Business idea has become one of the major problems for many graduates who move from one office to another looking for jobs and yet they can be their own bosses from the knowledge they have acquired from their study (Booker, 2010). It is usually advisable for any student to brainstorm on various business ideas in relation to possible ventures he or she can start after his or he studies so as to be in a good position to give back to the society rather than expecting for employment from the society. According to Warner (2016)success in the current world requires individuals who are creative and innovative, who can use the knowledge acquired during their course of study to come up with businesses where they can create employment opportunities for other people in the society hence the entire nation would experience economic development.
As a human resource management student, I did a thorough analysis of the current trends in the market in line with my area of specialization and discovered that most of the companies are suffering poor performance due to poor recruitment and selection processes involved(Galindo and Méndez, 2014). Most of the employees are not scrutinized appropriately for efficiency in skills as the companies focus excessively on the theoretical knowledge of the recruits on the job based on their academic performance and focusing less on the practical knowledge (Alvarez, Audretsch and Link, 2016). This has been a problem as most of the employees end up struggling to cope up due to less exposure on practical knowledge which led to the idea for a Human resource consultancy firm where successful candidates for various companies would be accessed for practical knowledge in various areas of expertise for a given duration of time before being fully absorbed in to their relevant organizations.
Most of the human resource consultancy firms that exist offer advisory services to the companies in relation to various aspects of human resource management. They advise companies on areas such as recruitment and selection, compensation, policy formulation and formulation of various human resources strategies which does not conflict with the overall objectives of the organization by devising efficient means of aligning the two for the success of the organization. A gap that exists in their services is ascertaining the practical knowledge of the applicants in their various areas of specialization for a given period of time so as to enable organizations obtain a competent work force hence a need for the development in the service(Dees, 2017).
The consultancy firm shall be important because most of the successful applicants shall be sharpened on their skills hence provision of the best services to the organizations facilitating the achievement of organizational goals and objectives (Cruickshank, 2013). The firm shall have a partnership with various companies across Europe where the successful applicants for job opportunities from various organizations shall be referred by the company for assessment after which they shall be offered full employment by the organizations after meeting all the requirements during the period of assessment. Indeed this is a very unique service that shall be offered by my business firm.
This section is generally going to discuss the service offered by the consultancy firm, the process I used to come up with the type of service in place and the process involved in service delivery by the organization.
The consultancy firm shall be offering unique services that are rarely offered by many existing companies. The process of operations shall be as follows:
Companies presenting their successful candidates for various positions
Various companies shall recruit individuals for various positions and present them to the consultancy firm for assessment of their practical knowledge in various areas of specialization.
Allocating the individuals various industries
The consultancy firm having partnership with various companies in various sectors shall be in a good position to send the applicants to those companies, where they shall work voluntarily for a period of three months in their relevant positions under the supervision of experts from the consultancy firm.
The experts from the consultancy firm shall recommend the performance of the successful applicants to the companies that send them after which individuals who have been successful during the assessment shall be offered full employment with full salary for the three months they worked in their places of designation in various companies.
Termination of the contract
The consultancy firm brings the contract to an end after the organization pays for the services offered and wait for another possible assignment from the same or other organization.
As an expert in human resource management, I wanted to know the area in human resource management that I can specialize and offer unique services for the benefit of the entire society.
Identification of an area in human resource that needs improvement
I discovered that most of the recruitment procedures used by organizations are not efficient as most of the organizations are still experiencing performance problems among the employees despite of following the entire procedure and decided to fill the performance gaps by taking a further step of coming up with an organization that shall be assessing the skills of the applicants for a given duration of time before been fully employed by the organizations.
Sharing the idea with human resource experts for deliberations
After coming up with the idea I shared it with various experts in the field of recruitment who gave my idea maximum support and acknowledged that in deed it would result to competent employees in various organizations hence solving the performance gaps that exist in many organizations today. As an entrepreneur, I belief that many organizations shall be transformed through my new business venture and the business firm shall not only operate locally but shall also expand with time and operate internationally as the idea of setting branches in various towns in Europe is in mind to ensure the success of many organizations in the entire Europe enhancing the economic development of various European countries.
Testing on the idea
The human resource experts tested the idea by sending the successful applicants for the job to various organizations where there skills were assessed and some of them never performed well due to inadequate practical skills and were recommended for further training for future consideration by the organization and those who showed splendid performance were fully employed by the organizations.
Idea implementation
The idea is what is evident in this business proposal which is going to describe the business idea in details for approval after which the business shall be established.
This section is going to focus on various criteria that shall be applied for the improvement of the services that shall be offered by the consulting firm. The development shall be based on the economics –financial perspective for venture development in entrepreneurship (Morris, Kuratko and Covin, 2011). The entrepreneur is focusing on developing the business enterprise into a venture that shall have a wide-market which shall stimulate its growth and development as a result of profit maximization.
