Jihad Petersen Grade 11B.
Business assignment
Due date:05/09/22
Phase1
Intro
What is an Entrepreneur
An entrepreneur is someone who uses a process to explore possibilities, either on their own or
as part of a team; they do so regardless of the resources they currently possess since they must
negotiate to get these resources in order to do so.
First, here are the 5 Key Success Factors:
● Strategic Focus (Leadership, Management, Planning)
● People (Personnel, Staff, Learning, Development)
● Operations (Processes, Work)
● Marketing (Customer Relations, Sales, Responsiveness)
● Finances (Assets, Facilities, Equipment)
Strategic planning is a management activity that is used to identify priorities, focused energy
and resources, reinforce operations, ensure that workers and other stakeholders are working
toward similar goals, develop agreement around planned outcomes, and analyze and alter the
organization's direction in response to a changing environment. It is a disciplined process that
results in basic decisions and activities that define and govern what a business is, who it serves,
what it does, and why it does it, with a focus on the future. Effective strategic planning
articulates not just where an enterprise is heading but the actions required to get there, but also
how the enterprise will know whether it is successful.
Customer base
Relationship that you build with your customer cultivating social relationship with clients and the
way you are perceived by them as hard working and reliable supplier
The entrepreneur must continually produce new products and services in order to meet
changing client demands and desires. This is referred to as the client base. For present and
future success, the entrepreneur must be able to sustain and grow his or her client base by
delivering high-quality goods and services at a reasonable price.
Finances
Costing entails figuring exactly how much the thing costs to create. Finance expenditures
include labor, equipment maintenance and replacement, cleaning and administration,
transportation and delivery, rent, water and power, and the cost of defective or damaged items.
It also includes determining break-even, which is the point at which all of the product's costs are
compensated by sales.
Qualities of an entrepreneur:
The ability to build strong self-esteem and fill your heart with enough courage, determination
and your mind with persistence is to master your negative instinct.Must strongly protect yourself
against numerous attacks of pessimism which keep on destroying your enthusiasm.
Curiosity
Be curious, it is curiosity that leads to new developments and inventions that's only if you are
curious or search for other fields ways to achieve your goal.‘’Curiosity and hunger for knowledge
and for opportunities are required in order to. Reach success.’’
Motivation
Business owners that put in a lot of effort are highly driven to succeed. Adopting this attitude is
essential, as is being able to convince an employer of your motivation. You must be enthusiastic
in all you do for work.Staying highly motivated every day with a
positive attitude and desire for more.This is among the top characteristics of entrepreneurship.
Employers want to see you’re passionate about what you do day in and day out.
Persistence rather than coincidence
Persistence is the most basic and vital attribute of a successful entrepreneur since even the
best entrepreneurs face setbacks and obstacles.When an entrepreneur succeeds and persists
in committing, you can get back up and start progressing toward your goals.
Adaptability
Creativity and flexibility are essential traits for businesses. Your vision may not appeal to every
member of your target audience, but being adaptable may allow you to make critical product
modifications that transform your launch into a success. By embracing your versatility, you'll
also be able to remain on top of key industry developments or new customer demands on the
horizon, which may lead to long-term success.
Vision.
Having the capacity to see the larger picture at all times can help you be a better employee.
Strategic planning is mostly involved with vision.Question one asks is;
Do you know where the industry is headed? Are there any obstacles your business faces? Can
you balance your daily work obligations with your attention on long-term objectives and
initiatives.?
These are the five qualities that will help you become the successful entrepreneur you strive to
be. Look for these traits in yourself, and keep improving every day for the good of your company
and yourself.
Project planning steps:
-Define the scope of the plan
-Identify project supporters
-Set time frames and determine time allocation for activities
-Plot the activity schedule into a giant chart
-execute the project plan
-Monitor progress
1. Read your company’s mission and vision statement as though you were seeing them for
the first time.
