MBA602 Small Business Administration Assignment Sample

MBA602 Small Business Administration

Your task

Individually, you are required to record a 10-minute video in which you are to reflect on whether you are more of a small businessperson or an entrepreneur considering your skill sets and your passions. You are then to research a small business owner you admire and analyse his/her significant business decisions in their business journey.

Assessment Description

In this individual assessment, students are given an opportunity to reflect on their own skills and
passions to start their own businesses.

Assessment Instructions

Each student is to submit a 10-minute video presentation covering the following questions.

• What is the difference between an entrepreneur and a small business owner? Which one are you or do you think you are? Why? Give specific examples/ experiences.

• What skills are required to manage the on-going demands associated with running a small business? Which ones do you have? What are your skill gaps? What is your strategy to fill those gaps for you to have a successful business?

• What is your passion? Do you think you could turn that 'passion' into a successful small business? Why or why not? Justify your answer using marketing research including local, national, and global trends depending on your vision and mission for the proposed business.

• Research a small-medium business owner or entrepreneur that you admire. State why you chose this person. Analyse his/her significant business decisions in their business journey; these can include those turning points in the business. Discuss their small business success stories and identify what led to his/her success as well as what strategies helped overcome any key challenges.

In preparing this assessment, you will need to utilise theories/concepts taught in weeks 1 to 4 and use at least 6 sources of information and reference these in accordance with the Kaplan Harvard

Referencing Style. These may include websites, government publications, industry reports, census data, journal articles, and newspaper articles. These references should be presented as in-text citations; you are expected to have a reference list at the end of your slides to support your video. Remember, Wikipedia is NOT a reliable source in itself, but might provide links to reliable primary references.

For the slides:

• When you record your presentation, you also must turn on the video so you can be seen in the
presentation.

• You are encouraged to be creative with your slide presentation. Try not to use too many words on the slide. Remember – “A picture says a thousand words”. Use appropriate pictures / photos that support your talk.

• There is no limit to the number of slides you should have; just remember you only have 10 minutes
for your video presentation. Here is an example of your slide outline:

Slide 1: Cover slide
Slide 2: Background of yourself
Slide 3: Entrepreneur vs Small Business Owner
Slide 4: Skills Required
Slide 5: Your Passion / Business Idea
Slide 6: Your Passion / Business Idea (justification)
Slide 7: Owner / Entrepreneur you admire and why
Slide 8: Owner / Entrepreneur business journey / strategies
Slide 9: Conclusion
Slide 10: References (minimum 6)

Solution

Slide 1

Introduction 

● Business administration activities help to grow business in the long term.

● The assignments show the difference between small businesses' and entrepreneurs' activity and required skills.

● Skills required to become a successful entrepreneur will be there in the assignment.

● Business idea and its justification based on the admired entrepreneur will be presented in the presentation.

● Speaker notes: Business administrations are the work of managing business activity, its employees, resources, and time. It is professional work that helps to operate a business successfully in the long run. In this context, a comparison between a small business and an entrepreneur is going to be discussed. As per the MBA  Assignment Experts, The required skills that are needed to manage successfully both the small and entrepreneur are going to be analyzed. In these assignments investing in E-battery has been selected as the best-recommended business idea. The justifications will be discussed here. Here Michael Potter the CEO and a great man of DriveElectric, a leading e-vehicle car company in the UK chosen as the idol entrepreneur. Some strategies of Mr. Potter for DriveELectric that help them to be successful in the UK market are going to be analyzed. 

Slide 2 

Background

● Being a business management student, I would like to gather more knowledge about small and entrepreneurial business formations.
● I have a huge passion concerning entrepreneur and business.
● I have some interpersonal qualities similar to entrepreneur qualities. 

Speaker notes: Being a business management student I am very much interested in gathering different business formations and their reasons to expand. I have experienced handling a small E- battery concern which was operated by my uncle. This helped me a lot in gathering small business ownership information’s. This also helped me to understand the differences between entrepreneur and small business owners and draw backs of both. 

Slide 3

Small business vs. Entrepreneur

● Small businesses owner tries to deal with common products while entrepreneurs deal with vast.
● Small businesses owner has to face known challenges while entrepreneurs have to deal with uncertainty.
● Small business growth standards are limited while entrepreneurs are born to expand (An et al. 2020).
● Entrepreneurs' activity impacted the economy while small businesses were confined to their groups. 

Speaker notes:  There is a vivid line between small business owners and entrepreneurship (Croitoru 2019). Small businesses owners usually try to deal with known products or services while entrepreneur ventures always try to introduce something new in the market. Small business owners tend to handle known risks while entrepreneurs always have to be ready to face uncertain risks. In a small business, the growth standard is limited while for entrepreneurs there is a high chance to expand. Entrepreneurial actions remain their marks on economic growth while small businesses are confined to their groups.

Slide 4

Skills required

● A successful entrepreneur must be a good communicator and should have a sense of ethics (Hanif Rakhman and Nurkholis 2019).
● An entrepreneur should have the capability to understand business needs.
● A small business owner should be a good communicator with good negotiation skills.
● Small business owner should have the passion and energy to operate their businesses in the long run.

Speaker notes: Every entrepreneur needs to be an effective communicator, which helps them to expand their business. They must be focused to stay the course when ups and downs are common. They should have a sense of ethics that helps them to earn the trust of their stakeholders. The most important skill of an entrepreneur is to understand the business needed strategy that helps to expand. A small businessman also needs effective communication skills (Bals et al. 2019). They should know proper negotiation that helps them to increase their sales. They should have passion and energy to run their business in the long run.

