When planning, launching and building a venture, there are a set of fundamentals that must be covered in any approach. Describe the five phases of the entrepreneurial process framework.
Every new venture begins with an idea. In our context, we take an idea to be a description of a need or problem of some constituency coupled with a concept of a possible solution. (A characterization of this phase is still work in process on this site.)
This is the step where you ask the question of whether there is an opportunity worth investing in. Investment is principally capital, whether from individuals in the company or from outside investors, and the time and energy of a set of people. But you should also consider other assets such as intellectual property, personal relationships, physical property, etc.
Once you have decided that an opportunity, you need a plan for how to capitalize on that opportunity. A plan begins as a fairly simple set of ideas, and then becomes more complex as the business takes shape. In the planning phase you will need to create two things: strategy and operating plan.
Once there is a sufficiently compelling opportunity and a plan, the entrepreneurial team will go through the process of choosing the right form of corporate entity and actually creating the venture as a legal entity.
After launch, the company works toward creating its product or service, generating revenue and moving toward sustainable performance. The emphasis shifts from planning to execution. At this point, you continue to ask questions but spend more of your time carrying out your plans.
Discuss the importance of ethics in business.
Ethics concern an individual's moral judgments about right and wrong. Decisions taken within an organization may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company. The decision to behave ethically is a moral one; employees must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term profit.
Identify and briefly discuss the four major components of the definition of entrepreneurship.
The creation has to have value to the entrepreneur and value to the audience for which it’s developed. Doesn’t need to be totally new. B.
Time and Effort:
Significant amounts are required.
Tangible and intangible rewards. The most important of these rewards is independence, followed by personal satisfaction; but monetary rewards also come into play. For some entrepreneurs, money becomes the indicator of the degree of success achievements. D.
Tangible and intangible. Because action takes place over time, and the future is unknowable, action is intangible uncertain. This uncertainty is further enhanced by the novelty intrinsic to entrepreneurial actions, such as the creation of new products, new services and new ventures.
Whether you’re just starting out, growing your business or seeking outside help, a well-through-out business plan is the vehicle you need to get you there. Why do you want a business plan?
The business plan - or, as sometimes referred to the game or road map – answers multiple of questions such as:
Where I am now?
Where I am going?
How will I get there?
Potential investors, suppliers, and event customers will request or require a business plan. 5)
Business plan progress can and should be measured throughout the year. Discuss three controls that help track progress.
By controlling inventory, the firm can ensure maximum service to the customers. The faster the firms gets back its investment in raw materials and finished goods, the faster the capital can be reinvested to meet additional customer needs.
Compare the cost figures...
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