What Is Business Entrepreneurship Major – Generalize to diversify your product line. Stick to your weave. Hire professional managers. See fixed costs. These are some suggestions for entrepreneurs to address when trying to get their business off the ground. Why all the conflicting advice? Because in a young company, all decisions are up for grabs. Based on observations of hundreds of start-ups over eight years, Amar Bhide proposes a series of three-step questions all entrepreneurs should ask themselves to prioritize the broad opportunities and questions they face: My goal? Am I on the right strategy? Can I enforce the strategy? Before entrepreneurs can set goals for their business, they must define their own personal goals. For example, they might want to implement a certain way of life, experiment with technology, or build an organization that outlasts them. Only when entrepreneurs have decided what they want out of their business can they determine what kind of company they want to build, whether they are willing to take risks and whether they have a clear strategy. However, great strategy does not guarantee great execution. Businesses can fail if founders don’t hire the best talent, attract capital, invest in organizational infrastructure, and create a culture that aligns with business strategy. Founders must also consider the evolution of their individual roles. Entrepreneurs cannot build self-sustaining companies by “letting go”. When they look to the future, entrepreneurs must see the company as if it is about to be conquered. They have to keep acquiring new skills—keep asking themselves where they want to go and how to get there.
Of the hundreds of thousands of businesses launched each year, many never get off the ground. Others got into trouble after launching spectacular rockets.
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Why are the odds so low? Entrepreneurs – with a bias toward action – tend to overlook the elements necessary for business success. These include a clear strategy, the right workforce skills, and organizational controls to improve performance without stifling employee motivation.
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Furthermore, no two initiatives follow the same path. As such, entrepreneurs cannot rely on formulas to navigate the myriad of options that arise as their business grows. The right decision for one business can be disastrous for another.
Entrepreneurs ask tough questions about where they want to go and whether the trajectory they’re on will get them there.
Of the hundreds of thousands of business ventures launched each year by entrepreneurs, many never get off the ground. Others got into trouble after launching spectacular rockets.
A six-year-old condiment company attracts loyal customers but makes less than $500,000 in sales. The company’s gross margins cannot cover its overhead, nor can it provide sufficient income for the founders and family members involved in the business. Additional growth would require significant capital, but investors and potential buyers were not interested in small, profitable businesses, and the family had run out of resources.
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Another profitable and rapidly growing young company imports fresh produce from the Far East and sells it to large US chains. Founders with multi-million dollar thesis have been nominated for Entrepreneur of the Year award. But the company’s phenomenal growth forced him to reinvest most of his profits to fund the company’s growing inventories and accounts receivable. In addition, the company’s profitability has attracted competitors and driven customers to transact directly with Asian suppliers. If the founders don’t act soon, the company will evaporate.
Like most entrepreneurs, spice manufacturers and innovative importers receive a lot of confusing advice: diversify your product line. Stick to your weave. Raise funds by selling equity. Don’t lose control because things are bad. represent. Act decisively. Hire professional managers. Be mindful of your fixed expenses.
Why all the conflicting advice? Because the range of choices and problems faced by founders of young businesses is enormous. A manager of an established company might ask, what business are we in? Or how do we leverage our core competencies? Entrepreneurs must constantly ask themselves what the business is
Similarly, the organizational weaknesses and flaws that entrepreneurs face every day can make managers of established companies nervous. Many young businesses lack a coherent strategy, competitiveness, competent employees, adequate controls and clear reporting lines.
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An entrepreneur can only handle one or two opportunities and problems at a time. So, just as a parent is more concerned with a toddler’s motor skills than his or her social skills, entrepreneurs must distinguish serious issues from normal growing pains.
Entrepreneurs can’t count on the kind of guidance and comfort that a definitive parenting book can provide. Humans go through physical and psychological stages in a more or less predetermined order, but companies do not share developmental paths. Microsoft, Lotus, WordPerfect, and Intuit compete in the same industry, but haven’t evolved in the same way. Each of these companies has its own story to tell about the development of strategy and organizational structure and the evolution of the founder’s role in the business.
