Skills and the Entrepreneur: Chapter 5

Factors of production table of the 5 ideas

	Land	labour	capital	enterprise
The community centre/barbershop	The main thing the entrepreneur would have to consider is if they are going to rent out a location and facility, buy one through mortgage or cash, then the entrepreneur will have to think about how expensive it will cost and where to locate the venture	The entrepreneurs should think of how to organise he staff in what kind of span of control. It is important for the entrepreneur to	It is important for entrepreneur to have the ability to budget and utilise the capital effective and economically in order to promote growth, this should be labour extensive in order to remain economically friendly	It is important that the entrepreneur is constantly going over the market and is constantly innovating to keep up with the competition, the best  way to do this would be by conducting research
Fashion label	Very little land at first would be used since most of the commodities would be sold at either markets or online as ecommerce Possibly in galleries as well	Use of specialised staff, division of labour circles, divided up in to manual, technical, supportive and strategic labour units	Supportive start capital for organic growth, product development and marketing	Intensive labour ideology but all ideas will be organised and initialised through an organisational hierarchy
Under18’s day club	The entrepreneur would have to consider renting property for the club hosting this price would vary depending on the economies base rate for lending and also the area in which the clubs would be hosted, it would have also been important that the entrepreneur considers utilises and customer encatchment area	The entrepreneur would have to use division of labour the staff would have to be organised and divided up into different functions of the club to help the clubs activities run smoothly.	Supportive start capital for organic growth, product development and marketing	The entrepreneur would need to be intuitive to keep up with competition at first there will be very few competition but in time more firms would adopt the same thing. It would  also good to looking into expanding
Football tournament hosting	The entrepreneur would have	Intensive labour force to ensure safety and organisation in many areas or the tournaments, there will be division of labour	Supportive start capital for organic growth, product development and marketing	N/a
International bank link	N/a	The staff would be located in branches internally where organisations could buy the products and services, the entrepreneur could also set up liaisons be	This organisation has to be extremely organised it would have to be set up systemically and could be aided by banks the firm could quickly grow and turn into a PLC and go public to attain recognition and also  finance	This type of firm would be required to use elite and professional it skills in order to minimise errors in the system and up grade the technology for the needs of the market for example by diversifying in more business services such as stock market watching

Now that I have investigated into how I am going o manage my factors of production and that I have analysed the market by looking and seeing what it is that customers would like form the initial ideas that I have chosen it is important that I look into viable markets from what I have learnt. The best way in which I could view display the best way in which I could display my findings of a viable market situation for each idea would be by creating an Ansoff Matrix.

Anosoff matrix for the initial ideas 

	New product/service	Old product/service
New market	International bank link	1.       Under 18s day club 2.       Football tournament hosting
Old market		Barbershop/community centre Fashion label

Conclusion

The ideas that are going to operate as old product in old markets are going to need to innovated to become successful in their selected industry, these product/services would be operating in a vary competitive nature. So it is up to the entrepreneur to differentiate its self from it competitors.  For the services that are old entering new markets would need to have various marketing strategies to help it penetrate the new market, I will have to entice word of mouth to ensure the success of this idea.  For the new service in the new market it is imperative for the entrepreneur to develop the product thoroughly before initiating it into the market. So I could ensure that I have preset up support before establishing the product on the market.