Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Planning is a necessary factor in this modern world in order for entrpreneurs to compete at the high level with one another (Mumford & Frese

Planning is a necessary factor in this modern world in order for entrpreneurs to compete at the high level with one another (Mumford & Frese 2015). Planning a strategy before starting a new business is considered as a sign of good entrepreneur. Therefore, many entrepreneurs plan a path or strategy before directly starting (Hill n.d.). Smart entrepreneur analyses the market quickly and start working and implementing on the strategies with letting anyone know about the strategies (Sahlman et.al 1999). Planning before starting a business can be beneficial for the new entrepreneur. To attain success in any new business venture is important to know how and why in taking any business action because it helps entrepreneur to make correct decisions for the success of the business (Rivera 2018). Success in any business can be attained only by proper planning and implementing that plan on right time (Strategic planning 2009). There are several ways of planning which might help in attaining success in start-up business venture.

A.By preparing an efficient plan

Preparing a business plan before launching any business is mandatory and really helpful. This gives an idea of what business is about and what steps to be taken to grow further. Preparing a strategy help an entrepreneur know about required work force, management, investors, and challenges related to the specific business. This is not only helps in preparing but also helps in knowing things deeply and critically and generating new ideas (Schaper et al. 2014).

B.By selecting an efficient workforce

This could be referred as searching for skilled and loyal employees. Selecting an employee is usually considered as easy task. However, in actual it is not an easy task because selection of unworthy employee can cause severe damage to the organisation. This is because employees are the one who represent the company and contact with customer in form of customer service. Therefore, if the employees are not performing better that means it is affecting organisation image. Simultaneously selecting an efficient, skilled and productive employee can help organisation in further growth and development which advantageous for the organization (Leonard 2019).

C.Knowing customer needs

Identifying customer needs is a significant aspect of successful business because it helps entrepreneur stay firm in the market which is totally dependent on customers. Identifying an ideal product for customers is only possible by knowing directly from the customers by talking and understanding customer's pains (Newman 2016) . For example: KFC before launching in Indonesia identified that majority of Indonesian customer consume rice, so they launched mostly every products including rice.

D.Preparing efficient marketing strategy:

Marketing strategy plays a crucial role in growth of a business. There are many marketing strategies like marketing mix strategy which includes product, price, place of distribution and promotion. This strategy helps entrepreneur know the required product in the market, suitable price of the product, place where the product can be distributed, and type of promotion required for product (Marketing strategies and tactics 2019). For example: McDonalds before launching its franchise in Indonesia work on target market, Indonesia market requirement, pricing strategy and lastly promotion which helped it in getting successful in Indonesian Market.

E.Upgrading strategies from time to time:

This can be done by formalizing the strategy by improving workforce structure, maintaining existing customer through fulfilling their needs, working on strategies to generate more customers, building reputation and lastly by improving skills of management and employees (Time To Upgrade Your Strategic Planning Process 2016). For example: a restaurant named 'Petaling Street Restaurant' in Sydney could not survive in the market because there was no upgrade in the business strategy. They use to serve same old menu which lead they to downfall of the business.

Nominate 3 learning outcomes ( what will be gained from studying this information)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic management concepts

Authors: Fred david

13th Edition

9780136120988, 136120997, 136120989, 978-0136120995

More Books

Students also viewed these General Management questions