The economy of Swansea is advanced and diverse, with principal contributions from manufacturing and services sectors. In a 2010 report by Business Register and Employment Survey, services sector alone employed about 85% of the total workforce. This finding is important because the concentration of workforce in any particular sector denotes the growth and viability of that sector.
Transport and communications employs about 5% of the workforce. Transport sector, in Swansea particularly, does not have any dominant player, although it does have big players such as, Avis and Europcar. It also has local market players such as, Yellow Cabs, Citytax and Eastside Cabs.
The report presents a business plan for Swan Taxi, a £900,000 proposed taxi service based out of Swansea, Wales. It has been conceptualised by four key partners Yanallah, Mansour, Yousef and Khalid. It would also have representatives from two equity and two debt investors, through which Swan Taxi would raise the initial capital.
The target market of Swan Taxi would be urban commuters, who move in and out of Swansea for work, with special focus towards people with disabilities. The target market of the business also includes the students who form an integral part of the population. Swansea would maintain a fleet of 50 vehicles and would position itself just between big and local players.
A successful entrepreneur is one who has a set of key skills, attributes and behaviours. Key skills include exhibiting flexibility and leading the company through good and bad phases; monitoring performance routinely and taking corrective actions to ensure that all activities are directed at achieving the strategic objectives; maintaining a pool of talented and focussed employees; and increasing competence by staying updated on latest developments in the market (Aileron, 2013). Key attributes include persistent determination to achieve success; ability to drive ingenuity in the company; not succumbing to pressures and discarding their points of view; being intuitive about the future developments; having a positive persona; and being open to new challenges (Goltz, 2012). Key behaviours include exuding positive energy and self-driven approach towards work, taking accountability of the company’s activities, commanding workforce of the company and handling critical situations effectively (University of Surrey, n.d.).
The key skills, attributes and behaviours are must-haves for every entrepreneur in today’s society, since the chances of business failure have gone significantly higher. The business environment has become increasingly complex with intense competition, innumerable product substitutes for customers, restrictive governmental regulations and higher customer expectations due to globalisation.
The economy of Swansea is advanced and diverse, with principal contributions from manufacturing and services sectors. In a 2010 report by Business Register and Employment Survey, services sector alone employed about 85% of the total workforce (Swansea Bay, n.d.). This finding is important because the concentration of workforce in any particular sector denotes the growth and viability of that sector.
The manufacturing sector constitutes about 16% of the employment market and looks promising. However, the relatively small sector is dominated by big players such as, Swansea Industrial Components, Alberto Culver Co., Tata Steel and 3M UK plc. Evidently, many of these players are multinational and to foray into the manufacturing sector would bear huge risks (Swansea Bay, n.d.).