Slide 5

Business idea

● Start-up businesses with the manufacturing of EV batteries can be effective.
● It can be manufactured by using wastage.
● The vintage market has expanded, so investing in EV batteries can be effective. 

Speaker notes: The risk of sustainable transformation is needed to maintain the balance of the business activity. The total percentage of wastage has reached 100 billion tonnes a year and lithium are in short supply. As per reports EV batteries will be most demandable in 2025. So, investing in making EV batteries can be the best option for starting a new business. It can also have recycling facilities. So, EV batteries can be sold at a moderate rate in the market, so they can make a huge demand. Many businesses are thinking about vintage markets. So, the market will be expounded and investing in EV batteries can lead to business success.

Slide 6

Business idea justification

● In the UK battery cars are in the most demanding positions, so the EV battery manufacturing business.
● EV battery manufacturing is increasing its size day by day, so investing in that business will be most appreciable.
● The materials can be recycled, so batteries can be sold at a moderate rate to attract consumers.

Speaker notes: Electric vehicles have a more sustainable future and by 2030 the market will be the most expandable (Kernel Bouter and Melgar 2021). EV battery production is increasing their size day by day, so investing in EV batteries will be a smarter idea. It can be used for waste and has recycling facilities. So, it can be sold at a moderate rate to reach the market. In the UK 5,90,00 battery cars are running on the road at present and the demand is extended. So, EV battery manufacturing will be the smartest business idea.

Slide 7

Chosen entrepreneur with justification

● Michael potter the CEO of DriveELectric   tries to ban fuel cars to save the environment by 2030.
● He encourages to zero tailpipe emissions and motivate consumers to make their journey greener (Bennett and Vijaygopal 2018).
● His ethics and honesty and huge knowledge about EVs make the company praised by their consumers.

Speaker notes: DriveElectric is a famous electric car dealer in the UK that deals with electric car leases, and electric van leases and helps its consumers for their safest and greener journeys. Michael potter is the CEO of DriveElectric and he tries to ban the sale of fuel cars by 2030. He continously advised his company employees to encourage zero tailpipe emission and motivate their consumers to choose pure electric car lease options that save their costs from taxes, maintenance and running costs. For his honesty and reliability with huge knowledge of EVs makes the company praised by their consumers. They provide special offers to attract consumers to be greener in their journey.

Slide 8

Entrepreneur business strategy

● They increase the number of data analysts to make proper future-focused decisions.
● Their safety and infrastructure regulation group are engaged to provide quality outcomes.
● Their vehicle analyst group is engaged to keep track of demands, the marketplace, and retailers for future implementation.

Speaker notes: DriveElectric to increase and hold their demand DriveElectric tries to ban fuel cars by 2030. They increase the number of data analysts in their organisations regarding e-mobility, so managers can get proper pieces of information and can take future-focused decisions. They are proactively engaged with government policies and hired policy working groups to raise their voices for `` e-mobility''. Their safety and infrastructure regulation group are engaged to provide expert input that helps to withstand regulations and notices to make the best quality electric vehicle outcomes. Their vehicle availability analyst group is focused to notice the demanding track, marketplace, and retailers and prepare the structure for the future.

Slide 9

Conclusion 

● Small businesses owners are incarcerated by small groups while entrepreneurs are engaged in the vast activity.
● Investing in EV battery-making is a good policy for business.
● DriveElectric is famous for making journeys greener in the UK.

Speaker notes: It can be said as the conclusion that small businesses are incarcerated by their groups and entrepreneurs are bound to extend. A successful entrepreneur has the capability of understanding the need for a strategy for business. As per my concern investing in EV battery manufacturing would be the best business idea as the lithium supply is going to reduce. It helps to reduce tailpipe emissions as well as help to make the consumer journey greener. DriveElectric is a UK-based concern that is famous for its loyalty which is possible for the company CEO, Mr. Potter. They have various strategies to expand their growth.

References

An, W., Rüling, C.C., Zheng, X. and Zhang, J., (2020). Configurations of effectuation, causation, and bricolage: implications for firm growth paths. Small Business Economics, 54(3), pp.843-864. DOI: 10.1002/gsj.1359 

Bals, L., Schulze, H., Kelly, S. and Stek, K., (2019). Purchasing and supply management (PSM) competencies: Current and future requirements. Journal of purchasing and supply management, 25(5), p.100572. Available at: https://research.edgehill.ac.uk/ws/files/21235932/JPSM_Competencies_in_PSM_BalsSchulzeKellyStek_post_print.pdf

Bennett, R. and Vijaygopal, R., (2018). Consumer attitudes towards electric vehicles: Effects of product user stereotypes and self-image congruence. European Journal of Marketing, 52(3/4), pp.499-527. http://dx.doi.org/doi:10.1108/EJM-09-2016-0538  

Croitoru, A., (2019). No entrepreneurship without opportunity: the intersection of return migration research and entrepreneurship literature. Social Change Review, 17(Winter), pp.33-60. DOI: 10.1515/scr-2019-0001 

Hanif, H., Rakhman, A. and Nurkholis, M., (2019). The Construction of Entrepreneurial Accounting: Evidence from Indonesia. Reference to this paper should be made as follows: Hanif, H, pp.104-117. Available at: http://eprints.kwikkiangie.ac.id/1945/1/Article%20The%20Contruction%20lengkap.pdf

Ternel, C., Bouter, A. and Melgar, J., (2021). Life cycle assessment of mid-range passenger cars powered by liquid and gaseous biofuels: Comparison with greenhouse gas emissions of electric vehicles and forecast to 2030. Transportation Research Part D: Transport and Environment, 97, p.102897. https://doi.org/10.1016/j.trd.2021.102897