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Suppose you want to be an entrepreneur. If you have that opportunity, how?
June 30th, 2010by
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Suppose you want to be an entrepreneur. If you have that opportunity, how
would you justify yourself as an entrepreneur? Identify a business for yourself
that, you think, has a lot of potential; and give reasons in favor of your choice.
This sounds like a homework question .. mainly because the wording of question shows typical socialist or communist teacher “bias” …
i.e. you are asked to “justify” yourself as an entrepreneur …
the implication being that, being an entrepreneur is, by definition, ‘wrong’ and has to be “justified” …
So, my answer would be “I would run a private high school in order to teach children about the realities of the Capitalist System and how THEY can become successful responsible citizens and achieve an above average income whilst others are filing their heads with failed communist ideology and wasting their time and resources ‘fighting’ the ‘system’ “
If I am entrepreneur in the Medicine business i would justify myself on the fact that Medicine business needs moderate investment, the set up cost is not very high as in case of setting up a manufacturing plant, there are less legalities involved in setting up the business, lesser technicalities are involved and the probability of success is higher.Also I have a Lot of knowledge about medicine and i also registered proprietor of a shop.
The first thing you need as an entrepreneur is a STRATEGY and a PLAN.
Here are a few things you need to think about off the top of my head…
STRATEGIC DIRECTION
1. Mission — What is the purpose of your business? Why does it exist? To serve whom?
2. Strengths — What strengths does your business have that set your business apart from its competitors?
3. Values — What do you want your customers (and others) to think of your business?
4. Vision — What will indicate that your business is successful? What will the world look like when your business is successful?
BUSINESS PROCESS MODEL
1. Develop Products and Services — You need a process by which your business develops new products and/or services for its customers. For example, performing a market analysis to determine what your customers want and value.
2. Generate Demand — You need a process by which your business shows your prospective clients that they need the products and/or services that your business provides. How will you market? How will you advertise and reach your customers? How will you sell to them?
3. Fulfill Demand — You need a process by which your business actually delivers the products and/or services that your customers demand from your business. Will you deal with customers in person? Will you sell to them over the phone? Over the Internet?
4. Manage the Enterprise — You need processes by which you run the internal workings of the operation (such as hiring, firing, accounting, taxes, ensuring you have proper insurance coverage, ensuring that you are complying to applicable laws, etc.).
ORGANIZATION MODEL
Job Descriptions, Roles and Responsibilities should be defined for each person. The organization must support the business processes.
TECHNOLOGY MODEL
Think through what software you’ll need, what data you’ll need, what hardware and other equipment you’ll need (fax machines, copy machines, etc.).
PHYSICAL CONFIGURATION
Are there any physical considerations for your business? For example, will you need to rent retail space? Can you work from home? If you have an office, will people need cubicles, etc.?
After you figure out the answers to all of these questions, you will need to put together a plan that brings your operation into being and then launches it.
MARKET/CUSTOMER ANALYSIS
When you are considering what opportunity to pursue, MAKE SURE that you have done a very thorough MARKET ANALYSIS. Make sure you know who your customers are and what they value. Would they be willing to compromise on quality in order to get a better price? Do they value customer service more than price? You can have the best product or service in the world (as far as your opinion goes), but it means nothing if no one buys it!
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This sounds like a homework question .. mainly because the wording of question shows typical socialist or communist teacher “bias” …
i.e. you are asked to “justify” yourself as an entrepreneur …
the implication being that, being an entrepreneur is, by definition, ‘wrong’ and has to be “justified” …
So, my answer would be “I would run a private high school in order to teach children about the realities of the Capitalist System and how THEY can become successful responsible citizens and achieve an above average income whilst others are filing their heads with failed communist ideology and wasting their time and resources ‘fighting’ the ‘system’ “
If I am entrepreneur in the Medicine business i would justify myself on the fact that Medicine business needs moderate investment, the set up cost is not very high as in case of setting up a manufacturing plant, there are less legalities involved in setting up the business, lesser technicalities are involved and the probability of success is higher.Also I have a Lot of knowledge about medicine and i also registered proprietor of a shop.
The first thing you need as an entrepreneur is a STRATEGY and a PLAN.
Here are a few things you need to think about off the top of my head…
STRATEGIC DIRECTION
1. Mission — What is the purpose of your business? Why does it exist? To serve whom?
2. Strengths — What strengths does your business have that set your business apart from its competitors?
3. Values — What do you want your customers (and others) to think of your business?
4. Vision — What will indicate that your business is successful? What will the world look like when your business is successful?
BUSINESS PROCESS MODEL
1. Develop Products and Services — You need a process by which your business develops new products and/or services for its customers. For example, performing a market analysis to determine what your customers want and value.
2. Generate Demand — You need a process by which your business shows your prospective clients that they need the products and/or services that your business provides. How will you market? How will you advertise and reach your customers? How will you sell to them?
3. Fulfill Demand — You need a process by which your business actually delivers the products and/or services that your customers demand from your business. Will you deal with customers in person? Will you sell to them over the phone? Over the Internet?
4. Manage the Enterprise — You need processes by which you run the internal workings of the operation (such as hiring, firing, accounting, taxes, ensuring you have proper insurance coverage, ensuring that you are complying to applicable laws, etc.).
ORGANIZATION MODEL
Job Descriptions, Roles and Responsibilities should be defined for each person. The organization must support the business processes.
TECHNOLOGY MODEL
Think through what software you’ll need, what data you’ll need, what hardware and other equipment you’ll need (fax machines, copy machines, etc.).
PHYSICAL CONFIGURATION
Are there any physical considerations for your business? For example, will you need to rent retail space? Can you work from home? If you have an office, will people need cubicles, etc.?
After you figure out the answers to all of these questions, you will need to put together a plan that brings your operation into being and then launches it.
MARKET/CUSTOMER ANALYSIS
When you are considering what opportunity to pursue, MAKE SURE that you have done a very thorough MARKET ANALYSIS. Make sure you know who your customers are and what they value. Would they be willing to compromise on quality in order to get a better price? Do they value customer service more than price? You can have the best product or service in the world (as far as your opinion goes), but it means nothing if no one buys it!
Think ahead! Plan ahead!
Good luck.