So many people want to become their own boss. So they take the steps needed to become an Entrepreneur. Being an entrepreneur isn't just hard, it's really hard. Your days and nights, or more so your entire life, are dedicated to developing a business that you know in advance is highly likely to fail if it is not done properly. One of the biggest failures in a business adventure is planning. The reality is 80 percent of new businesses crash and burn within the first 18 months, according to Bloomberg. I believe that, more often than not, failures come as the result of people not being set up or prepared to leave behind stability for chaos. In this assignment, you will identify ways to properly plan and develop a strong strategy for a business to flourish.

So many people want to become their own boss. So they take the steps needed to become an Entrepreneur. Being an entrepreneur isn't just hard, it's really hard. Your days and nights, or more so your entire life, are dedicated to developing a business that you know in advance is highly likely to fail if it is not done properly. One of the biggest failures in a business adventure is planning. The reality is 80 percent of new businesses crash and burn within the first 18 months, according to Bloomberg. I believe that, more often than not, failures come as the result of people not being set up or prepared to leave behind stability for chaos. In this assignment, you will identify ways to properly plan and develop a strong strategy for a business to flourish.

Management, Loose-Leaf Version

13th Edition

ISBN:9781305969308

Author:Richard L. Daft

Publisher:Richard L. Daft

Chapter6: Managing Start-Ups And New Ventures

Section: Chapter Questions

Problem 7DQ

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Similar questions

Writing a business plan is your map to how you are going to operate. Regardless of whether you are interested in taking over an existing business or starting a new one; they both have challenges that you will need to overcome in order to succeed. Discuss one of the challenges in starting a new business and how you may be able to address that challenge with a well-designed business plan. Your challenge can be unique to either a start-up or on-going business or both.
Your goal is to become the CEO of a multi-million-dollar food manufacturing corporation. You’ve had successes in the past running fast food franchises. What are your top business strategies to achieve your goal and how will you plan to execute them?
You have opened a clothing showroom in your neighborhood, and a few years later, your business is prospering, so you decide to expand by opening another showroom in another neighborhood. What challenges would you face if you were to run your business from two different locations at the same time? Discuss every possible issue which comes on the way.
Putting your business plan in writing helps you communicate your ideas to others. Do you think discussing your business plan out loud in a meeting can also help get your ideas across? Why or why not?
If successful companies like Pizza Hut have been started without a business plan, why does the author claim they are so important?
If your personal credit is shaky at the moment and youdon’t have a lot of cash to invest in a new business, whatsteps could you take to get a new company going?
Could writing a conventional business plan ever causemore harm than good? Explain your answer?
Choose a challenge in starting a new business and how you may be able to address that challenge with a well-designed business plan. Challenge can be unique to either a start-up or on-going business or both.
What does continuous improvement and sanctification of one's life look like within a business venture? How do you serve your customers and remain a good steward of the resources God has entrusted you with? How do you utilize God’s wisdom in the overall management of the resources in your organization?
What do you think the most important part of the business plan is, and why? Also, do you think a business plan is important?
4. What are the characteristics of the marketplace? characteristics of the marketplace you are about to enter, and not just about entrepreneurial brilliance. If you decide to enter into a declining market that is full of strong competition, you will multiply your chances of failure. On the other hand, enter into a market that is merging, growing, and has few competitors and you will stand a higher chance of being successful. Features of the marketplace you are about to enter? Is the market growing, or receding in size? If it's growing, among which age and income groups. Do you have to know if the marketplace is shifting from offline to online delivery? If so is the traditional marketplace moving towards the website, mobile, and/or tablets.
For large corporations, who is more responsible for the success of the company- the CEO and/or President, or the Board of Directors?