000

Other preliminary expenses 13,00
0
Plant and other capital
expenditure
0
Loan repayments 0
Dividends
Total cash outflows 52000 269000
Cash flow summary
Net cash flow for period 18,00
0
31,000
Opening cash balance 0 18000
Closing cash balance 18000 13000
Profit & Loss Account
Particulars
Year 0 1 year
Revenue 0 300000
Cost of sales 0 1,50,000
Gross profit 0 1,50,000
Expenses/overheads
Premises (rent, rates) 20,000
Wages and salaries 40,000
General expenses 60,000

Interest and bank charges payable 4,000
Lease payments 15,000
Depreciation 0
Other expenses 16,000
Total expenses/overheads 0 1,55,000
Profit before tax 0 -5000
Tax @25%
Profit after tax -5000
Dividends
Transfer to reserves -5000
Break Even
Revenue Contributio
n
Fixed
Cost
Profit
300000 165000 35000 130000
325000 178750 35000 143750
350000 192500 35000 157500
387500 213125 35000 178125
Investment requirements
NPV at 10%

Year Net Cash flow PV @ 10% cost of
capital
Present Value
1 31,000 31,000/ (1+0.10)^1 28,181
2 14,400 14,400/ (1+0.10)^2 11,900
3 27,975 27,975/ (1+0.10)^3 21,018
4 38,780 38,780/ (1+0.10)^4 26,487
5 88,876 88,876/ (1+0.10)^5 55,185
Total PV 1,42,771
IO 70,000
NPV @ 10% 72,771
NPV at 15%
Year Net Cash flow PV @ 15% cost of
capital
Present Value
1 31,000 31,000/ (1+0.15)^1 26,956
2 14,400 14,400/ (1+0.15)^2 10,888
3 27,975 27,975/ (1+0.15)^3 18,394
4 38,780 38,780/ (1+0.15)^4 22,172
5 88,876 88,876/ (1+0.15)^5 44,187
Total PV 1,22,597
IO 70,000

NPV @ 15% 52,597
Interpretation – At 10% cost of capital, the net present value is 72771 and at 15% cost of capital
the net present value is 52597. This indicates that new business development proposal is feasible
and valuable for the entrepreneur.
Evaluation of the business model
SWOT analysis of new business
Strengths Weaknesses
 Innovative concept of hospitality
 Outstanding customer services
 Range of different cuisines
 Very prompt, friendly and professional
working atmosphere
 First mover advantage
 Modernized infrastructure
 Presence of EPS (Electronic point of
sale)
 High growth of travel and tourism in
UK
 Competition from other multi-cuisine
restaurants
 High cost of operations
 Lack of branding
 Complexities in obtaining restaurant
licenses
Opportunities Threats
 Hardcore promotion and advertising
 Expansion in other parts of UK
 Increasing rate of tourist arrivals in UK
 High growth of hospitality and tourism
in UK
 Increase in purchasing power of
customers
 Tough rules and regulations from ruling
bodies in the industry
 Hospitality standards of BHA and
VisitBritain.
 Presence of substitute products

 High attrition rate
Feasibility
Hence from the above analysis it can be concluded that this business proposal is feasible.
The new business will offer variety of Asian cuisines for the customers along with fine dining
experience and great infrastructure.
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The location is the plus point for the business because it is best known for its connectivity with
aviation and hence the chances of tourist arrival are very high. While business will also employ
technology named EPS within business and this will help in managing all kinds of customer’s
orders (online, walk in, or over the phone) effectively.

CONCLUSION
Entrepreneurship is a concept which means that something new and innovative is started
by an individual to grow and found new ways and ideas to develop and upgrade the product in
the market. The study concludes that Steve Jobs co-founder of Apple was an entrepreneur and
posses such qualities which made him distinct from others. He failed several times but he did not
lack his confidence and continuously worked to achieve success. It is found that from making a
business plan and launch a new product or service a number of considerations have to be
followed.

REFERENCES
Books and Journal
Alsos, A. G. Carter, S. A. and Ljunggren, E., 2011. The Handbook of Research on
Entrepreneurship in Agriculture and Rural Development. Edward Elgar Publishing.
Aulet, B., 2013. Disciplined Entrepreneurship: 24 Steps to a Successful Startup. John Wiley &
Sons.
Bessant, J. and Tidd, J., 2011. Innovation and Entrepreneurship. John Wiley & Sons.
Bygrave, D. W. and Zacharakis, A., 2009. The Portable MBA in Entrepreneurship. John Wiley &
Sons.
Coate, P., 2007. Interview with Richard Pech. Business Strategy Series. 8(1). pp.8 – 13.
Darling, J. Gabrielsson, M. and Seristö, H., 2007. Enhancing contemporary entrepreneurship: A
focus on management leadership. European Business Review. 19(1). pp.4 – 22.
Denning, S., 2013. The management revolution's growing army of rebel voices. Strategy &
Leadership. 41(5). pp.23 – 33.
Duening, N. T. Hisrich, A. R. and Lechter, A. M., 2009. Technology Entrepreneurship: Creating,
Capturing, and Protecting Value. Academic Press.
Erve, D. V. M., 2004. Temporal leadership. European Business Review. 16(6). pp.605 – 617.
Grafton, M., 2011. Growing a business and becoming more entrepreneurial: the five traits of
success. Strategic Direction. 27(6). pp.4 – 7.
Morris, M. Kuratko, D. and Covin, J., 2010. Corporate Entrepreneurship & Innovation. Cengage
Learning.
Sami, S., 2013. The Book on Entrepreneurship and Property: The Guide to Successful
Entrepreneurship and Property Investment. AuthorHouse.
Online

Holcombe, G. R., 2003. The Origins of Entrepreneurial Opportunities. [Online]. Available
through : <http://www.gmu.edu/depts/rae/archives/VOL16_1_2003/2_Holcombe.pdf>.
[Accessed on 3rd
July 2014].
Restaurants Market Research Reports & Industry Analysis, 2014. [online] Available at:
<http://www.marketresearch.com/Food-Beverage-c84/Food-Service-Hospitality-
c169/Restaurants-c532/>. [Accessed on 7th
July 2015].
Shane, S. Locke, A. E. and Collins, J. C., 2003. Entrepreneurial motivation. [Online]. Available
through : < https://faculty.utep.edu/Portals/167/52%20Entrepreneurial%20Motivation.pdf
>. [Accessed on 3rd
July 2014].
UK Restaurant Industry (2014), [online] Available at:
<http://www.companiesandmarkets.com/MarketInsight/Food-and-Drink/UK-Restaurant-
Industry/NI8337> [Accessed on 7th
July 2015]

Sample Assignment: An Introduction to Entrepreneurship

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Sample Assignment: An Introduction to Entrepreneurship