Enterprise And Entrepreneurship Assignment Sample

Enterprise And Entrepreneurship

Introduction-Enterprise And Entrepreneurship

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Enterprise can be defined as new opportunities for business and using advantages to make a profit out of it. An entrepreneur is a person who has the ability to take risks. The logistics business too comprises many complexes and uncertainties. The service of the logistics industry is collecting, producing and distributing goods and products to the customers or to the end-users. Logistics also involves overlooking of materials and goods from the manufacturer or producer to the end-users and customers. To meet the goals, companies often require various sources of funding such as equipment lenders, fuel cards or joint ventures. DHL is the most recognizable brand of logistics across the world.

Product description and IPR

Logistic overlooks the entire flow of goods including both inward and outward flows. It involves scientific use of planning, organizing, implementing and managing the required procedures. It is necessary to execute for meeting customer needs and demand of the services.

Intellectual property rights provide legal security to the works and creations of creators, inventors and innovators. Regarding business IPR provides legal security to scientists and researchers who have created new ideas and innovative technologies which can be useful for industries and manufacturers to create and produce goods and services (Singh et al. 2019). Intellectual property in law gives protection to services and creations by having patents, trademarks or copyrights. For businesses like logistics, Trademark is the sign which is used for giving legal security to the services or products. It also gives a distinction to the product or services from other traders. IPR also gives a positive response to organizational performance where open innovation acts as a mediator (Davoudi et al. 2018). Trademarks can be both registered and unregistered.

Customer and Needs

Target customers are the customers to whom the company wants to sell their products and services. To attract target customers for logistics businesses, there should be an understanding of the target market. Various researches are conducted to understand the logistic target. During the research, the companies go through detailed studies, online surveys organized by media partners, focus groups and surveys through phone calls etc. To attract target customers as well as preferable firms, companies like the Info firm use their data to attract both the markets in which the info has shares and also the markets which are new to them (Dolfsma and Van der Eijk, 2018).

 From the perspective of logistics, the overall outcome of all the activities and processes of the supply chain is found in customer service. In this scenario, the target customers are usually the general public who are attracted through B2C. However, usage of social media platforms is very different for Business-to-business companies than B2C (Iankova et al. 2019).

The USP of logistic service is inbound marketing and outbound marketing. During the process of inbound marketing, customers are attracted to the company’s website through the services of search engine optimization. Through outbound marketing, customers are acquired through leads like SMSes, E- mails, sponsorship of events, advertisements, trade magazines etc. With the advancement of digital platforms and technology, communication between C2C is changing the formation of service innovations (Peltier et al. 2020).

Analysis on Competitors

In the market of logistics, Freightliner is in the top position and is the biggest competitor almost for all the logistics companies. The logistics company provides rail freight solutions to their customers. The partnership that they offer is such as shell-free. Even partnership with the company is very reliable and cost-effective. It provides services across the entire UK. Services of Freightliner's are rolling stock for the entire UK’s rail service. The company also provides maintenance solutions for infrastructures. During this year, freightliner had earned market share of 37.1% (Ttnews.com 2021).

The company per year has maritime containers in huge numbers, almost 770,000. They make sure to provide satisfaction to their customers from port to the door. There are also other competitors in the market of logistics such as DHL, Mango Logistic Group, CN, Turners and Clipper Logistics.

DHL is more popular because of its amazing services for road transportation, career service, courier service, worldwide shipping, express mail services, worldwide parcel services and contract logistics. Its influence is not limited only in US but also the brand is highly influential in the UK.

Skills

Throughout the journey of a business from start up to developing it even more, it entirely relies on sharing the vision, business plannings, ethics and ideas with the employees, executives and other stakeholders. Communication with the employees has to be very effective. The employees must have an in-depth understanding about the organizational goals and the plannings. The employees should be engaged with the business or organization. To achieve this, clear and effective communication is necessary. There should be a transparent environment so that the employees can feel committed to their work.

Work ethic is much critical and necessary as much as energy and passion. The entire process of developing and evolving an idea to its implementation requires a lot of working hours and dedication. To have progress and run a successful business, an entrepreneur has to go through many sacrifices like weekends, holidays, festivals, late nights etc.

Having a vision is about knowing exactly what entrepreneurs want out of their businesses. The entrepreneurs should have a clear concept of their end goals. Perceptions, ideas and assumptions need to be written down and verbalised in order to embrace the goals. Writing down the ideas helps to draw various steps to know how to proceed with the business and where the ideas might take it. 

