ENTREPRENEURSHIP

ENTREPRENEURSHIP
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Table of Contents
Introduction......................................................................................................................................2

Types of innovation.........................................................................................................................2

Barriers to innovation......................................................................................................................2

Politics/Turf Wars/No Alignment................................................................................................3

Issues of culture...........................................................................................................................3

Powerlessness in relation to act on the signals............................................................................3

Absence of budget........................................................................................................................3

Absence of strategy......................................................................................................................3

Recommended improvements.........................................................................................................3

Business plan...................................................................................................................................4

Profitability of business venture......................................................................................................7

Conclusion.......................................................................................................................................9

References......................................................................................................................................11
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Introduction
Apex Healthcare Berhad is recognized as the Malaysia based investment holding
organization for the group of organizations remains engaged within the development,
manufacturing, marketing, and distribution of pharmaceuticals, diagnostics, consumer health
products as well as orthopedic devices. Organization is enough engaged within services
management provision. It works within the three segments. These are manufacturing and
marketing, wholesale and distribution, and corporate. Wholesale and distribution segment is
effectively engaged within the wholesale, marketing, and distribution of pharmaceutical,
diagnostic, and customer healthcare products. Organizational corporate segment refers the
investment within the retail level pharmacy, properties of group, and brand management contract
manufacturing of orthopedic devices. This ensures product dossier and licensing to the
pharmaceutical products range. It has the operations within Malaysia, Singapore, Vietnam, and
Myanmar.

Types of innovation
Important steps are necessary in relation to develop the many new ideas, methods, and
products when result within the positive change as well as successful change (Keeley, et al.,
2013). Overall while invention necessitates development of many new concepts, technologies,
and products the innovation goes a step further and necessitates the application of inventive act.
An effective value system which focuses to create the positive level of consequence from
inventive act is applied through innovation. Activities which result within the metric of negative
performance would not be regarded as the inventive even if they specifically matched novelty
actions.

Barriers to innovation
While invention can be critical and feel as an uphill struggle for the heads of invention at
Apex Healthcare Berhad, it should not stop from forging forward within the face of quick digital
disruption. Overall understanding the all roadblocks can go the long way to assist and
organization in turn navigating the procedure of innovation (Kim, & Lui, 2015). Following
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discussion will dug further into them to effectively understand what they present as well as how
effectively avoid them all.

Politics/Turf Wars/No Alignment

As the result when topic in relation to coordinate innovation actions comes up,
individuals start to work and think politically. Those that are threatened through a particular level
of change may then go out of the way and undermine it. This can be very typical if not
impossible to avoid the challenges but there are many things to bear within the case of Apex
Healthcare Berhad.

Issues of culture
Development as well as hazard goes inseparably (Tödtling, & Grillitsch, 2014).
Disappointment practices can lead to hinder the development measures of organization and the
rule even granulate them to stop. Taking within the account that kind of development can lead to
save the Apex Healthcare Berhad through assisting with trying not be become outdated. This can
be the main challenge.

Powerlessness in relation to act on the signals

Apex Healthcare Berhad can once in a while deteriorate within the past victories. This
invests the huge part of energy in relation to improving the present model and cycles which
neglect to create the stride back as well as evaluate which is functioning and what is not within
the industry.

Absence of budget
As development is the continuous undertaking which has the long haul goals, it may be
typical to gauge the impact (Castro, et al., 2011). This can lead to prompt the baffling with those
assigning organizational financial plan in particular case as advancement needs investment in
relation to convey, overall assets might be changed. In any kind of case, on an off that
development reserves are minimize it is for whole intents as well as purposes difficulty to
convey.
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Absence of strategy
For organization like Apex Healthcare Berhad benefits of advancement is known surely.
It is important for the organization. Absences of strategy in relation to organization leads in
minimize the chance of identifiable organizational goals.

Recommended improvements
In relation to ensure and make an environment in which every employee feel enough free
to be open as well as honest. In today’s time employees will express opposition to the change
while remaining silent regarding the main cause of apprehension. Right practices in relation to
innovation enables to ensure that everyone cards are on a table in relation to avoid the any
misinformation, gossip, and personal attacks. One incredible strategy to limit the level of hazard
avoidance within the development program of employees is through improving the idea
measures confirmation. It would not fully wipe out all hazards. This can allow the employees of
Apex Healthcare Berhad to easily settle on many educated choices which it will have with high
pace of progress.

