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Entrepreneurship & Small Business Management - Research Paper Example

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In the paper “Entrepreneurship & Small Business Management” the author discusses the idea behind an entrepreneurial venture. It is of utmost importance and can, to a great extent, determine the success or failure of a business. Business idea generation is, therefore, a process…
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Entrepreneurship & Small Business Management
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Download file to see previous pages In the first column, business ideas are listed with some details. The second column is used to list one category to analyze the idea, which can be Finance, Time/Non-financial resources, Risk and Competitors. The third column is utilized to provide an estimation of available resources in the chosen category while the fourth column should list estimates of resources required. The last column can then provide a comparison (difference) between the owner’s skills/resources and those required for the business. (Bamford and Bruton)In the first column, business ideas are listed with some details. The second column is used to list one category to analyze the idea, which can be Finance, Time/Non-financial resources, Risk and Competitors. The third column is utilized to provide an estimation of available resources in the chosen category while the fourth column should list estimates of resources required. The last column can then provide a comparison (difference) between the owner’s skills/resources and those required for the business. (Bamford and Bruton)The internal strengths and weaknesses of the potential businesses can be listed down, based on the entrepreneurs existing skills and resources. An aspiring entrepreneur can also evaluate an idea by answering questions such as the following: Is the idea original, an adaptation or based on a new concept or combination? What short-term gains can be expected? Is the projected revenue acceptable? Are the risk factors manageable? External AnalysisTo evaluates an industry’s attractiveness and long-term profitability, Harvard Business School professor Michael Porter’s Five Forces Model can be used. The five competitive forces in this model are: threat of new entrants, threat of substitutes, bargaining power of buyers, bargaining power of suppliers and the degree of rivalry between existing competitors. These will help choose an industry with the highest profit potential and determine how to create competitive advantage for the business. ...Download file to see next pagesRead More
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