Assignment Sample on 7050CRB Entrepreneurial Practice
Introduction
Task 1: Case study
A. Critical and strategic analysis of the challenges/issues facing the organisation
As per the interview of the owners of Asia Trade Partners Founders, it has been found that despite its effective and operational capabilities being a global brand, the management is facing relevant issues while operating in the global market. In reference to the Ansoff Matrix model, market penetration can be considered as one of the primary factors that could be relevant to the issues faced by the management of the owners, Peter and Meera (Kukartsev et al., 2019). Thereby, the primary issue that is being faced by the management is entering and operating in the market of Europe. However, the policy of Brexit can be considered a challenging factor for several business organisations (Feldmann & Morgan, 2021). In the Europe market, it has been found from the survey that Brexit has not been issued to the company to enter the Europe market but the competition from European and eastern block truckers has been the primary issue. For instance, it has been mentioned by Peter that any man in the European region is capable of utilising vans and lorries to move cargo around Europe. Apparently, it has been mentioned within the survey that entering and establishing their business operations in the European market can be considered irrelevant at this point because of its highly competitive environment in the trucking industry. Despite China being one of the main markets of the brand, the second most primary issue that has been highlighted within the survey by Peter is that the market penetration for the market of North Korea is difficult for the brand to operate.
In reference to the model of the Ansoff matrix, it can be stated that the products development factor can also be considered as a primary aspect for the remaining issues of the brand that have been highlighted within the survey (Clarissia, 2020). Thereby, the current situation within the trucking industry due to the impact of Coronavirus can be considered as one of the primary issues that are being faced by the brand in the current era. As mentioned by Peter that China is the mean market for the brand within the survey, the issue that has been highlighted was regarding the extension of holidays in the Chinese market due to the impact of COVID-19. For instance, Peter and Meera claimed that the impact of COVID-19 had resulted in the cancellation of a couple of shipping lines within the Chinese market. Due to the extension of holidays within the Chinese market, the issue that has been mentioned by Meera within the survey is that the majority of the factories have been shut down so the production has not been going for our clients in the UK. On the basis of the statements that have been mentioned within the survey by Peter and Meera, it can be easily stated that there are significant issues that have been faced by the business of Asia Trade Partners Founders that can significantly impact the business operations in the current year as well as in the future.
B. A critical evaluation of the leadership model/s and communication strategies of the
Organisation
Based on the analysis of the Interview of Asia Trade Partners Founders it can be implicated that the company adopts the values of the transformational leadership style. Asia Trade Partners does certainly benefit from the adoption of transformational leadership with its various internal and external operations (Asbari, Santoso & Prasetya, 2020). Since transformational leaders encourage and enable their team members to realise their maximum potential, they may increase employee engagement and motivation. This may lead to more productivity and a healthier workplace environment. Furthermore, transformational leadership may promote creativity and innovation, which can result in the creation of products or services and services that can help Asia Trade Partners gain a competitive edge (Asbari, 2020). Furthermore, as leaders put a priority on developing trustworthy connections with their staff members and encouraging openness and honesty, transformational leadership may enhance communication inside the business. A more cohesive and successful team may result from this since it can assist to prevent misunderstandings and disputes.
A move towards a more employee-centric culture is one of the major impacts of transformational leadership at Asia Trade Partners (Eliyana & Ma’arif, 2019). Transformational leadership may promote employee engagement and investment in their work by focusing on personal growth, motivation, and teamwork, which can boost output and job satisfaction. Moreover, as employees become more engaged The expenses of hiring and training new employees might be reduced as a consequence of lower absenteeism and turnover rates among employees (Budur, 2020).
As indicated by the regular town hall meetings as well as the implementation of surveys to obtain employee input, the business appears to place a high priority on open and transparent communication. Moreover, a digital workplace platform and the utilisation of video conferencing are examples of how much they value digital communication (Yue, Men & Ferguson, 2019). A culture of trust, honesty, and collaboration among all stakeholders is developed by open and transparent communication, which is essential for the success of any business. As a result, information, ideas, and feedback may be openly and quickly exchanged between employees, customers, suppliers, investors, and other important stakeholders without the risk of criticism or any adverse consequences (Felzmann et al., 2019). This kind of communication may have a number of advantageous effects for an organisation like Asia Trade Partners. Employee morale and engagement may be strengthened by using open communication and being transparent with one another. Employees are more likely to be dedicated to their job and the objectives of the company when they believe that their thoughts are valued and heard. Furthermore, individuals are more likely to offer helpful feedback, point out potential areas for development, and offer innovative suggestions for dealing with problems in the workplace (Fang et al., 2019). Digital tools and platforms have made it possible for businesses like Asia Trade Partners to interact with customers, associates, suppliers, and employees in a timely and effective manner regardless of distance or time zone. In order to increase total customer satisfaction and loyalty, the business uses digital channels to swiftly distribute information, gather feedback, and address problems in real time which is a major determinant of the company’s effectiveness.
