The role of entrepreneurship in economic development Assignment

The role of entrepreneurship in economic development  Assignment Words: 2423

All the Small Business owners are not entrepreneurs” Small Business is normally privately owned corporations, partnerships, or sole proprietorships and it typically has a small number of employees. (Wikipedia, the free encyclopedia) A business that is independently owned operated and also well aimed for profit can call as a small business. At the same time venture growth is the essence of entrepreneurship” In political economics, entrepreneurship is a process of identifying and starting a business venture, sourcing and organizing the required resources and taking both he risks and rewards associated with the venture. (Wikipedia, the free encyclopedia) Entrepreneurship is that one’s dream, creativity idea or an innovation come reality otherwise there will be a risk to lose almost everything. Shri Advertising (Pvt) Ltd Career Path His father was a poor farmer & strongly believed that only way to get over that difficult period was to give good education to his children.

Mr. Ediriweera studied up to OILS at the village school & later entered the Kegalle Maha Vidyalaya for his AILS. He obtained his first degree in marketing at the University of Sri Jayawardanapura & ater went to complete a MBA at the post graduate institute of management. Soon after passing out from the university he started his career as a supervisor at Nelve’s Advertising Company. When time passed he thinks to start his own Advertising Company. This was his stepping stone into the world of entrepreneurs. His dream was come true by the end of 1990. It was the Shri Advertising (Pvt) Ltd.

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Major Turning Point of his Life According to Mr. Ediriweera, the major turning point in his life was graduating from the university. He points out that the only capital that he had was his degree & hence eels that his education at the university has given him to required knowledge for survive in the business world. He says that the university life molded him to face any difficult situation & helping him to be a survivor. Major Achievements His biggest achievement is setting up a billion rupee enterprise in Shri (Pvt) Ltd from mere capital of 80,000 rupees.

Special degree in marketing Gold Award – Entrepreneur of the year (2005) Platinum Award for National Entrepreneur of the year 2006 Challenges Faced by him The biggest challenge faced by Mr. Ediriweera was survival. He says that challenges push people to think strategically. He goes onto say that as human beings; the biggest challenge a person has to face is from the nature. He says that as a young boy, he didn’t have enough food to eat. This has pushed him to a survival mode. This training he got from his childhood experience leads him to live with the nature & survive any difficult situation.

Key Factors of his Life Mr. Ediriweera says that several factors stand as reasons behind his success. His childhood training has helped him to be a survivor with limited resources. He says that he is a dreamer. He always dreams of things that he wants to achieve in his life. However not only dream & wait, but he ensures that all his dreams are achieved, this is also another key factor in his successful life story. Organizational Structure The major activity of the Shri (Pvt) Ltd is providing the service to businesses & other parties that need propagation.

Such as fix huge advertisement boards both side of the road & populous places, fix boards in crossroads that contain information about how the roads are divided & the distance for each destination, advertise the advertisement in newspapers, create ads & fix boards with attractive ads on bus stops. These are the main services done by them. The main branch situated at the many Sri Lankan’s business institute established in Colombo & around areas. Those people are the ones who hope help, service & support from his business.

For the comfortable of customers & spread of the business; they established new branches in different places as cover number of towns. Such as, Kollupitiya (Main Branch) Kurunegala Kottawa Welisara Awissavella Gampaha Kandy Kirulapana Katunayake Borella Kalutara Kegalle People can exact the service that they hope from above branches. They are obligation to provide a best & attractive service to their customer. Also they certify he capability of their work that they can do exactly the thing that customer has his/ her mind in a bright way.

Although there are many branches, the production factories are rule by the main branch. So vice branches should work only through the main branch. First they came to an agreement with the partner or the institute who expect their service. After done that work they acquire raw material for concerned work. They acquire steel from major steel suppliers like Elora Steel, ABC Trade Centre. Also they acquire paints, plastic etc from suppliers like Color Croma, Jeewa Plastic, Shanthi Plastic. After brought the raw materials, Plastic Section Prepare plastic so it become the output that customer hopes.

Welding Section Cut, prepare & fix the steel which necessary amount that need for the innovation. Screen Printing Section Create the thing by using colours, sizes & pictures. Then do a creation. Brass Section Gather & combine the made up parts come from other sections & create the last creation. This section produces the finishing. Installation Team Then company requires a delivery note from customer that the company finished their work properly & the deal is over as the last task. Then the customer knows the ork has done.

Eg: If the BOC bank asks to prepare an advertisement board from Shri Advertising (Pvt) Ltd, the company requires a delivery note from bank manager when the work is done. Then the bank comes to know the work is over. The Growth of the Venture Shri Advertising Company was start at 1990 & screen printing was the main target. In early stages they made bill cards, diary, posters & calendars using their technology. Mr. Ediriweeera tried to fulfill customer’s needs than his profit. This process was goes down the same way as above during 5 years long period of time. In 1995, he starts to print T- shirts.

He made new way from traditional way. He started this using by small machines & small group of employees. They started to print their own faces on their T- shirts & made a new style to society. It was a special point of Shri Advertising Company to become famous in business world. Then they start to make advertising boards of companies. On early stages he plans to design small size boards. According to their machines, techniques & talent of the employees limit their distributions. This process was same as above from 1999 to 2000. After the 2000 year there were lots of developed industries & companies.

