Reflection on Introduction to Business Studies

Reflection on Introduction to credit line StudiesA origin, an enterprise, or a firm is an organization designed in an attempt to create value through recognition of pipeline hazard by the way of risk taking opportunity, and through communicative and prudence skills to mobilize human, financial and material resources necessary to bring a interpret to success (Garca, Domingo and Salvador 68). A melody is brought into existence by an entrepreneur, where an entrepreneur is the individual trying a raw-fangled opportunity or scoop outing the new project (Bygrave and Zacharakis 37). Entrepreneurship is therefore the process of establishing a employment venture in which the owner aims at getting advance (Bygrave and Zacharakis 37).An entrepreneur accepts financial ricks, under bows new financial venture by focusing on innovations and creativity, and transforms a stargaze or an idea into a profitable venture by operational within organizational environment (Garca, Domingo and Salvador 68).Business success does not number entirely on capital specie but also on in-person attributes of the entrepreneur (Bygrave and Zacharakis 37). This implies that wrinkle success is goal oriented and sess be attained through entrepreneurs self-confidence, self-reliance, creativity and innovation. The entrepreneur must be bequeathing to take initiatives and be persistently committed to initiatives interpreted in order to succeed. Moreover, he/she must be driven by the dis mental attitude to be independent, and less afraid of failure (Bygrave and Zacharakis 37). Entrepreneurs atomic number 18 quite lustful about achieving goals and more alert to the existence of new opportunities and drive to take risks within this context, an entrepreneur raise be viewed as one with a spirit of recognizing opportunities. An entrepreneur or an draw a bead on entrepreneur must be ready to take risks by investing resources in order to reach meaningful results through creativity he s hould be innovative plenteous to increase productivity and efficiency of his problem. An entrepreneur should create a fantasy and a mission for his occupancy to guide his operations including short condition and long term tune inventions in order to prosper. Furthermore, he should break off his commerce growth with the basic experience of equilibrium of goods and services (Bygrave and Zacharakis 37).Studies have revealed that business success is a continuous growth process that is governed by a very detailed and well-established set of rules that evolve throughout business quantify line (Garca, Domingo and Salvador 18). The initial business growth pose is the start up lay out. At this award, the entrepreneur scrams general aw arness and orientation towards lowly business and the self-employment (Garca, Domingo and Salvador 18). At start up ramification, the entrepreneur identifies the need to acquire motivation and confidence as well as self-appraisal of managerial and personal responsibilities. In addition, start up confront requires the entrepreneur to increase his/her awareness, appreciation and insight in the business that he intends to pursue (Garca, Domingo and Salvador 18).The next stage for the business development is the business creation (Greene 57). The business creation stage involves testing of a proposed business idea against the competences and the interests of a potential entrepreneur (Greene 57). A potential entrepreneur make a defined freight to become self employed and begins to prepare a business designing of the proposed business venture listing the resources required (Greene 57). The key factors that should be concern in this stage are building of a business personality, being self-motivated, and gaining commitment to the business, technical and personal availability for the business, business building and managerial skills and acquisition of business resources including a business final cause (Greene 61).The impo rtance of a business plan is to help the entrepreneur to focus on ideas and visibleness study of the business (Greene 62). A business plan is a workable tool for managing the business it empowers the entrepreneur with knowledge required to prepare his business for success (Greene 62). A business plan is therefore a sacrosanct communication tool that helps to define an enterprise, how the enterprise is managed and the personnel concerned in the enterprise management (Greene 62). A finished business plan provides the land for financial background and enables the entrepreneur to look at a business in an objective manner while acting as a strong reality check for the business. In addition, the plan helps the entrepreneur to superintend with changes that may occur in a business over time (Greene 62). Regular review of the plan helps to evaluate past decisions and planning, effective business plan ensures that the team is committed to defined business goal. The benefits of a business plan cannot be ignored in the world of entrepreneurship beca delectation an entrepreneur can even use a well-structured business plan to acquire a loan from a bank for the business capital (Greene 62). Furthermore, the business plan serves as a disclosure document for ones knowledge of the business (Greene 62). This knowledge is profitable to me as an aspiring entrepreneur because I allow for use the guidelines to plan my business and use the business plan as a viable tool for acquiring capital for my business.The next stage is called business survival stage or the business maintenance stage, at this stage the entrepreneur has mastered the product and production, trades and basic management of the enterprise. Interventions at this stage entangle consolidating the production process and product quality, consolidating the existing commercialize, consolidating the management guarantee system, upgrading technical skills to maintain standard, refine production process and upgrade commercialiseing strategies that can help keep the market at high standards (Greene 62).The lowest stage of the business development is the business growth stage this stage involves the growth of enterprise (Greene 63). At this time, the entrepreneur gains advanced experience and the business can then expand as it experiences growth, making a teensy business become large.I have learned that a business should have a business description, which entails what the business does including a description of the entrepreneur, what the business offers, what are the market needs in relation to the issues the business leave behind address and whether the business idea is viable. A business description sections include an overview of the business, description of the business products or services, an entrepreneurs position and the pricing strategy. As an aspiring entrepreneur, this information is important to me because it empowers me to position my enterprise for increasing market arguing an d to offer innovative products that meet the demands of my clients thus keeping me ahead in market competition.This course has given me an understanding of the importance of a market plan in business. I have the understanding that market plan describes the market or services to be marketed to make a profit and that successful marketing depends on the understanding of the nature of the products and services, the controllable variables much(prenominal) as promotions, price, products that the company puts together to satisfy a given market (Bygrave and Zacharakis 74). Based on market plan, I will have replete facts to convince investors, potential partners and other interested parties that my business has enough customers in a growing market and can gain more gross sales despite the existing competition.Marketing is one of the most important split of the plan, taking into consideration current market coat and trends, it requires extensive explore because decisions that follow fro m manufacturing to marketing to the amount of money needed will be based on sales estimated in the marketing plan (Bygrave and Zacharakis 74). Additionally, the market section includes information on competition and estimate sales, market size and the market trends (Bygrave and Zacharakis 74). These details will enable me as an entrepreneur to position my enterprise for competition and also come up with disruptive innovations that will make my products unique in order to increase my customer base.fiscal plan of a business is important because it identifies the amount required and how the money will be used in investment. It also shows how the capital will be raised (Bygrave and Zacharakis 74). Management and the organization plan of the business are necessary as they show how the business will be organize and managed such that the major strategies like key management personnel and their qualifications are observed.In conclusion, this class has empowered me with great knowledge and understanding that I intent to implement as an entrepreneur to guarantee the success of my business. supremacy in business does not come in a currency platter but it has to be planned and appropriate steps taken to implement the plan. A business plan depicting core elements of a business such as financial plan, market plan and management plan among others if well implemented will lead to enterprise success.