The Importance of Family Entrepreneurship and the Business Plan of Šolar Efekt d.o.o.

Based on the demand for the production of an additional product and the preparation of the company's business plan, it has been shown that their effort and investment in research and development, and thus the expenditure of additional time and financial resources, was justified. They also reached certain conclusions through the upgrade of the business plan with an added financial plan, which serves to provide insight into some already known information or results of the company Šolar Efekt d. o. o. and for planning the company's future operations.

Solution and Method

Based on the demand for the production of an additional product and the preparation of the company's business plan, it has been shown that their effort and investment in research and development, and thus the expenditure of additional time and financial resources, was justified. The company does not intend to hire additional staff, so they will better coordinate work between individual phases and attempt to involve subcontractors. In this way, they will remain competitive and will be able to control the quality and timeliness of delivery.

In the end, they would give their opinion and confirm the hypotheses that were key to the research on family entrepreneurship, in connection with their family business, based on new knowledge acquired in the Entrepreneurship module at Academia Institute of Technology. They will further touch upon the field of family entrepreneurship and confirm hypothesis 1, that family entrepreneurship is important in Slovenia, there are also many growing and new companies that are thinking in the direction of continuing the family tradition or family entrepreneurship. In any case, family entrepreneurship has been present in their market for a long time, but it still does not have as long a tradition as abroad.

According to numerical data, family entrepreneurship is extremely important for Slovenia. We can also confirm the statement (hypothesis 2) that market research has shown the right direction for the company's development towards domestic and especially foreign markets, as there is a great deal of demand from respondents, particularly in Germany. We can confirm the statements (hypothesis 3 and hypothesis 4) that for the development of the family tradition of the company Šolar Efekt d. o. o., the placement of new products or a new offer of ropes is of key importance, as many respondents are interested in ordering new ropes, which will have a positive impact on operations and on the company's development.

Because of this, the expanded new offer of ropes represents an opportunity for their family business to increase the company's revenues and consequently the company's profit. In general, it can have a very positive impact on the operations of the company as a whole.

Results

They also reached certain conclusions through the upgrade of the business plan with an added financial plan, which serves to provide insight into some already known information or results of the company Šolar Efekt d. o. o. and for planning the company's future operations. With the upgrade of the business plan, in addition to the rest, they also came to other insights regarding the company's operations, for example, with the help of SWOT analysis they determined what the company's strengths and weaknesses are (or internal factors in the company that we have influence over or can change) and the opportunities and threats in the company's environment, how to prepare for this, improve it, and also maintain it.

They reached certain findings through respondents with feedback regarding the introduction of new ropes. They secretly hoped for such information. If we draw a line through everything, we come to the realisation that the company is still thinking in the right direction and is on the right path to take another good step towards successful long-term and stable operations. And with this, also towards continuing the family tradition of the company Šolar Efekt d.o.o.

We can conclude that by combining different methods of research and studying information sources, some new facts were identified, whilst at the same time matters were confirmed on which we have been working for years and which the company is convinced are right or represent a good and long-term and stable business direction (by this we mean the gradual introduction of ever new products, at least one from time to time, and operations in domestic and foreign markets). At the same time, the company's direction is not to take too many risks and, without need or necessity, not to use foreign sources of financing.

In the field of promotion, we are aware that we must follow progress. Therefore, they are thinking about a new website where they will update the advertising of their products and describe them in more detail. We find that we must make even more effort and provide potential customers with information about new products in other ways as well, such as: catalogues, in person, by telephone, etc.

Perhaps we should also add other promotional activities such as trade fair appearances or visits to trade fairs (at home and abroad). All of this represents good directions for the company, and in the future they will also take into account in their directions the criticisms (high price, insufficient range, poor product quality) of those customers who are not satisfied with our products. This would contribute to even greater success of the company or would have an impact on the company's good name.

They are recognised as a small family business and as a stable and proven supplier that customers can rely on both in Slovenia and abroad. Also as a small family business with a long-term tradition.