Discuss about the Small Business and Entrepreneurship.
Business plan is a roadmap to success. It must be done correctly and thoroughly as the document is the perfect way to introduce the company to potential stakeholders or investors. The primary points of emphasis of a business plan are the business concept, financial features and requirements, environmental forces governing the business and evaluation of potential risks (Baluku, Kikooma, & Kibanja, 2016).
Every business needs to state what exactly it needs to sell and the target market. The description of industry, type of operation, legal form, distribution process and competitive edge needs to be provided. Every entrepreneur needs to present these details accurately with the most appropriate development. Further, a business plan needs an elaboration and specification of the capital requirements for starting up a business venture. The capital allocation and funding structure needs to be specified (Koenig, Schlaegel, & Gunkel, 2013). The highlights of the important financial points including profits, return on investment, sales and cash flows needs to be determined and analysed. A brief yet thorough description of the macro and micro environment needs to be conducted to keep account of any uncertainties. A competitive analysis shall help in providing details about the competitive environment that shall be faced by the new business venture. Potential risks that may be related to health or business shall be evaluated (Au et al., 2014).
All the above information needs to be put under business plan so that the present and future outlook is well established. However, the above may change as the business start-up evolves into an ongoing venture. When a business venture begins and business strategies start taking form, results are obtained. The business could begin as a successful venture or might need improvement. The main elements that change in an ongoing venture are financial elements and management strategies (Koenig, Schlaegel, & Gunkel, 2013). The organization goes through several phases after initiation and the entrepreneur may realize the need of less of greater resources (financial, technological and human). The entrepreneur may also come to realization that the business requires modification in allocation of funds. There might be certain areas that require more funds while there might be others that require significantly less investment. The changes in fund allocation shall be made accordingly (Cassar, 2014).
The technology-based companies adapt and keep up with rapidly changing markets, products, and competitors for survival. With the changing trends, tastes and preferences of customers, the technology-based companies such as Google, Apple, IBM and various others are rapidly changing. The IT companies monitor customers closely and observe what they are buying. A sensitivity analysis is conducted by them to determine the possible business and strategy implications. The technology-based companies welcome failure as a part of their organizational culture. By constantly adding feedback loops helps them ensuing if they are on the right trajectory. It takes a long time to implement technology in the market from discovery (Daniel, Vázquez Cano, & Gisbert, 2015).
The IT companies focus both on success and failure so that they can work smarter. The technology companies are process focused. The adaptable organizations foster a culture of accountability. It is built with systems perspectives so that the employees a technology firms understand how their decisions shall impact others as well. Rather than co-operating, the technology based firms choose to compete against the competitors (Poulis, Poulis, & Dooley, 2013). This is because the newest technology gains significant market share. The followers of the same or similar technology gains less customer popularity comparatively.
A strategy creates direction and vision for an organization to prevent individuals from distorting away or losing sight of the organizational aims. Resources refer to the physical, human and financial resources that are essential to run an organization. Strategic thinking is important to the organization as it helps an organization become more successful. Strategy helps the organizations to identify emerging opportunities and adapt to the marketplace needs (Koenig, Schlaegel, & Gunkel, 2013). Resources help the organization attain its goals. Without finance, technology and human resources, an organization is deemed to fail. The tangible and intangible assets of any organization help it bringing close to the desired goals or objectives (Oxtorp, 2014).
However, strategy is also useful in times of resource limitations. Every organizational leader needs to avoid costly mistakes so that the resources are not wasted. Strategy helps in framing the ways and procedures in which the resources can be used more effectively. Without proper strategic thinking and execution the organizations might fail, although it is not possible to attain goals without using resources. Therefore, both the terms are mutually exclusive. Without having one, the company cannot have the other successfully (Klingebiel & Rammer, 2013).
Not all entrepreneurs are successful. There are a set of traits that make them able to succeed from other individuals. One of the most common entrepreneurial traits is that the entrepreneurs are full of determination. The entrepreneurs are determined to grow their business, increase sales and hire employees to execute the strategy successfully. A good entrepreneur does not crumble under pressure. The successful entrepreneurs are not afraid to take major risks. The entrepreneurs have high level of confidence that makes them able to do their job successful even under stress and pressure. They understand that big challenges help in bagging great rewards. The entrepreneurs are able to focus on the finish line and they grab any possible opportunity and challenge. They crave learning and strive to constantly evolve. A smart entrepreneur considers failure as a part of the game. The entrepreneurs consider failure as a secret to success and as learning experiences (Kolb & Wagner, 2014).