In today’s time it is important to identify what is functioning effectively and what is not
effectively within the case of Apex Healthcare Berhad. Apex Healthcare Berhad should work as
the assistance organization in relation to perceive how specific ventures were neglecting in
relation to exploit benefits of new invention, changing requests, and improve to resolve the short
fall. According to the Harvard business review the way in relation to focusing on the place of
advancement spending is to start little as well as quit considering the development as one size
which fits all endeavor of employees (Ramadani, & Gerguri, 2011). In relation to Apex
Healthcare Berhad just starting the couple of action. This will remain effective in relation to
Apex Healthcare Berhad to not overextend the assets and consider the speculation. When one of
those modest actions begins presenting results then at that specific point Apex Healthcare Berhad
can extend gradually until it have the flourishing advancement culture for employees which
cannot be halted at any cost or time.
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Business plan
Business plan is recognized as the written document which sets out a basis idea which
underlying the organization and related start-up consideration (Kim, et al., 2012). There are
many objectives in relation to business plan. These refer to identify the nature as well as context
of organizational opportunity and why particular opportunity exists. This presents the strategy an
entrepreneur plans in relation to exploit opportunity and factors which will determine whether
venture will be enough successful or not. This will serve as the important tool in relation to Apex
Healthcare Berhad to raise the amount of financial capital. Business plan should lay out the
important variables in relation to success and failure therefore supporting the new business
venture for many different conditions which may take place through thinking about what could
go effectively or not.

In relation to creating an effective business plan, two challenges should be put within the
consideration (Patanakul, & Pinto, 2014). These are important content of plan and important
basic formation as well as effectiveness of attractive written presentation. Business plan contents
should involve the page of title, table of contents, executive summary, statement of mission and
vision, overview of the organization, plan about the products or services, plan of marketing, plan
of management, plan of operation, financial plan, and appendix in relation to supporting
documents. Title page will remain the first page in relation to plan of business and include the
organizational name, contact number, fax, and address of web. This includes the organization
logo, names, titles, contact numbers, and addresses. Page of title should refer the date on which
plan of business was issued, presenter name, and number of copy. Table of contents gives the
sequential listing about plan sections with numbers of page.

Overall executive summary presents the clear and concise image of proposed venture and
at a similar time make the sense with excitement about prospectus (Mattsson, & Orfila‐Sintes,
2014). This should give the overview regarding the entire plan. It should be written in last. This
should be within the form of synopsis or narrative. Statement of organizational mission describes
concisely in writing intended approach and philosophy of organization in relation to creating the
mission an actuality. This should present how combined practices within the whole
organizational area will move it to goals and objectives. Statement of vision and mission should
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distinguish it from other organizations. These should be simple, achievable, and believable.
Attractive mission statement should involve every factor.

Organizational overview is all about the brief explanation of company (Zhu, et al., 2012).
This section in relation to business plan should resolve the queries like when and where
organization was began? What kinds of changes have been created within the structure and
ownership? What kinds of development phases is the organization at? What at specific level has
been accomplished to date? What is the organization’s distinctive competence? What are the
organizational goals? Organizational objectives should be specific, achievable, realistic, and time
bound. Within the organizational overview, it should state what the form of company, present is
and projected state of industry and whether the organization intends to become the publicly
traded industry.

Product and service plan section will enable to discuss those products and services to be
provided to the organizational customer (Talegeta, 2014). If the new product is to be provided
and working model is available then photograph should be involved within the plan of business.
Inventive features should be specifically identified as well as protection of any patent explained
within the section. Section of marketing plan should identify the benefits of users and kind of
market in which it exists. This should document interest of customers through providing the
market exists and consumers are enough ready in relation to purchase the service and product. It
should evaluate the rivals and explain the factors through specifying the kinds of sales and
approaches of promotion as well as advertising will be utilized.

