Success Factors In Service
Ventures
Presented by:
Muhammad Farooq Ur Rahman
(BBAF18M014)
Presented to:
Sir Kashif Ammar
Creating the Vision
• A vision is consist of the value that an entrepreneur will provide
for his/her customers.
• Without the basic vision, starting a business on a whim is
tantamount to shooting dice, you are relying on chance to
dictate your fate.
• Example: Brett Kingstone created fiber optic art lightning for
Disney’s Epcot Center.
Effective Hiring
• Three things are generally needed to get a business started.
1. Good product or service based on a sound vision.
2. Sufficient money to pursue that venture.
3. People – good people.
• Research indicates that patterns of employment for most small
businesses are fixed at the time of opening.
• The pattern of employment for smaller enterprises is that
owners will initially hire one or two full-time persons and
supplement busy seasons with part-timers.
Cont….
• One of full-time employees usually will be skilled or experienced in
the trade.
• The rest often will have to be trained.
• Unfortunately, small business owners rarely follow good personnel
practices in hiring, and even provide less adequate training.
• There are effective ways to locate and hire good employees.
Specify jobs
Attract candidates
Select new employees
Job descriptions
provide guidelines
for owners and
potential employees
to identify skills,
personal attributes,
tasks, and job
expectations
Advertise in local news
media, list jobs with
employment office, recruit
through agencies, recruit
through social networks,
interns through vocational
programs
Hire directly after interviews,
hire through agencies, select
from interns, contract for
employees through
associations, contract
through employees leasing
agencies
Training
• Personal service firms tend to be structured around the skills of
the owner.
• For small firms, such as independent beauticians or
professional photographers, success depends on the reputation
of skilled individuals.
• When expansion occurs, owners have two options:
1. Hire skilled individuals
2. Train apprentices
Cont….
• If a less skilled person is hired, then the owner must train the
employee.
• In this case, initial costs can be high and there will be
inefficiencies until the employee becomes proficient.
• For service firms that do not require skilled personnel, training is
less sensitive task.
• For example: a retailer may require sales clerks who need only
know how to use a cash register or to stock shelves.
Cont….
• Computer service firms, telecommunications specialists,
antique boutiques, health clinics, and many other enterprises
must have completely trained employees.
• Effective decisions about training can be made by following a
simple process.
Needs
Job descriptions and
performance
evaluation identify
gaps in skills needed
by employees or new
skills to be acquired
Methods
Resources
Training by owner
Hire consultants
Mentoring with other
employees
Sending employees
to seminars or
courses
SBA self-help training
courses
Industry seminars
Time-release formal
education program
Time of owner
Money to train
Skill of mentor or
owner
Facilities
Equipment for
tarining
Nature of firm or
business
Maching needs
and methods
Vocational skills
may best be met
with internal
apprenticeship or
mentoring or consultant training
Conceptual skills
may best be met
through SBA,
seminar, or external
educational
programs