Cash flow forecast

Table 1: Cash flow

Sources of funding

Logistics companies consist of businesses that can be asset based as well as non-asset based. Companies that are asset based are freight haulers, limousine companies and delivery companies. Logistics companies which are Non-asset based are such as third-party logistics and freight brokers. For such big logistics companies, there are various financing options to get the funds in need. Banks don't consider assets of the transportation industry as collateral for lending money to entrepreneurs. In such cases, for big logistics companies, there are various financing options to get the funds in need. 

Equipment lender

For logistics companies that are asset-based, Equipment lender often serves to be the source of funds for them. Equipment lenders mostly focus on the transportation industry. It has a complete understanding of the industry's characteristics, dynamics and risks.

Fuel cards

The largest expense of the logistics company is fuel, diesel, natural gas or gasoline. Fuel Cards offer to provide money having a term of up to 30 days. Most of the small logistics companies go for this option as their sources of fund. Fuel cards allow the entrepreneurs and companies to have an alignment with fuel and their cash inflows directly from invoices that are generally paid by the customers. Fuel cards give an additional benefit to the companies and that is to have better management in supplies, fuels and cleaning costs. 

Joint venture or partnership

Many agencies of government and big firms have small programs for their funds. Some of them motivates and encourages creating a partnership with the large firms and smaller companies so that the smaller companies get the understanding of working techniques used in the big firms. In such types of partnerships, it is the large firms that guarantee the smaller companies of bank loans on behalf of them.

Resources

For the start-up of the business, funding of the money was the first requirement. After taking a loan from a bank with the help of a joint venture, various resources were needed to be purchased. The main tangible resources were petroleum products such as gasoline, large trucks, a warehouse, diesels pallet jacks, AGV and side loaders etc.

Two years from now, the resources that will be needed for the business are hiring more employees, the number of warehouses, big trucks for loading, platform trucks, walkie stackers, digital advertisements to spread awareness about the brand.

Management information system

Various management information systems are used by the big firms to effectively control the businesses.

Smart warehouse

To sustain the growing demand and to boost efficiency, big firms and entrepreneurs decide to go for full automation for the distribution centers. As the first step, JD.com has launched a smart warehouse that consists of an army of robots (digital.hbs.edu 2021).

Cloud computing

Cloud computing is the largest provider of cloud service located in china. It will be conve3nient for the company to make heavy investments in cloud computing to compete against with the competitors. Like other big firms, the company can invite a third party partnership to its cloud-based platforms so that it can have access to many more services provided to the logistic industry.

Vision for business

The future goals for the business are to make the brand even more popular so that it is easily recognizable for the customers. The business should grow to such an extent that it can provide g services all across the world. It should also have a huge market share and a large number of stakeholders.

Conclusion

In the global economy, logistics acquires a great pool of opportunities for young entrepreneurs. Though the industry is quite unorganized, it requires many more entries of new players in the organizations. Entrepreneurs should have a skill set to develop and grow their businesses. There are various skills that are required to have a successful business plan. Among them, the most important skills include good communication, passion and energy, work ethic and vision.

Reference list

Davoudi, S.M.M., Fartash, K., Zakirova, V.G., Belyalova, A.M., Kurbanov, R.A., Boiarchuk, A.V. and Sizova, Z.M., 2018. Testing the Mediating Role of Open Innovation on the Relationship between Intellectual Property Rights and Organizational Performance: A Case of Science and Technology Park. Eurasia Journal of Mathematics, Science and Technology Education, 14(4), pp.1359-1369.

Dolfsma, W. and Van der Eijk, R., 2018. How info-firms use big data to target customers. Journal of Business Strategy.

Iankova, S., Davies, I., Archer-Brown, C., Marder, B. and Yau, A., 2019. A comparison of social media marketing between B2B, B2C and mixed business models. Industrial Marketing Management, 81, pp.169-179.

Lin, W.L., Yip, N., Ho, J.A. and Sambasivan, M., 2020. The adoption of technological innovations in a B2B context and its impact on firm performance: An ethical leadership perspective. Industrial Marketing Management, 89, pp.61-71.

Peltier, J.W., Dahl, A.J. and Swan, E.L., 2020. Digital information flows across a B2C/C2C continuum and technological innovations in service ecosystems: A service-dominant logic perspective. Journal of Business Research, 121, pp.724-734.

Singh, A.K., Arya, A.K. and Jyoti, B., 2019. A conceptual review on economic, business, intellectual property rights and science & technology related activities in Asian economies. JNNCE Journal of Engineering & Management (JJEM), 3(2), p.1.