Management Skills and Entrepreneurship Assignment
Added on 2020-05-01
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Running head: MANAGEMENT SKILLS AND ENTREPRENEURSHIPManagement Skills and EntrepreneurshipName of the Student:Name of the University:Author Note:
1MANAGEMENT SKILLS AND ENTREPRENEURSHIPAbstractThe study develops the knowledgeable insights for achieving a successful business startup. Inaddition to this, the study also evaluates the necessity of maintaining integrity, trust, andgovernance to gain the competitive position. A Business Model consists of the necessaryelements that make a business more feasible to operate in a competitive scenario. It is animportant agenda to prepare an effective business model canvas that would create values for thebusiness. The entrepreneurs often fail to understand the exact way to manage the risks andunderstand the risk factors that may influence the business. It is thus essential to manage orevaluate the risk factors by developing a contingency plan. Regardless of the efficient ventureplanning, it is necessary for the entrepreneurs to acquire certain skills for surviving in acompetitive business scenario. These skills would be effective enough in ensuring the businesssuccess for a long term. Entrepreneurs are of the opinion that after spending money on website,product and service, they can easily beat a path to their door. The case is true only in case offirst-time clientele but after that, it rapidly becomes an exclusive affair to attract and wincustomers.
2MANAGEMENT SKILLS AND ENTREPRENEURSHIPTable of ContentsIntroduction......................................................................................................................................21. ‘Desirable Business Ideas’ must become feasible commercial opportunities.............................22. The Common Pitfalls in New Business Model Design...............................................................53. How Business Risks should be managed?.................................................................................114. The key Management Skills require for achieving a successful business startup.....................135. Importance of Trust, Integrity, and Governance.......................................................................16Conclusion.....................................................................................................................................17References......................................................................................................................................19
3MANAGEMENT SKILLS AND ENTREPRENEURSHIPIntroductionEntrepreneurs need to consider some of the specific concern while establishing a newbusiness venture. The study would specifically highlight the issues with the startups that maylead towards failure of the businesses. The necessity of the managing the feasible commercialopportunities would be discussed in this study. Furthermore, the study would identify thecommon pitfalls associated with the new business model design. Every business experiencessome of the risks, which are needed to be managed strategically (Sakas, Vlachos andNasiopoulos 2014). The study would thus develop the knowledgeable insights for achieving asuccessful business startup. In addition to this, the study would also evaluate the necessity ofmaintaining integrity, trust, and governance to gain the competitive position. 1. ‘Desirable Business Ideas’ must become feasible commercial opportunitiesA defined business idea stands for a concept that is generally used for making profits in abusiness. It generally centers on the products or the service offered to the customers in exchangeof money. The business success depends on the fruitful and structured idea at the initial stage.However, Davidson (2015) argued that in spite of the potentiality of making profits, businessideas have no commercial values at the initial moment. Most of the startup businesses exist in anabstract form. Developing the efficient business ideas result in making profits at the end. It isimportant for the entrepreneurs to undergo a plausibility check to decide whether the businessidea is feasible and innovative enough to meet the market needs (Brinckmann and Kim 2015). Apromising business idea is developed by concentrating on several specific characteristics, such asinnovation, clear focus, relevancy, uniqueness, and profitability for the long run (Sakas,Vlachos and Nasiopoulos 2014). The entrepreneurs require having the clear and concise
4MANAGEMENT SKILLS AND ENTREPRENEURSHIPknowledge about the necessary components that makes the business feasible. There are severalfactors that contribute to the feasible business opportunities. These specific conditions arediscussed further:1. Real DemandA business opportunity becomes viable when the market demand is real. The startupbusiness requires concentrating on the real market demands that would create more opportunitiesfor the long run (Karimi et al. 2016). This opportunity serves for satisfying the needs of thebusiness market. Moreover, the opportunity helps in resolving any problems that would befeasible enough for establishing a startup business. 2. Adequate return on InvestmentA business opportunity can be feasible if the return on investment is profitable. Themajor focus of the business is to earn more profits. Therefore, the business opportunity generallyintends to pursue the strong possibility of yielding a proper return on investment (Wood andMcKelvie 2015). Similar to the real demand factor, the ROI is also concentrating on satisfyingthe need and solving a real time problem. 3. Competitive The next factor that makes a business opportunity feasible is the effectivecompetitiveness. The advancements in the current business scenario are quite challenging for thebusiness marketers (Sakas, Vlachos and Nasiopoulos 2014). Unless the business idea is unique,every business ought to face the direct competitions with the other competitors (Bullough, Renkoand Myatt 2014). The competitive business ideas have the complete chance to acquire a
5MANAGEMENT SKILLS AND ENTREPRENEURSHIPstrengthened position in a business market. The business opportunity would thus be feasible if itis competitive enough to beat the other business marketers and gain the customer base. 4. Accomplishing the Objectives determined by the EntrepreneursEvery business has to set a vision and objective before conducting the businessthroughout the year. In fact, prior to establish a business, it is essential to establish an aim thatwould intend to achieve at the end. These aims and objectives are used in the business asleverage (Karimi et al. 2016). In order to make a business feasible enough in the competitivescenario, it is important to meet the objectives of the business. 5. The competence skills of the entrepreneur and teamAnother most necessary factor for making a business feasible is the competence skills ofthe business entrepreneur and the entire team. A business opportunity becomes worth pursuingby the commendable competence of the entrepreneur and effective management team (Sakas,Vlachos and Nasiopoulos 2014). A strong business team has the ability to develop the suitableand feasible business opportunity. The sharing ideas and experiences are helpful enough tomanage the market needs and requirements for making the stronger business approach. The above factors are quite important for ensuring the feasible business approaches in acompetitive position. One of the major concerns of the business entrepreneurs is to manage thesequential planning for developing a startup business. Use of the effective skills would help inmanaging the entire set up. However, it is necessary to gather the sufficient tangible andintangible resources to accomplish the business goals and become successful.
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