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Processes and definitions of Enterprise and Entrepreneurial Management - Essay Example
Author : milanflatley
Finance & Accounting
Pages 12 (3012 words)
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…
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. ...