Write a Longitudinal analysis of the attached; "Oklahoma National Bank" case study.
1. Analyze whether the goals and objectives of an entrepreneurial venture are appropriate, reasonable, and achievable, and explain how they are or are not.
2. Describe the importance for the entrepreneurial venture to differentiate itself from its competitors.
3. Evaluate how personal and professional ethics influence decisions for a business format, scope, and approach.
4. Analyze the operating environment of the entrepreneurial venture.
5. Summarize the importance of planning for the entrepreneurial venture.
6. Assess the potential problems of rapid growth.
Assessment of Goals and Objectives
Oklahoma National Bank (ONB) has developed its goals and objectives on the basis of SMART pattern. Following are the goals and objectives of the bank:
To offer high quality and well priced loans: As an entrepreneur, ONB has developed the goal to offer high quality and well priced loans to its customers. As per the banking industry trend of Oklahoma, this objective is appropriate, reasonable and achievable. It can be argued that the CEO and Chairman of ONB, Tom Bennett, Jr is having 26 years experience of banking industry that motivated him to start up the bank (Case 15: Oklahoma National Bank). The experience of other staff members including CFO is also good that can lead the achievement of stated goal to provide high quality and well priced loans to the customers. According to the case study, as an entrepreneurial venture, ONB has also diversified its product range and allowed its partners to cross sell loans to its customers and make splitting of the fees.
To provide clear loan solutions: To provide creative solutions to the customers is another goal set by ONB. This objective has been developed by considering the willingness, requirements and ability to repay of customers. So, it can be favored that ONB is able to achieve this objective, as it is appropriate and reasonable. In the banking industry, loans are offered by every bank, but the creative solution promise are made by few of banks, so this objective for an entrepreneurial venture is reasonable to attract the attention of customers and develop a bond with them for a long run.
To develop prompt commitments with fast loan closing: In today's fast growing banking industry, banks are formulating innovative loan arrangements to increase the customer traffic. So, ONB has developed the objective to ensure fast loan closing that is reasonable, appropriate and achievable. The bank believes to develop and maintain quality relations with its customers and wants to develop an image of a better bank that has heart of service. So, with these commitments, it is easy for ONB to achieve fast loan closing.
Importance for Entrepreneurial Venture
Entrepreneurial venture taken by ONB is significant to capitalize on the fast growing banking industry. ONB can also deal with the challenges of competitors by implementing new policies and strategies of developing loan solutions. Following are some key aspects that show that importance of entrepreneurial venture:
Customer relationship: With creative solutions, ONB as an entrepreneur has developed strong relations with ...
A longitudinal Case Study analysis is examined.