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Transcript of Meer Mse Complete
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2013
MEER MUHAMMAD IQBAL
C0408kkkk0413
[CRITICAL EVALUATION OF EXISTING THEORY OFENTREPRENEURSHIP
& CHOICE OF ENTERPRENUERSHIP]
M S E Assignment
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TABLE OF CONTENTS
S. No Contents Page No.
i Executive Summary 31.0 Introduction 4
2.0 Critical Evaluation of Existing Theories of Entrepreneurship 5
2.1 Psychological Theories 5
2.2 Sociological and Anthropological theories 8
2.3 Shifted Entrepreneurial Success Factors 9
3.0 Conclusion 11
4.0 Introduction to Business 12
4.1 Prevention and Detection of crime 12
4.2 Prevention and Reduction of loss waste and damage 13
4.3 Monitoring and responding to safety risks 135.0 Ownership Structure 14
5.1 Legal Aspects 14
5.2 Business Competitors 15
5.3 SWOT 17
5.4 Target Market 18
5.5 Pricing Strategy 18
5.6 Staff Development 19
5.7 Business Strategy 19
5.8 Services Offered by the Business 20
5.9 Financial Plan 21
5.10 Revenue and Sales 225.11 Managing Skills 22
Reference 24
EXECUTIVE SUMMARY
Security is one of the key problems nowadays. The philosophy of security is from old times
and many years ago it became the need of every one. And is still the need of every one. The
security system was established in United Kingdom in eighteen century. Rich people,
celebrities and business need security for their property and their lives as it is the treat all over
the world.
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Ownership of the private security company can be a kind sole proprietor business which can
be run by me only. The security personal can be hired with no contract basis and as far
business will grow up we shall start hiring security personals and a manager to deal with
customers and employees working in it.
Construction skills certificate is for those who wish to work as security personal on the
constructions site and other sites relating to construction. The Security Industry Authority
(SIA) is that body which regulates all the rules given by the Private Security Industry in the
U.K. It is an independent body which reports only to the Home Office according to the law
passed in 2001
The tough competitors in the private security industry are G4S, MITIE Total Security
Management and Securitas Security Services Ltd. All these companies are private and are
working for many years in U.K. We will research on the markets where we can expand and
grow. By far now our main focus will be on pubs, bars and construction areas where there is
big need of security staff.
My main pricing strategy will be low charge from the client and a good wage to my employee
and with a minimum commission to myself. According to the above strategy I will be
minimize my commission and charge client with low price than my competitors. My profit
margin will be less than my competitors. According to my experience competition in an
organization is also better for the organization in some ways so that to get best out of every
one. Courses regarding safety and security services will be offered free to our employees to
improve quality of our service and image of the agency.
1.0Introduction
Entrepreneurship is a comprehensive concept that is used in various contexts. Well it is being
developed by entrepreneurs, different characteristics which are found in their personalities.
These capabilities and passion in entrepreneurship illustrates as innovator that bring
something new or unique by combination of different factors. Innovation does not come by
itself actually it comes into shape in different forms that are as follows:
i) Introduction of new goods
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ii) New process of production
iii) Innovative market
iv) Innovative source of supply of production
v) The reformation of any industry.
According to Saha (1989), talented individuals who foresee the profitable opportunities and
utilize it in order to avail this opportunity is called entrepreneurs. While Purhit and Rahman
(1995), stated that simple resources cannot guarantee the growth of economic therefore the
development depends on the slowly progress of the human being that utilize the capital and
resource to make new product or new market and run the business (Frederick and Myers,
1991).
Entrepreneurship is the main point for the development of economic growth that builds
opportunities for trade by discovering and exploring new products, markets and resources
(J.A. Schumpter). Moreover, these activities hold uncertainties and risks meanwhile it
increases the demand for investment. The increased investment demand requires the higher
buildup of capital in order to meet with the economic demand of the country. The boost level
of income and total production of goods and services within economy is the growing effects
of all these factors (Saha, 1989).
Although entrepreneurship is a critical aspect in the economic development method but there
are certain problems associated with opportunities that can be faced in practice such as market
penetration strategies, potential customers, penetration strategies, suppliers of raw materials,
and expert individuals.
2.0 Critical Evaluation of Existing Theories of Entrepreneurship
There are several theories for the development of entrepreneurship for the entrepreneur.
