Entrepreneurial Process Essay

1. Compile a business vision about the type of product or service you think your company needs to develop. Next, describe the business values and corporate values that you want to create.

10. Visit the website for a large bank or credit card company, and learn about a type of credit card being offered by the company. Describe at least four features of the card and where you got this information. (3-6 sentences. 2.0 points)

After gaining enough knowledge on the types of business structure, business owners can proceed to the process so that their plans of owning a business will turn into reality. After reading several resources, the process will be divided into five stages. The first stage is the planning and research. This involves developing viable business ideas, knowing the target customers and possible competitors, searching for the right location, thinking what will be the business name, and marketing strategy. In this stage, a business plan should be made. Business Link (2016) refers, “business plan as a document that defines why you’re in business, your goals, and how to achieve those goals and it also covers all major aspects of the business, including

1. Compile a business vision about the type of product or service you think your company needs to develop. Next, describe the business values and corporate values that you want to create.

The next step will be to prepare the operation plans. The operation plans should also reflect the scope and goals of the business, and they should consider several elements like competition in the market, infrastructure and many things that can be fundamental in ensuring the business gains a competitive advantage. The last step is to integrate plans. It is important to make sure that the plans have been properly balanced so that they can be able to support one another. The plans should be clearly communicated to the people implementing them. It is also important to review the plans from time to time to make sure that they in line with the trends in the business environment.

The steps that were involves was step one conducting and analysis, step 2 building a relationship, step 6 develop strategies and step 8 develop and implement action plans.

The ten step process begins with one of the most important steps, and that is creating a business plan. I never really thought about this, until seeing it, and realized in business, along with anything, a plan is the most important part. The business plan helps the owner with forming an executive summary, which will act as a snapshot of what the entire business plan will focus on, along with helping lay out the business. Another key area that is elaborated on in

The first step to starting a business is to create a business plan. A business plan is a document that outlines the overall strategies of a new venture and how those strategies will be implemented (Ebert &

Phase 1 - Establish the foundation. These alignment and analysis steps are necessary to obtain executive sponsorship and the commitment of resources from all stakeholders. Without a basis of business impact analysis and risk assessment, the plan cannot succeed and may not even be developed.

4. Action: List and describe 4-5 action steps to turn your plan into reality and implement the plan

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

The most important thing is starting a business is having a business plan. This is the only way any bank will approve you for a business loan. [1] Without this business plan, the bank has no way to analyze the business’s performance thus far. The SBA offers a template for how to lay out a business plan. The following is how a good business template should be formatted (from SBA.gov).

Explain and critically analyze unique traits of an Entrepreneur, discuss these related to personal strengths and weaknesses

Starting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set-up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, “Planning is critical to successfully starting and building a business.” The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well-constructed, written business plan will help owners remain focused on their operations, marketing and financial measures through the duration of the business life. In addition, knowing the risks involved in starting a business can help prevent and minimize mistakes that cause many

Furthermore, the basic start of a business begins with a business plan. “A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume”