Assignment Sample on Professional Development: Entrepreneurial Practice

Introduction

This assignment would consider the real life organisational situation in terms of the issues that have been faced from the management’s end. The case study of Reliance Housing would be considered and the challenges that were faced in terms of leading the organization would further be critically analysed. Besides, in order to determine the challenges, PESTLE analysis would be considered and their impact on conducting the business would be evaluated as well. On the other hand, “leadership and communication strategies” would be focused to understand their impact on employees along with “organizational culture” and “performance”. Similarly, improving the organisational culture is required to sustain in the competition, and for improving this area, three recommendations would further be provided with thorough justification.

Task 1: Choose one case study video

a)     Strategic and critical analysis of issues faced by organisations using appropriate tools

PESTLE analysis

Table 1: PESTLE Analysis

(Source: STATISTA, 2023)

From the above analysis, issues have highlighted that Reliance housing has to be encountered while operating in UK. As per Osman Ishal, the owner of the Reliance house business highlighted Brexit is one of the major challenges for their business. The UK’s exit from the European Union (EU) has influenced government of the UK to make major changes in the country (COMMITTEES.PARLIAMENT, 2022). Some major rules and regulations have changed over the years in the UK. As per reports, government has made post-Brexit regulatory reform a priority and has stated that it creates a unique opportunity for countries that made changes in regulations (COMMITTEES.PARLIAMENT, 2022). Based on this, the government has focused on developing regulation that has created challenges for the Reliance housing business. For instance, in 2022 “Nationality and Border Bill” has been reformed that include the UK immigration and citizenship system (Lock, 2022). Based on this, regulation has been developed for the refugees in the country. Thus, Reliance Housing has encountered issues regarding adopting changes in regulation for its business activities.

Reliance Housing by Osman Ishal has also encountered challenges regarding productivity in providing services. As per case study, the company has faced higher demand and they have only 6 employees for operating businesses. Based on these cases, company had to encounter a higher workload to meet customer demand in the market. As followed by Leonard (2019), employees are considered as a key towards maintaining organisational performance. However, lack of employees based on the services demanded in Organisation, companies unable to maintain effective permanence in order to provide refugees accommodation. As reported by Pandey (2020, p. 124), higher working pressure over the employees leads to development of workload. Increase in demand for Reliance housing has increased the pressure on the available 6 employees and lack of HR services has identified as main factor in this factor.  Thus, form the above, government regulation and inability to maintain organisation performance has been identified as a major factor for Reliance housing in UK.

b) Evaluation of leadership model and communication strategies for organisation and its impact over employees, organisational culture, performance

Figure 1: Servant Leadership Model

(Source: Influenced by Gomez, 2022)

Leadership models provide a clear structure for defining the management methods that effectively fit the work style and personality of an individual. As per case study, Osman Ishal has followed the servant leadership model. As stated by Gomez (2022), servant leadership style is focused on idea that leaders’ priorities serve greater good. As a leader, Osman is able to understand personal approaches towards leadership that would positively affect business and achieve desired goals for business. This type of leaders usually doesn’t prioritise their own objective and assist others to achieve common goals for organisation. As per the statement of Osman Isham, he is usually available late in the evening to provide services for desperately homeless people. There are situations where Osman has to assist a homeless person himself when someone urgently needs their help. It highlights that he is not depending on their employees to do all the tasks for the business. Moreover, it assists Osman towards driving the business for fulfilling the demand available in the market effectively.

As per organisation structure for Reliance it has been observed that company has only 6 employees in which one operational manager and other middle manager available. As reported by Gomez (2022), servant leadership style provides assistance toward hearing others while leading a team. Based on this, providing assistance to homeless people Osman follows their manager in business to effectively lead the task to meet the demand without facing consequences. As per case study, effective operations have allowed Reliance housing to grow and demand for services has been increased. Thus, servant leaders such as Osman might be able to provide support for each employee to understand the vision and mission they have to conduct in business operations. This would lead business towards improving the performance of the future in UK.

Figure 2: Communication strategies

(Source: Influenced by Martic, 2023)

Communication is key for business that positively influences organisational culture. As supported by Martic (2023), communication creates significant impact over an employee’s experience, motivation, engagement and overall business success. It has identified that organisations that have an open, honest and transparent communication culture are able to get benefits regarding business operations. From the case study, it was identified that Osman has stated that they focused on communication closely to make accurate business decisions for Reliance Housing. Osman always focuses on communicating and discussing pros and costs about business activities, which they feel required to discuss.

