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

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BUS402 DiscussionName:Instructor:University affiliation:Date:

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1. Inc. magazine claims, “Entrepreneurship is more mundane than it is sometimesportrayed . . . you don't need to be a person of mythical proportions to be very, verysuccessful inbuilding a company.” Discuss whether you agree or disagree with thisstatement and why.I agree withthisstatement and using an example of a business venture likecar dealing,here are some of the logical strategies upon which I would like base my reasoning on why Iagree with statement. Entrepreneurs are rather more leaders than managers and this is their mainsource of success in their entrepreneurial activities.Entrepreneurslove to takeresponsibilityfor their ventures; they want to e responsible foritssuccess and therefore take total control of the venture.s to achievedself-determinedobjectives.Entrepreneurs are a confident bunch of people who relyon themselves to create ideasandmanagetheir business ventures. They confidently take responsibility of ensuring that thebusiness succeeds.Perseveranceis another quality ofa successful entrepreneur. It is not alwaysbusiness as usual and sometimes thebusiness endureshard times. During such a time, anentrepreneur is required to demonstrategreat deal of perseverance.Being committed toachieving his own goals, this drives an entrepreneur towards success. Commitment help inovercoming hurdles like tough financial times.2. Analyze thecharacteristics of a successful entrepreneur and determine if you have whatit takes to start your own business. Provide specific examples to support your response.Successful entrepreneursall over have some similarities among themselves; they are inlove with what they do orplan, and manage their monies excellently as cash flow is the core

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ingredient for a successfulbusiness enterprise.Business is considered to be taking place whenpurchaseinventory,services,advertise thebusinessitself,as well as paying your employees andyourself alike.Business ownerswho are willing to succeed in their venturesmustpracticewisemoney managementandensuringproper cash flow. There are two aspects to wise moneymanagement.Beinga part timemotorcycle sales agent, a job that I do to takecare ofmy bills,Iplanto own and run an automobilebazaarin the near future.I have the necessary dedication tosucceed ina businessventure and I am a wise risk taker.I alsohavea lot of personalcommitment to my work and I would spend upto 18 hours a day because I have the desire toachieve my goals. To me, being my own boss is a dream as I don’t imagine working for someonefor my entire careerand this dream is only achievable if I run my own business and work formyself.That may also interfere with my family obligations and any free time that I usually haveon the weekend.The positive thing of being an entrepreneur is that you are your own boss.I alsoexpect the negative sides involving financial risks, changes in the market and the amount of timethat focusing on the venture takes.Strategic PlanningThe first stepis determining where are we andwhat do wehave to work with? This is donebyexaminingthehistoryof theorganization tohelp inassessing the current position. Answeringthe question of what we have to work with involves consideration of strengths and weaknessesand determination of how to capitalize on strengths.

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