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Enterprise and Entrepreneurial Management: Critic of Business Plan - Essay Example

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Name Instructor Task Date Enterprise and Entrepreneurial Management: Critic of Business Plan Introduction The paper critics the contents of the business plan while giving a definition of each stage along with a description of what they entail. The paper also critics the contributions made by each of these elements towards ensuring success for the business…
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Download file to see previous pages The effect of an entrepreneur understanding and applying them correctly in business has also been discussed, and this is done to understand how successful businesses are created. Idea Generation It is the process of providing solutions to the problems we are experiencing while performing our daily business activities (Goble, 2004). It involves scanning the environment for solutions that will be the most cost effective in helping us find satisfaction (Thomas, 2008). This section of the business plan describes the cognitive and psychological processes that an entrepreneur goes through in order to come up with the idea. It also describes the form of business ownership along with the business background information (Chell and Haworth, 2001). This is in order to come up with solutions which satisfy the customer’s needs in the most profitable way. He or she first selects the industry they want to join, their clients’ requirements, supply and demand of their raw materials and products (Chell and Haworth, 2001). It also considers the alternative sources of raw materials that the business expects to have at their disposal (parker, 2004). The location of a business along with the availability of labor is also included in this section. The idea generated by an entrepreneur should be profitable in the short and long term periods (Goble, 2004). They should also be able to raise the funds required in pursuing the venture. This is because they bring efficiency to their operations once they have begun. At this stage, the entrepreneur acquires business insights that will enable him to achieve success. Strategic Objectives These are the short and long term goals that a business expects to attain in the long and short run periods (parker, 2004). These goals are set by the strategic management in a business. They are implemented for the purpose of attaining the goals of the business in the most efficient way. The business plan considers the communal, financial along with political forces affecting the environment of the business (Goble, 2004). The business proprietor is able to come up with realistic and achievable objectives after carrying out an in depth analysis of his surroundings. The business plan gives a list of the objectives that an entrepreneur hopes to achieve in the course of running his business. This plan also indicates the means through which the business will attain their objectives. According to the business plan, the methods chosen by the management should be the most cost effective in achieving their goals. This will ensure the business reduces any unnecessary costs they might incur. Such moves will help in augmenting their profitability levels during business (Landoli and Landstorm, 2007). Market Analysis and Research The process of analyzing and researching into a market is done for the purpose of determining the factors that impact a business environment (Still, Cundiff and Govoni, 2006). Research involves the use of scientific and purposeful methods to develop new ways of doing things or improving products (Fischer, 2007). The business plan includes information concerning the share of the market a business intends to have along with a scrutiny of their target customers. It also describes the prices that will be charged for the business products in comparison to their competitor’ ...Download file to see next pagesRead More
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