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Processes and definitions of Enterprise and Entrepreneurial Management - Essay Example

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Processes and definitions of Enterprise and Entrepreneurial Management

The consideration of the above factors does assist an entrepreneur in achieving success in the business venture he intends to get into. A business plan includes the business idea that an entrepreneur is considering venturing into. It also describes his reasons for venturing into the business, his financial ability to invest in the venture, the location of his business and the available sources of raw materials (Parker, 2004). Strategic Objectives These are the goals that a business sets to achieve in the short and long run periods. They assist in the formation of the long-term plans in order to achieve a specific purpose for the business (Wiklund, 2006).These objectives are made by the strategic management in a business. They formulate these strategies to achieve the objectives that the business first intends to achieve (Landoli and Landstorm, 2007).When coming up with the strategic objectives for the business, the management will need to consider their scope of operations, their financial abilities, their target customers along with their levels of income. The adoption of a strategy involves the interaction of societal, intellectual, monetary, political and emotional forces (Wiklund, 2006). When formulating strategic objectives, the consideration of the above issues will greatly enable an entrepreneur to achieve success in his business endeavors. A business plan has to incorporate the objectives that the entrepreneur aims to achieve in the long run and the means of achieving them (Landoli and Landstorm, 2007). Market Analysis and Research Market analysis involves the carrying out of extensive investigations into the elements that affect the market of a certain commodity or product (Parker, 2004). The market needs to be analyzed in terms of the supply of the raw materials, the demand for the products and services and the cost and availability of the raw materials requires for business (Fischer, 2007). The market analysis can also involve the assessment of the accessibility to the business by the customers and an analysis of the target market. When a proper analysis is done on the above conditions, success is likely to come to the entrepreneurs venture. The analysis should provide direction on what are the strengths and weaknesses of the business, the growth opportunities the business has and the threats the business is likely to encounter (Parker, 2004). A business plan should include the type of customers a business will deal with, the overall market share the business intends to control, the pricing strategy to be put to use, and the sales, promotion and distribution strategies to use in the business (Parker, 2004). A statement of the research methods that a business plans to use is also on display in the business plan. Research helps in the creation of better products that assist in satisfying the customer’s needs in a more cost effective way. It also assists an entrepreneur in learning the newest methods of producing goods that are of more superior quality than those currently in use by the consumers. Research is very essential for a success to be achievable in the efforts of an entrepreneur. This is because it gives him or her greater insight into their market systems thus enabling him to build a ...Show more
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Enterprise and Entrepreneurial Management PART ONE Idea Generation The concept of idea generation refers to the process of making a suggestion about a possible course of action in solving a problem that confronts us or others (Landstorm, 2008). In order to come up with this business idea, I have to think of products that serve as requirements in our daily lives, their demand and supplies, the market conditions, along with the costs to incur in the production, processing and distribution of these goods and services…
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