Entrepreneurial Business Planning

Running head: ENTREPRENEURIAL BUSINESS PLANNING
Entrepreneurial business planning
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ENTREPRENEURIAL BUSINESS PLANNING
Table of Contents
Introduction................................................................................................................................3
Contemporary issues and challenges of entrepreneurship.........................................................3
Various tools and techniques of managing entrepreneurship....................................................4
Theoretical perspectives.............................................................................................................4
Approaches to resolve the contemporary challenges.................................................................5
Recommendations......................................................................................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................7

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ENTREPRENEURIAL BUSINESS PLANNING
Introduction
The report is presented to present us about an idea about a major contemporary issue
of entrepreneurship and how it is related to the emerging trend within the business
environment in Australia. While managing the entrepreneurial process of project start up and
to maintain steady growth, the entrepreneurs experienced various contemporary issues and
challenges associated with the business organisation named Pure Ponics in Australia
(Pureponics.com.au 2019). The new business start-up has aimed at growing clean, safe,
healthy and fresh foods in the lands that are cultivated consistently to produce the best quality
food through sustainable farming as well for meeting the needs and preferences of people in
Australia. The topic will illustrate about the emerging trend, which can be globalisation while
the major contemporary issue of entrepreneurship can be the business uncertainties caused
due to poor cash flow management, lack of sufficient capital and ineffective marketing
techniques too (Brinckmann and Kim 2015).
Contemporary issues and challenges of entrepreneurship
The major contemporary issue of entrepreneurship is the business uncertainty in terms
of globalisation, because of the complex and dynamic business environment where the needs
and preferences of customers are constantly changing from time to time. With the need for
some unique products and services and changing demands and expectations, business
uncertainty is experienced by an entrepreneurial business such as Pure Ponics in Australia.
Steve Gleeson, the founder and Managing Director of Pure Ponics, focuses on managing aqua
ponics, though it took many years to do so with the help of proper strategic planning and
assessment of resources required to emerge as a successful entrepreneur (Blackburn, Hart and
Wainwright 2013).

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ENTREPRENEURIAL BUSINESS PLANNING
Business uncertainties have emerged due to lack of sufficient capital and investments
and it has also affected the start-up companies like Pure Ponics while entering the
marketplace in Australia. The insufficient capital further has been influenced by poor flow of
cash, which even has enabled Pure Ponics to face challenges at first such as inability to
generate the expected revenue and slower sales too. The presence of a weak management
team can also be a major cause of entrepreneurial business downfall, though it has not been
the case for Pure Ponics but the ineffective marketing techniques have also contributed to the
poor management of brand exposure and identity, thus even has reduced the sales and
revenue too (Burns 2016). The company at first faced some major issues and challenges
because of the lack of understanding of the market conditions, as it is new to the market,
which further posed some serious challenges to attract new customers. Considering the major
trend of globalisation, the business organisations needs to hire the right people for the right
job roles and delegate roles and responsibilities properly too for ensuring that they are
capable of performing their task and allow the entrepreneur business to emerge as a
successful business at present and attain sustainable competitive edge over the competitors in
the future too (Fayolle 2013).
According to Shaw (2014), the entrepreneurship business faces problems or
challenges because of the changing demands and interests of the customers. Often, it has been
found that when a new business introduces itself in the market, suddenly the behaviours and
needs of individuals keep on changing, which makes the business organisation unable to
respond to the changes immediately and form an entirely new strategic plan, which results in
business uncertainty (Shaw 2014). The Lean Start-up is a great and effective entrepreneurship
tool, which enables the business entrepreneurs to introduce a business and introduce new
products and services in the market, though with the aim of reducing the product
development life cycle to evaluate whether the business model adopted has been suitable or