Therefore, the theories have been divided into two group namely sociological &
anthropological and psychological theories that are as follows in detail.
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2.1 Psychological Theories
The main difference of psychological or personal theory in the individuals is the attitude.
According to the theory of attitude in difference includes the internal attitude and ability to
judge and estimate the main condition that can lead a person in becoming a successfulbusiness person i.e. the entrepreneur. There are some vital theories which are discussed under:
The theory of David McClellands came up with the need of achievement which is the main
theory discussed in psychological theories on entrepreneurship. He underlined the theory of
the relationship of achievement motivation or need of achievement that is representing as( n
Ach) to monetary growth via entrepreneurial events. He wrote the presumed mechanism by
which n Achievement level translate itself into economic growth is the entrepreneurial class.
If the n Achievement level is high, there will presumable be more people who behave like
entrepreneurs----- (Islam, 1989).
Agreeing with McClelland, one can expect a fairly huge total of entrepreneurship in humanity
if the normal level of the need for achievement in humanity is fairly high. Having a high n
Ach it helps in encouraging the individuals in challenging and achieving the goal and also it
helps them to use their abilities, knowledge and skills in order to accomplish these goals
(Islam, 1989). However, the internal part of an individual is that it drives them to work harder
and accomplish something for their own interest by taking private risk (Islam and Mamun,
2000).
The theory of need for achievement then reflects to the strong goals orientation, fascination
with the job or task which is to be done. Therefore, the entrepreneur develops the connection
or intervening flexible between need for achievement and economic development.
Consequently, McClelland supports the increasing level of need achievement in a culture
since it stimulates economic development and entrepreneurship (Islam, 1989).
Lastly, conferring to McClelland, the entrepreneurs are highly extended by achievement
enthusiasm and he also emphasized on the inner sense of personal achievement rather than
doing something only for the sake of social status or recognition that motivated individuals to
be entrepreneur (Islam and Mamun, 2000). According to Everett Hagens argument the theory
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of withdrawal of status respect is social changes are that it cause psychological changes in an
individual or in a group or society. He considers that the preliminary state that leads to
eventual-entrepreneurial characters has the loss of status by a group of socialism (Islam,
1989).
According to Hagen the theory of loss of status can occurs in four different ways. These are as
follows:
i) the collection may be displaced by force;
ii) it may have its respected symbols degraded;
iii) it may implication into a situation of position inconsistency and
iv)It may not be recognized in a new culture, and the results or responses of the loss of
status are ritualism, reformism, retreatism, rebellion and innovation. Between these
responses retreatism is the most vital for entrepreneurship. This is since retreatism is
considered by psychological oppression of the disturbance associated with the status
failure. The repressed temper results from the loss of position eventually results in
afterward peer group are values of accomplishment that is being held up by mothers
within the group to their sons.
The reason behind this that the sons becoming innovators is increasing and free enterprise
becomes a possible passage for such propensity (Islam, 1989) . This theory can be analyzed in
two major forms. Firstly this theory is post hoc that means, Hagen has exposed examples of
the removal of position by viewing the first main problem that in which the economic
development happened and fore status formerly viewing the position of losses that have
incurred in the growth. Secondly, the disapproval has positioned long period of time as much
as five or more generations which are required for the withdrawal of status in respect to
appearance of entrepreneurship.
The theory of motive-Acquisition is a reviewed version of McClelland n Ach theory that
states that thinking power, personality, attitude, mentality, etc. are not in born both they are
more elastic and changes the condition easily. So therefore this theory is more helpful in
training along with development programs that effect and encourage individual towards
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achieving the goal by changing their thinking, mentality, attitude etc (Islam and Mamun,
2000).
The theory of risk taking that is familiarized by Richard Cantillon and John Stuart Mill where
they define entrepreneurship as a mentality to take reasonable or intended risk, this is because
many people are taking huge risk and also have excessive responsibilities. In order to perform
these responsibilities a person should take the Internal-External Locus of Control that is
familiarized Professor J.D Rotter of Ohio University highlights the self-confidence of a
person, the dependence on wealth and the exterior environment for suitable entrepreneur.
The theory of internal locus of control i.e. self-confidence, it believes on ones power and
ability that motivated and individual of a person to take the plan for innovation which is very
co-operatives for individual side by side society as well (Islam and Mamun, 2000).