Identification of pros and cons about business we focused on sharing the information through face-to face communication. As mentioned by Cooks-Campbell (2022), effective communication assists in increasing productivity of business operations. Informing the middle managers and other employees in Reliance Housing would allow them to understand the task they have to conduct to meet the increasing demand for providing accommodation. Moreover, companies get benefits to provide understanding regarding changes in business among the employees (Cooks-Campbell, 2022). Thus, effective communication availability such as face-to-face communication has allowed Reliance housing to improve organisational performance. It would further assist them to maintain effectiveness in business operations that lead towards becoming profitable business in UK.

c) Three recommendation of organisation that lead towards improving organisational performance

Develop HR management

Analysis of case study highlighted that Osman did not have an HR manager for his business operations. Previously, Osman has done the activities conducted by HR by himself that allowed him to grow until current business state. However, business has achieved growth and responsibilities have increased over the time period. Based on this development of HR management has become necessary for Reliance housing. As commented by Chai (2020), HR management has allowed management of the employee workforce within business to assist to increase organisational. One of the major benefits Reliance housing getting from this strategy would be better productivity in organisation to meet the demand. It would allow companies to include strategies such as hiring employees who are experienced and having knowledge about providing accommodation to homeless people. HRM assists in higher employee knowledge would allow them to adopt activities faster to maintain productivity in business. As mentioned by Hamouche (2021, p.1), HRM is also responsible towards motivating employees within business. Based on this, companies are facing an increase in workload that affects employees’ health factors. HRM has able to provide motivation for employees and incorporate activities to reduce challenges regarding employee’s mental health.

Development of financial management

Growth in business for Reliance housing increases the need for financial management for the future development. As commented by Strutner (2022), financial management refers to activity of handling a company’s finances in a way to allow it to be successful and complement with regulations. As per case study, there is no financial management available within company until now that creates the pressure over Osman and other employees to conduct multiple tasks. Moreover, continuous increase in demand for accommodation also creates challenges in business operations, thus, adopting financial management assists in distributing the activities based on employees’ effective working capabilities. In views of Shim (2022), financial management allows to provide insights such as rising cost of materials to manage finances properly. Based on this, financial management would lead towards better business profits for Reliance Housing for future.

Improving infrastructure for business

Lack of infrastructure for Reliance housing has created challenges such as unable to provide adequate accommodation for homeless in UK. Overall situation highlights the need for improvement of business infrastructure that leads towards future sustainability for the business. As commented by Pierre (2022), business infrastructure is an effective business and it provides necessary things to scale the business operations. Based on this, Reliance housing would focus on building hostels that would be perfect for providing homeless people the accommodation.

Task 2A

1. a) Critical appraisal of the phases in entrepreneurial practice from new business idea phase to the delivery phase

Initiation of the new business idea requires proper executive plans in order to reach the delivery phase. Considering the “entrepreneurial practice” from new business ideas, it has been observed that there are different phases that the business has to go through in order to become successful. Moreover, in order to break down the entrepreneurial process, the phases that have been observed need to be elaborated as well. These phases in entrepreneurial practice are “idea generation”, “opportunity evaluation”, “planning”, “company formation/launch” and “growth” (Junge et al., 2022, p.111). All these phases are interconnected with each other and the same has been observed in the case of Reliance Housing as well. Moreover, it has been observed that despite its establishment in 2018, February, it started to operate in 2018, June, which took a longer time to finalise the company’s operation. The performance of the organisation needs rectification still in order to improve their operational efficiency.

Understanding of these phases helps the founder to get an idea about the entrepreneurship journey which reflects long term and sustainable growth in this context. As per the opinion of Cunningham et al., (2022, p.20), “planning”, “launching” and “building” a venture has different steps based upon the intention of the entrepreneur. It is not enough to generate the idea because the same idea might already have been proposed earlier by others. However, considering the set of fundamentals is important while covering approach in this context accordingly. The next phase is opportunity evaluation where entrepreneurs evaluate the ideas and these opportunities in the market are further investigated thoroughly (Kojana & Mamabolo, 2020, p.18). On the contrary, “Nationality bill” and “Border bill” has been reformed including “UK immigration” and “citizenship system” which allowed Reliance housing to expand their business by allowing more accommodation to people. Thus, Osman had plenty of opportunities and went ahead with the planning process and capitalising those opportunities are prime intention in this process.

