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Strategic Planning

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You belong to a small business owner networking group. The main purpose of the group is to share leads, but occasionally, you discuss global issues. In addition, the group has an online discussion forum.

The following threads have recently been posted on the discussion forum. Respond to each.

Inc. magazine claims, "Entrepreneurship is more mundane than it's sometimes portrayed . . . you don't need to be a person of mythical proportions to be very, very successful in building a company." Do you agree? Explain.

Why is strategic planning important to a small company?

What factors should an entrepreneur consider before choosing a form of ownership?

Noting the growing trend among collegiate entrepreneurs launching businesses while still in school, one educator says, "A student whose main activity on campus is running a business is missing the basic reason for being here, which is to get an education." Do you agree or disagree? Explain.

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Small Business: Questions

1.
Yes, I agree with the given statement. Anyone who is willing to use his intellect and acumen along with taking initiative and risk can become an entrepreneur. (Prasad, 2008) An entrepreneur is a person who establishes a new business under risk and uncertainty; the main purpose of the entrepreneur is to achieve profits and growth by identifying opportunities and putting together the essential resources to take their advantage for running the business smoothly and successfully. There are no limitations on this form of economic expression.
The skills of entrepreneurship and innovation can be learned by an individual who seeks to make a difference and run a successful business. A person does not need to be fabulous and like a legend. He should have the desire to work hard, take the risks and invest his funds in business. He should have the skills of managing people because he has to get the work done by others. He should have the necessary skills including the decision making ability, strong communication, leadership skills, technical knowledge about the business, and a sense of direction for the business. All these qualities are not inborn; they can also be learnt with time, knowledge and experience.
Successful entrepreneurs should possess the following traits: (The Challenge of Entrepreneurship, 2008)
They should have a desire for responsibility.
 They should be ready for taking risk.
 They should be confident about their ability to succeed. ...

Solution Summary

The response addresses the queries posted in 917 words with references.

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