In relation to gain the prospective store organization should ensure that it is effectively
managed and it is portrayed within the plan of management. Plan of management should detail
proposed form of business structure and background of those that will fill lead to fill the key
positions. Every investor desires the effectively balanced group which involves the financial
expertise and marketing expertise. Section of operating plan in relation to new venture business
plan for Apex Healthcare Berhad provides the information about how product will be
specifically produced or services provided. This explains particular items place and amenities,
how much space organization will particularly need and what kinds of equipment it will need. It
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should describe the organizational proposed approach in relation to ensuring quality, managing
inventory, and obtaining easily raw materials.

Section of financial plan in relation to business venture plan is critical while creating it.
This includes pro-forma statements that are projections of organizational financial statement for
almost five years. Forecast refers the organizational balance sheets, cash flow and statement of
income. Cash flow statement refers the cash source, how much will be particularly raised from
investor as well as how much will be specifically raised from investor and how much will be
created from operations. Cash flow statement should indicate at clear level how much is required
regarding for the organization. Appendix should include the many supplementary supporting as
well as attachments in relation to expand understanding about the readers plan. Information
involved within the appendix refer the items referenced within the text of such as resumes,
investors, leaders, images of products, amenities, buildings, references, and research studies
about the marketing.

While creating the business venture plan Apex Healthcare Berhad should avoid the many
mistakes. Failing to provide the strong level of data, entrepreneurs creates the wide
unsubstantiated statements without appropriate and strong data to help them, failing to explain
the product within the lay terms, failing to evaluate thoroughly market, involving the financial
statements which are detailed overly, hiding organizational weaknesses, utilizing bad grammar,
overlooking fatal laws, and creating the overall plan. There are many important tips about how
new venture can be run profitability as well as involve successfully detail record, evaluating
competition level, and creating approaches to have the competitive benefit, being enough
organized and ensuring that every employee understand the roles and mission of organization
and understanding the risks and rewards linked with venture at it will enable to ensure that
organization does not undertake the any unnecessary risks.

Profitability of business venture

BCG matrix has been inverted through the Boston Consulting Group. This will remain
effective in relation to ensure and classify the products and services with proper level of
evaluation. This is the important decision tool in relation to balance the organizational actions
among those that earn profits, growth, and constitute organizational future that is its heritage. It
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will enable to explain the development policy of organization. This will enable to position to
products and services within the two ways. Use of finding request section enables to provide the
information about the future financial plans like when and how financing it might need. It
enables to update the section when it needs the outside funding in relation to growth of business.
It is important to ensure and share the section of funding request. This will enable to share the
information about target market, structure, information about members, and success it had to date
within the organization.

This is effective to provide the financial level information within the financial data. It is
effective in relation to submit the request of funding. This kind of information supports to
understand the financial sources and understand the money situation. Financial details like
income statement, cash flow statements, and balance sheets supports with effective financial
information. In relation to asking to a loan for which it will provide the collateral will involve the
information regarding the assets as well. If it had the debts then outline the plan in relation to
paying it off. In the end it is significant to share how new business venture will pay the loan or
what particular sort of return on investment every investor can anticipate through investing
within the business.

This is important to indicator what kind of funding Apex Healthcare Berhad as a new
business venture will ask for loan or investment. This is also effective to outline what it need at
present time and what it might need within the future five years (Matus, et al., 2012). This will
remain significant to detail about how it utilize the money whether it is paying the debt, paying
equipment, hiring help, and many more. If it plans to utilize the money regarding the many
things then highlight each and how much will go at particular level to each. Most of the financial
resources would rather invest within the things which grow the thriving business than to pay
regarding the debt or overhead expenditures. Present and future financial plans involve the items
like repayment schedules of loan and plans in relation to sell the organizational products and
services. In relation to gaining the loan it is significant to outline the plans regarding repayment.
This should have the plan to sell the organizational products and services which will enable the
lenders to know how it influences them. Other challenges to consider are effective relocation.
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Discussions on the financial projections refers that audited accompanying consolidated

financial level statement of Apex Healthcare Berhad that refers consolidated financial position
statement as of December 2020 and 2019 and associated income statement, comprehensive
income, changes within the equity, and cash flow for the years which then ended and associated
notes to consolidated financial statements. Management of the new business venture in relation
to Apex Healthcare Berhad is liable for creation and fair presentation of consolidated financial
level statements as per the international financial reporting standards as issued through the
international accounting standard board. It involves the design, application, and maintenance of
internal level control which remain enough relevant to fair presentation of consolidate financial
level statements which are enough free from the misstatement material whether because of the
fraud or error.

