Enterprise in action: the journey of entrepreneurship - Essay Example

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Enterprise in Action Introduction I would like to give my account on how the journey of entrepreneurship has been. This paper contains some of the challenges and advantages I have come across while undertaking this course. It also includes what I have learnt in general to become a successful entrepreneur…
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Enterprise in action: the journey of entrepreneurship
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Download file to see previous pages It is important to have a good market and financial projection while planning or engaging in a business opportunity. A business plan can be a good tool to use while comparing or conduction financial projections. I have attached my business plan in the appendix and it reflects my intention and purpose of conducting in a Fitness business. Profit and loss accounts in addition to other financial documents and statistics are important as well while conducting financial projections. Part of my analysis and findings also reflects on the legal aspect of business involvement. Law affects business environment and conditions in certain ways. Laws can influence the rate of demand and supply of products and services thereby influencing prices of commodities in the market. As an entrepreneur, one must have effective skills on planning for a business opportunity. Writing a good business plan is necessary since the business plan can be used as a source of financing by private investors who may take keen interest on it. Marketing is also an important element, which is necessary for controlling and ensuring effective continuity of a business. An entrepreneur must have good knowledge on marketing. As an entrepreneur, I must be conversant with essentials of branding, packaging and all other concepts that are important in adding value to a product or a service in order to attract customers, maximize profits, and enjoy while commanding a wider market in an industry. Having built a foundation on a possible venture it is important that the business be implemented and evaluation done on its possible viability. Elements such as team building and maintaining a good human resource management are important while implementing a business opportunity. Feasibility of an Opportunity Feasibility entails setting the criteria upon which the business will be based on. Feasibility is a process that undergoes several stages. The first thing I did is setting of goals. I ensure that the goals set should were Specific, Measurable, Achievable, Realistic and Timely bound (SWOT). I also managed to conduct the PEST analysis that enabled me to understand the demographic factors while aiming to establish a business. The political and legal approach is very important as I aimed at establish a business organization. Through the PEST analysis, I managed to conduct the economic study and evaluated the standards of the type of customers I am expecting while planning to engage in the business. The social and cultural factors also influenced my decision and position of making a decision on where and how to establish my business organization. Using the PEST analysis I also managed to conduct a pilot study of the technological expertise of the population that is about to become my esteemed customers. This helped me in identifying means of transport in addition to marketing for my products. The objectives helped in making the decision on to continue with the project. I considered two sets of goals. One was the expected results that the business will achieve under certain duration of time while the second one was the minimum acceptable criteria that should exist if the current conditions indicate the goals failing. The next criteria then involved establishment of a criteria, which was useful in the judgment. This stage also affirmed my position about conducting the business. I ...Download file to see next pagesRead More
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