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SHRM COLLEGE
Advanced Diploma in International Business Management

IBM20700
NEW BUSINESS CREATION & DEVELOPMENT




Assignment









Student Name: Zhang Xuan Hao
Submission Date: 10 Jan 2014



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Table of Content
1 What are the advantages and disadvantages of staring hour career as an
entrepreneur?.................................................................................................................. 3
1.1 Advantage ......................................................................................................... 3
1.1.1 Being Your Own Boss ............................................................................... 3
1.1.2 Setting Your Own Schedule....................................................................... 3
1.1.3 Quality of Life............................................................................................ 3
1.2 Disadvantage ..................................................................................................... 3
2 Explain your own interest in different type of entrepreneurial rewards. Identify
which reward is most important for your personality of tell why? ................................ 4
3 Provide some details on how you would run this business in the areas of
operations, marketing, human resource, finance, customer service etc. ........................ 4
3.1 Restaurant Operation ........................................................................................ 4
3.2 Customer Services ............................................................................................ 5
3.3 Finance .............................................................................................................. 5
3.4 Human Resource ............................................................................................... 5
3.5 Marketing and Public Relations ........................................................................ 5



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You are thinking to start your own business as a full-service dining-in pizza shop in
your locality. You are required to write:
1 What are the advantages and disadvantages of staring hour career as an
entrepreneur?
Entrepreneurship can be a satisfying and rewarding feeling for individuals in the
business environment. With the proper amount of education, work and experience,
entrepreneurs may be able to start and grow a small business into a well-run
organization. Starting a small business may have several advantages and
disadvantages, depending on the new small business venture. Current economic
market conditions may also play a role in starting a small business.

1.1 Advantage
1.1.1 Being Your Own Boss
The opportunity to work for yourself, rather than someone else, is a significant reward for
launching your own business. Many entrepreneurs are attracted by the potential to blaze
their own paths and establish their own rules.
1.1.2 Setting Your Own Schedule
While small business owners typically work far more hours in their own company than
they would working a traditional job with an employer, one of the great rewards of being
self-employed is the opportunity to set your own schedule. Having your own business
means you are not beholden to anyone, and you dont have to punch a time clock or
account for your whereabouts.
1.1.3 Quality of Life
Entrepreneurs usually start businesses doing something they love. Growing a business
from a hobby or part-time job gives entrepreneurs a chance to improve their lives
because they are working in an environment important to them. Working in a positive
business environment may not really seem like work to an entrepreneur. Increased
quality of life may also come from working fewer hours in the small business than a
regular job.

1.2 Disadvantage
Firstly, becoming an entrepreneur means you have to leave behind the security of
having a paycheck each month. Secondly, although entrepreneurs benefit from a
flexible schedule they often have to work very long hours particularly in the start-up
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phase. Furthermore entrepreneurs work schedules are never predictable and they
must deal with emergencies that may occur at any time. Thirdly, being responsible for
all decisions can be quite stressful and handling such responsibility can be difficult.
And lastly there is also great risk attached to entrepreneurship. The success or failure
of the business rests with the entrepreneur.

2 Explain your own interest in different type of entrepreneurial rewards.
Identify which reward is most important for your personality of tell why?
Entrepreneurs may choose to write a business plan prior to launch. A business plan
outlines the financing needs for starting the business and the first few months of
operations, economic analysis to determine the strength of the current business
environment, the entrepreneur's management capabilities, target market or
demographic groups and the competitive advantage the business will have against
other companies. Entrepreneurs may also use the business plan to determine the
advantages and disadvantages of starting a business under current market conditions.

The freedom of making my own decision is the most important reward for my
personality, because I enjoy calling the shots on everything from the type of people I hire
to the types of products and services I offer. While this requires a significant amount of
responsibility, many business owners find the benefits of being the boss significantly
outweigh the necessary investment of time and financial resources. I can be as flexible in
establishing my working hours, as I like. I can choose to take a vacation, leave work early
to attend a childs school function or to go to a doctors appointment without consulting
anyone. The freedom of controlling my own hours holds great appeal for myself.

3 Provide some details on how you would run this business in the areas of
operations, marketing, human resource, finance, customer service etc.
The support staffs are just as important to serving up a great experience to my
customers. From creating innovative marketing solutions to making sure I have the
right people to keep things running smoothly across the board.

3.1 Restaurant Operation
At the heart of my business strategy is central restaurant operations support. Known
as the guardians of Restaurant Excellence, it brings together all of my dynamic
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Heads of Departments in the implementation of all projects business-wide. I need to
lead the way in project excellence and ensure the timely delivery of the kind of great
initiatives that send my success soaring.
3.2 Customer Services
Just like the amazing colleagues on the hectic restaurant floor, Ill be responsible for
providing a magical experience for my customers. This department is all about
reputation and Ill measure the levels of customer excellence to find new ways in
which I can show my customers how important they are to us.
3.3 Finance
Like any finance role, Ill be analyzing financial data, making sound commercial
decisions and generally managing the dough.
3.4 Human Resources
At my pizza shop, I will be looking for a special kind of talent to bring my values to
life for employees and customers alike. So it goes without saying that it takes a
special kind of talent to help us find, keep and train those people and ensure they
perform at their best. HR is an essential ingredient in my business.
3.5 Marketing and Public Relations
The brand, press coverage and reputation are all down to marketing and public
relations. I will create benchmarks in marketing initiatives that will have the rest of
the industry green with envy wishing theyd thought of it first.

4 References

1. Scott Andrew Shane (2003). A General Theory of Entrepreneurship: the
Individual-Opportunity Nexus. Edward Elgar Publishing..

2. Paul D. Reynolds (2010). Entrepreneurship in the United States: The Future
Is Now. Springer.

3. Paul D. Reynolds (1997). "Leveraging Resources: Building An Organization
On An Entrepreneurial Resource Base". Frontiers of Entrepreneurship
Research, 1997. Babson College.

4. Mark Van Osnabrugge, Robert J. Robinson (2000). Angel Investing. John
Wiley & Sons

5. Crainer, Stuart; Dearlove, Des (2000). Generation Entrepreneur. FT Press. p.
202.