This following paper is the detailed report of how, when, where, who and why of a business. The most crucial step in starting up a successful business is the formal planning. It is true in the case of a successful business venture as well…
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The process involves generation of multiple ideas in the minds of the respective entrepreneur. The person may screen and reach at a various different ideas with each one having its unique pros and cons. Such ideas are generally in a raw format without much technical analysis being done on them. Idea generation is extremely significant because idea is the stone that is polished at the various stages of a business plan. An idea arises mostly from the personal interests and perception of the entrepreneur. It is something that is related to the behavioural nature and professional mindset of the entrepreneur. For instance a medical professional might develop an idea for surgical equipment retailing, a good cook might think of opening a restaurant and the like. It is always better to work out on those areas which relates to the interest of entrepreneur. It is as good as a business firm diversifying into a related product line. If the entrepreneur is familiar with the idea, it would be convenient for him/her to manage it. Therefore, the first question an aspiring entrepreneur should ask is what interests them the most and is there an opportunity lying in the market for the same. This thought can give rise to more specific ideas. Strategic Objectives: Strategic objectives or just business objectives refer to the actual purposes of the business for which the business actually exists. It is considered as the focal point of all the major activities of the business. The strategic objectives of a business are usually encompassed in the terms Vision and Mission. Vision is the future outlook of the business and Mission is the actual purpose as well as course of action to be taken to...
The researcher states that in the case of a successful enterprise, a detailed and comprehensive Business Plan is the primary step which ensures the overall course of action of the business. In most cases, a business plan is created to explain and illustrate the vision you have for your business, and to persuade others to help you achieve that vision. Topfer states that starting a business without enough planning is like setting a journey without deciding on the destination. In most cases, small businesses simply ignore the process of business planning. There are various different reasons which actually become hurdle in the formulation of the Business Plan including time constraints, resource constraints and more importantly expertise constraints. But irrespective of the size of the business, it is always beneficial to have a clearly charted out plan. Business plans are required not only for planning the future of the business but also for the availing financing options. All financial institutions assist with the capital requirement of the company only after a careful study of the prospects of the business. Such an analysis is possible only with the help of a detailed and comprehensive business plan. This paper highlights the entrepreneurial characteristics. There are several literatures that discuss the qualities and skills required for becoming a successful entrepreneur. Most of such literatures discuss almost the same characteristics.
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“Enterprise and Entrepreneurial Management Essay - 3”, n.d. https://studentshare.org/business/1396436-enterprise-and-entrepreneurial-management.
Enterprise and Entrepreneurial Management Introduction It is often said that the success of most ventures is the result of a proper planning. It is true in the case of a successful business venture as well. In the case of a successful enterprise, a good Business Plan is the primary step.
The paper shall attempt to establish the key entrepreneurial characteristics that are necessary for such enterprise to succeed, with the view of drawing up a list that can be “adoptable” by any entrepreneur. As a matter of reflection, the characteristics shall be tested for their suitability against this writer’s own personal attributes.
Most entrepreneurs operate in environments that have considerable competition. It is necessary for the business to establish its own products or services and then differentiate them from competition. According to Boone and Kurtz (2007), differentiation is one of the most primary competitive elements that helps position the business against competition and establish a unique brand that customers recognise.
In fact, the act of planning in itself is an exercise of foresight and exemplifies the planner’s recognition of the uncertain future and inevitable change. In business, this procedure with its significant incorporation of time is referred to as the business planning process.
The sole trader is the most viable business structure as it eliminates the risk of partnership liabilities and provides more operational controls to the sole trader. Yankee Clippers will procure financing through traditional banking and lending facilities to ensure successful start-up management and subsequent launch of this new, inspirational brand.
Business plans earlier considered a corporate exercise, but currently they consist of the core financial support and staff recruitment. Competent business plans give an exclusive explanation on the how the business operates and mainly used in investor attraction.
100,000, which will be supported by talent experts that perform excellence in service through flair and food juggling presentations. The breakeven point for this business is quite moderate, at only 810 customers per month, which is achievable since the business at start-up will be operating three mobile food carts.
cash outflows and inflows, projection of the sales demand. Apart from that, the business plan is also critically evaluated using academic textbooks and journals to check the viability of the plan. The critical evaluation also involves analysis of the various assumptions made while preparing the business plan (Garnier and Gasse, 2011).
I have taken an account to include and discuss all the positive and negative aspects, prospects and threats too, which was helpful in determining SWOT matrix. After analyzing the matrix and Quantitative strategic Planning; strategic plans