In most occasions, new business ventures usually develop when a certain number of activities are carried out by the entrepreneur (Malecki and Spigel, 2017). As an entrepreneur, I have devised various strategies to facilitate the development of the consultancy firm over the years. The criteria are as outlined below
This is a very important aspect that enhances the growth and development of any new business venture. This is the process of creating an awareness to a large number of people regarding the existence of the business venture. This can be done through various ways such as
The business can be advertised through various mediums such as through magazines, various advertising websites, through bill boards along Major roads and major streets in town (Jefkins, 2016). This enables the business be known to a large number of organizations which seek the services of the consultancy firm hence facilitating the growth and development of the organization.
The consultancy firm shall be popular through its best results for the services offered for various organizations. The best results shall attract various organizations which pay the consultancy organization hence enhancing the development of the organization.
The business venture can experience fast growth and development through the establishment of various branches across Europe (Margalit and Alfasi, 2016). This is important because all the organizations across Europe shall seek the services of the business increasing the profit margin of the business hence the growth and development of the business. The business consultancy firm shall enjoy dominance in various market segments due to its unique services.
Through an effective business plan, the business shall be able to operate in various market segments (Hiduke and Ryan, 2014). This shall enable the business to maximize the profits which shall enhance the growth and development of the business venture. This is due to the low competition that the business can face in its various market segments.
The business can invest in various sectors of the economy in its various segments which shall enhance its growth and development through the use of the returns from the investment for various organizational operations.
Any objectives should have the measures to ascertain whether they have been achieved or not hence the consultancy firm is not an exception in outlining various measures to determine its success in the achievement of development. Some of the measures are as discussed below
The consultancy firm should analyze its profitability trend over a given period of time as this shall enhance the comparison over different periods from which the rate of growth and development shall easily be ascertained by the entrepreneur.
The consultancy firm shall determine the number of branches created over a certain period of time in various localities which shall be an important tool for ascertaining its growth and development.
The consultancy firm shall scrutinize the number of organizations that have sought its services over a specific period of time and be able to determine its rate of growth and development. Many organizations served shall imply development of the organization as exhibited in the nature of its services.
The number of market segments served by the organization is directly proportional to the extent of development by the organization. Service to a wide market segment signifies growth of the business venture in the specific business environment.
The degree of participation in the corporate social responsibility practices by the organization determines its nature of growth and development to a certain extend. When the organization engages in some of the activities such as the sponsorship of the needy children in the society to pursue their education, this is a direct implication of organizational growth and development. The organization’s participation in the activities that involve giving back to the society implies the extent of organizational growth and development.
There are various theories of entrepreneurship that define the development of a new business venture. The perception for development can be viewed from various approaches which might be cognitive, organizational and economics or financial perspective.
The cognitive aspect defines the efforts made by the entrepreneur to enhance the growth of the new business venture (Crespell and Gaston, 2011). The entrepreneur can plough back the profits made by the business for the expansion of the business and he can also invest in to the business using the money made from other thriving businesses operated by the entrepreneur. All the efforts made by an entrepreneur towards the development of the new business venture is the cognitive aspect or founder – entrepreneur enterprise theory.
The organizational perspective outlines the extent of operation of the new business venture. It defines whether the new business venture shall be operating nationally or internationally (Zahra, Newey and Li, 2014). The entrepreneur can formulate various strategies to enhance the success of the business both nationally and internationally. This is important as it outlines a clear trend in the development of the business enterprise.
The economic perspective focus on the revenue generated by the new business venture (Wiguna and Manzilati, 2014). It further more focuses on the degree of profit maximization in various market segments by the new business venture. This is the most important aspect for any new business venture which facilitates rapid growth of the business unit.
This is one of the basic theories in entrepreneurship. The theory states that a business venture should be in a good position to reward the entrepreneur appropriately through profit maximization as a result of serving a wide market which further enhances the development of the business unit within a competitive business environment (Hayter, 2016). The theory further suggests the use of less cost of production for profit maximization (Rae and Wang, 2015). Most of the successful business enterprises such as Macdonald’s restaurant, Starbucks and many others have adopted the market wide venture approach by spreading their firms in various countries which have enhanced their growth and development due to profit maximization in their various market segments.
As an entrepreneur, I shall adopt the economic -finance perspective for the development of my new business venture. The consultancy firm shall be worth for the entrepreneur if the business has a vast market. The expansion shall result to increased number of customers hence profit maximization by the consultancy firm (Shalley, Hitt and Zhou, 2015). The organization can have an access to a wide market through various ways as discussed below
The consultancy firm shall create a mobile application from which clients can make their requests and make payments for efficient and fast services. The mobile application shall facilitate various subscriptions by the organizations for the service offered by the consultancy firm hence creating a wide market which shall facilitate profit maximization by the business enterprise.
