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Enterprise and Entrepreneurial Management - Assignment Example

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Enterprise and Entrepreneurial Management.
A business plan is a formal written statement clearly documenting the objectives and goals of an organization, the steps to attain goals and the reason why the goals are achievable…
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Enterprise and Entrepreneurial Management
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"Enterprise and Entrepreneurial Management"

Download file to see previous pages Most companies aim to make a business plan as it helps them in attaining stability and growth. Critical appraisal of the business planning process The business planning process itself has a lot of obstacles and this is one of the reasons many organizations do not make any business plans. These organizations in fact rely on the experience of entrepreneurs and top executives. Let us find out the obstacles faced in the business planning process. Idea generation The first step in a business planning process is to document which product or service the firm wants to sell. It is very relevant to find out and be clear on a business idea. Unfortunately, most business ideas may be implemented. This is because the top executives may not have conducted appropriate research on the customer market before coming out with a business idea. Another problem which individuals may face is the financial constraint. Most business ideas may not receive adequate financial funding. There are several problems which may lead to the failure of the idea. One is that the individuals who wish to launch a new product or service may lack the required skill and competence required, makes hurried decisions without making a thorough analysis of the consumer market or may be ignorant about what is to be done. Hence, most product or service ideas may miserably fail (Flint, 2002). ...
These objectives need to be formulated in order to chalk out a path to attaining success. Individuals need to emphasize on certain aspects before formulating strategic objectives. These are monitoring alternatives solutions, future trends need to be predicted, problem areas need to be avoided and fixing both short term and long term goals (Ramanujam, Venkatraman & Camillus 1986). However, most planners may not be able to plan these objectives properly. This is because the above mentioned aspects need a lot of attention and lack of thorough research into these aspects may lead to wrong setting of goals. At times, the top management may set up unrealistic and unattainable goals. Market research and analysis Market research and analysis is a thorough analysis of the customer market and also seeks to find out the opportunities, strengths, weaknesses and threats. All in all in seeks to understand the product or the service market. All these aspects need to be researched in order to develop a thorough understanding of the customer’s needs and accordingly develop specific abilities and investment required for the necessary resources. Sometimes, lack of thorough product or service market understanding, may lead to the focus on the line of product or service be either too broad or too narrow (Slater & Olson 2001). Also the specifications relating to the performance of the product or service, the prices, and the complementary product or service line may affect market analysis and research. If any of these aspects, have not been thoroughly researched then it may lead to severe problem in the implementation of the business plan. According to ...Download file to see next pagesRead More
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The topic of "Enterprise and Entrepreneurial Management." was hard to find. I spent hours to find it. Here at StudentShare, I got the most decent example. Many thanks!
Enterprise and Entrepreneurial Management
From this paper, it is clear that one of the prime requisites for formulating a business plan is to generate an idea. Based on the idea, certain guidelines are formulated. Sometimes, the idea generation itself may be flawed. Before we venture to critically evaluate this concept, let us find out the difference between creativity and innovation.
12 Pages(3000 words)Assignment
Enterprise entrepreneurial management
The business plan is needed as it helps top executives working in the organization to think about the way the business should be run and accordingly develop objectives. Moreover, formulating a business plan helps the management to convey the objectives to the employees and accordingly operate to fulfill goals.
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Enterprise and Entrepreneurial Management
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.
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It consists in formulating future goals and plans, resource allocation, prepare for opportunities and problems and emphasize on key aspects. To put it together, business planning is a process which is set out systematically and logically by the management of an organization, clearly directing the path which the firm must follow, identifies the ways to attain goals and coherently emphasizes in operating tasks which are of pivotal importance (Gibb & Scott 1985).
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