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Planning, preparing and creating a Business - Research Paper Example

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Many people have the opinion that money is the most important resource needed to start a business. But in reality, money is the last resource needed for starting a business. Money can be arranged from various sources like financial institutions, from the family or friends. …
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Planning, preparing and creating a Business
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Planning, preparing and creating a Business

Download file to see previous pages... “An effective work environment is vital to the success of small businesses and large corporations alike”. Business environments have been changed a lot in the recent past because of Globalization, Privatization and Liberalization. It is easy for an entrepreneur to set up business in overseas countries easily at present because of the changing business environment. In other words, before starting a business, an entrepreneur should evaluate the possibility of competition not only from the domestic firms, but also from international firms as well. The business idea should be selected after the careful evaluation of all internal and external parameters of business.
The fluctuations in world economy in the recent past have affected almost all types of businesses badly. The waves of recession not only created problems to poor countries or developing countries, but it has created big problems to even developed economies like America Britain etc. Before starting a business in the changing business environment, an entrepreneur should take extreme precautions. This paper analyses various dimensions of starting a business like planning, preparing etc.
Lots of people have very good business ideas, but they often fail to implement their business ideas successfully because of the poor planning and implementation. Many people stay away from because of the financial constraints even though they have better business idea. As stated in the earlier, money is the last thing required to start a business. It is not necessary that a person with enough financial capabilities may become good entrepreneurs; at the same time there are many successful stories of entrepreneurs who started their business without enough financial resources.
Innovative business ideas and proper implementation of the business ideas at the right place at the right time with the help of the right people are the major success factors of a business. The entrepreneur should be accurate and realistic while presenting of his business to the public (Start Up Planning). Conceptualization of business is an important aspect as far as an entrepreneur is concerned. The meaning of business, product/services, customers etc should be well defined before the start of the business. The entrepreneurs should find answers to the following questions before starting a business; what business are we in? What do we want to do? What are we committed to? What results do we want to achieve? The answers to these questions help shaping the mission and the vision of a business before starting it. Shaping a mission and a vision helps the small business owner to remain focused and this will bring results in his work. The mission and vision should be fully understandable and viable to the customers since it is the customer who ultimately decides the success and failures of a business. For example, in order to start a baby cloth store, the vision and mission should be focussed entirely on the wellbeing of the babies. The vision should offer complete comfort and a germ free, healthy dressing experience to the babies. It should ensure protection of the babies from the changing climate conditions. Moreover the vision should ensure cheap price along with better quality of the products, as these are the two main factors mostly the customers are looking for. “If you’re thinking about starting a small business, you should start by weighing the pros and cons, so that you can make a wise decision” ...Download file to see next pagesRead More
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