Competition and Entrepreneurship Theory - Process - and Practice

Question: Discuss about the Competition and Entrepreneurship for Theory, Process, and Practice. Answer: Introduction Entrepreneurship refers to the set of skills by which entrepreneurs design, launch and run a new business. Such kind of business usually initiates as a start-up organisation that offer a particular product or a company. Entrepreneurship involves a number of skills in order to establish the business. The present report is based on the principles of entrepreneurship as applied to opening a fast food restaurant chain in Dubai. The report outlines the market summary for the venture, the strategies and implementation summary of the business, financial plan and management summary. The discussion concludes logically by summarising the key points from the report. Fast food restaurant chains have a prosperous opportunity to expand its business in Dubai, giving entrepreneurs the open their start-up businesses. Fast food is expected to witness sales soar in the upcoming years. Entrepreneurs must appeal to the fast changing food choices of the population of Dubai as well as the tourists visiting the place. This would lead to an appeal to the consumers coming from the most income groups in the country (Begum, 2015). The fast food restaurant sector is about to get a dynamic growth in the upcoming years as reported by Smith (2016). As per the author, fast foods when sold at inexpensive rates appeal to all individuals who have a tight budget. Moreover, the population of UAE is keen on taking up a healthy diet while consuming fast food. Entrepreneurs, therefore, have the need of focusing on using organic ingredients in order to reach out to the target consumers. The number of tourists visiting the country is in millions. This implies that fast food ch ains get benefits to a great extent from the customer influx. These tourists are familiar with the fast food options available in Dubai due to the marketing campaigns on a global level. As a result of these global marketing strategies, the fast food options available in the country have succeeded in reaching out to the larger section of the population. As per the expectations of the population, the fast food industry needs to evolve itself and expand to cater the rising needs of the people (Al Qaydi, 2016). Strategy and implementation summary of the start-up business In order to start-up business, there is a requirement of suitable entrepreneurial skills. The prime skills that are required for starting up a business are leadership skills. The businesses that are successful need strong leaders who can attain the goals of the business. Entrepreneurs who have good leadership skills can motivate the team to meet the objectives of the company and bring profits. Strategic business planning skills are the second most important skills that one must possess for starting up a business. Developing a strong business plan and undertaking a robust strategic auditing are the key aspects in this field. Application of strategy in the business helps in attaining progress (Kuratko, 2016). Marketing skills are the next kind of skills warranted for successful entrepreneurship as marketing is at the core of any business. Marketing has been said to be a key skill to understand the requirement of the consumers and catering them. Proper marketing produces more profits an d generates more revenues. Skills regarding sales help in building customer relationships. Communication skills are vital in entrepreneurship as communicating effectively is the needs of all businesses. Communication with the concerned stakeholders makes the base of the business more strong and impactful. Appropriate use of verbal and nonverbal cues, in the correct context, help in establishing the proper connection with people (Drucker, 2014). Kirzner (2015) suggest that one must have the ability to raise and manage money. An entrepreneur may suffer setbacks and failures; one must, therefore, have the ability to relieve stress and remain positive. Kuratko (2016) opines that entrepreneurs care faced with challenges in the ultra-competitive world that need to be solved with the available resources in the contemporary times. The most important challenges that crop up in the way of a successful entrepreneurship career are cash flow management, hiring of employees, time management, a delegation of tasks, marketing strategy, business growth, capital, strapped budget and self-doubt. Issues regarding cash flow crop up when there is a delayed invoicing. Adequate budgeting together with planning can help in maintaining cash flow. The key to hire suitable employees is to be exclusive and recruit employees by real references. Time management is a key issue faced by most of the entrepreneurs who must create goal list with specific allotted times for each task in order to maintain a suitable balance between time and task. Delegating tasks is another key concern as individuals find it difficult to assign the appropriate task at the appropria te place. Good employees would help in outsourcing the tasks and specifying the tasks that are to be carried out. One needs to be ultra-specific about what is to be done. One must be adept at making effective marketing plans and planning the budget accordingly. Arranging for capital is a concern that can be solved by multiple methods. The best means is, however, the self-fueled growth model that enables one to fund own business ventures. Prioritising the marketing efforts is critical for combating a strapped budget. There is a need to focus on the continuous creation of new processes focusing on delegation of tasks. Having a strong support system helps in building self-confidence and eliminates self-doubt. Financial plan A number of factors are to be considered while starting a restaurant in Dubai, such as demographics, location, and finances. The unique factors direct the marketing plan, thereby forming the basis of the financial projections. 3,000,000 AED would be the start up fund required to establish the fast food restaurant. The start-up expenses to fund would be 250,000 AED while the start-up assets to fund would be 200,000 AED. Non-cash assets from start-up would be 110000 AED and the cash requirements from the start up would be 20000 AED. Management summary Irrespective of the purpose and background of setting up a business, operating successfully within any entity is not possible without careful management. Entrepreneurs face difficult times in managing the business within the boundaries a typical business has. Entrepreneurship management implies the practice of applying knowledge of entrepreneurship for increasing the effectiveness on the business venture. The risks involved in business are an economic risk, people risk, market risk, strategic risk, technical risk, and personal risk. When left unmanaged, these risks minimise the profitability of the business. All these concerns are to be solved while running a business effectively. There is a need to have knowledge of all aspects of the business, including tax laws, employment laws, labour market, and market trends (Zucchella Magnani, 2016). Uncertainty is to be embraced and accepted. The basic principles of risk management are to be abided by. Pursuing opportunities when others do n ot is the key to walk in a new direction. A lack of suitable resources must not limit the vision to run the business without any hindrance. One must perceive working with others as a good training ground (Manso, 2016). Conclusion From the above analysis, it can be concluded that entrepreneurship requires a set of key skills in order to manage the business. The market of setting up a fast food restaurant chain in Dubai is promising. A suitable mix of leadership and management skills would lead to the success of the start-up business. Challenges faced by entrepreneurs are to be overcome to achieve new heights and fulfill the objectives of the business. References Al Qaydi, S. (2016). The Status and Prospects for Agriculture in the United Arab Emirates (UAE) and their Potential to Contribute to Food Security.Journal of Basic and Applied Sciences,12, 155-163. Begum, V. (2015). UAE Consumer Rejoinder Towards Mc Donald's Sales Promotional Strategy in Dubai.Procedia-Social and Behavioral Sciences,211, 61-68. Drucker, P. (2014).Innovation and entrepreneurship. Routledge. Kirzner, I. M. (2015).Competition and entrepreneurship. University of Chicago press. Kuratko, D. F. (2016).Entrepreneurship: Theory, process, and practice. Cengage Learning. Manso, G. (2016). Experimentation and the Returns to Entrepreneurship.Review of Financial Studies, hhw019. Smith, A. F. (2016).Fast Food: The Good, the Bad and the Hungry. Reaktion Books. Zucchella, A., Magnani, G. (2016).International entrepreneurship: theoretical foundations and practices. Springer.