Objectives Ponder the common issues strategic issues in business. Instructions Read BE 2.0 chapter 7, pages 192-216. What are common strategic issues that small businesses face and how do they make their strategic decisions?
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Objectives
Ponder the common issues strategic issues in business.
Instructions
- Read BE 2.0 chapter 7, pages 192-216.
- What are common strategic issues that small businesses face and how do they make their strategic decisions?
Step by step
Solved in 3 steps
- 1- Entrepreneurs must set goals that are Specific, Masked, Actionable, Reasonable, Tacy Specific, Masked, Actionable, Reasonable, Time bound Special, Metered, Actionable, Reasonable, Timely Specific, Measurable, Actionable, Relevant, Time-bound 2- According to Mark Cuban, the #1 reason why entrepreneurs fail is Lack of money, lack of energy Lack of brain, lack of hard work Lack of family and professional connections Lack of good idea 3- Starting a new business guarantees freedom True False 4- Who is an intrapreneur? People who are responsible for internal activity in an entrepreneurial venture people who independantly set up big organizations people who take up entrepreneurial activity as part of a bigger organization 5- Successful entrepreneurs have following qualities They are highly emotional None of the above They care too much for self-respect They are very creativeKhaveena plans to open a start-up company to manufacture skin care products in Rawang Industrial area. She has 20 years working experiences in the skin care industry. In her business plan, she plans to sell a variety of skin care products and will be marketed to several ASEAN countries. She seeks your opinions on additional business strategies that should be included in her business plan. What are the indicators of a good business plan? How do you know that the business venture has the qualities of promising business opportunity? Explain FOUR (4) feasibility analyses that Khaveena must conduct to know the viability of the business. Do you think it is worth for Khaveena to market her company’s products through ASEAN country? Justify your answer.Now that you have identified a problem, provided a business idea to solve the problem and alsoreflected on your own entrepreneurial characteristics and possible business risks, you are nowgoing to interrogate whether your idea is indeed a business idea or a business opportunity, youwill also analyse the environment to assess whether environmental conditions are favourable foryou to enter into the business world.As with other tasks, you will need to conduct research beyond the textbook in order to completethis task.1. Justify whether your proposed solution/idea meets the characteristics of a successfulproduct or service idea.NB: Refer to characteristics of a successful product or service idea.
- BUSINESS FINANCE 1. As a student, what practical benefits can you gain from learning business finance? 2. Can you give me person that you know who is very good in budgeting or in financial matters and kindly share to us his/her good practices. 3. What is the major role of the board of directors in an corporation? 4. What’s the differences between the VP MARKETING AND VP ADMINISTRATION? 5. What is the differences between wealth maximization and profit maximization? 6. Name one CEO and share his/her advocacies that you would like to evaluate and live by. 7. What was your personal experience regarding budgeting your own money? How did you overcome any difficulty? 8. What do you understand with the terms savings and investment?PLEASE CITE YOUR REFERENCES IN APA FORMAT EVERY AFTER THE NUMBER. THANK YOU! What is strategic management for-profit? Please give examples What is strategic management for non-profit? Please give examples What is strategic management for small businesses? Please give examples Do you believe we can practice Porter's five generic strategies to these MSMEs (micro, small, and medium enterprises)? What are the benefits and drawbacks? Do you believe we can practice strategic management strategies to the majority of MSME (micro, small, and medium enterprises)? If so, which of these strategies is appropriate? What are the reasons for this?There are so many avenues through which the concepts of strategic management could be appliedin real life.Required: a. With reference to the business model canvas, illustrate how thenine (9) elements interact in ascertaining how a business can sustainably generaterevenues. b. Using an organization of your choice, practically demonstrate your understanding of theorganization’s business model.
- You and a partner plan to start a business. You want to schedule a time to sit down together and develop a business plan. Your partner says, “What’s the point? We both know what we want to do, so I think we can skip the formal plan.” How would you explain the importance of developing an organizing a business plan to your partner? And how would you convey the significance of a vision, a mission statement, and goal-setting as it relates to your business plan?1._______ A carefully constructed guide for the personstarting a business.2._______ A group of retired and active business peoplewho volunteer their services to small businessesthrough the SBA.3._______ A government agency that assists, counsels, andprotects the interests of small businesses in theUnited States.4._______ Money that is invested in small (and sometimes struggling) firms that have the potential tobecome very successful.5._______ Group of senior and graduate students in business administration who provide managementcounseling to small businesses.6._______ A business that is independently owned andoperated for profit and is not dominant in its field.7._______ A person or organization purchasing a franchise.8._______ A license to operate an individually ownedbusiness as though it were a part of a chain ofoutlets or stores.9._______ The actual granting of a franchise.10. _______ An individual or organization granting a franchise.a. venture capitalb. franchiseec. joint…Mr. John Francois, the owner of John Francois Stores has been operating asuccessful business since 1977. However, he is not fully aware of whatstrategic management and planning entails. As a trust worthy employee, Mr.Francois has asked you to host a weekend retreat with him, his familymembers, and selected members of staff so that you can advise them aboutwhat strategic management and planning entails as well as how important itis for the organization to engage in strategic management and planning.What would you say to the members present at the retreat so that they canhave a very good understanding of what strategic management and planningentails, and why they should engage in the process so as to maintain thecompetitive advantage of John Francois Stores?
- 1. The process of assessing a business and its environment to make the right strategic choices is called: A. Strategic Risk Management B. Strategic Analysis C. Strategic Planning d. Strategic Management 2.The process of defining long-term goals and objectives, and developing strategies is called: a.Strategic Risk Management b.Strategic Analysis c.Strategic Planning d.Strategic Management 3.The process of formulating, implementing, and evaluating strategic decisions is called: a.Strategic Risk Management b.Strategic Analysis c.Strategic Planning d. Strategic Management1. Why is business plan important when planning a business? 2. Why is knowledge about the structures of markets in which the firms operate important? How could this be of help to you in order to understand the differences in prices and services? 3. What is the importance of a business plan?I need type answer. . How do the integration of strategic foresight, stakeholder engagement, and data-driven decision-making enhance the multifaceted skills required for effective business goal setting in a dynamic and globally competitive environment?