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Starting a business, one may ask some questions to evaluate his or her ability to run a business successfully. An owner needs to question the finances, the challenges, the strengths, and weaknesses. First, the owners need to know finance: how much capital to startup business, what loans are available based on the business plan and financial statements, and how to keep up with profits and losses to determine the future of the business. Besides determining capital, the owners need to know what challenges they will face. Writing a well-executed business plan is the first challenge and important because it is a guideline to start business and to show lending institution or to attract investors for the business. Also, owners need to think who ideal customers are and who they can target to make a successful marketing strategy. Moreover, they have to think about their competitions because no business operates without competition whether it is direct or indirect. The competition has a significant impact on customer’s buying decisions. In order to compete with their competitors, they have to know their strengths and weaknesses: Are their products unique? Is the product better than the competitors’? Is the price

The Case Study concerning MacFarlane solutions is an interesting one to note down regarding strategic planning in an organization. From the information given, it appears that the small business expanded merely due to the insight of Bill MacFarlane and the planning that he gave forward. (McDonald 2011 pg. 736) Bill started off after working in a firm and having an experience of more than forty years. He specialized in what he knew and then gave forward what he was good out. There was risk in his ventures as the expert started out, however he trusted his instincts and went out with the planning.

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).

‘Herewith appear to be the most pressing matters; one, infective and inexperienced entrepreneurial leadership. Two, the dialectic nature between front of house and back of house, and three, a lack of general training motivation and direction in original concept.’

After the boom of the third industry and the foundation of WTO, companies are now facing more severe competitions than ever before, not only domestically but also internationally. Therefore, figuring out how can we survive the competition and stand out from the others have been put ahead of the schedule of plenty of enterprises. While many others are scrambling for marketing their invariable products—paying more attention to propaganda, packaging price strategies etc. some other have found it more crucial to be innovative. But that is not enough, to achieve greater success, one must combine proper management and adequate entrepreneurial part, and this technique has later evolved into the term “entrepreneurial management”. In this essay, I will mainly talk about how companies using the “entrepreneurial management” make themselves distinguished from the others and what value they create through this strategy by studying the case: The Body Shop International Plc. First of all, I will give a brief introduction to the background of The Body Shop International Plc. Then the essay will go further into the definition of the Entrepreneurial Management Model, which is introduced to people by Dr. David Rae (2007), and how The Body Shop explains the concept of the model by illustrating the management strategies the company uses and the entrepreneurial skills it adopts respectively.

The idea of fear can be frightening! but the idea of prospering is another. Welcome Mrs Mackay and students today is the discussion of risks and rewards. I will discover wether a risks can be beneficial, or dangerous to us and if it is worth it. Well with the help of Wonder and The Happiest Refuge we can see from the examples provided if it is worth the pain. Mark Zuckerberg said “The only strategy that is guaranteed to fail is not taking risks” this statement from the millionaire of the company Facebook invites us into a discussion taking us into the true meaning of taking a risk and what us as humans can gain. I agree with this statement because as humans if you do not take a risk you’re not gaining anything for yourself while missing out on

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

Every business needs a plan, in that plan businesses need direction. Business that want to be successful will have both a great plan going in a great direction, with investors, board members and employees that believe in the same outcome, together they will be willing to implement the plan in order to have success. Quaterra Alaska a junior exploration company has a plan to the leader in the mineral exploration world, while starting a new advancer into mining. Their plan is to take old mine sights and turn them in to a profit while helping clean up old mine sights that still hold good minerals. This idea has made a small town in the

If the company wants to solve its problems and become attractive for the potential investor, it should solve all its problems. The most important, company has to develop a business plan. In this plan, all the problems will be solved through stating company’s vision, mission, objectives, marketing, production and financial plan.

The decision to begin, enter, or continue with a business venture has a specific amount of risk associated with the undertaking and once begun specific goals and objectives need outlining and measurement devises put in place to confirm the future success of the entity. In a simple form, a strategic plan determines where an organization is going during the year to two years, how it will get there, and if it can reach the objective desired. There is a variety of approaches in a strategic plan but what need the most consideration is the leadership in an organization, organizational culture, and the organizational environment. One manner of ensuring the continuity and attainment of a

From its roots as a vision in 1978 of a home improvement superstore The Home Depot has become a giant in this sector. Influenced by the “do-it-yourself” customer or the corporate contractors each policy and business plan is developed with a consumer stake holder emphasis. As its founders stated “We’re in the people business” (Planning), and this is maintained in its business structure today. Set up as a direct to consumer warehouse of home improvement and building products

Planning is the basic function of management which involves in defining goals, setting up strategy, and developing plans to best achieve of the goals. Typically, planning also involves flexibility in the organization and knowledge of the company’s recourses. Thus it is important to have planning skills to establish the right strategic objectives before making tactical decision (Burrows, 2016). Understanding planning is a key in running business, Catriona Noble has been a crucial driving force in changing McDonald’s menu. She endeavours to find out the different opinion of customers about the food in order to modify menu items that suit consumer tastes. She also really concerns about criticisms towards McDonald’s fattier items and aims to use a lower-fat and healthier way to cook. As a business leader, she effectively uses planning skills to develop and monitor individual aspects of projects, and determine

Barringer, B. R. (2009). Preparing Effective Business Plans: An Entrepreneurial Approach. Harlow: Pearson Education Limited.

Drucker proposed that the questions are to be used as a guide to the self-assessment process in strategic planning. Leadership is recognized as the most important component in execution of organizational strategy. This paper will use these questions to assess how CAMBA’s Park Slope Women’s MICA (Mentally Ill and Chemically Addicted) Shelter implements its organizational strategy. It will examine what they are doing and what they must do to improve their performance (Drucker, 2008). The paper will explore strategic leadership and management of CAMBA’s Park Slope Women MICA shelter, which is based in Brooklyn, New York City, using Drucker’s assessment criteria. It will also examine the support of management theory and its impact on the leadership

This school sees strategy formation as a visionary process and is fell under the descriptive school of strategic management. The chief architect of the strategy is the CEO of a company. This school took formal leadership seriously and CEO is responsible for strategy formulation. It stressed on mental state and processes such as instinctive knowledge, belief, wisdom, experience and insight of a single leader. The leader should be visionary in formulating strategy. The entrepreneurial school promotes strategy as a process which has a clear image and sense of direction which can be termed as a vision. Entrepreneurial strategy often occurs in startup companies and organizations in trouble and needing a