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Enterprise entrepreneurial management - Assignment Example

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Enterprise and Entrepreneurial Management ABC 11/25/2011 Table of Contents Table of Contents 2 Introduction 3 The business planning process – a critical appraisal 3 Characteristics of an entrepreneur 8 Introduction 8 Characteristics of an entrepreneur 8 The Trait Approach 9 Attitude theory 9 Desirable characteristics of entrepreneurs 10 Psychological traits and individual characteristics of entrepreneurs 11 Conclusion: 13 References: 14 Introduction A business plan is a written document which contains the goals and mission of the enterprise and discusses the possible strategies and operations to be taken to attain the final goal…
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Download file to see previous pages The business planning process – a critical appraisal The typical business planning process may be actually helpful as it aims to convey objectives and missions of the organization to its employees. But, there are several researchers who argue that the entrepreneur should rely on his experience and intuitions rather than waste time on the business planning process. This is because researchers argue that planning may not be successful in the uncertain conditions surrounding the formation of business (Delmar & Shane 2003). Moreover, each component of the business planning process has its own setbacks. Let us analyze each component and find out in what way a business plan can pose as a hindrance. Generating an idea The basic step of a business planning process is to generate an idea. A new venture has to first ascertain the product or the service which it will provide. Most organizations come out with new ideas for a product or a service depending on the data collected from potential and current customers. This kind of customer focused process is solely dependent on the information given by customers. However the response given by these people has limitation with reference to the environment and current experience. Hence there may be a discrepancy in the idea generated (Lilien et al. 2002). This may pose as a severe hindrance for the business plan. Moreover, there are other constraints like generation of funds for the new venture. Many business plans may never be formulated due to limitations in the form of competition, technology, lack of funds etc. Strategic goals and objectives The second step in a business plan is to formulate the strategies or tactics which are to be used in order to attain goals and objectives. Strategies may be short term and long term. These are plans which must be followed in order to attain final objectives. However, the very purpose of strategic planning is defeated in today’s changing environment. Due to the uncertainties in market conditions, entrepreneurs may be more successful if they go by their intuitions and experience, rather than going by previously formulated strategic objectives (Mintzberg 1994). Another problem which is ensued in setting objectives is that most plans are formulated outside the business planning process. Also entrepreneurs need to set realistic and achievable goals. It may be very easy to set strategic objectives but very difficult to implement these objectives to the middle and lower management. Most entrepreneurs do not give attention to the fact that the pre determined goals they are setting may be rigid, extremely rational, bureaucratic and dysfunctional at times. Hence, the formulation of potential strategic objectives may not hold true during the implementation process (Shrader, Taylor & Dalton 1984). This is one reason why the strategic objectives should be flexible and top executives need to change it depending on the changing market situations. Market research and analysis The third step in a business plan is to formulate a market plan which takes into account the market promotion and advertisement ...Download file to see next pagesRead More
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