FAMILY FIRM-SME ENTREPRENEURSHIP

Table of Contents
Introduction......................................................................................................................................3
Small Medium Enterprise (SME) Firm Selection........................................................................3
Interesting Aspects.......................................................................................................................3
Discussion........................................................................................................................................3
Company Products Offered..........................................................................................................3
Services Offered by Company.....................................................................................................4
Identification of need for new services and Products..................................................................4
Business Gap/Opportunity...........................................................................................................5
Methodology....................................................................................................................................5
Business Idea to aid Social Entrepreneurship within Local Community Settings.......................5
How it can benefit Business operations?.....................................................................................6
Is it a startup or a family-owned business?..................................................................................6
There will be a lack of resources if you choose the latter. Do you have a strategy in place to
tackle this obstacle?.....................................................................................................................6
Are you going to make use of the networks?...............................................................................6
How are you going to raise money for your company and your business plan?.........................7
Using angel investors is an option. No, it's not. Crowd funding?................................................7
Which platforms?.........................................................................................................................7
How will you safeguard the company plan's intellectual property?............................................7
What strategies do you have in place to take your business idea global?....................................8
Which market will you prefer to enter?.......................................................................................8
Who are your primary competitors in the market?......................................................................8
Your preferred methods of entry..................................................................................................9
What demographic are you trying to reach? What are their socioeconomic traits (income, etc.)?
......................................................................................................................................................9
What are your plans for promoting advertisement about your new venture?..............................9
Conclusion.....................................................................................................................................10
Reference List................................................................................................................................11

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Introduction

Small Medium Enterprise (SME) Firm Selection

In case of this research study report, "Williams Performance Tenders" has been considered as the
family firm organization because it is one of the UK's most innovative and popular small and
medium scale enterprises. “Williams Performance Tenders" Limited head office is situated in
Wallingford, which comprises an essential element for any Sport Equipments/goods Stores
Industry. There are about 68 people working at this location, with sales totaling up to $31.45
each hour. Nevertheless, it should be highlighted that "Williams Performance Tenders
Limited" is made up of two separate firms.

Interesting Aspects
Given its reputation as being amongst the most acclaimed jet tender specialist, the organization
appeared to be highly fascinating. With the "Williams Performance Tenders Limited", customers
can choose between gasoline and diesel engines. The gasoline or diesel engine commodities and
products are also been designed by senior and professional engineers from the
organization thereby empowering customer satisfaction and loyalty towards its brand.

Discussion

Company Products Offered

There are tenders sanctioned by the "Williams Performance Tenders Limited" organization that
are driven by both gasoline and diesel engines. The organization was founded by a group of
expert engineers that are committed to both speed and safety (Gamble et al., 2021). The
company's products are commonly recognized as water-ski boats, and each boat is outfitted with
a special type of jet driver that is unique to the boat. "Williams Turbojet 285" is a specialized
product offered by the "Williams Performance Tenders Limited" organization. It is one of the
most renowned and respected commodity products offered on the organization's behalf, ranking
among the most highly regarded and appreciated commodity goods in across the UK.   The
heightened emphasis placed on engine and product design capabilities by “William Turbojet
285” necessitates the requirement of a garage for tendering boats over 12 to 16 meters (about 52

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feet) in length, as well as the provision of a bathing platform. Similarly, thrilling features are
provided by the "Williams Performance Tenders Limited" fleet of boats. The Textron Engine and
Sports Hull, which can be found in practically all of the organization's yachts and jets,
contributes to "water-skiing nirvana" by making it possible for the vessels to make tight turns
and preserve straight lines while under way.

Services Offered by Company

In particular, the family-owned company "Williams Performance Tenders Limited" delivers
services through the use of its distinctive and technologically sophisticated products (Halasi et
al., 2019). Both gasoline and diesel jet engines are highly automated, as is the case with most
modern aircraft. Water-ski boats are typically equipped with jet motors to provide an extra layer
of protection for the rider. For its part, management in the manufacturing and engineering design
departments has recently increased the degree to which they are providing the finest possible
service to clients, resulting in an increase large volume of sale of its products during the previous
fiscal year.