An entrepreneur is highly passionate about his business and enjoys whatever he does. If one does not enjoy what is doing, he shall collapse in times of stress and pressure. The entrepreneurs are extremely adaptable and respond to changes or any uncertainty real quick. They make quick decisions that allow them to drive in the business environments. An entrepreneur makes excellent financial decisions regarding spending and allocation of funds. They have a clear financial map that can help sustain their business. An entrepreneur has a strong contact list and networking chain. They build value-based relationships that are long-term in nature and mutually beneficial (Koenig, Schlaegel, & Gunkel, 2013).
Successful entrepreneurs take initiatives to assist others in style and control. They are independent and do everything in their power to make a venture successful. They are knowledge seekers and are clearly able to convey their business ideas. A business can be successful if the entrepreneur has a strong sense of ethics and integrity (Klingebiel & Rammer, 2013). While cheaters and thieves may win in the short term, they invariably lose out in the long run. Entrepreneurs are also known for their drive for innovating new ideas and modify existing processes. They focus on effectiveness to win business. They enjoy challenges and like to win. They are in constant competition with themselves to make the business venture bigger. Effective people nurture these relationships and surround themselves with people who can help make them more effective. Any good leader is only as good as those who support him (Al Mamun & Ekpe, 2016).
References
Al Mamun, A. & Ekpe, I. (2016). Entrepreneurial traits and micro-enterprise performance: a study among women micro-entrepreneurs in Malaysia. Development In Practice, 26(2), 193-202. https://dx.doi.org/10.1080/09614524.2016.1135879
Au, K., Chiang, F., Birtch, T., & Kwan, H. (2014). Entrepreneurial financing in new business ventures: a help-seeking behavior perspective. International Entrepreneurship And Management Journal, 12(1), 199-213. https://dx.doi.org/10.1007/s11365-014-0332-5
Baluku, M., Kikooma, J., & Kibanja, G. (2016). Psychological capital and the startup capital–entrepreneurial success relationship. Journal Of Small Business & Entrepreneurship, 28(1), 27-54. https://dx.doi.org/10.1080/08276331.2015.1132512
Cassar, G. (2014). Industry and startup experience on entrepreneur forecast performance in new firms. Journal Of Business Venturing, 29(1), 137-151. https://dx.doi.org/10.1016/j.jbusvent.2012.10.002
Daniel, S., Vázquez Cano, E., & Gisbert, M. (2015). The Future of MOOCs: Adaptive Learning or Business Model?. RUSC. Universities And Knowledge Society Journal, 12(1), 64. https://dx.doi.org/10.7238/rusc.v12i1.2475
Klingebiel, R. & Rammer, C. (2013). Resource allocation strategy for innovation portfolio management. Strategic Management Journal, 35(2), 246-268. https://dx.doi.org/10.1002/smj.2107
Koenig, M., Schlaegel, C., & Gunkel, M. (2013). Entrepreneurial Traits and Strategy in the Performance of Owner-manager Led Firms: A Meta-analysis. Academy Of Management Proceedings, 2013(1), 15671-15671. https://dx.doi.org/10.5465/ambpp.2013.110
Kolb, C. & Wagner, M. (2014). Crowding in or crowding out: the link between academic entrepreneurship and entrepreneurial traits. The Journal Of Technology Transfer, 40(3), 387-408. https://dx.doi.org/10.1007/s10961-014-9346-y
Oxtorp, L. (2014). Dynamic managerial capability of technology-based international new ventures—a basis for their long-term competitive advantage. Journal Of International Entrepreneurship, 12(4), 389-420. https://dx.doi.org/10.1007/s10843-014-0133-5
Poulis, E., Poulis, K., & Dooley, L. (2013). ‘Information communication technology’ innovation in a non-high technology sector: achieving competitive advantage in the shipping industry. The Service Industries Journal, 33(6), 594-608. https://dx.doi.org/10.1080/02642069.2011.623776
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