Independent Business analysis - Essay Example

Independent Business Analysis Independent Business Analysis Cognitive biases are often linked with entrepreneurs that are predominantly found in the field of business. There has not been clear outcome in the research to find out the specific characteristics of the said cognitive biases and their effects on the entrepreneurs (Jon & Daniela 2009). What is expected from them is the weight they can lay in a person who tries to realize opportunities in their search, discovery and exploitation processes.

In this case, the outcome is all about well–established decision making in entrepreneurial behavior. It something of great importance to understand one’s strength, weaknesses, opportunities and threats (SWOT) before getting involved in business ideas. The SWOT assessment process reveals all the opportunities that are entailed in the business that is intended to be done. SWOT as a method analyses a business, its resources and environment, (Tutor2u). It further explains that there is no point coming up with a SWOT analysis unless it is auctioned.

After identifying the completion in the market and their position, what follows is relating them to someone’s strength and weaknesses with an aim of achieving the best in the market. Other available opportunities will for sure be identified and considered as a good means to set the base. This, therefore, will involve self assessment and setting objectives right before getting engaged in business activities. Apparently, there exists personal development plan (PDP) that will for sure enable any person that is interested in making personal decisions on entrepreneurship succeed.

As a result, unique advancement in managing any set preparations or structures is realized. PDP is regarded as an ongoing sequence of planning, implementation and reviewing that is to be of profit to the beneficiaries of an organization (My Personal Development Plan 2005) When one is on a mission to complete a personal development plan, they are exposed to great thought that indicate their ultimate goals at a glance. These include thinking about the final achievements, the next step and knowing who they currently are.

Again, new skills and experiences they wish to have and the kind f decisions they would wish to make now in order to get to the desired future is vital. What therefore what stands out in PDP is time commitments, training and tool and support, My Personal Development Plan (2005). As much us someone may be struggling to create a great personal development plan, it should be known that there is a specific expected outcome. In short, it should be the one that gets anyone into focused action and reflection.

Consequently, someone needs to have focus, be aware of their self-worth, and identify opportunities, plan and action in reflecting all in place for a successful personal development plan, Steven B (2009). In planning still, it should be taken into consideration all the challenging roles that a job occasionally presents. There may be development tasks happening in the various current roles that in place. It is now advisable to have someone like a role model to look up to, coaches and mentors for effective PDPs.

Again, feedbacks from the ongoing plans are also vital for they form a base to move on. Reflection of what is needed in the plan and great deal personal learning is inclusive for a better plan. In this way, someone is capable of identifying priorities for personal development, rating them accordingly. It will also help in recognizing personal development opportunities that are open to the. Clear guidelines are created from the establishment of a personal development plan and monitoring them doesn’t become an issue.

After monitoring them, comes finally the evaluation that may in turn assist in improving performance. As earlier stated, a common means of reviewing the current state of a person is through the use of SWOT. This will assist in recognizing strengths and major capabilities in people and what they are up to. It is clear again that weaknesses and vulnerability exist in people venturing into entrepreneurship, Steven B (2005). When they are identified, they will be taken care of and no fear will come in decision making process.

It is of a considerable concern to note that in planning there is room for flexibility. A good plan of business should not be rigid neither should it provide a person with a strait jacket. In doing the reflection of a good plan, it should be noted that recording the reflection is important. Any unstructured reflection can be used as structured reflection. References Carr, J C & Blettner, D 2009, cognitive biases and the entrepreneurial start-up process (interactive paper), Frontiers of Entrepreneurship Research, Vol. 29, no 6. My Personal Development Plan 2005, viewed 12 February 2012. . Steven, B 2009, SWOT Analysis, Ezine.

Viewed 12 February 2012. http://ezinearticles.com/?SWOT-Analysis&id=785617 Korter, J & Schlesinger, L 1979, Choosing strategies for change, Harvard business review. Hillman, A, Zardkoohi, A & Bierman, L 1999, corporate political strategies and firm performance, Strategic management journal, pp. 67-82.