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BUS402 Discussion: Entrepreneurship and Business Management: Strategies, Challenges, and Best Practices

A discussion-based assignment on entrepreneurship, business strategies, and challenges.

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    BUS402 Discussion Name: Instructor: University affiliation: Date:

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    1. Inc. magazine claims, “Entrepreneurship is more mundane than it is sometimes portrayed . . . you don't need to be a person of mythical proportions to be very, very successful in building a company.” Discuss whether you agree or disagree with this statement and why. I agree with this statement and using an example of a business venture like car dealing, here are some of the logical strategies upon which I would like base my reasoning on why I agree with statement. Entrepreneurs are rather more leaders than managers and this is their main source of success in their entrepreneurial activities. Entrepreneu rs love to take responsibility for their ventures; they want to e responsible for its success and therefore take total control of the venture . s to achieved self - determined objectives. Entrepreneu rs are a confident bunch of people who rely on themselves to create ideas and manage their business ventures. They confidently take responsibility of ensuring that the business succeeds. Perseverance is another quality of a successful entrepreneur. It is not always business as usual and sometimes the business endures hard times. During such a time, an entrepreneur is required to demonstra te great deal of perseverance. Being committed to achieving his own goals, this drives an entrepreneur towards success. Commitment help in overcoming hurdles like tough financial times. 2. Analyze the characteristics of a successful entrepreneur and determine if you have what it takes to start your own business. Provide specific examples to support your response. Successful entrepreneurs all over have some similarities among themselves; they are in love with what they do or plan , and manage their monies excellently as cash flow is the core

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    ingredient for a successful business enterprise. Business is considered to be taking place when purchase inventory , services, advertise the business itself , as well as paying your employees and yourself alike . B usiness owners who are willing to succeed in their ventures must practice wise money manage ment and ensur ing proper cash flow . There are two aspects to wise money management. Being a part time motorcycle sales agent, a job that I do to take care of my bills, I plan to own and run an automobil e bazaar in the near future . I have the necessary dedication to succeed in a business venture and I am a wise risk taker . I also have a lot of personal commitment to my work and I would spend up to 18 hours a day because I have the desire to achieve my goals. To me, being my own boss is a dream as I don’t imagine working for someone for my entire career and this dream is only achievable if I run my own business and work for myself. That may also interfere with my family obligations and any free time that I usually have on the weekend. The positive thing of being an entrepreneur is that you are your own boss. I also expect t he negative side s involving financial risks, changes in the market and the amount of time that focusing on the venture takes. Strategic Planning The first step is determining w here are we and wh at do we have to work with ? This is done by examining the history of the organization to help in assess ing the current position . Answering the question of what we have to work with involves consideration of strengths and weaknesses and determination of how to capitalize on strengths.

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