Entrepreneurship and Small Business Management (MNE3701)
Exam (elaborations)
MNE3701 ASSIGNMENT 06 ANSWERS DUE 08 NOVEMBER 2024
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Course
Entrepreneurship and Small Business Management (MNE3701)
Institution
University Of South Africa (Unisa)
MNE3701 ASSIGNMENT 06 ANSWERS DUE 08 NOVEMBER 2024
Having acquired sufficient knowledge and skills on entrepreneurship and small business management, you must demonstrate practical competencies in managing small businesses. You should also be able to identify deficiency in the small business man...
mne3701 assignment 06 answers due 08 november 2024
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University of South Africa (Unisa)
Entrepreneurship and Small Business Management (MNE3701)
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MNE3701 ASSIGNMENT 06 DUE 08
NOVEMBER 2024
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, 1. Discuss how the owner of the small business you have visited, manages
the business’s human resources. Do you think is there a need for
improvement? If yes, provide recommendations for improvement. (15)
Effective management of human resources (HR) is crucial for the success and
sustainability of small businesses. In the case of the business you visited, HR is
managed in an informal manner, which is a common practice among small
enterprises with limited staff and resources. According to Longenecker et al. (2017),
small businesses often lack the structure of larger firms and tend to manage HR
issues in a less formal way, relying on personal relationships and direct
communication. While this approach may work for a small team, it poses challenges
as the business grows and the complexity of managing personnel increases.
The absence of a formal performance appraisal system, as noted in the interview, is
a significant shortcoming. Performance appraisals provide a structured method for
evaluating employee performance, setting expectations, and identifying areas for
improvement (Botha & Muswaka, 2018). Without such a system, employees may
lack direction and motivation, which can hinder their professional growth and the
overall performance of the business. A formalized performance management system
would help align employee goals with the broader objectives of the business,
ensuring that everyone is working towards the same outcomes. This can also
promote a culture of accountability and recognition, leading to increased job
satisfaction and retention. Regular performance reviews would offer employees
constructive feedback, helping to identify skill gaps and developmental needs, which
could be addressed through targeted training programs.
Furthermore, the lack of formal training programs in the business is another area for
improvement. Training is a vital component of HR management as it ensures that
employees are equipped with the skills and knowledge necessary to perform their
roles effectively. According to Geldenhuys (2020), businesses that invest in
employee development tend to have higher productivity levels, as employees are
better prepared to meet the demands of their job. In the case of this business, the
introduction of even small-scale training sessions would significantly enhance
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