Identification of need for new services and Products

"Williams Performance Tenders Limited" organization must identify new items to achieve a
competitive advantage within the existing market scenario in light of the changing business
climate and changing customer demand and desires (Hollender et al., 2017). There are new
products being constantly launched by the company's leading engineers and managers, and it is
conceived that "Duo 540 William Challenger" is the most advanced jet ever designed. The new
model that has been intended to be released will have certain basic specifications. The new
product's specifications are outlined in the following sub-section

Model Name- “Sea-Duo 540 William Challenger”

Engine- “Twin 1656 CC 4-TEC 1503, 5-Stroke 6 Cylinder with 540HP”

Exterior- The sport-boats are designed with classic lines in mind. Extreme comfort and safety
for the rider's convenience have been installed.

Consumer needs and requirements can be said to be increasingly focused on the purchase of

entertainment-related products with high-tech devices and attractive exteriors (Kleinert, and

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Volkmann, 2019). As a result, "William Performance Tenders" organization has expressed an
interest in producing this brand in the market in the upcoming future in order to gauge its
popularity with consumers and the rate at which it sells.

Business Gap/Opportunity
In case of "Williams Performance Tenders Limited" organization, there are some disparities in
employing new experts with new production techniques might be found inside the business or
opportunity/gap in case of  "Williams Performance Tenders" organization. In this regard, it has
to be emphasized that both economic and inventive constraints are part and parcel of
organizational shortcomings (Lin, and Ho, 2019). There are six cylinders inside the 540HP jet
engine, which is more expensive compared to any other newly developed jet engine. Although
the company must invest a lot of monetary amount to match the "next-level aspirations" of
consumers present within the market, it is, nevertheless, a sound investment.

Methodology
There are a few strategies that can be used to take advantage of the scenario. It entails the
engagement of the administration of the local council in a variety of commercial meetings with
potential investors. It is also possible for the firm to send its employees to participate in
government-sponsored training programs with the overarching aim to increase their ability to
create high-quality machinery for Jet Boats. This is an option for the organization. By taking use
of this opportunity, engineers from the organizations can design and build various gadgets like
the "Bow, Helm Station, and Aft cockpit," among other things.

Business Idea to aid Social Entrepreneurship within Local Community Settings

The potential creation of new economic initiatives that can assist the local community, as well as
the formation of a few social clubs that can help Oxfordshire expand as a region, are the primary
focus of this section (Lukkarinen, 2020). It is possible to combine social entrepreneurship and
community service by collaborating with non-profits such as "Bethnal Green Ventures," which
promote education in the local council's culture.

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How it can benefit Business operations?
It may be demonstrated, for example, that it contributes to the development of a prosperous
society while also allowing clients to recognize corporate social responsibility actions taken by
businesses. Because of this, the company's reputation will improve, allowing it to expand its
presence in the market even more effectively. By cultivating a culture of learning, each
organization has the potential to make a substantial contribution to society (Mierzejewska, and
Krejner-Nowecka, 2020). As a result, the company's leadership will receive not only national but
also international recognition in this area.

Is it a startup or a family-owned business?

There will be a lack of resources if you choose the latter. Do you have a strategy in
place to tackle this obstacle?
The objective of "Williams Performance Tenders Limited," a family-owned company, is to
increase the performance of steamboat engines via research and development. Therefore, it is
critical to recognize that resources are limited both in terms of physical and financial resources in
the workplace. In this regard, it should be noted that asset based lending’s or family
business loans, which the government provides at a fixed interest rate of 6 percent and which
must be repaid within five years, have been used to address the issue of financial resources (Naz,
2018). Start Up Loans are loans that the government provides at a fixed interest rate of 6 percent
and which must be repaid within five years. A variety of materials, including mild steel (cast
throw), crankshaft steel, unalloyed carbon steel, and carbon steel, appear to have been utilized to
construct the gasoline and diesel engines.

Are you going to make use of the networks?

The stakeholders involved in the Carbon Steel industry and their suppliers, who distribute their
products throughout the United Kingdom, are assisting with the network's development.
Members of the network include businesses such as Hillfoot, which specializes in carbon and
alloy steel inventory grades. As a result, organizations need to ensure that the creation of a
network of this nature facilitates the ability of a small or medium-sized enterprise (SME) or
family business to build their business.

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How are you going to raise money for your company and your business plan?

Using angel investors is an option. No, it's not. Crowd funding?