The consultancy firm shall advertise its services through various media such as online platforms where the consultancy firm shall advertise via advertising websites and blogs regarding its unique services for various organizations (Smith and Chimucheka, 2014). This is very important because it shall attract various interested customers from various geographical locations hence enhancing profit maximization by the company which in turn leads to the overall development of the business unit.
The consultancy firm shall have a competent team for the assessment of various successful applicants for the period they shall be in various industries. This shall facilitate accurate evaluations hence the firm shall avail very skilled employees to various organizations and this shall in turn result to good public image of the firm hence provision of a wide market for the consultation firm. As a result of serving many organizations, the business unit shall be in a good position to expand its operations due to profit maximization which shall be very crucial for the development of the organization.
This is the most important aspect for any business unit as it enhances the attraction of many potential consumers for the product or service in the market as it clearly tells the potential customers the significance of choosing your organization over the competitors (Osterwalder et al., 2015). According to (Crespell and Gaston, 2011)the consultancy firm has various criteria for enhancing the appearance of its services in the market as outlined below:
Creating effective adverts
The organization can create adverts outlining the value of considering them for the assessment of your new potential employees after successfully completing the recruitment process. This is very crucial aspect for attracting many new organizations which might be interested in the services offered hence a wide market.
The organizations that have been served by the consultancy firm before should recommend other organizations through their websites as a way of appreciating the firm for providing them with very skilled employees. This creates the value of the consultancy firm to the potential customers.
Conclusion
The process of entrepreneurial product development is a continuous never ending process for a new business venture. This is because it enhances the popularity of the product to many new potential consumers who may chose the service or product over the many other products and services that exist in the competitive business environment. The process that led to the formation of the business consultancy firm is very important for any entrepreneur. The process began by identification of the gap that exists in my area of specialization as a human resource expert. After identification I shared the idea with others and after test and approval it became a real business enterprise. This process is very crucial for other entrepreneurs in other fields as they can also follow my footsteps and come up with various ventures to enhance the creation of employment opportunities for many individuals especially in the developing countries.
References
Alvarez, S.A., Audretsch, D. and Link, A.N., 2016. Advancing our understanding of theory in entrepreneurship. Strategic Entrepreneurship Journal, 10(1), pp.3-4.
Booker, M. (2010). The Business. 2nd ed. London: MaxCrime, pp.54-60.
Crespell, P. and Gaston, C. (2011). The value proposition for cross-laminated timber. 2nd ed. [Pointe Claire, Que.]: FPInnovations, pp.58-60.
Cruickshank, P. (2013). Recruitment. 2nd ed. London: Routledge, pp.45-50.
Curs?eu, P. and Vermeulen, P. (2010). Entrepreneurial strategic decision-making. 2nd ed. Cheltenham: Elgar, pp.45-56.
Dees, J.G., 2017. The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Galindo, M.Á. and Méndez, M.T., 2014. Entrepreneurship, economic growth, and innovation: Are feedback effects at work?. Journal of Business Research, 67(5), pp.825-829.
Hayter, C.S., 2016. Constraining entrepreneurial development: A knowledge-based view of social networks among academic entrepreneurs. Research Policy, 45(2), pp.475-490.
Hiduke, G. and Ryan, J. (2014). Small business. 2nd ed. [Erscheinungsort nicht ermittelbar]: South-Western Cengage Learning, p.80.
Jefkins, F. (2016). Advertising. 2nd ed. Elsevier Science, p.45.
Malecki, E.J. and Spigel, B., 2017. Innovation and entrepreneurship. Elgar companion to innovation and knowledge creation, pp.625-637.
Margalit, T. and Alfasi, N., 2016. The undercurrents of entrepreneurial development: Impressions from a globalizing city. Environment and Planning A: Economy and Space, 48(10), pp.1967-1987.
Morris, M., Kuratko, D. and Covin, J. (2011). Corporate entrepreneurship and innovation. 2nd ed. Mason, OH: South-Western Cengage Learning, pp.56-68.
Osterwalder, A., Pigneur, Y., Bernarda, G. and Smith, A. (2015). Value Proposition Design. Hoboken: Wiley, pp.56-58.
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Shalley, C.E., Hitt, M.A. and Zhou, J., 2015. Introduction: Integrating creativity, innovation, and entrepreneurship to enhance the organization’s capability to navigate in the new competitive landscape. The Oxford handbook of creativity, innovation, and entrepreneurship, pp.1-14.
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Wiguna, A. and Manzilati, A. (2014). Social Entrepreneurship and Socio-entrepreneurship: A Study with Economic and Social Perspective. Procedia – Social and Behavioral Sciences, 115, pp.12-18.
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