C. Recommendations for improving performance
Three different recommendations are provided for Asia Trade Partners Ltd as an integral part of mitigating the issues and challenges experienced by them.
Empowerment of USP through cost optimisation
Asia Trade Partners is suggested to focus on their unique selling proposition with the implementation of cost leadership pricing strategy. In accordance with the porter’s generic strategy framework, this strategy looks forward to provide services at comparatively reduced expenses where low cost of production is also associated in order to offer quality products to the consumers (Islami et al., 2020). Based on the incorporation of cost optimisation, subsequent competitive advantage would be insured by the organisation. The reason behind this statement highlights to ensure exclusive brand awareness and recognition across the European market in terms of providing quality products and services in a comparatively low price as compared with the existing market rivals. As a result of this, Asia Trade Partners would be able to obtain increasing attention of the consumers and target audiences while entering in the European countries based on which enhanced consumer integration and engagement could be ensured (Keiningham et al., 2020). This aspect would eventually benefit the organisation with extended financial feasibility as well as further chances of business expansion.
Conceptualisation of safety and hygiene measures for continuing shipping activities
Asia Trade Partners are highly recommended to ensure appropriate safety and hygiene measures as an integral part of continuing their business activities despite experiencing the toxic impact of Covid-19 pandemic situation. According to the interview, Covid-19 provided a drastic impact by cancelling the shipping lines in the Chinese Market with extension of holidays. Incorporation of adequate hygiene strategies would also be supportive for the organisation to achieve the allowance from respective Chinese government and authorities to continue their shipping operations with the maintenance of social distancing protocols and others (Zisook et al., 2020). Adequate safety measures such as regular checking of body temperature, weekly checking of Covid syndromes among the logistics partners and workers in the production factories and others should also be entitled by the organisation as a valuable parameter to ensure workers safety. These aspects would be highly supportive for the organisation in terms of continuing their operations by avoiding the risks of Covid transmission or outbreak.
Business expansion in the South Asian region
While realising the difficulty to expand the services in the North Korean market, Asia Trade Partners will have to look for properly focusing on the South Asian markets. The interview results eventually highlighted the focus of the organisation directors towards the markets of India, Sri Lanka and Pakistan. Along with this, the company is also recommended to consider the African region for ensuring their presence by entering the South African market. This aspect would eventually ensure a profound step from the perspective of the company management and leadership to create brand awareness in Africa with an intention to stabilise their services throughout the continent in the near future (Wang et al., 2023).
Task 2A: Briefing note
A. Critical appraisal of the phases in entrepreneurial practice
Five different phases are observed within the entrepreneurial practices including Idea generation, opportunity evaluation, planning, execution (Murnieks, Klotz & Shepherd, 2020). The new business idea for Asia Trade Partners in this case highlights the formation of an emerging delivery app namely Ginie Me. This app is expected to ensure seamless consumer experience by delivering from anywhere in the city where a different range of options would be available for the consumers including groceries, medicines and others. The idea also includes the allowance for booking Moto to travel.
Figure 1: Growth of online grocery and meal delivery segment in the UK
(Source: Statista, 2023)
The reason behind the emergence of this idea highlighted extended growth of online delivery applications in compliance with the worldwide consumers purchasing behaviour. For example, the grocery delivery segment in the UK is projected to ensure 15.6% revenue growth by the end of 2024 (Statista, 2023). This aspect has been largely considered while generating the idea for the launch of this online delivery app. With regards to this concern, the launching and promotion of this app may ensure increasing opportunity of obtaining financial profitability for Asia Trade Partners by enhancing the brand awareness.
The planning stage for this application highlights to ensure seamless consumer integration and experience with the help of providing innovative features for Asia Trade Partners. The app would be focused on user-friendliness where potential consumers would be able to operate it in a simple manner touch and go options would be available for the confirmation of customer orders. The app would also be covered with advanced features with the help of artificial intelligence and machine learning oriented approach in order to add a greater value to the return on investment from the consumer’s perspective (Hoyer et al., 2020). The estimated cost structure for the launch of this app is $60,000, which would be funded by the investors of Asia Trade Partners. A detailed budget is provided below for the launch of this emerging delivery app-
| Requirements | Cost in $ |
| Market analysis, research and development | 20,000 |
| Technology integration | 25,000 |
| Hiring IT expertise | 15,000 |
| Total in $ | 60,000 |
Table 1: Budget for the launch of Ginie Me
The long-term goal behind the launch of this application highlights to obtain extended financial profitability with the creation of a positive brand image and recognition for Asia Trade Partners by efficiently addressing consumer demands and market requirements. The most attractive feature of the planning part reflects cost optimised pricing strategy within the app, which would also be its unique selling proposition as compared with other respective delivery applications in the market (Gupta, Ivanov & Choi, 2021). The social media platforms would also be entitled for this app launch and promotion.