Whereas, Independence Motivation theory is similar to internal and external Locus of control
theory which also emphasizes on independent idea of entrepreneurs. It theory can be
expressed that people having self-confidence, independent thinking, self-controlling ability
ought to avoid public condemnation for becoming an entrepreneur.
Additional psychological theory of entrepreneurship named Creativity or Innovation Theory
that emphasizes the physical presentation as the factor to assess whether an individual is
inventive or not, this is because inventive individual use their thinking ability and talents to
create new ideas and views that help them to find different techniques of training. On the
opposing, Power Motivation Theory has given importance on the specialist to do a convinced
task properly. Particularly for entrepreneurship development personal power, this is connected
to self-interest which is important.
2.2 Sociological and Anthropological theories
According to Katz et. al., (1991), sociological and anthropological theories are based on
several aspects that create entrepreneur or entrepreneurship in to practice. Since, socio-
cultural factors have extensive influence on the creation of entrepreneurial. On the other hand,
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Islam (1989) stated that cultural and social factors put forward high value for risk taking,
innovation that produces the entrepreneurial actions more than contrasting values for
entrepreneur.
Well Max Webers protestant value is one of these ancient theories. According to Weber
protestant or Calvinistic logic and values were influential in promoting entrepreneur
enterprise. In this regard, emphasis was put on the work itself. It means that a persons work
itself is influential factors that can make the things go beyond expectations. However the
experience is a calling act that can make an individual the successful entrepreneur.
Marginal and Tension theory is another type of anthropological theories that was discovered
by Robert Park during 1928. According to Robert Park (1928), that marginal individual is the
person who has committed himself/herself to live in two societies. Hence, both societies are
not different from each others but there is a slight change within each others such as
antagonistic cultures like occidental and oriental cultures. In this type of situations the
marginal individuals connect themselves in businesses where society widely cannot accept
them. Therefore, it is likely to create more entrepreneurs from marginal individuals (Islam and
Mamun, 2000).
The above discussion can be concluded within several variables for the development of
entrepreneurship that are as follows:
necessitate for achievement
removal of status
Training for shifting persons thinking, mentality and attitude
danger taking approach
severe belief over ones ability and power
Creative capability
Personal or Authority power
self-resistant in the case of utilization profit
societal eccentricity
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These variables play an important role in individuals life that becomes the entrepreneur. Well
these variables only explain the initial stages of entrepreneurship development that how and
where a person can become entrepreneur. Meanwhile it cannot guarantee or satisfy the
individuals for post stage of entrepreneurship progress. Therefore, it is impossible to know
that how an entrepreneur uses the resources such as human resource, capital, and risk
management approaches and etc.
2.3 Shifted Entrepreneurial Success Factors
In this section, the author explains those factors that brought success in entrepreneurship
development process. The main purpose of these factors is to overcome the shortcomings that
are associated with psychological and sociological theories and moreover improved
applicability. According to Ahmed (1981), the success factors of entrepreneurship are further
divided into four groups.
Psychological Factors: Following are the variables of psychological factors
Necessitate for achievement
Danger taking approach
Personal or Authority Power
Internal & external loop of control
Motivation for autonomy
Creativity
Need for affiliation
Intelligence
Socio-Cultural Factors: Following are the socio-cultural factors
Religious values
Rural-Urban orientation
Marginality & Tension
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Social cohesion and etc
Personal Factors: Following are the personal factors
Family tradition in business
Previous experience
Birth order
Age at entrepreneurial level
Education and etc
Opportunity Factors: Following are the opportunity factors
Economic opportunities
Peer group assistance
Training opportunities and guidance
Existing schemes of entrepreneurial training and guided entrepreneurship etc
According to Islam and Nazrul (2000), danger taking approach is the important success
factors irrespective of location, business type and its size for the entrepreneurial ship. While
researchers suggested that the risk associated to this factor should be calculated and sensible
in nature. The success of entrepreneurships is not limited to innovativeness or well co-
ordinate persistent actions for something new in fact it depends on the other factors as well
like self awareness, managerial capability and adaptability, self motivation for achievement,
personal initiative, knowledge of market with regards to the demand, technology
development, competition, product development, political and social issues and etc.
