Bygrave By Zacharakis Summary

The behavior of an entrepreneur is essentially rooted in its choices or self-determination that leads to realistic actions like developing a business plan, registering a business, lodging a patent application, acquiring resources (Mueller, et. al, 2012). A good entrepreneur should be proactive on its business venture. In today’s competitive marketplace, a business owner or an entrepreneur’s proactive behavior will help in the running of the business and planning for the future. A business plan is a very significant tool in start-ups. A business plan is like a road map. It provides a business owner with direction and guides a start-up entrepreneur in developing a business (Moskwa, 2014). A business plan should define what you’re going to provide the potential market. It should state the value of the business, its competitive advantage, the target market, and will the market of your choice be interested on what you offer instead of going to the competition (Moskwa, 2014).

A Business plan will also influence the CEO to clearly outline the intended niche and target market through research; possessing a transparent understanding of the demographics, behaviors, geographic’s, and psychographics (lifestyle) argued Parmele (2013) from business plans.com. Additionally, completing a business plan will allow the company to be more realistic differentiating their products, marketing approach, and determining financial factors involved.

Studying business should help the individual to gain knowledge of how business in our nation and the entire world is conducted, developing in the areas of what business really mean and understanding the framework of business. Enhancing the knowledge base of business is essential in the pursuit of entrepreneurship endeavors. To be successful in business we must obtain clarity and understanding of the foundation of business and utilizing the framework business model, (Ferrell, Hirt & Ferrell, (2009 pg. 09). These tools are guaranteed to equip and arm the individual who is in pursuit of their business endeavors.

This article talks about how it can be difficult to be an entrepreneur but it’s worth it. An entrepreneur is when one lives off their own business. Eades talks about how by starting your own business you can make a positive impact no matter the risk that exists of failing. The author mentions a few people that are well known that became very successful; for example, Steve Jobs and Bill Gates. Following their footsteps is very extreme; it can be a goal but it is something

A business plan is a road map for a team or business and it can be used, as an eternal tool for potential customers and partners. The business plan should describe in details the entire business venture, technology behind it, the size of the target market, customers, competition, business model, team, financial needs and exit strategy. The business plan gives a company insight and allows them to think things through early enough in the process to ensure they have a well defined venture goals and objectives. It also gives the business direction to a clear path for the team to follow and implement on their venture.

The purpose of writing this report is to show how much I have learned and experience from enrolling in BBA 220. It is also include the impression and my personal reflection about the unit itself, and also the reflection about group project. Before I start this unit, I do not understand much about entrepreneur and entrepreneurship at all. I just know that people who do business are businessmen. However, after joining this unit, my understanding toward entrepreneur become different. Entrepreneur is someone who is willing to take risk by inventing a new business that does not exist in the market or start up their own business to make profit or take benefit of an opportunity. On the other hand, according to Joseph Alois Schumpeter (1883-1950),

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

Entrepreneurship is the process of starting a business or other organization in which the ‘Entrepreneur’ develops a business plan and is fully responsible for its success or failure.

According (Crawford-Lucas, 1992), as an entrepreneur for success in business, they must be able product or services clearly and succinctly to interest costumer need and satisfy costumer need.

First I would like to talk about the meaning of a business plan, and the importance of it. Turban defined a business plan as “a written document that identifies a company’s goals and outlines how the company intends to achieve the goals and at what cost.” I business plan is obviously a formal statement of the business goals, explanations of why they are adaptable, and plans for accomplishing them. It may also contain background information about the organization or team attempting to reach those goals. A business plan is important for an any type of business and any size, it provides the steps the business would take, gives a future look on is will happen, encourage financers, and team members, and eventually it helps in managing the company.

First I would like to talk about the meaning of a business plan, and the importance of it. Turban defined a business plan as “a written document that identifies a company’s goals and outlines how the company intends to achieve the goals and at what cost.” (Turban & King, 2011) I business plan is obviously a formal statement of the business goals, explanations of why they are adaptable, and plans for accomplishing them. It may also contain background information about the organization or team attempting to reach those goals. A business plan is important for an any type of business and any size, it provides the steps the business would take, gives a future look on is will happen, encourage financers, and team members, and eventually it helps in managing the company.

Developing a business plan is crucial to the long term success of a business. A business plan can provide direction and guidance to the organization as it grows over the years. Business plans can be written to focus on the specific requirement of the project at hand or as an outline for the business for the next few years (Moskwa, 2014). Effective business plan allows the entrepreneur or the business to think about what is necessary to run the business, such as equipment, licensure requirement, sales, finance and infrastructure. A plan allows seeing the whole picture while assessing the associated risks so that strategies can be deployed to minimize risks (Deveau, n.d). The various steps of the business plan can be useful to be objective, critical and non-sentimental about the business or project. It can act as an operating tool as the business is build and reaches its full potential (Michigan.gov, 2015).

Managers need to plan for the future conditions, develop strategic objectives and assured the staffs can achieve the future goals (Fayol, 1949). Fayol also thinks that interpersonal skills are required in order to manage with the organisation’s internal stakeholders. Mintzberg have the same idea with Fayol’s function, within the interpersonal role the term of entrepreneur in Mintzberg’s theory can be explained as planning. Entrepreneur needs to initiate changes and adapt to the environment, which means managers need to plan in order to evaluate future possibilities affecting the organisation. (Mintzberg, 1973). As a result, they all think planning helps organisation predict the problem, choose the best option to avoid challenging problem and respond quickly. More importantly, they think without planning, it is difficult for the organisation to succeed.

Planning is the systematic development of action programs aimed at reaching to business objectives by the process of observing, calculating, and choosing for perfection in business.As per the above standard definition of planning, Andy has to do comprehensive planning for better future of their business because it has some unique purpose in the organisation or business.The vital role of planning is to decrease the loss of business due to some variable environment surrounding the business so that we can troubleshoot in future and a graph of success will always go in an upward direction, and that leads to fulfilling the fundamental goals of business.

MULTIPLE CHOICE 1. Planning is a. a complex and comprehensive process involving interrelated stages. b. organizing, implementing, and controlling. c. finding the best person for a job. d. communicating effectively with stakeholders. 2. Strategic plans are designed to a. implement operational plans. b. establish day-by-day procedures. c. shape the destiny of the firm. d. carrying out the functions of management. 3. The purpose of tactical planning is to a. establish a general purpose for the organization. b. translate strategic plans into specific goals and plans for organizational units. c. tell entry level workers what to do on a daily basis. d. compensate for past mistakes. 4. Branch manager Hector