Question

Please write 200 words for the following two subheadings. The business is Spring Gully Foods.

STEWARDSHIP IN THIS FAMILY BUSINESS

Discuss any evidence for a “stewardship” attitudes in this business and discuss any evidence that supports the proposition that this attitude supports entrepreneurial activities

SOCIOEMOTIONAL WEALTH

As best you can, identify and describe the key elements of SEW in this business. Discuss the implications for the business in terms of the capabilities required to support entrepreneurial activities.

Answer 1

The business is Spring Gully Foods means the Pickles, Preservatives, Jams, Honey, Papad etc. This business needs the group of people to work on it. As it can be the part of family business as the taste of local and preferences to some nearby or specified region is there. This helps them to increase the consumer base.

The stewardship is the job which actually supervise the job which has been done either by situation handling, intrinsic motivation etc. SO, they have more responsibility on them. In the Spring Gully Foods business, a supervisor is needed which can be family head or any responsible person of the family which checks the quality of the foods prepared on their own end. The common taste to all the product of same kind should be checked by the supervisor and the processing of material also analysed by him. Hence, this attitude is needed in this business in order to handle the bad time situations. The evidence that supports the proposition that this attitude supports entrepreneurial activities is management of resources / raw materials / inputs in order to have the good quality food items / output should be maximised. This is an entrepreneurial activity.

Socioemotional wealth is the non-financial factors such as relationship, efforts, cognition etc. The key elements of SOW in this business is relationship made with the consumer due to quality product used while preparation of items, symmetry of information broadcasted with the product and usage of the items labelled with the product itself. This business run due to individual’s capability to contribute in the taste of the product to the consumers and their variation with some new experiments. Hence, this is an entrepreneurial activity which actually deals with the business process in order to enhance the business.