Responsibility refers to the present the opinion on the consolidated financial statement
that relied on the audits. It is important to complete the audits in accordance with standards of
auditing at general level accepted within the USA. Those standard needs that are plan and
perform audit in relation to obtain the reasonable assurance about whether consolidated financial
statement are free from the material misstatement. Audit includes the many performing process
in relation to gain the evidence of audit regarding the necessary amounts as well as disclosures
within the consolidated financial statement. Selected process relies on the judgment of auditors
including the evaluation of risk of material misstatement of consolidated financial statement
whether because of the fraud or error. In relation to creating the assessments of risk, it is
significant to consider the internal control which remain relevant to preparation of entity and fair
presentation about the consolidated financial statement and design the procedure of audit which
are significant within the many condition but not for the objective of explaining the opinion on
the significance of entity internal level control.

Overall audit enables to involve the evaluation about the appropriateness of many
accounting policies utilized as well as reasonableness of important accounting estimates made
through the management and analyzing the presentation of many consolidated financial
statements (Blackwell, 2011). Evidence of audit have obtained is effective and sufficient in
relation to provide the basis about opinion. Consolidated financial statements as per the reports
of Apex Healthcare Berhad are fair in relation to all materials. Financial position of the
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organization like Apex Healthcare Berhad as of December 2020 and 2019 and results about the
all operations and cash flows for both of the years then ended as per the financial reporting
standards as issued through the international accounting standard board.

Conclusion
Apex Healthcare Berhad is enough capable to achieve the success with achievement of
all objectives. This is working as the effective brand in relation to ensure and provide the
services with quality practices. This discussion has covered the introduction about the Apex
Healthcare Berhad. It has also explained the types of innovation, barriers to innovation,
recommended provision, business plan, and profitability of business venture.
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References
Blackwell, E. (2011). How to Prepare a Business Plan: Create Your Strategy; Forecast Your
Finances; Produce That Persuasive Plan. Kogan Page Publishers.

Castro, L. M., Montoro-Sanchez, A., & Ortiz-De-Urbina-Criado, M. (2011). Innovation in

services industries: current and future trends. The Service Industries Journal, 31(1), 7-20.

Keeley, L., Walters, H., Pikkel, R., & Quinn, B. (2013). Ten types of innovation: The discipline
of building breakthroughs. John Wiley & Sons.

Kim, D. Y., Kumar, V., & Kumar, U. (2012). Relationship between quality management
practices and innovation. Journal of operations management, 30(4), 295-315.

Kim, Y., & Lui, S. S. (2015). The impacts of external network and business group on innovation:
Do the types of innovation matter?. Journal of Business Research, 68(9), 1964-1973.

Mattsson, J., & Orfila‐Sintes, F. (2014). Hotel innovation and its effect on business
performance. International Journal of Tourism Research, 16(4), 388-398.

Matus, K. J., Xiao, X., & Zimmerman, J. B. (2012). Green chemistry and green engineering in
China: drivers, policies and barriers to innovation. Journal of Cleaner Production, 32, 193-203.

Patanakul, P., & Pinto, J. K. (2014). Examining the roles of government policy on
innovation. The Journal of High Technology Management Research, 25(2), 97-107.

Ramadani, V., & Gerguri, S. (2011). 'Theoretical Framework of Innovation: Competitiveness

and Innovation Program in Macedonia'. European Journal of Social Sciences, 23(2), 268-276.

Talegeta, S. (2014). Innovation and barriers to innovation: small and medium enterprises in
Addis Ababa. Journal of Small Business and Entrepreneurship Development, 2(1), 83-106.

Tödtling, F., & Grillitsch, M. (2014). Types of innovation, competencies of firms, and external
knowledge sourcing—findings from selected sectors and regions of Europe. Journal of the
Knowledge Economy, 5(2), 330-356.
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Zhu, Y., Wittmann, X., & Peng, M. W. (2012). Institution-based barriers to innovation in SMEs
in China. Asia Pacific Journal of Management, 29(4), 1131-1142.