Free Essay Dedicated to Small Business Entrepreneurship

Published: 2022-03-11
Free Essay Dedicated to Small Business Entrepreneurship
Type of paper:  Essay
Categories:  Business Financial management
Pages: 7
Wordcount: 1854 words
16 min read

Subtopic (1): Discuss the nature of small business entrepreneurship

Description of Concrete Experience: I have gained undeniable knowledge and indescribable learning assessment for my experience and knowledge in management. My career in management kicked off as an apartment manager in the Waterman Square Property Management in the year 2010. The 84 Unit Apartment was located in a serene, isolated environment with proper water supply and sewerage systems. While working here, i was able to communicate and had a good rapport with different people working under different conditions with different characters and responsibilities. I was charged with duties to sign legal agreements with new tenants moving in the apartment. I came up with a system that manages inventory and rent invoices and all the expenditures, payrolls on an online platform; this eased up management of the records for natural accountability. I had an office at the rooftop of the apartment which we shared with the other staffs; this is where I could monitor employees working capabilities because I had installed CCTV to help in controlling the staffs. I plan daily, weekly and monthly accounting tasks. I reworked jobs on the inventory establishing a channel of authority and communication to set work standards, and clarify what is expected of the employee. I fulfilled the expectations that come from wearing multiple hats which are very challenging. I monitored department work more efficiently by using all resources while sustaining an immense level of accuracy. I applied procedures to ensure the correct practice is followed on invoices. While I may not be expected to be a specialist in everything, the expectation to do well is greatly anticipated.

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I supervised one staff that assists with client's inquiries. I involved staff in discussions and meetings to generate ownership. I have available published and career paths made known to staff. For example, I did action programs in place to bridge succession gaps. I compiled profiles of the key job. I was later after four years recognized and rewarded with a well-paying and established job in a firm known as California Correctional Health Care Services (CCHCS), Clinical Administrative Operations Branch where I served for two years as an Office Technician. For two years I was able to fit completely in the shoes of the technician with skills keeping records, logistics and coordination of the organization's programs. I got introduced to a very tight and busy environment from maintaining records, organizing meetings and troubleshooting any technical issue. As the Technician with the overwhelming work, I came up with a platform. During my work experience at Clinic, I was fortunate enough to have experienced firsthand and learned, many different sides of what goes into a project, the general process of how a project is initially planned, developed and completed; as well as how much work and detail goes into every stage. Another valuable lesson I have learned during these two years, were the many different types of work a Technician has to perform, which in turn, have provided me with more insight into the different types of roles and responsibilities that I could perform, as a Technician. Since I had to beat deadlines and present accurate results since there was nobody to counter check the work I had to work extra. I came very early to work and left at night. The roles I performed got me overwhelmed since I worked on jobs that were supposed to be worked on by a quiet number of workers. I gained a wide range of experience since I was supposed to deliver and give results even to other works that required proper attention like data entry and maintenance of deaths data, Although the records were not huge since the center registered few patients and the because the location of the center was remote and in a local area.

After two years working in that environment now, I was confident to work with any set up especially a record keeping department. I was moved to Electronic Health Records System where I learned new stuff such as conversion of data files into electronic and perfected my art of patient's record keeping. After one month I was transferred to California State Prison, Sacramento where I worked as a Mental Health, Correctional Clinical Case Management. The organization was made up of various offices under which I was supervising 13 Technicians. I learned new skills such Mental Health Tracking System. After 6months I got promoted to another job as a Staff Services Analyst/Associate Governmental Program Analyst in the Department of State Hospitals - Sacramento at the Budget Management Branch- Fiscal Allocations and Estimates. During the budget estimations, we have long meetings in analysis and allocating funds for various projects.

Reflections: I have realized that most of the records of the patients are very important and any error would lead to huge damage regarding medication and follow up on the patient's health history. All organizations are very keen and extraordinarily careful when it comes to maintaining the records of their clients. They are even forced to go to the extent of converting the files into electronic data. Working under the Technician department requires commitment and patients because the magnitude of the work would force you to work overnight and burn the midnight oil.

Generalizations, Principles, and Theories: Whether working with large or small one-owner organizations, it makes no difference in establishing rules, guidelines, or policies regarding Date Management and inventory management. Developing a detailed plan of action makes it much easier to schedule and implement appropriate applicable strategies. There is nothing new across all the departments when it comes to Data management and collection of the data. I also realized that as the move higher in your career, regarding promotion and job ranking the more the work becomes.

