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The Creation of a Successful Entrepreneurial Venture: Analysis and Critique - Essay Example

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The importance of entrepreneurship in modern day society cannot be overstated with Henry, Hill and Leitch (2003, pp. 7-8) arguing that it contributes significantly to total employment and household per capita incomes in the UK. This is a pattern which is replicated all around the world; a view also supported by Down (2010, p. 3). …
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The Creation of a Successful Entrepreneurial Venture: Analysis and Critique
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Download file to see previous pages This is a pattern which is replicated all around the world; a view also supported by Down (2010, p. 3). Entrepreneurship can be defined from several angles, but it revolves around a way of thinking and acting that is opportunity based, approaching complex situations holistically and with leadership balance (Stoke, Wilson and Mador 2010, p. 8; Marriot 2008, 46). The process of entrepreneurship has been detailed in the literature to a huge extent (Timmons and Spinelli 2004, 47). However, questions may arise as to the actual feasibility and relevance of scholarly entrepreneurship especially when considering the dynamics of true practice. It is thus imperative that a critical analysis of this process be undertaken. This study will critically appraise the entrepreneurship elements of idea generation, strategic objectives, market analysis and research, understanding competition, understanding of financial numbers and projections, competitive strategy and scenario analysis.
Idea Generation
This is the first step of the business planning process and can be defined as the production of business ideas for something new (Hitt 2002, p. 205). Idea generation integrates the creativity aspect of entrepreneurship and opportunity recognition and hence involves the generation of potentially useful ideas in terms of generating economic value. Some of the avenues employed in idea generation include detecting opportunity cues, probing the future and systematic searching, largely supported by the social network perspective which suggests that information for idea generation involves the entrepreneur’s interactions with people within their networks (Hitt 2002, p. 205). Upon analysis, it is discernible that detecting opportunities in ones environment is clearly a source of ideas for new business ventures. Probing the future is also another perspective of opportunity detection but this time based on visualising future trends. This step of entrepreneurship being mainly cognitive in nature as creativity and opportunity detection mostly relies on cognitive processes. However, the fact that some individuals generate more valuable ideas than other suggests that the right combination of experience and stored information is crucial. Thus, generation of ideas revolves around having the right raw materials in the cognitive systems as a result of our life experiences. A case example is the generation of the Toyota idea- where Kiichiro Toyoda started a vehicle wing from his father’s machine making business (Toyota-global.com 2011). It can be argued that the machine-making developed the cognitive basis for Toyoda’s innovative thinking to establish the car-making business. This cognitive basis analysis of idea generation also provides for the view that entrepreneurship can be learnt. Strategic Objectives According to Hitt (2002, p. 3), strategies are performance oriented processes geared towards the operations and projects to be undertaken when the business is rolled out. Strategic objectives, therefore, refer to the aims that the entrepreneur has in terms of achievement of his vision. According to Volkman and Tokarski (2010, pp. 126-127) strategic objectives cover all aspects the enterprise seeks to cover; financial, competition, sales, marketing, ecological, quality and ethical among others. They should also be attainable and coherent. It is appreciated that strategic objectives are necessary in guiding the operations of the enterprise ones established, besides observing that such objectives should be SMART (specific, measurable, achievable, realistic and have timelines). Although cognitive skills reign supreme in drafting strategic objectives, issues such as ethics, ecological and elements of CSR may stem ...Download file to see next pagesRead More
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