Monday, September 23, 2019

Enterprise and Entrepreneurial Management Essay - 6

Enterprise and Entrepreneurial Management - Essay Example It is important to consider financial, legal, marketing and other related business considerations in order to keep an enterprise organised in every aspect of it to survive the competition. Competition is everywhere and there are various ways made by business organisations that try to make them a cut above any other. It is in this reason that there is a need to completely set everything prepared and ready before an enterprise can keep going. Hence, a business plan. Idea Generation As the familiar adage puts it, ‘Knowledge is power’. Everything that comes to be created must start with an idea and all generated ideas can be combined together to form a substantial knowledge on certain things, issues or activities. In business activities, there is a need to consolidate all the necessaries and this would include basic data, the business details, financial data, financial reports, supporting documents and more (Cross and Richey, 1998). Therefore, understanding the basic compone nts of each of these will lead to the generation of better ideas. Placing it in the context of business plan making, all of these mentioned basic components can be substantially included in the outline. ... ctives From the idea of Porter (1980) on competitive strategy in reaching competitive advantage, everything about this whole process starts with an objective. The objective itself encompasses everything about formulating strategies. Strategic objectives are very important in business plan since these would determine the right actions to take in order for the business to keep going, competitively above any other. The objective simply starts with knowing what the business owner desires most which might be in line with profit, stature, satisfaction, security and many more (Cross and Richey, 1998). In knowing these desires, the right objectives are obtained and it is through knowing them one may be able to strategically formulate objectives that will ensure competitive advantage. It is impossible therefore to formulate strategic objectives if the business owners do not have complete idea on what they really want to achieve. It is therefore clear that the strategic objectives in any busin ess plan must be able to integrate all the desires and wants of the business owners in order to carefully select the right target to be set for the venture. Market Analysis and Research Here is another important consideration in any business plan. Market analysis and research are widely discussed aspects in every business. This is the reason why there is a growing body of knowledge in marketing particularly on its detailed aspects such as market analysis and research. A business plan therefore must be able to have market analysis and research considering that the whole business process includes marketing activities and part of these is to understand the interaction between the enterprise and the market in general (Kotler et al., 1999; Boone and Kurtz, 2006). The market is a broad area since

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