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Management: Entrepreneurship and Good Business Plan Essay

The identification process tries to begin the analysis of the audience that may use the product. Decisions regarding the acceptance and potential use of the product need to be identified and fully analyzed. If there already exists a market for the product, the competition is identified and compared and contrasted for a niche or business edge. This evaluation of the opportunity is perhaps the most critical element of the entrepreneurial process, as it allows the entrepreneur to assess whether the specific reduce or service has the returns needed compared to the resources required.

This evaluation process Involves looking at the length of the opportunity, Its real and perceived value, its risks and returns, its fit with the personal skills and goals of the entrepreneur, and its uniqueness or differential advantage in its competitive environment. 2. Show entrepreneurial initiative means that 3. Develop a plan means that A good business plan must be developed in order to exploit the defined opportunity. This is a very time-consuming phase of the entrepreneurial process. An entrepreneur usually has not prepared a business plan before and does not have the resources available to do a good Job.

A good business plan Is essential to developing the opportunity

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and determining the resources required, obtaining those resources, and successfully managing the resulting venture. 4. Immobile resources means that this process starts with an appraisal of the entrepreneur’s present resources. Any resources that are critical need to be differentiated from those that are Just helpful. Care must be taken not to underestimate the amount of variety of resources needed. The downside risks associated with Insufficient or Inappropriate resources should also be assessed.

Differences between Mainstream and Millstream: In the first step, page 226, #1 Which of the decision-making methods in Figure 7. 3 would you find most helpful? Why? I think the most helpful decision-making method is the How important is politics in organization? Explain how politics influences management decision making. What is the best way to deal with politics? -? Political systems in an organization are an important influence in day to day management ND influence initiatives at an individual, group and inter-organizational level.

Politics is good for the organization as people who are politically correct come to the office smartly dressed to deal with customers and have a professional approach to work. A political color makes people friendly, helpful, cheerful and confident & influences people to get work done for them little realizing who they do it for as the end result is mutually beneficial to both parties involved. Every individual who is a part of this organization is expected to be a responsible contributor to this overall objective of the organization.

However, the politically charged human structures that they are, organizations tend to transform into ego satisfying and career progression avenues that employees use as a mode of forwarding their self worth. Page 253, #1 Identify the four steps in the process of setting goals and plans. What are key differences in the content of the steps from a Mainstream perspective versus a Millstream perspective? 1 . Set mission/vision 2. Set strategic goals/plans 3. Set operational goals/plans 4. Implement and monitor goals/plans

The key difference in the first step is that the mainstream is that the managers establish the purpose and aspirations of the organization while in millstream, the Managers with other stakeholders recognize their shared purpose and aspirations for the organization. In the second step, the manager seeks to achieve competitive advantage in mainstream perspective and in the millstream is that the managers with other stakeholders seek to achieve mutual advantages. In the third step, the mainstream perspective tells us that managers set SMART goals: Specific, Measurable, Achievable, Results based, and Time-specific.

And in the multiples perspective, the managers must set SMARTS goals: Significant, Meaningful, Agreed- upon, Relevant, and Timely. And in the last process, the manager in the mainstream perspective ensure that goals and plans are achieved and implemented while in the millstream, the manager with other stakeholder must continually learn from and improve upon goals and plans during implementation page 253, What are the most important components to include in a mission statement? Which of the mission statements in the text includes the most of these components? Which include the fewest components?

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