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Unit 36 P3+M2 (starting a small business

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jayshiva Patel

on 25 February 2015

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Transcript of Unit 36 P3+M2 (starting a small business

Unit 36 P3+M2 (starting a small business
Personal Skills Audit
In this assignment, I will be completing a personal skills audit, then analyzing the personal developments in order to run a business.
• Excellent mathematical skills
• Great leader ship skills-organising and managing people
• I have great punctuality and attendance
• I have excellent decisive skills
• I am independent
• I have commercial awareness
• I have knowledge of financial literacy

• • A lack of jobs in area
• Economic down-turn
• Competition from peers/businesses
• Lack of jobs available
• Higher requirements by university
• Government grants are limited
• The growing industry of technology and software requires new skills and knowledge to be developed.
• New laws
Lack of finance

• Studying at university
• Work experience
• Internships
• Information available on the internet
• New training courses available
• Government grants available for businesses.

• I cannot work under pressure
• Presentational skills are lacking
• IT skills are fairly lacking
• Not creative
• Lacking in researh skills

Analysis of Personal Development ( ranked between 1 to 5) 1 being most important and 5 being least important. How will you obtain these skills?(development)
Working under pressure is essential in order to meet success for any business not only Crunchy Coffee. The immense responsibilities, demands and requirements requested by customers and dealing as quickly as possible shows why being able to multi-task and working under pressure is imperative.

I have set a realistic time scale in which I will accomplish this skill by the end of February specifically 23rd 2015. Working as a retail assistant and managing coursework deadlines during the week is quite frustrating therefore; signing up for more hours to work and completing assignments in short time scales will inevitably help me to work under pressure.

Working under pressure could potentially improve the performance of the business as it could mean more responsibilities could be assigned to different business partners resulting deadlines to be met quickly as individuals conquer the ability to accomplish deadlines much more quickly thence the efficiency of the business’s operations are met before deadlines. Assuring the skill is met successfully, being able to see whether deadlines are met on time and working prolong hours shows, I am capable of working under pressure.

1. Working underpressure
5. Presentational
Presentational skill is crucial for the success of Crunchy Coffee, starting a new business and being able to promote the products and services in order to build corporate image in the industry is the pursuit to success and competing against rivals. The realistic time scale set for developing this skill is 20th of February 2015.

In order to meet this gap, I have planned to make presentations and present in assemblies once a week.
Crunchy Coffee could potentially improve the performance by firmly grasping people’s attention by the use of presentational skill. Using this skill could help the business to promote their speciality to the target audience and firmly grasp the image of the company against their rivals. This could aid more sales taking place and aiding the company to grow.

Noticing the presentations are going well by a boost in self-esteem and feedback from the audience in the assembley could represent that the skill is conqured.

4. IT skills
IT skills are now imperative to any business not only Crunchy Coffee, being able to represent financial reports digitally and process of sale orders (invoices) and managing online presence is challenging if IT skills are lacking. Therefore, in order to meet the demand and control the operations of the business IT skills are paramount.

I have enrolled to an IT course which commences on the 10th of January 2015 to 25th of January 2015 which should enable me to become more IT literate. The performance of Crunchy coffee is directly correlated by this skill as the operations of the business will entirely run online and over the telephone.

Therefore, attaining excellent IT skills could help to improve the efficiency of how the business is operated such as managing the website effectively and ensuring no bugs or malwares causing any technical glitches.
I will be able to assess whether I have conquered this skill by completing the IT course and passing with the highest grade possible.

3. Creativeness
2. Researching
Being creative is vital for any business as becoming unique could help a business become successful and dominant against their rivals. It is also essential for Crunchy Coffee to become different due to the immense competition in the coffee industry.

I have enrolled to a graphics and design course which will start on the 27th of February 2015, this course will enable to become creative in the nature of design as being creative mainly occurs from using your own initiative and personal instincts.

Therefore the time of starting the course is realistic however, becoming creative is endless therefore improvements will show after a few weeks. I will able to notice whether I am being unique by becoming decisive and drawing unique designs for the business’s website, if the designs for the website are not copied and are impressive, it will immediately connote that I’ve developed my creativeness illustratively.

After completing the market research for Mocha bars, I notice the research lacked in quality and some information could not draw conclusions and make marketing decisions. This immediately shows attaining excellent researching skills is important for any business as research is vital information and data which could be used to anticipate and meet customer demands and compete against competitors in order to become the most successful business in that particular industry.

I will now undergo market research tutorials online and seek advice from Mintel and keynote which are marketing research companies in how to improve researching skills, this should start between 10th of February 2015 to 30th of February 2015. This is a realistic time scale as it will give enough time to work on other weaknesses as well as give me enough time to conquer this skill.

