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 BE322 – Entrepreneurship and small business management

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تاريخ التسجيل : 03/02/2012

مُساهمةموضوع: BE322 – Entrepreneurship and small business management   الإثنين أغسطس 04, 2014 8:19 pm

BE322 – Entrepreneurship and small business management
TMA - SUMMER 2014

Read carefully the following instructions and both cases study, and then answer each question in an essay format. To support your analysis use relevant material from BE322 covered so far and other resources such as AOU e-library articles.
INSCTRUCTIONS:
• Cut-off date: Submit this assignment no later than August 15, 2014. All late submissions require approval from the branch course coordinator and will be subject to grade deductions.
• Word count: you should discuss the questions in no more or less than the number of words mentioned for each question (plus or minus 10%).
• Referencing: You must acknowledge all your sources of information using full Harvard Style Referencing (in-text referencing plus list of references at the end). Use E-library: to get journal articles on the topic (Emerald, EBSCO…). Use at least 2 articles.
• Plagiarism: Remember that you should work the information from references into your own original thoughts and INTO YOUR OWN WORDS. Plagiarism will lead to a significant loss of marks. Extensive plagiarism could mean that you failed your TMA. (Refer to AOU definitions of cheating and plagiarism at the end of this document)
• Essay guidance: Your response to each question should take the form of a full essay format. Avoid using subheadings and bullet points. Use BE322 textbook and slides, the case, and E-Library. Plan what you will write, and have a well-organized outline.
• Using PT3 form: When you have completed your TMA, you must fill in the assignment form (PT3) posted on your moodle account, taking care to fill all information correctly.
• Turnit-in upload: A soft copy of your TMA and PT3 form should be uploaded to Turnit-in via the link posted on your moodle account, within the cut-off date.
• This TMA is 20% of BE322 Grade.






Barclays is a major global financial services provider. It operates in over 50 countries, employs more than 156,000 people and has more than 48 million customers. In 2011, Barclays had an income of £23 billion, generating a profit before tax of just over £6 billion.
In the UK, Barclays has 741,000 business customers. Many of these customers run relatively small enterprises; most of them are new business start-ups.
Even during the downturn many people are choosing to start their own businesses. This case study looks at the challenges of setting up a new business and mainly outlines some of the services and support that are offered to business start-ups by a financial institution like Barclays.
Barclays, as a major bank, provides a wide range of services to support new businesses from initial idea to running the business. It helps entrepreneurs to plan and monitor to achieve their goals and avoid unnecessary risks. Barclays regularly runs free seminars around the country to help new and existing entrepreneurs with their businesses.
An obvious starting point is the business idea. Many people think that they might have spotted a business opportunity. Translating that thought into action is another matter. There are many ways of coming up with a bright idea. Many people are inspired by existing businesses.
Before setting up a new business, there are important questions to answer. This requires market research to systematically gather, record and analyze data about the market for the planned goods or services. This is an ongoing process as markets are always changing. However, some market research is essential before starting any new business.
This research will help a business to decide on the marketing strategy to be adopted. If the initial market research suggests the idea is a good one, then the entrepreneur must consider the practicalities of setting up the business.
Budgeting and business planning
Many businesses fail in their first year of trading. There are many reasons, but typical ones include:
• lack of understanding of the market a failure to carry out market research
• underestimating the strength of the competition
• failure to secure adequate finance
• inaccurate estimates in constructing budgets for example, revenue forecasts are too high and/or cost estimates too low.
A well-structured business plan, including budgets, can help a new business to avoid such problems.
A business plan provides a forecast of costs and revenues over the planning period. It sets out how sales will be achieved and how the business is to be financed. Banks expect to see a business plan before agreeing to any loan request. Barclays, like many other banks, provides tools to help owners draw up business plans. It is important for a new business to have clear budgets. A budget is based on the business objectives and identifies key factors, such as what money is needed, for what purpose and where it will come from.
Many new businesses offer credit terms to customers so they must wait to be paid. The result is that the business is often short of cash. Barclays, like other banks, can offer support in several areas. Barclays’ business managers can:
• advise owners on ways of managing the business if debtors are slow in paying up
• give guidance on effective ways of preventing late payments
• help a business create systems for its customers to pay online or to speed up their payment.
Financing a new business
Some new businesses need little start-up capital. Other types of business require significant finance for premises, equipment and stock before they can start trading. The owners of any new business are expected to provide some capital. However, there are other sources of business finance available to meet day-to-day expenses or to buy more expensive capital items. Barclays’ products and services provide their customers with different types of financing:
“Barclayloan for Business” is a program dedicated for businesses wishing to borrow between £1,000 and £1,000,000. The loan can be for up to 20 years and is repaid through regular repayments including interest. The advantage of this type of arrangement is that a business can borrow a larger sum of money.
“Barclaycard commercial” is a credit used for short-term loans of small sums to be paid during a period of 12 months.
Other financing options from Barclays, such as commercial mortgages, are used to help purchasing business premises. The premises will be used as security for the loan and if there is sufficient equity in the property (the difference between the mortgage value and what the property is worth) then the business can often top up the commercial mortgage to release cash for other business purposes.
For new business start-ups, Barclays offers free banking services (for at least twelve months) plus the support of a local business manager and other experts. Through its Local Business brand, it aims to provide support to help businesses prosper in their first trading months and years.