The execution stage for this new business would be entitled with the inclusion of adequate IT expertise in order to create efficient and flexible app features and operations. Moreover, the market research has eventually highlighted extended preference of online delivery segments. By the end of 2023, the UK online grocery delivery segment is expected to obtain a market volume of USD 19.57 billion (Statista, 2023). In this regard, adequate focus would also be kept on research and development management for further betterment of the delivery app of Asia Trade Partners with the inclusion of exclusive features like chatbot options, lucrative seasonal offers and deals, discount code, coupons and others.
B. Strategies for managing risks
The most significant risk factors, in this case, includes the emergence of technology failure within the app, insufficient funding support for research and development, improper product handling and tampering and others. However, a risk register is highlighted below for eliminating those-
| Risk type | Risk description | Likelihood | Impact | Action plan |
| Financial risk | Inadequate funding and budgetary support may create obstacles to ensure effective research and development for further improvement of the app features | High | High | Consideration of alternative funding options would be ensured in order to provide proper financial support to the online delivery app by focusing on the option of crowdfunding, angel investment or application for loans from the financial institutions or banks |
| Technological risk | The occurrence of technology failure may take place due to which the regular operations of the app may be obstacled and stopped | High | High | An advanced data center is likely to be created where a skilled IT expertise team would be entitled for critically surveilling the app features with probable options of updates in order to avoid technology failure |
| People management risk | Inclusion of poorly skilled delivery boys may create issues with improper product handling due to which the product may also be tampered before reaching to the consumer | Moderate | High | Provision of proper training and development arrangements for the delivery boys and workers as an integral part of managing extensive product quality while delivering to the consumers |
Table 2: Risk register for the launch of Ginie Me
C. Critical appraisal of the entrepreneurial traits and characteristics
In order to ensure effective strategic positioning for Ginie Me, different entrepreneurial traits and characteristics are likely to be considered by Asia Trade Partners. The most significant concern, in this case, highlights being proactive and confident while referring to creativity and passion (Altinay et al., 2022). Ginie Me definitely requires creativity and innovation in order to ensure rapid development opportunities while operating as the most advanced online delivery app. Apart from that, efficient product or service knowledge would also be required for efficiently positioning the app with the creation of profound networks in order to address the online delivery demands of consumers. Moreover, the critical thinking features are also considered as the most important and essential element of entrepreneurial traits to be considered by Asia Trade Partners for this purpose based on which both the positive and probable negative consequences associated with the online delivery application would be considered by the management (Pirhadi, Soleimanof & Feyzbakhsh, 2021). Flexible problem solving characteristics is likely to be ensured as another crucial entrepreneurial trait where adequate self-confidence as well as the ability and readiness to develop the app with furthermore advanced features
Task 2: Reflection
As a student, I have recently analysed the interview with the founders of Asia Trade Partners, and it has provided me with a valuable opportunity to reflect on my own professional conduct and practices. In particular, I have chosen to reflect on the CMI Code of Conduct and Practice, and in particular, the section on integrity. This is a crucial aspect of professional conduct and one that I believe is essential for success in any career (Managers, 2023).
Using Gibbs’s reflective model, I can identify several key learning points from my analysis of the interview (Adeani, Febriani & Syafryadin, 2020). First, I realized that integrity is not just about honesty but also about consistency in one’s actions and decisions. The founders of Asia Trade Partners demonstrated this through their commitment to ethical business practices and their willingness to take responsibility for their mistakes.
Gibbs’s reflective model
Description
The CMI Code of Conduct and Practice suggests that executives should act with integrity that further implies becoming honest and ethical in their behaviours and choices. The importance of being honest and responsible for one’s conduct is also emphasised in the code (Managers, 2023). The founders of Asia Trade Partners stated in the interview that they work hard to maintain ethical codes in their business relationships, which is consistent with the concepts of integrity.
Feelings
As a student, I feel that operating with integrity is critical in any field for establishing trust and confidence (Bozhenko, 2021). It ensures that one’s actions and judgements are guided by ethical standards rather than personal interests or prejudices. Following this professional behaviour, I believe, will lead to long-term success and personal satisfaction.
Evaluation
The CMI Code of Conduct and Practice outlines professional conduct and encourages ethical decision-making (Managers, 2023). The Asia Trade Partners Founders highlighted having to make difficult decisions while keeping their ethical standards, emphasising the importance of this professional behaviour in the business community.
Analysis
Maintaining professional integrity involves being honest and upfront in all interactions with stakeholders such as workers, customers, and investors. It also involves taking personal responsibility for one’s conduct and holding oneself accountable for any inaccuracies or wrongdoings. Maintaining integrity may help a company’s reputation and develop a sense of trust and loyalty among stakeholders.
Conclusion
Integrity is essential for establishing a successful and long-term career. The CMI Code of Conduct and Practice serves as a helpful foundation for ethical decision-making and professional behaviour (Managers, 2023). The founders of Asia Trade Partners have proved their dedication to ethics, which has aided them in building a successful firm.
Action plan
I want to implement the principles of integrity in all of my activities and judgements throughout my future professional career. In my interactions with stakeholders, I will aim to be honest, responsible, and ethical. Using CMI learning experiences and other training tools, I will also continue to study and enhance my understanding of professional behaviour.
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