"High-net-worth individuals" is a term that is frequently used to refer to angel investors when
they are discussing their investments in startups. Venture Capital is a type of financing that is
used to fund new ventures (Stoian et al., 2017). A private organization that provides funds to
small enterprises in order to assist them in growing at a rapid rate is referred to as an investor. In
contrast, Crowd funding is considered essential since it enables individuals to recruit members
from the general public, which is seen as beneficial.

Which platforms?
Under a new UK government initiative for angel investors, investors having more than $150,000
in capital can benefit from a substantial tax discount of 50% on their capital gains. Angel
investors have been recruited on board to ensure the fact that the organization has enough capital
to continue to expand and prosper (Ozdemir, 2020). In this context, Start Capital as well as its
owner, Paolo Rubatto, is amongst the investors who have been taken into consideration. The
most significant advantage of working with Angel Investors is that there are fewer financial
responsibilities to satisfy, which is widely regarded as the most significant advantage. People are
increasingly defining themselves as long-term shareholders, which can be taken as a positive
sign for the organization in which they are attempting to make an investment (Nevin et al.,
2021). Based on the implementation of these considerations, it can be concluded, that the
application of these programs are beneficial in terms of long-term investment at the place of
employment.

How will you safeguard the company plan's intellectual property?

In the workplace, when intellectual property standards are correctly applied, they contribute to
the protection of intellectual property. Creative property rights (IPR) are regarded as a necessity
for the creator since they allow employees at their place of employment exclusive rights to
exploit their intellectual property. To ensure that the design for the Boat engine Propulsion
system is protected for the developers in compliance with the intellectual property rules of the
United Kingdom, it is vital that the proposal be protected. The precise location of the electric
spark plug has an effect on the compression ratio of the vessel. According to the design and

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internal components of the engine, compression ratios for gasoline and diesel engines normally
range from 18:1 to 23:1, with the latter being the most common. As part of the process of
developing the compression game, the direct fuel-injection system has been identified as a
critical component. Because of verifiable scientific breakthroughs such as heating coils, circuit
boards, and internal combustion (IC) engines, diesel and petrol engines are protected by
Intellectual Property Rights (IPR) that is present in the workplace.

What strategies do you have in place to take your business idea global?

Which market will you prefer to enter?

The enterprises must ensure that the diesel and petrol engines market expands further by
exporting their products to other countries. The worldwide diesel market is increasing at a rate of
more than 9% throughout the international market scenario at the present time.

Who are your primary competitors in the market?

As reported on the website of "Williams Performance Tenders Limited," the Asia-Pacific market
is the fastest-growing market in terms of the usage of both gasoline and diesel engines, according
to the company. For example, the diesel engine business is expected to grow by more than 5
percent between 2018 and 2023, according to forecasts. During the past few years, the demand
for two- and three-wheeled automobiles in India has gradually increased. The Petrol Engine, on
the other hand, is widely used in the automobile industry, including by companies such as
Maruti, Maruti Wagon, Tata Tiago, and Toyota. In India, it has been noted that the number of
personal automobiles powered by petrol has increased by 66 percent in 2018-2019, and the
number of personal automobiles used has increased by 81 percent in 2019-2020. From 2020-
2021, when the Covid19 pandemic began, the volume of PV systems sold has plummeted by
more than 49%. A pandemic presents an excellent opportunity for the sale of vehicles at the
workplace; however, there is significant competition in the market due to the fact that the direct
competitors for diesel and petrol vehicles are the electric vehicle engines themselves, which pose
a significant threat to the diesel and petrol vehicles. Authorities around the world are working to
place greater focus on electric vehicles in order to reduce the number of pollutants polluting the
environment as a result of the release of greenhouse gases into the atmosphere as a result of the
burning of gasoline and diesel. Electric engine manufacturers like as Equip-make and Tesla are

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considered to be some of the world's most formidable competitors as a result of this
development.

Your preferred methods of entry

A number of entry methods, such as licensing, exporting, franchising, joint-ventures, and foreign
direct investment (FDI) have been noted to be employed by the firms in question (Tan, 2021). In
order to enter new markets, such as India and China, enterprises must first obtain the relevant
licenses through the franchising system (Wang et al., 2018). Corporate risk in India can be
reduced by executing the licensing procedures in these nations, and employees' commitment can
be reduced as a result of the reduced commitment.

