Entrepreneurial Venture Skills

Describe the Characteristics of an Entrepreneur, and Explain how Well They Do or Don’t Match Your Own Personality?

All entrepreneurs should be risk takers, innovative, creative, and possess perseverance and passion.

Some of the above characteristics match my skills. People use to describe me as a risk taker, and I have always demonstrated a lot of creativity and passion in everything that I have done being a manager. I believe that these characteristics match those of entrepreneurs.

Compare and Contrast Clients and Consumers, and what Difference Does it Make for Your Mission Statement(s)?

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A consumer is a buyer of goods or services. A client can also be termed as a consumer since he or she seeks professional services from a company. Consumers can purchase a lot of goods or services but they do not have loyalty to the company. Clients are characterized with the long-term relationship that has existed between them and the company.

What Is a Feasibility Analysis and why Is it Important to Conduct One when Starting a New Venture?

A feasibility analysis is a process of testing the viability of a business idea. This process includes testing its strengths as well as its weaknesses. The feasibility analysis is imperative when starting a business since it helps in determining the ideas to adopt and those to abandon. This approach increases the chances of an idea to turn out successfully.

What Is a Business Plan and why Is it Important to Write One when Starting a New Venture?

Business plan comprises written details of a business model. It states the goals and the various phases that are required to achieve the stated objectives. A business plan is important for any business since it is allows projecting three-five years ahead, outlining the course that the company is taking and where it wants to be after a few years.

How Does the Marketing Plan Integrate with the Other Parts of the Business Plan?

A marketing plan is closely linked to a business plan. It outlines the product feasibility, and details the potential customers. A marketing plan determines the 4Ps (product, price, place and promotion), and, thus, it is true that a business plan has to coordinate with a marketing plan.

Is it Better to Buy or Lease, and why?

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Before determining whether to buy or lease, one must evaluate the merits and demerits of both possibilities. At first, leasing ensures that one does not incur a lot of capital investments by purchasing an item but he/she will continue to enjoy the benefits at a cheaper price. The cost incurred is also much lower than the cost of purchase. However, after spending all the costs on leasing the asset, one does not own it. That is why both options can be advantageous and it is necessary to compare them for every specific business to make a right decision.

For Your Semester Project, how Would You Institute a TQM Program?

Customer based. The customers are the key determinants of the quality of the services offered.

Hands on employees. The employees are key players in the whole process. They need to be motivated so that they can remain committed to the business.

Through systematic approach. It will ensure that there are different leaders who are leading their teams in different departments.

Motivation. Motivation can be achieved by holding frequent meetings, recognizing and even rewarding employees who have performed well. The same will also aid in creating rapport and ensuring that everything runs as expected.

Effective communication. There should be effective communication throughout the organization. All the issues should be communicated through the right channels to ensure that everything moves smoothly.

How Does Corporate Culture Inform the Entire HR Process?

Corporate culture determines whether one would like to work in the organization. The values of the company and the morals play a key role in the whole process.

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What Are Pro Forma Financial Statements and what Would You Use Them for?

Pro forma financial statements are the guidelines that one can use to determine how the various characteristics of the company relate to reality. These statements are used in assessing the financial needs of an organization. They help an individual to think in a logic way about what should be done.

Describe how Operational Budgets Are Related to Pro Forma Statements and Discuss how You Would Use Budgets to Run a Company.

When pro forma financial statements only indicate the guidelines that would be used for projections, the budgets, in their turn, document these projections. If the projections show that the business will make a loss, then an adjustment should be made so as to prevent the business from incurring a loss.

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