Growth and Development of Entrepreneurial Ventures - Essay Example

He outlines the resources needed in fulfilling the need identified. The entrepreneur is often responsible for the success of the business identified and its failure as well; therefore, he has to plan on how to manage the business amidst all the problems and challenges in the immediate and external environment (Peterson 2013, 10). The entrepreneur often operates in some kind of an entrepreneurship ecosystem whereby he has to plan and develop tools that he can use to obtain additional funding and other resources needed in the achievement of the identified goals and objectives (Uucbasaran 2003, 16).

For instance, he has to prepare his business plan in order get assistance from the bank and other financial systems. This paper examines the development of an enterprise by one of the entrepreneurs that has become one of the greatest businesspersons in the world. With his business, he has managed to influence business practices in the world and the particular industry in which he operates. Before an entrepreneur has to begin his business, he has to ensure that he makes a proper analysis of the particular business environment he is set operate.

He has to be prepared psychology to tackle all the challenges that are likely to come in the business especially at the start up stage. Many of the successful entrepreneurs in the world have explained that it is important for young entrepreneurs to focus on the kind of products they are offering and not be distracted by the competition and products offered by other large-scale businesses. They have to ensure that they design their products to meet the identified needs in the particular business environment in the best way possible (Carmody B. 2014, 4). In this case, it is always important that they focus on the simplest ideas they have identified and craft them a way that pleases the consumers in the market (Entrepreneur Media