Entrepreneur Assignment

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RESULTS

The managers were asked how they have been successful in value creation in their product, most of the manager gave us a positive answer, and it means that many of small companies have been very successful when they know how to improve value creation in their products.

Many local small companies have privileged access to all stakeholders, this allow them to identify and satisfy customer’s needs. Their product or services, including regulatory functions benefit from more expertise and strong relationships, enabling them to get innovations to market faster and with a higher success rate. They are well placed to understand and price the best business development opportunities to help them develop and market their product or services.

According to Mr Sungo (Manager of Spring Tours & Safaris) to be success STS have provided to their staff a continuous training to become different to their competitors and they have made value creation to be very close with their customers and understand what make them happy. Sometimes create a loyal program to frequent customers that generate points that can be used in the next customer’s calls.

Mr Sungo concluded that their success is a reality because all the strategy that they have made in the value creation for their product was achieved correctly and it has led them to maintain in the market which they are operating and led them to achieve their goals. Value creation have helped them know more about the preferences of their customers and know how to satisfy them. To continue be successful Spring Tours & Safaris looks forward to improving innovations in their services to keep the standards.

The manager of Bell Beauty House, Miss Malu Silva told us that the best way to be successful is to improve value in the business. Manager must know their customers and their preferences and use innovation to satisfy them, so creating value in the product is very necessary to achieve goals. Her small business have been successful because, she has improved her products and services to meet the needs of as many customers as possible. She also seeks to satisfy the preferences of her customers, she is very quickly to respond to her client and sometimes she goes where customer want her to go and to continue to be successful she always travels to get new products with high qualities that mostly are not found in the local market.

Miss Elena Shivute (the owner of Hesh Trading Enterprises CC) said that to be successful, she has created value creation in the product to meet the customer’s needs efficiently. As a manager, she has invested in good ideas of what works and does not work today. She concluded that she has kept track of everything and manage her business by number, add value to the product by training employees and retain consistency. To be successful she has been offering what the customers want to buy by providing right size, colours, design and best qualities that give value to the product and always find ways to keep price low. To continue to be successful, her company has been adding value in their product continuously so that the customers know that her company have offered best product with best qualities.

Mr Puna Martial the manager of La Marmite Royal Restaurant said that to be successful you need to work hard, be persistent, have passion and always maintain positive attitude, create value in the product helps to know your customers preferences. Mr Puna also said that creating product and customer value is a key source of competitive advantage, so his business has focused on this aspect to know how to deliver value in the market they have been operating, which means that La Marmite Royal has made their effort on the various attributes in the products through the innovation and technology which allow Marmite Royal know how to create ideas that help to increase values in their product. In order to remain competitive business, they integrate more functions in their product development and to reach the success La Marmite Royal‘s visions is to keep striving towards technology by continuously grasping opportunities to add value in all product that they offer.

Many of our local small business have been found successful in the value creation of their product. Value creation helps to meet customer’s needs and wants, which provide a better performance of the business.

The ability to create sustainable value is essential for potential growth because it is likely to not only attract, but also continue to retain customers, our local small companies create value and it has helped them to improve service quality in order to bring more benefit to customers, and to lower cost as far as possible in order to increase profit.

Some small companies are successful because they are prepared to take chances, while others achieve their goals largely as a result of their innovative skills and flair for management. Each business have a unique combination of factors at his/her disposal for achieving success.

POSSIBLE IMPEDIMENTS TO VALUE CREATION OF OUR LOCAL SMALL BUSINESS

Possible impediments that most of our local small business have been faced are:

- Competitors

- Communication Barriers

- Work engagement

- High prices

- Lack of sufficient capital funding

- Lack of equipment

- Lack of resource

There are many impediments to value creation of our local small business. The problems have been affecting them add value in their products and services. Their difficulties are attributed to managerial failures, problems in attracting and keeping qualified personnel, use of modern technology, and limited financial resources. The financial problems of our local small business are perhaps the most frequently quoted. Our local small business are described as having a deficient financial structure or as being under-capitalized. To other critics, the ability to plan a marketing strategy is said to be lacking in the small business sector. Still others suggest that market research is generally beyond the reach of our local small business, that they have problems in securing capital, that they are constrained in their abilities to innovate and adopt new technology, that recruiting highly qualified staff is a problem, and that their willingness to adopt new technology is low.

On the other hand, the segment of the world occupied by small firms is said to be one where capital markets