I will be able to notice whether I have developed in this particular skill by examining the quality of research once collected and analysed and evaluated. If the analysis is poor this could mean the data (qualitative and quantitative research) is lacking in quality therefore, I haven’t developed in this skill but if the analysis is strong and reliable this could mean the research conducted is exceptionally collected.

I currently work at Primark which pressure arises from managing college too.
I curently attend sixth form at Newvic. managing both college and work life is difficult.
The business will need partners which portray excellent mathematical skills in order to be used for the operations of the business. For example, stock control, inventory ordering, setting prices, and negotiating deals with suppliers and buyers like Tesco. The business will need partners which have great punctuality and attendance so that the responsibilities are carried out effectively and demands are met in order to satisfy customers needs. Being decisive is a key skills required by the business and I as it is paramount to solve problems and make quick decisions effectively and correctly. Working under pressure is also another skills required by the business and I; this is because, running a business is hard work and the role of multitasking is essential in order to meet multiple responsibilities in order make the business succeed. Becoming IT literate is essential both for the business and I due to the business operating online (e-commerce) therefore any failures and glitches on the website, the business can solve the problem immediately. Being creative is imperative in order to become unique against rivals as well as personal affairs being creative is a competitive edge. If the skills are not developed the business could possibly fall into liquidation due to the business failing to cope to managing different responisbility, failing to conduct research due to research skills lacking coudl possibly make the business commnce misleading marketing strategies causing the business failing to compete against comeptitors. The business could also lack in uniqueness if the skill creativeness is noth possessed and utilised effectively. This could make customers not see competitiveness and may see the product as cheap against the rivals. Being IT literate is essential in order to find failures in the website, if this skill is not conqured it could make the business to fail to promote and operate as its presence is only on the internet and customers cannot purchase if the webpage is not running efficiently. Therefore, could cause the business into insolvency.

skills in order to be successful
Analysis of Strengths
I will maintain my strengths by attending college this will help me maintain and constantly improve my mathematical skills to enable me to use them in different functional areas in the business. Maintaining punctuality and attendance is also could be maintain by attending college and work regularly on time and achieving 100% attendance. Maintaining decisive skills could be utilised at work for difficult situations which could be used to solve problems at work. This will help me to develop and constantly maintain this skill. Being commercially aware could be maintain by reading newspapers and by attending college as the course I am studying involves learning about the commercial industry. Being independent is a self-desire which cannot be maintain however, maintain work ethics as well as studies enables me to be independent.
These are my strengths as I am able to utilise them in different functional areas, these skills has also helped me in difficult situations in the past which connotes being independent allows me not to rely on people, being decisive enables me to use my own initiative, managing people was shown at work as well as college for managing group work for presentations, being constantly attending college and work shows consistency in my ambitions.

Own contribution:

I will be booking keeping the business as my specialism is accounting and I have excellent mathematics skills. I will also be managing other partners as I am great and efficient in managing tasks and organising employees. Once I have completed the IT course; I will be managing the website (E-commerce).

The three partners will have IT skills, this enables managing the website more efficient as the time can be shared and is not dependent on one partner. It also allows room for constant improvements as individuals have different creativity. One partner will be managing web pages; the other will be on the technical side managing computer equipment.

Previously worked at Primark, this enables to effectively manage partners, enables to work under pressure, when systems are facing glitches. Studying at college enables effective financial and commercial awareness. As part of Primark’s aim, I was able to direct sell to customers, this use of technique could be used when operating this business.

Previously working at Primark, I was able to manage other employees to complete tasks to the most efficient manner, this resulted the outcome showing excellent results at the end of the task.

Recording and checking performance of Business:
The use of ratio analysis could be used to monitor and assess the performance of this business once operating. The knowledge for book keeping can enable to assess the performance of expenses and income which could potentially help the business to excel against competitors.

Personal selling:
Previously working at Primark, I was able to gain valuable experience for direct selling, this could be used whilst communicating with potential customers off the telephone and persuade individuals/ businesses to purchase the product. For example, working at the checkout; I was able to persuade customers to buy other products which were on sale.

In terms of administration, the business must precede health and safety measures at work. This would involve one partner being held responsible for providing training to minimise the health risks which could occur at work. In regards to account keeping, I will be responsible for keeping the full account of business transactions (income) and expenditures. This must be done using appropriate accounting software such as (Sage one). The business also must abide against legal requirements such as equal opportunities, DPA- special arrangements for employees who have disability. For example, I am dyslexic and therefore, special software needs to be implemented.

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