Questions Every Entrepreneur Must Answer -Summary Essay

The questions every entrepreneur must answer Preface Entrepreneurs must continually ask themselves what business they want to be in and what capabilities they would like to develop. The Entrepreneur must distinguish critical issues from normal growing pains (divide and conquer). The options that are appropriate for one entrepreneurial venture may be completely inappropriate for another. The article’s suggested framework: The first step clarifies the entrepreneurs’ current goals. The second step evaluates their strategies for attaining those goals. The third step helps them assess their capacity to execute their strategies. Clarifying the goals: where do I want to go? Before they can set goals for a business, entrepreneurs must†¦show more content†¦To be useful, strategy statements should be concise and easily understood. Strategy that is so broadly stated that it permits a company to do anything is tantamount to no strategy at all. Can the strategy generate sufficient profits and growth? The failure to earn satisfactory returns should prompt entrepreneurs to ask themselves tough questions such as what is the source of our competitive edge? Disappointing growth should also raise concerns such as is the market large enough? Businesses based on an entrepreneur’s willingness to work hard usually confront other equally determined competitors. Entrepreneurs who are stuck in ventures that are unprofitable must take radical action. They must find a new industry or develop innovative economies of scale or scope in their existing fields. Is the strategy sustainable? The issue of sustainability is especially important for entrepreneurs who have been riding on the wave of a new technology. Wave riders must anticipate market saturation, intensifying competition, and the next wave. Example- Vydec, a stand alone word processor, the partners could see that the days of stand alone word processor were numbered and sold their company. Entrepreneurs who start ventures by creating their own wave must build on their initial strength by developing multiple strengths. Brand new ventures usually cannot afford toShow MoreRelatedThe Entrepreneurial Mind Set And I Have Chosen The Sanitarium Health And Well Being Company Essay1441 Words   |  6 PagesIntroduction to the Topic and Entrepreneur The topic for this essay is the entrepreneurial mind-set and I have chosen the Sanitarium Health and Well-Being Company to support my essay. In the following essay I will be analysing and discussing the chosen company in context with my topic. Brief Biography/Profile of Entrepreneur The Sanitarium Health and Well-Being Company which was founded in 1900 and is 100% owned by New Zealand. 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