Team Discussion and strategic paper - Essay Example

He must be clear in his mind about the strategies for the smooth functioning of the business. He should have a thorough research about the success and possible challenges to his business idea before setting it up. “A balanced scorecard analysis (Developed by Dr. Robert Kaplan and Dr. David Norton) will help the entrepreneur in defining the vision and strategies of his business and translate them into action. The entrepreneur must ensure that his strategies are well known to his employees to ensure the success of his business.

The proposed business must be analyzed under different perspectives like Learning and growth, business process, customer and financial perspectives. Within each perspective, identify what needs to be done in order to achieve the overall mission like, What must we do (from each perspective) to achieve the overall mission? What is “This perspective focuses on how an organisation is improving its ability to innovate, improve and learn in order to support success with the critical operations and processes defined in the Internal Process Perspective.

This may include employee training and corporate culture attitudes.” (Balanced scorecard) Innovation always creates leaders in the market. Consumers are always going after new trends and hence the success of a business depends on the innovative strategies of the entrepreneur. For a baby clothing store, the entrepreneur must analyze the current trends and he must be capable of designing new varieties of clothes for kids depend on the consumer interests. Following what others are doing may not help him to compete in the market.

The employees must be well versed in the current scientific management theories which will help them in dealing with customers, marketing, accounting, purchasing estimations, etc. For that purpose the entrepreneur must provide adequate training to the employees to make them aware of the current trends in business, corporate strategies and