Followed by opportunity evaluation and planning, entrepreneurial teams tend to go through the process of choosing the right form of “corporate entity” and creating the venture as a “legal entity”. As mentioned from case study, Reliance housing went through creating services that align with their long term organisational missions and visions. Moreover, it helps the company to generate revenue and also helps in moving toward “sustainable performance” for long term growth (Murnieks et al., 2020, p.140). Carrying out the plans requires investing time to understand industry insight to a considerable extent and understanding the sentiments of people who are facing homelessness.

1. b) Critical analysis of the strategies to address risk within the new “entrepreneurial business venture”

A new entrepreneurial business venture has been proposed to Coventry University but in order to become successful, strategies need to be determined that would address risks significantly. Significantly, Shahzad et al., (202, p.173) has opined that the most significant risks that need thorough attention is managing the post Brexit complications and understanding the problems of lack of human resource within organisational context. Moreover, lack of ability to address the problem of homelessness to a large number of people indicates organisational incapability as well. Considering the same, Osman has himself confessed that a lot of people facing “homelessness” due to “lack of income”, “mental health problems”, and “family breaking up”. However, Reliance Housing does not have that much resource in order to provide that accommodation across the nation. Another challenge that has been faced by this organisation is lack of funding streams in terms of “housing side element”. Considering the funding problems, another problem arises in this situation that is developing capabilities of “middle managers” while making sure that they follow organisational vision (van Rijnsoever, 2020, p.48). Thus, they need to have the same attitude and same ideas as the organisation’s strategic management. Henceforth, the reputational and financial risks can be further avoided considerably.

These above mentioned problems need attention in order to mitigate and in order to ensure a sustainable growth for this organisation. Thus, a strategy regarding incorporating a flexible work culture is needed which would allow middle managers to align organisational missions and vision with their professional goals. On the other hand, the source of funding needs to be expanded to mitigate problems of lack of financial resources (Zhang et al., 2019, p. 426). So that organisations can better provide service in terms of quality and managing the stakeholders. The founder himself faced challenges in managing an organisation where the needs of customers are diverse and thus educating the employees about the same is required. Thus, the strategy to maintain the administrative responsibility by the founder himself can enhance the ease of managing organisational processes. Recruiting candidates based upon their capabilities and expertise is needed so that they would willingly contribute in the organisational expansion. Furthermore, this would minimise the corporate reputation risk by allowing employees to contribute in achieving competitive advantages.

1. c) Critical appraisal of the “entrepreneurial traits” and “characteristics” for strategic positioning

Strategic positioning is needed for any newly established venture in order to grab the attention of external stakeholders and investors. Moreover, in this context understanding the appropriate “entrepreneurial traits” and “characteristics” are important to gather competitive advantage in the industry that the organisation operates in. Considering the entrepreneurial traits, becoming an empathetic leader is crucial so that employees feel motivated and engaged within the workplace. As opined by Hanaysha et al., (2022, p.67-78), a successful entrepreneur is expected to manage the newly established business while fulfilling the demands of employees significantly. On the other hand, it is expected that new ventures would face different troubles while moving forward, but leaders should pave the path of success with an optimist nature. Similarly, with an optimistic attitude, confidence and passionate behaviour, successful strategic positioning would be observed. Being proactive and responding to the needs of employees while solving their doubts needs thorough attention as well (Garcés-Mascareñas & Gebhardt, 2020, p.15). The founder himself is experienced in this context and thus it is expected to share his knowledge and experience with subordinates to gather the benefits. Having professional advisors to the team would allow organisations to witness long term success.