It can be concluded that the success factors of entrepreneurship has been shifted from
psychological and personal factors to environmental and managerial factors because of
increased complexity in businesses, demand of products, development of information,
customer satisfaction and globalization of businesses.
3.0 Conclusion
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Entrepreneurship is a comprehensive concept that is used in various contexts. Well it is being
developed by entrepreneurs, different characteristics which are found in their personalities.
These capabilities and passion in entrepreneurship illustrates as innovator that bring
something new or unique by combination of different factors. Entrepreneurship is the main
point for the development of economic growth that builds opportunities for trade by
discovering and exploring new products, markets and resources.
The main difference of psychological or personal theory in the individuals is the attitude.
According to the theory of attitude in difference includes the internal attitude and ability to
judge and estimate the main condition that can lead a person in becoming a successful
business person i.e. the entrepreneur.
According to Katz et. al., (1991), sociological and anthropological theories are based on
several aspects that create entrepreneur or entrepreneurship in to practice. Since, socio-
cultural factors have extensive influence on the creation of entrepreneurial. On the other hand,
Islam (1989) stated that cultural and social factors put forward high value for risk taking,
innovation that produces the entrepreneurial actions more than contrasting values for
entrepreneur.
The success of entrepreneurships is not limited to innovativeness or well co-ordinate
persistent actions for something new in fact it depends on the other factors as well like self
awareness, managerial capability and adaptability, self motivation for achievement, personal
initiative, knowledge of market with regards to the demand, technology development,
competition, product development, political and social issues and etc.
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4.0 Introduction
Security is one of the key problems nowadays. The philosophy of security is from old
times and many years ago it became the need of every one. And is still the need of every
one. The security system was established in United Kingdom in eighteen century. Rich
people, celebrities and business need security for their property and their lives as it is the
treat all over the world. In early time the system of security was to hire watchmen for the
night and the thief taker who used to catch the thieves in day time. It was been hired by
the rich people of that time for the protection of the lives and precious things. All the
security was privately hired so the private security industry started from the early times
too.
The other kind of private security was in the form of bodyguards which started in the era
of roman and Greeks so it was also a kind of private hiring as it was the need at that
time. Now the concept of security has been changed so much all over the world, every
country is in the need of highly trained team of private security organization. The
security service of United Kingdom has been changed so much, now they rely on highly
trained and well managed security organization. They want security firm to be
specialized in their field which could help the security problem in the United Kingdom.There are some points which kept are in mind and special focus must be given as far
private security organizations are concerned:
4.1Prevention and Detection of crime
There are so many means by which crimes can be prevented and can be easily detected.
First of all the uniform of the security gauds get in notice that security is available in the
specific area. CCTV cameras are of great help in preventing the crimes as people sees it
so they get afraid to be caught by the police because it is been watched 24 hours. So
thieves hundred times think before committing the crime in those areas where CCTV
cameras are placed. With the help of these cameras crimes can also be detected by
catching faces of the specific thieves and other who commit crimes.
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supervision, close protection work and vehicle immobilisation and consultancy in the
U.K (Bobby L, 2012).
It is very important to understand the aim and gaols of the private security industry and
for which purpose it is been established because it can help many individuals in making
their career in this industry and can also be advantage for the business especially
multinational businesses.
5.0 Ownership Structure
Ownership of the private security company can be a kind sole proprietor business which
can be run by me only. The security personal can be hired with no contract basis and as
far business will grow up we shall start hiring security personals and a manager to deal
with customers and employees working in it.
5.1 Legal Aspects
Private security industry in unite kingdom is been regulated by the following two bodies:
5.1.1 Construction Skills Certificate (CSCS)Construction skills certificate is for those who wish to work as security personal on the
constructions site and other sites relating to construction. The main purpose of this body
is to train the personal with safety tips for the constructions sites and all to teach them all
the rules and regulations regarding it. Any individual working on those must have this
certificate for the working on these kinds of sites.
5.1.2 Security Industry Authority (SIA)
The Security Industry Authority (SIA) is that body which regulates all the rules given by
the Private Security Industry in the U.K. It is an independent body which reports only to
the Home Office according to the law passed in 2001 (Private Security Industry Act
2001). SIA works is to see whether the private security agencies are working properly or
not and according to the rules given by the U.K government.
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They also measure the quality of the private security agencies. They also sees weather
private security agency is helping public and government in reducing the criminal rate in
the country. The main fundamentals of the SIA is to approve the licences for those
people who wish to work in security agencies and to look over all the contacts with other
private security agencies.