2. Consider the goals and objectives that you set for your business and ponder what they
really mean.
3. Review the strengths and weaknesses that you identify, and consider what they say
about your company’s capability to make the plan work.
4. Think about the different ways in which your company provides value to its customers
and how these ways add up to your long-term advantage.
5. Put all this info into a chart for a clear overview.
6. Execute the planning that was made and researched on.
Phase2
Importance of timelines and gantt chart/wbs
Timelines are visual representations of the information about the actions that must be
accomplished by particular dates in chronological order.
● Helps the team members know what milestones need to be achieved and by when.
● It also shows the projected dates rather than actual ones.
● Should enable business to track the progress of each activity.
Gantt charts Is a type of bar chart that visually illustrates the start and finish dates of elements
or jobs tasks in a project.
● It shows what needs to be done by breakingA project down into smaller parts.
● Shows the duration of task or elements.
A work breakdown structure (WBS) is a technique that may be used to identify the work that
has to be done in order to effectively generate deliverables for projects, programs, and even
initiatives . The benefits of creating a WBS include:
● It helps define and organize the work required.
● It facilitates the quick development of a schedule by allocating effort estimates to specific
sections of the WBS.
● It can be used to identify potential scope risks if it has a branch that is not well defined.
● It provides a visual of entire scope
● It provides a visual of impacts when deliverables are falling behind
● It can be used to show and assign accountabilities and responsibility
Reason why a business needs funding:
To Start a business
New businesses in their early stages will require capital to get off the ground, and a small
business's cash flow is critical. While most directors will use their own capital to start the firm,
relatively few will be able to completely self-fund the company to profitability and will thus need
to seek external investment. External startup funding alternatives include bank loans, borrowing
from family and friends, equity investment from a business angel, crowdsourcing, and funding
grants. A loan to start a business may be used for everything from purchasing stock to
marketing to recruiting employees; however, beginning funding can be difficult to obtain, and
many traditional finance sources will want extensive documentation.
Growth funding
Growth funding might help you carry out your business's ambitions. If your company's daily
operational expenses are covered, external financing might be the solution. Many of these loans
will have fixed monthly payments for the duration of the loan. By utilizing expansion funding that
is right for your company, you may profit from fresh opportunities. For example, you could need
to relocate to larger premises or open a new branch office, enhance your present location,
launch a huge advertising campaign, or enter a new market. Even though all business financing
entails some financial risk, borrowing money for these purposes may be advantageous.
Plan for the unplanned
In the business world, sometimes plans don’t work out as expected. It is crucial to have a cash
reserve or access to a cash advance to fall back on. Knowing how much money you have at
your disposal can help you handle business downturns and weather economic changes.
Reasons for these types of funding are either to help the business in some way or not.Whether
that's for expanding the business helping the business in financial crisis such as pandemic
Phase 3
Factors that must be considered when preparing a presentation:
When planning a presentation, there are several factors to consider. They include the
presentation's goal, the topic matter, the audience, the venue or location, the time of day, and
the duration of the speech. All of these factors will influence what you say and how you say it,
as well as the visual aids you utilize to make your argument.
How to handle feedback after presentation in a non-aggressive and professional manner:
Many presenters fear the question and answer session at the end of their presentation because
they feel that they are losing control of their input (speaking seems so much safer). However, it
is important to remember that the questions are a vital part of the presentation for the whole
audience as they allow for clarification and consolidation of learning. The presenter can
enhance the effectiveness of the question and answer session by treating it as a formal part of
the presentation that requires as much careful planning and control as the delivery of the core
material.
Conclusion:
In conclusion, business aspects of how,what and whether the business will function or even
when to begin with.One has to have certain understandings,qualifications needed for a business
to succeed what and how to deal with any crisis at hand.
These aspects that you don’t have or quality’s doesn’t mean you are not cut out to be an
entrepreneur.One can still work on those issues that they lack and hopefully this essay helps
with your business.
