Enterprise and Entrepreneurial Management Essay - 3

Enterprise and Entrepreneurial Management - Essay Example The process involves generation of multiple ideas in the minds of the respective entrepreneur. The person may screen and reach at a various different ideas with each one having its unique pros and cons. Such ideas are generally in a raw format without much technical analysis being done on them. Idea generation is extremely significant because idea is the stone that is polished at the various stages of a business plan. An idea arises mostly from the personal interests and perception of the entrepreneur. It is something that is related to the behavioural nature and professional mindset of the entrepreneur. For instance a medical professional might develop an idea for surgical equipment retailing, a good cook might think of opening a restaurant and the like. It is always better to work out on those areas which relates to the interest of entrepreneur. It is as good as a business firm diversifying into a related product line. If the entrepreneur is familiar with the idea, it would be conv enient for him/her to manage it. Therefore, the first question an aspiring entrepreneur should ask is what interests them the most and is there an opportunity lying in the market for the same. This thought can give rise to more specific ideas. Strategic Objectives: Strategic objectives or just business objectives refer to the actual purposes of the business for which the business actually exists. It is considered as the focal point of all the major activities of the business. The strategic objectives of a business are usually encompassed in the terms Vision and Mission. Vision is the future outlook of the business and Mission is the actual purpose as well as course of action to be taken to... The researcher states that in the case of a successful enterprise, a detailed and comprehensive Business Plan is the primary step which ensures the overall course of action of the business. In most cases, a business plan is created to explain and illustrate the vision you have for your business, and to persuade others to help you achieve that vision. Topfer states that starting a business without enough planning is like setting a journey without deciding on the destination. In most cases, small businesses simply ignore the process of business planning. There are various different reasons which actually become hurdle in the formulation of the Business Plan including time constraints, resource constraints and more importantly expertise constraints. But irrespective of the size of the business, it is always beneficial to have a clearly charted out plan. Business plans are required not only for planning the future of the business but also for the availing financing options. All financial institutions assist with the capital requirement of the company only after a careful study of the prospects of the business. Such an analysis is possible only with the help of a detailed and comprehensive business plan. This paper highlights the entrepreneurial characteristics. There are several literatures that discuss the qualities and skills required for becoming a successful entrepreneur. Most of such literatures discuss almost the same characteristics.