A choice that is right for one type of entrepreneurial venture may not be right for another at all. Entrepreneurs have to make surprising decisions, and they have to make decisions that work for them. The framework and associated rules I propose here can help entrepreneurs analyze their situation, prioritize the opportunities and problems they face, and make rational decisions about the future. This framework, based on my observations of hundreds of startups over eight years, does not give an answer. Instead, it helps entrepreneurs ask useful questions, identify important problems, and evaluate solutions. This framework applies whether you are a small print shop trying to stay in the corporate business or a catalog retailer looking for multi-million dollar sales. It applies to any stage of business development. Entrepreneurs should use the framework often to assess their company’s position and trajectory—not just when things go wrong.
The framework consists of three-step questions. The first step specifies the entrepreneurs’ current goals, the second step evaluates their strategy for achieving those goals, and the third step helps evaluate their ability to implement the strategy. Hierarchical organization of problems requires entrepreneurs to address fundamental, big-picture issues before considering the finesse and details. This approach doesn’t assume that all companies — or all entrepreneurs — develop in the same way, so it doesn’t suggest a one-size-fits-all approach to success.
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An entrepreneur’s personal and business goals are inextricably linked. While managers of public companies have a fiduciary duty to add value to shareholders, entrepreneurs build their businesses to achieve personal goals and, when necessary, seek investors with similar goals.
Before setting goals for the business, entrepreneurs must define their own personal goals. They should periodically ask themselves whether these goals have changed. Many entrepreneurs say they started their businesses to gain independence and control of their own destiny, but these goals are often vague. Most entrepreneurs can identify more specific goals if they stop and think about it. For example, they might want access to artistic talent, opportunities to experiment with new technologies, a flexible lifestyle, the hustle and bustle of rapid growth, or the immortality of building an organization that embodies their deepest values. Financially, some entrepreneurs are looking for a quick profit, some are looking to generate satisfactory cash flow, and others are looking to make capital gains by building and selling companies. Some entrepreneurs who want to build a sustainable business don’t make personal financial income a priority. They may reject acquisition offers regardless of price, or sell shares to employees at a lower price to ensure loyalty to the company.
It only makes sense for entrepreneurs to ask the following three questions if they can say what they personally want out of the business:
Long-term sustainability has nothing to do with entrepreneurs looking to make quick profits from in-and-out deals. Likewise, so-called lifestyle entrepreneurs are only interested in generating enough cash flow to sustain a certain lifestyle, they don’t need to build businesses that can survive without them. But sustainability — or the perception of it — is especially important for entrepreneurs looking to eventually sell their businesses. Sustainability is even more important for entrepreneurs who want to build an organization that can renew itself by changing technology, employees, and customers.
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An entrepreneur’s personal goals should also determine the target size of the business they start. A lifestyle entrepreneur’s business doesn’t have to grow too large. In fact, an oversized business can prevent founders from enjoying all aspects of life or being personally involved in their work. In contrast, entrepreneurs seeking capital gains must build companies large enough to support infrastructure that does not require their day-to-day involvement.
Building a sustainable business—that is, where the founders’ skills, connections, and efforts are not the only major productive assets—often requires high-risk, long-term investments. പരിശീലനത്തിൽ പരിശീലനത്തിൽ കൺസൾട്ടിംഗ് നിന്ന് വ്യത്യസ്തമായി വ്യത്യസ്തമായി വ്യത്യസ്തമായി തുടക്കം മുതൽ പണം ഉണ്ടാക്കുന്നു ഉണ്ടാക്കുന്നു ബ്രാൻഡഡ് ഉപഭോക്തൃ ഉൽപ്പന്നങ്ങൾ ഉൽപ്പാദിപ്പിക്കുന്ന കമ്പനികൾ പോലെയുള്ള ദീർഘകാല ദീർഘകാല ദീർഘകാല സംരംഭങ്ങൾക്ക് ദീർഘകാല ദീർഘകാല ദീർഘകാല ദീർഘകാല ദീർഘകാല ദീർഘകാല നേട്ടങ്ങൾ തുടർച്ചയായ നിക്ഷേപം ആവശ്യമാണ്.