week 2

Attributes of the entrepreneur

typically the attributes of an entrepreneur include many of the following characteristics:

creativity,

confidence,

positivity,

passion,

motivation,

initiative,

self-belief,

discipline,

drive,

adaptability and flexibility,

intuitiveness,

imagination,

desire to succeed and grow,

vision,

capacity to inspire,

focus.

Icons made by Eucalyp from www.flaticon.com

Considering the above attributes, rank them against yourself. Position them from the most reflective of you to the least. Once you have ordered them, speak to your classmates and ask them if they agree, and, if not, for them to explain why.

What do the above mean/represent to you?

Ken Olsen

Enterprise planning

Lean business models,

A lean business model means making continuous improvements in a business operation, and the implementation of processes to guarantee optimum business efficiency. This can be achieved by changing or removing ineffective practices, identifying and getting rid of unprofitable products and measuring and improving the productivity of teams.

Sometimes recognised as operational excellence or continuous improvement strategies, the model is centred around identifying the areas which are not aiding business growth and addressing them effectively. Doing so offers significant benefits to both the business and their customers – with improved operation affording increased growth and better quality output.

e.g. the Business Model Canvas and the Lean Canvas, both of which identify how an enterprise will achieve its objectives, including:

Business Model Canvas Explained from Strategyzer on Vimeo.

Strategy identifying short-, medium- and long-term objectives

Identification of product or service characteristics

Enterprise infrastructure

Every company or organisation has a structure or framework, this what the business will run on. An enterprise structure will be subdivided in to separate departments/divisions each of these will be located within a hierarchy of the company each will have its own functionality associated with it.

An example is a computer software company, they can be split into two sections, "Home" and "Business" and therefore work with two distinct customer groups. This would intern have a collection of employees working in sales, development or marketing within these different divisions of the company.

Pricing structures and revenue streams

Traditional business

Traditional business plans that provide a full description of the proposed enterprise and are particularly designed to pitch the enterprise to potential stakeholders identifying:

– product or service to be supplied

– legal structure and operation – capacity requirements and resources required, e.g. finance, human, physical, intellectual property

– the competitive environment and competitor analysis.

A typical business plan will comprise of the following section headings;

Executive Summary

(Vision, purpose, summary of proposition, outline of rewards)

Legal Structure and Operation

(Business Type - sole trader, business partnership, limited partnership, limited liability partnership, limited company – Pick which type you will trade as, explain why)

Finance

(Financial requirements- What are your possible costs, how much profit do you wish to make, what potential sources of finance do you have – self funding, loans, grants)

Summary of market(s) and competition

(Local, national and international business environment, what market research is available or you completed, competitor analysis)

Measures of success

Targets (Specific, Measurable, Achievable, Realistic, Time-constrained To generate Business)

Financial Targets - Percentage market share, sales, turnover, profit and profit margins

Non-financial Targets - analysis of performance against business vision, mission, aims and objectives, customer satisfaction, product reliability

Appendices –(Include any other evidence to support business plan – Personal profile of the owner, decision making and reporting structures in the business, advisers, prototype of the product)

New technologies and techniques for IT enterprises

Additive manufacturing

Through the use of 3D printing, entrepreneurs are able to create a prototype of a product to test its capabilities and potential functionality. Often used by companies 3D printing allows them to bring to a focus group something tangible that will be inexpensive when compared to producing equipment to mass manufacture something that may not even be created in the long term. The use of these technologies will enable the enterprise to rework and revisit a product to then produce an updated version in a quick time.

lean start-up,

When using the lean start-up approach it is suggested that you do not invest heavily in the creation of a complete product but to create what is known as an MVP, Minimal Viable, Product. This will be a stripped-down version of the goal, however, this still needs to be functional, then from this, you will be able to offer it to a select group of users at a reduced cost and it is pitched as an "Early Adopter" perk. Using this approach you will be able to gain feedback from the users and improve the product as it evolves. This will also allow the development of the product to remove elements that may not even be wanted by the users themselves and this will remove any invested time in development and allow the focus to be on what is actually wanted.

Using the video above navigate to 15:25 and answer the following
1. What could Toyota not compete with?
2. What were they going to compete with?
3. Whats a Pool Model?
4. What are the 2 Important Lean Principles?
5. What did Eric Ries suggest?

Reflect on the link below around the benefits of the Lean model. This will support your submissions towards your assignment 1.
https://www.gazprom-energy.co.uk/blog/what-is-the-lean-business-model-and-what-are-its-benefits/

Cloud-based working,

As you will be aware the use of the cloud is growing at a fast rate and this will enable enterprises and entrepreneurs to work with others on an idea, product or service remotely with others. This also has opportunities to enable others to contribute to its development in "Real-time". This can be seen in areas like Github and others.

Integrated Business Systems,

Open-sourcing

The use of open sourcing is not new, community-led projects are in plain sight. Linux and Unix is one such example. Giving out the code to the community allows them to improve and develop it further beyond the point that you could get to. This adds value to the product as it gives the developer the ability to remove bugs using others' expertise and knowledge as well as adding features that could have been overseen.

Last Updated
2020-03-02 10:03:28

Links to Learning Outcomes		Links to Assessment criteria
A1 Entrepreneurship and enterprise principles and characteristics

English

Sentences with different forms: statement, question, exclamation, command

Reading: Read and understand texts, selecting material appropriate to purpose, collating from different sources and making comparisons and cross-references as appropriate.

Maths

Statistic extracting information: Tables, Diagrams, Charts and Graphs

Using Numbers: Counting, Place value, adding and subtracting, multiplying and dividing.

Decimals: Counting

How 2's Coverage

Anonymous Assessment - Learners assess an anonymous piece of work containing deliberate mistakes against given success criteria.

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