What demographic are you trying to reach? What are their socioeconomic traits
(income, etc.)?
Toyota, Maruti, Tata, and Mahindra are among the players in this market sector. The primary
goal is to ensure that the engines are sold at low prices so that corporations can target middle-
class and upper-middle-class workers in the workplace.

What are your plans for promoting advertisement about your new venture?
In order to promote a brand, advertisements in newspapers and on social media are two of the
most prevalent means of promotion. Estimates indicate that the cost of weekly newspaper
advertisements in China and India will grow between 15 and 18 Euros, which is still less
expensive than the cost in the United Kingdom (Wu, and Wang, 2021). The most significant
benefit of the newspaper advertisements may be determined on the basis of the fact that it
ensures that the company can market its franchise by highlighting its cooperation with major
local enterprises, such as Mahindra and Tata. Collaboration with well-known brands can result in
increased exposure of the company as well as more information about gasoline and diesel
engines. When it comes to social media sites in China, WeChat, Tencent, and Douban are the
most popular options. When it comes to marketing, social media sites such as those on Facebook,
Twitter, and Instagram should be utilised in the workplace in India. If you want to get the
attention of consumers who are considering purchasing a petrol or diesel engine for their
personal usage, you must provide information about engine parameters such as compression
ratio, design, and torque on social media.

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Conclusion
A post-pandemic world with room for expansion has been predicted based on this analysis, and
India and China have been recognized as the greatest locations for business expansion. The
newspaper, along with social media, has been widely regarded as the most effective medium for
promoting marketing measures in the workplace, and franchising is the greatest way to
ensure entry into new market.

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Reference List
Journals

Gamble, J.R., Clinton, E. and Díaz-Moriana, V., 2021. Broadening the business model construct:
Exploring how family-owned SMEs co-create value with external stakeholders. Journal of
Business Research, 130, pp.646-657.

Halasi, D., Schwarcz, P., Mura, L. and Roháčiková, O., 2019. The impact of EU support
resources on business success of family-owned businesses. Potravinarstvo, 13(1).

Hollender, L., Zapkau, F.B. and Schwens, C., 2017. SME foreign market entry mode choice and
foreign venture performance: The moderating effect of international experience and product
adaptation. International Business Review, 26(2), pp.250-263.

Kleinert, S. and Volkmann, C., 2019. Equity crowdfunding and the role of investor discussion
boards. Venture Capital, 21(4), pp.327-352.

Lin, F.J. and Ho, C.W., 2019. The knowledge of entry mode decision for small and medium
enterprises. Journal of Innovation & Knowledge, 4(1), pp.32-37.

Lukkarinen, A., 2020. Equity crowdfunding: Principles and investor behaviour. In Advances in
crowdfunding (pp. 93-118). Palgrave Macmillan, Cham.

Mierzejewska, W. and Krejner-Nowecka, A., 2020. INTERNATIONALIZATION STRATEGY

OF FAMILY-OWNED BUSINESS GROUPS–LPP CASE STUDY. Organizacja i Kierowanie,
(1), pp.35-58.

Naz, R., 2018. Efficacy of corporate social responsibility in corporate governance structures of
family owned business groups in India. Corporate Governance and Organizational Behavior
Review, 2(1), pp.52-68.

Nevin, S., Gleasure, R., O'Reilly, P., Feller, J., Li, S. and Cristoforo, J., 2017, August. Social
identity and social media activities in equity crowdfunding. In Proceedings of the 13th
International Symposium on Open Collaboration (pp. 1-8).

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Ozdemir, O., 2020. Family-owned businesses in the global marketplace: A taxonomy for
generational evolution and directions for future research. Edward Elgar, Cheltenham.

Stoian, M.C., Rialp, J. and Dimitratos, P., 2017. SME networks and international performance:
Unveiling the significance of foreign market entry mode. Journal of Small Business
Management, 55(1), pp.128-148.

Tan, K.A.L., 2021. Inventory control of a family-owned retail business.

Wang, W., Mahmood, A., Sismeiro, C. and Vulkan, N., 2019. The evolution of equity
crowdfunding: Insights from co-investments of angels and the crowd. Research Policy, 48(8),
p.103727.

Wu, Y. and Wang, S., 2021. Sustainable Market Entry Strategy under a Supply Chain
Environment. Sustainability, 13(6), p.3046.

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