Conclusion
Starting up in business is an exciting challenge. However, it is necessary to have a good idea, a clear understanding of the market and financial knowledge and skills to support the business' development.
A detailed business plan will help a business avoid failure by:
• researching the market assessing the competition
• predicting revenue and costs accurately
• securing adequate finance.



QUESTIONS:
Answers provided should be based on the good comprehension of concepts learned from the course material (Chapter 6, 7 and Cool AND their proper application to the case study.

Question 1: (15 marks)
Financial support is very important for every business start-up. Explain the financial services provided by Barclays for its customers who want to start their own business, and those provided even after the business has been launched. (15 marks, 150 words)


Question 2: (20 marks)
A clear understanding of the market is made through market research. What’s the importance of market research for both the business owner and the financing institution? (20 marks, 200 words)
Question 3: (25 marks)
a- What are the different sources of debt financing provided by financial institutions to support small businesses? Give a proper definition for each type stating its advantages and disadvantages. (15 marks, 150 words)
b- Describe the main types of debt financing provided by Barclays for its customers. (10 marks, 100 words)
Question 4: (25 marks)
a- What type of debt security is mainly used for Barclays’ loans according to the case study? What other types of debt securities do you know? (10 marks, 150 words)
b- What do lenders look for when considering a loan to a small business? What’s the importance of a business plan at this stage? (15 marks, 150 words)
Question 5: (15 marks)
Name one financial institution in your country that provides special services for business startups and explain these services. (15 marks, 150 words)
Grades deduction for:
TMA Presentation: (up to 5 marks)
Up to 5 marks should be deducted for poor presentation or poor organization of the TMA outline and discussion or TMA presented without PT3.
Proper referencing: (up to 5 marks)
Referencing should be both in-text referencing, plus a list of references at the end using Harvard style. Up to 5 marks should be deducted for poor referencing.

Use of E-Library: (up to 5 marks)
A minimum use of 2 articles from AOU e-library is required to support the discussions. Up to 5 marks should be deducted for no use or poor use of e-library.

Word count: (up to 5 marks)
The answers should be within the specified word count. A deviation of 10% is acceptable; if more, a deduction up to 5 marks will be applied.

Arab Open University Definitions of cheating and plagiarism.
Plagiarism means copying from internet, from unreferenced sources, from other students’ TMAs or any other source. Penalties for plagiarism range from failure in the TMA or the course, to expulsion from the university.
According to the Arab Open University By-laws, the following acts represent cases of cheating and plagiarism:
• Verbatim copying of printed material and submitting them as part of TMAs without proper academic acknowledgement and documentation.
• Verbatim copying of material from the Internet, including tables and graphics.
• Copying other students’ notes or reports.
• Using paid or unpaid material prepared for the student by individuals or firms.
• Utilization of, or proceeding to utilize, contraband materials or devices in examinations.

Penalty on plagiarism: The following is the standard plagiarism penalty applied across branches as per Article 11 of the university by-laws was revisited and modified to be more explicit with regard to plagiarism on TMAs. Penalties include the following:
1) Awarding of zero for a TMA wherein more than 20% of the content is plagiarized.
2) Documentation of warning in student record.
3) Failure in the course to dismissal from the University.
All University programs are required to apply penalties that are consistent with the University by laws.

_________________

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