5.2 Business Competitors
The tough competitors in the private security industry are G4S, MITIE Total Security
Management and Securitas Security Services Ltd. All these companies are private and
are working for many years in U.K. It is tough competition going on among them; G4S
was given the security contract by the U.K government for the Olympics 2012. But G4S
failed in doing so, it was one of the big issues in the 2012, as many countries were
coming to the U.K as well as tourist but G4S failed in providing security personals in the
Olympics as it was in the contract.
According to terms and condition they were unable to deploy the security employees and
which cost them 40 million pounds cost. Demand of security in increasing day by day
but the problem is with supply, there are not enough people who wants to works asecurity guards, and one of the other problem is that SIA is now indulge with home
office and it does not issue the licenses for those who are not allowed to work in work
according to the Reutter, 2012 300,000 Licenses was cancelled by the home office as
those were not allowed to work in the U.K.
Thus with this situation many of the small security agencies took advantage and came
across the U.K to provide security services, it was like a new market with a great profit. I
also wish to start my own security service when I will finish my industry and that why I
choose this topic as my business plan too. Because it is one of the most profitable
businesses now days in U.K and they have been around for a quite a long time and have
high market share in the U.K.
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To start a business of security service is much easy in U.K as compared to other
countries because it is good market for the security company as demand is high here and
supply is less than demand, so we can grow fast and established our business here.
Easily a good rented place can be found for the small office and then after some
contracts it can be converted to the main office. The office will be well decorated with
the theme of security, and with highly technology equipments like laptops, CCTV
cameras, and full furnished rooms. As many of my friends in security agencies so it will
help me hire a proper individual for the proper job as all of fiends always talk about it.
As far my security agency is concerned, I will take a steady start with small contacts.
The main vision and aim of my company will be to satisfy clients and built new clients.
There are three different ways to get contracts
1. Reference
As we know in U.K there are so many pubs, clubs and bars which really need security
service and the one of the best way to contact the owner or manger of these areas and it
can easily be done by visiting regularly there. As I go to pubs and clubs every weekends
and got contacts over there. And my friends also work in the security agencies so they
also know what and which people requires security service and with low rates. So wecan contact them and target them. Never underestimate the three things while
considering clients need such as price, quality and a good reputation of the company.
Clients always look for the low price with good quality and it impresses them and finally
they become a regular client to you.
2. Inquiry
Many of the business and government departments requires security services for the
short term and for this purpose they need private security agency. So than they send such
inquires to the security companies. Big security companies delegate this project to small
firms and agency with better rates and quality services.
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3. Tender Open (OBS)
Tender is one of the other option to make contracts , it can be issued by the government,
any private company and after that any security company in case of security service can
submit their proposal for the company they qualified for it..
5.3 SWOT
Strengths
Cost advantage as compared to other companies.
There will be Effective communication between the client and agency.
as management is the main thing so I will get strong management team
There will be Customization.
Return on investment should be in focus.
Weaknesses
There is lack of capital.
Agency has got low market share.
There is no plan predictability.
It is not diversified.
Opportunities
It is a good profitable.
We can emerge as new entrants and expand.
I have got new ideas which results in innovation
Agency can grow rapidly with quality service.
Agency can use new Technology and new developed equipment.
Threats
Competitors are always big threats.
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and a good wage to my employee and with a minimum commission to myself. I know
my competitors are getting greater profit but this strategy will help me in gaining greater
market share in future.
5.6 Staff Development
As I have been studying business for 4 years, one of the things which I saw is that if
your employees are satisfied from you, they get more motivated and they work more
efficiently unlike others. So it will also be one of my objectives to satisfy my employees
which will help as an advantage over my competitors. As from the feedback from the
client performance will be measure and every month award and bonus of 100 pounds
will be given to the best employee of our agency as it will motivate other employees to
work harder and efficiently. According to my experience competition in an organization
is also better for the organization in some ways so that to get best out of every one.
Courses regarding safety and security services will be offered free to our employees to
improve quality of our service and image of the agency.
5.7 Business Strategy
The strategy which I will be using in my security agency will be cost leadership strategy
and focus strategy. According to the above strategy I will be minimize my commissionand charge client with low price than my competitors. My profit margin will be less than
my competitors. As I have to gain the market share. According to my research
companies are using profitable strategies as they are charging clients with high rate but
main focus will be with low cost and quality service.