So Mr. Ediriweera thought to modify their services for customers to satisfy them. But Shri Company had a challenge to face this situation because of their minority of qualified employees & well equipped machines. In this period, the biggest threat creates to challenge him. So they need modern machines & trained employees. But the financial problem was the biggest difficult that he faced. They do not have sufficient financial support. There was also a period of wasting their time looking for a financial support from banks & other financial companies. Last they got a loan from Kanrich

Finance Financial Company. They brought new machines & trained old employees for new technology in their company by showing them the permanent of their Job. As well as they Joined new employees to the company. Hence forward they create large size advertisement cutouts & not only fixed after the sell but also provided the maintain service to customer. So, when 2002 Shri Advertising Company built a worthy trust in business field. The golden era of Shri Advertising Company was start after the 2002. Therefore they found new creations for business field especially for who need to be done their ropaganda.

Also they moved to ads & advertisements in the newspapers. They were ability to cover the transport system of Sri Lanka when they passed their 2004 & 2005 about how the roads are divided & the distance for each destination for every moderate road. They got ability to cover every area of Sri Lanka from above work. Government settled deal with Korean companies & conducted those works. At the period of 2010 & 2011 year they find a newest pathway that nobody noticed since present. Those were special boards which built in crossroads. In 2012 they introduced a species of new notice board.

These notice boards used to notice something, using small area especially in crowded places. In 2013 Shri Advertising Company focused to a new creation. That is they create attractable bus stops. Present, in 2014 Shri Advertising Company faced to all difficulties that they had successfully & win their targets. They supply all services as mentioned above & today they are the most powerful advertisers in advertising world. Yes. I consider he is an entrepreneur. Entrepreneurship means the capacity & willingness to develop, organize & manage a business venture along with any of its risks in order to make a profit.

The most obvious example of entrepreneurship is the starting of new business. In economic, entrepreneurship combined with land, labor, natural resources & capital can produce profit. Entrepreneurial spirit is characterized by innovation & risk-taking & is an essential part of a nation’s ability to succeed in an ever changing & increasingly competitive global marketplace. Basic Principles of Successful Entrepreneurship 1. Making a lot of money fast is not the first goal of entrepreneurs Mr. C. S. Ediriweera’s major goal is to provide a great service to the customer.

He shows a lot nterest about the standard of their works when they are doing. He wants to buy raw material from modern suppliers & always tries to provide a faithfully service for everyone. He thinks about the profit, only after reach the above goal always. His goal is to develop the business after providing the service that customer hopes from them & then satisfactory customers. After established a business; get the attraction of customers & identify their needs are the main challenge of the business. This entrepreneur faced that challenge successfully.

That time a propagation problem creates for extra class teachers, because they are nability to compete with others for some reasons. Therefore he introduced a notice board type. This person gets the attraction of customers by finding the right thing for their needs. Sri Lanka wants the ornamentation of towns for Chogam last period of time. So this person introduced new type of beautiful bus stops for that need. He shows his entrepreneurship to everyone through that activity. Then he introduced new type of boards in crossroads that contain information about how the roads are divided & the distance for each destination.

This introduced with he road development that continuously happened in today. Also he introduced small new type of boards for crossroads. It shows the name of that road & the bottom slide shows the company name that sponsored for it. So these activities show this person’s capability of satisfying customer needs & seeing new business opportunities. 3. Build successful teams Mr. C. S. Ediriweera started his business with two employees. He Joined talent new employees to all departments of his business when the growth of his business. Clear understanding & concern for every employee from bottom to top was his special haracteristic.

Also he let them to know that he always looked about what they were doing. He always looked his employee’s needs, difficulties by contacting them himself. So he was able to grow his employee’s motivation successfully. 4. Make sure that execution is critical He always makes sure that satisfactory of customer who comes to them. Every movement first he wants to do a great service for his customer, secondly he thinks about his profit. Today he works as the best advertiser in advertising field because of his capability of satisfying his customer. 5. Be aware of your social & economic role

I can clearly shows; introduced new business for economy as a point of his contribution to the economy. If we want a development of economy there will be also want to create new businesses. So, with the start of this company Mr. C. S. Ediriweera able to creates new service opportunities to economy of our country. It helps to increase people’s income, and then promote their life condition and then it again helps to development of economy & sociality. This company helps for other companies’ propagation by providing ads, advertisement boards etc & then these companies also popular among the country.

Also there will be development of 6. Be aware of your impact Shri Advertising (Pvt) Ltd is the best company in advertising field. So there is huge works & order to be done. They have to buy raw materials as stocks & they buy like that so they can have those for less price. Because of that the company has ability to provide best service for fewer prices than other companies. The cachet that they build for many years with the trust of customers is very standard. So other business companies can’t affect them. Mr. Ediriweera spreads his power for long enough. There was a time period when he faced a big trouble.

That was he had financial problem. A situation like this the person needs to have contacts with institutions such as banks. It was then that person will need patience because we can’t do our work at once. Mr. Ediriweera faced like that situation. So he need to patience to deal with his supporters. Also he saw his break down, if he will not bought new machines & not use new technology. So he faced that challenge correctly & critically aware of what is happening around him. This is a very good characteristic of entrepreneur. 7. Creativity Mr. Ediriweera has awesome creativity ideas.

He always did something new, (attraction bus stops, and new type of advertisement boards). This is why he has fewer competitors. His business activities satisfying customer needs always & every time. 8. Ability to take up risks He has the ability to take up risks. He proved that when he moved to do some new kinds of activities like create large size of advertisement boards; they started to print their T- shirts with their own faces on it. He didn’t know whether those are popular among customers, but he take up that risk as an entrepreneur. So I consider Mr. C. S. Ediriweera as an entrepreneur.

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