Task 2B

1. The new business idea was informed by the crisis of people who are suffering from homelessness which would significantly benefit the organisation in the long run. The organisation aims to help refugees, “newly arrived refugees”, “single homeless people” from the BMI community. Providing facilities to people would allow the organisation to enhance their reputation with services (Haseeb et al., 2019, p.14). People who are facing homelessness are benefited from this organisation by having accommodation from this company’s end. Considering the aspects of case study, the company has experienced a growth in demand. The type of service that Reliance Housing provides is growing as well because people face problems regarding lack of income, mental health problems and family breakups. The benefits that would be added are enhancement of corporate reputation and more involvement from the end of stakeholders and investors.
2. The proposed idea comprises different risks and accumulation of these reputational and financial risks can hinder the corporate growth of this organisation to a considerable extent. Considering the funding prospect and the associated risks, the first risk that needs to shed light upon is post Brexit complications and regulatory changes in the operation. Moreover, lack of human resource and lack of financial funding is also presented because stakeholders might not understand the long term vision and mission of Reliance Housing. On the other hand, aligning the professional goals of middle managers with organisational goals and making them understand the process of execution might be challenging as well (Moeuf et al., 2020, p.1390). Thus, this lack of experienced and skilled staff might be considered as a crucial risk for this newly established business idea.
3. c. The risk needs to be managed properly in order to ensure a seamless journey and a sustainable growth for the organisation in the long run. First, this new entrepreneurial business venture needs to address the risks without neglecting these and then managing the risks is needed as well. The strategies to mitigate the risk are to implement a flexible work culture where employees feel appreciated. Lack of alignment in organisational vision and employee’s professional goal can be mitigated with execution of proper educational training sessions. Knowledge and experience would be distributed among the subordinates by this. These would allow employees to become more adaptable, and ability to take measured risks would be expanded as well (Al-Mamary & Alshallaqi, 2022, p.102). Thus, strategy for expanding the financial source would allow the organisation to become successful.
4. “Entrepreneurial traits” and “characteristics” for strategic positioning requires an optimistic attitude and a confident nature from the end of a business leader significantly. Leading the team with innovation is important in this context and having a clear vision is required as well (Bird, 2019). Ability to seek the opportunity for constant development, being persistent and not stepping back from taking risks are considered as crucial characteristics of an entrepreneur for successful strategic positioning.

Task 3: Personal and procession account using Gibb’s cycle

Description

Further career advancement requires understanding about professional scenarios without breaching the industry’s standard of regulation. I would be able to apply “CMI Code of Conduct” for my professional development. I decided to go through this as this is immensely helpful in advancing my professional career. This has allowed me to understand the reason behind maintaining transparency in an entrepreneur context. This has further allowed us to evaluate the components of “competence”, “professionalism”, “honesty”, “integrity” and the “duty” to keep “up-to-date” with current ethical practice (MANAGERS.ORG.UK, 2023). I have been able to distribute my learning with peers while sharing my experience and knowledge significantly.

Feeling

I did not have much expertise regarding the entrepreneurship approach which made me frustrated to deal with the uncertainty. However, I have understood the consequences of breaching this conduct while articulating the association of all the members in the organisation. There is a constant commitment to uphold the “code” on an annual basis for organisational development. Understanding this complex process was problematic for me initially as a learner but over time, I have understood that it has helped me to gain professional success.

Evaluation

From analysis of the CMI code of conduct, I can state that it is positive for my future career development as an entrepreneur. I have observed that entrepreneurs need to be honest and trustworthy while leading an organisation. Entrepreneurs being trustworthy and honest allow them to lead a group of people more effectively because employees usually idealise them. As per Code of conduct, entrepreneurs need to behave in an open, honest and trustworthy manner (MANAGERS, 2023). I identified that it allows an individual to act responsibly and avoid conflict in managing business operations.

Analysis

Another major factor that I have learned from Code of conduct is about creating a positive impact on society. As per code of conduct, treating others fairly and with respect assists in promoting equality, diversity and inclusion (MANAGERS, 2023). Thus, I have learned about ways managers need to focus on maintaining human rights while opening business to provide employees and customer rights.

Conclusion

I feel like, CMI code of conduct is effective for my professional development that would lead me towards becoming an effective leader within an organisation. There are practices that I have learned from code of conduct beneficial for my future professional career

Action-Plan

Conclusion

This report analysed the basic fundamentals in relation with entrepreneurship activities in professional scenario. This report has highlighted on “case study of Reliance housing” that is known to provide “accommodation for Homeless in UK”. Critical analysis of the management issue has been focused along with evaluating the leadership model. Further, three recommendations have been added to mitigate the leadership problem in this context.

References

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