Other strategy which I would be following will be focus strategy in which I will target
small towns and specific areas in those small towns like bars, pubs and clubs because I
am short of capital. So I have to take a steady start. This strategy will have helped me to
gain market share of that area with low cost and good contacts. The main ways for
Marketing and Recruitmentthat will be adopted by my business will be:-
5.7.1 Online form
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Those individuals who wished to work in our agency will be provided with online form
which would be filled on our agency website. After that a candidate would be contacted
via mobile or email and further contacts should be made in office face to face.
5.7.2 Advertising
We will not do advertisement on large scale as we are short of capital and our main
focus is build contacts with word of mouth philosophy. But still we can do
advertisement in newspapers, magazines and free websites for the job and contracts for
the clients.
5.7.3 Social Network
Social networking is the cheaper way for marketing and advertisement for the new
entrants, I will also use this way make my pages on Facebook and twitter to get more
and more contacts. I will join such communities which I want to target like bars, clubs
and pubs. I will spend budget on making an attractive website and pages on the internet.
Social networking will help me in making a lot of contacts with cheap cost.
5.8 Services Offered by the Business
Security Personnel (Bouncer) to check the IDs while entering, to make sure no
one damage the property, to keep an eye on thieves and also public as it will
taught in safety tips course.
CCTV operator; his work will to observe CCTV cameras live recordings; he will
be fully trained security personnel who know how to operate the CCTV.
Alarm Response; there work will be to handle the situation until the cops arrive.
Personal Security; they will provide security to the celebrities, high profile
individuals and dignitaries
Executive Security; this service includes a security personnels geared up to
protect a group of high profile individuals.
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Event Security; this is the top level security service which is provided by most of
the security companies. Their duty is to handle all the security services of the
event.
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5.9 Finances (Hendon)Setting up the Business
Company Registration 100
Insurance 2000-3000
Licenses (SIA, CSCS, ISO9001) 10000
Setting up the Premises
Least Deposit 5800 (6 months)Advance Rent 1000
Furniture 1500
Stationary 250
Office Supplies 150
Desktops 1000
Printer 50
Scanner 50
Phone 25
Fax 15
Uniform Expenses 200 (Per Person)
Marketing 6000Total Fixed Expenses 29,890
Bills
Telephone 75
Gas 50
Electricity 150
Internet 50
Rent per Month 1000
Council Tax 175
Total Variable Cost 1,500
Minimum Start-up capital required 31,390
Total funds available 35,000
5.10 Revenue/Sales Projection
I will hire 5 employees as security member, and I will give them 6 pounds per hour
because of my cost strategy assuming:
Contract with the Client 14 per hour
Number of security personnel 5
Number of hours 8 * 5 (40 per day)
Salary paid 6 per hour
Profit Margin 8 per hour
Revenue for each day 5 * 8 * 6
Total Revenue per day 300
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Monthly Revenue 8000
Fixed Expenses 2500
Gross Profit per month 5500
5.11 Managing Skills
Seven essential people managing skills required to manage your business successfully are:
Logical thought
We should think logically before entering into this business and we should research that this
idea of business will work and its better to enter this market.
Emotional Language
Only thinking logically is not enough because being right is not always enough so we should
also keep focus on emotional language to motivate our self and employees as we know that
fear and desire are the two main motivators in case of humans..
Organization
Organization should be well managed in order to keep the employees satisfied and clients too.
Punctuality is also important as stick in times saves nine. We should never forget we do not
pay for working hard but working efficiently.
Manners and Politeness
Manner and character is very important and essential in the business field. We should be
polite and kind to our clients and employees. Just because of such behavior we can make big
profit and permanent clients. We should respect others and their self-esteem.
Fairness
We should be fair in our dealings, we should motivate people who deserve it and we should
also criticize who do not work properly.
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Sales
In business you need to have customers because without customers there is no business
therefore every business is a sales organization. As a businessman you have to sell yourself,
your services and employees, (Tom H., 1998).
Role modeling
We should be role model to our employees and clients and we should show such character
that impress every one and it should be set as an example in your organization. Everyone is in
need guidance to take the right steps and improve their personality.
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References
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