Testing and Application: The best idea in my career that made my work easier and reliable was the record keeping system that I developed. I was able to collect data with ease and faster. The data electronically stored contributed to the policy formulation and risk management in the organizations.

Subtopic (2): Compare and contrast entrepreneurial opportunities or business models.

There are factors that ignite entrepreneur opportunities within the setup of the organization. While I was working as a Manager at Waterman Square Property Management for the two years I was overwhelmed yet I did not notice since I was so excited to have landed in my first job. I was frustrated with the records I kept inform of papers. When I made errors, I would use whitewash that made the records look extremely ugly and rough. Water Square property as a young industry had no well-defined needs this gives the organization a higher opportunity for growth. The local development of the industry is an important factor in the entrepreneurial opportunity this facilitates the acquisition of relevant social relationship, tacit knowledge and opportunity to build self-confidence.

Reflections: I have realized that small companies and organizations have the best entrepreneurial opportunities at their disposal. I worked with paper works which are a huge opportunity to implement technological capabilities.

Generalizations, Principles, and Theories: There is a huge and conspicuous difference between large and small entrepreneurial companies. There was a contrast regarding technology evolution and also organizational environment when I worked in Water Man square property management as compared to the other organizations where I worked as a Technician.

Testing and Application: The rechecking of the data presented and logs gave an accurate result of patients registered in the different records. The data was used to predict future events that would occur or expected to occur shortly.

Subtopic (3): Explain the necessity for attention to cash flow and methods of cash management

I understood the virtues of management which involves cash flows and methods of cash management. Before employing workers, I first analyzed the capital in hand. I set targets for the cash in hand this helped me in identifying the exact number of employees I can manage concerning their payrolls. I then narrowed down to the daily basis where I monitor cash and project future cash balances by netting receivables against the expected cash requirements for the payrolls, payables and the taxes. I developed software applications including cash flow projection reports and also spreadsheets. I also developed policies that affect cash flow and maximizes receivables. I made sure in the policies. I had sub-articles in the policies that ease any process that delayed sending invoices instantly. I formulated ways to pay attention to invoicing and collections. I slowed down payments to suppliers and gave priority to payrolls.

Reflections: Priorities when it comes to cash flow is essential. Good cash flow managements requires proper information and knowledge of the market. Current track records on payment, long-term projections, short-term demands, short-term supplies. Management of the inventory reduces the working capital. The cash management involves giving priority to payments that matter the most including payroll and taxes. These payments are made before the payments to the suppliers are settled.

Generalizations, Principles, and Theories: For the survival of any business the management of the cash flow is an integral part of the business cycle. Adequate cash flow is required for any organization to be able to function in the market. Attention to invoicing and collections in any organization whether Large or small plays an essential part in cash flow management.

Test and Application: Invoicing is the proper method for cash inflow. Where there is no invoice, there is no cash flow. Cash flow report is a software that makes it easy for the organizations to monitor progress. Reports used to predict whether you need to step-up collections or even reduce expenditure. The software includes applications for accounts receivable, credit management, accounts payable and involving this eliminates paperwork and makes cash management breathtaking.

Subtopic (4): Discuss and evaluate sources of financing.

Different sources of funding including term loans, venturing to fund, retained earnings, debt, equity, and debentures are used in different instances. They are classified based on ownership, control and period. With the different source of funding at disposal, in-depth analysis and the understanding of the sources is mandatory. I developed caseloads estimates and prepared and processed the transfer of budget allotments. An accounting system that is uniform with procedures of the State of California. The classification of the sources of finance under the period category are the long-term, medium-term and the short-term. The Long-term sources of funding came from the patients billing reports which were used to cater for machinery such as Mental Health Tracking System. The State of California with the help of installed policies help the hospitals to run efficiently.

Reflections: The budgets allotment depends on the sources of funding an organization can get to carry out its long, medium and short-term projects. I reconciled with the source of funding. I worked on the allotment of the budgets of various departments that corresponds to the source of funding I collected from the invoices.

Generalizations, Principles, and Theories: Financial management is a mix of finance, accounting, and management concepts used to assess, predict, and minimize economic loss and to achieve stated goals in organizations. Typically, this is practiced through a synergistic system of interrelated finance, accounting, and budgeting...

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