BUS402 Discussion: Entrepreneurship and Business Management: Strategies, Challenges, and Best Practices

Name: BUS402 Discussion: Entrepreneurship and Business Management: Strategies, Challenges, and Best Practices
Brand: Ashford University
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Author: Olivia Parker

A discussion-based assignment on entrepreneurship, business strategies, and challenges.

Olivia Parker

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BUS402 Discussion
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1. Inc. magazine claims, “Entrepreneurship is more mundane than it is sometimes
portrayed . . . you don't need to be a person of mythical proportions to be very, very
successful in building a company.” Discuss whether you agree or disagree with this
statement and why.
I agree with this statement and using an example of a business venture like car dealing,
here are some of the logical strategies upon which I would like base my reasoning on why I
agree with statement. Entrepreneurs are rather more leaders than managers and this is their main
source of success in their entrepreneurial activities.
Entrepreneurs love to take responsibility for their ventures; they want to e responsible for
its success and therefore take total control of the venture. s to achieved self-determined
objectives. Entrepreneurs are a confident bunch of people who rely on themselves to create ideas
and manage their business ventures. They confidently take responsibility of ensuring that the
business succeeds. Perseverance is another quality of a successful entrepreneur. It is not always
business as usual and sometimes the business endures hard times. During such a time, an
entrepreneur is required to demonstrate great deal of perseverance. Being committed to
achieving his own goals, this drives an entrepreneur towards success. Commitment help in
overcoming hurdles like tough financial times.
2. Analyze the characteristics of a successful entrepreneur and determine if you have what
it takes to start your own business. Provide specific examples to support your response.
Successful entrepreneurs all over have some similarities among themselves; they are in
love with what they do or plan, and manage their monies excellently as cash flow is the core

ingredient for a successful business enterprise. Business is considered to be taking place when
purchase inventory, services, advertise the business itself, as well as paying your employees and
yourself alike. Business owners who are willing to succeed in their ventures must practice wise
money management and ensuring proper cash flow. There are two aspects to wise money
management.
Being a part time motorcycle sales agent, a job that I do to take care of my bills, I plan
to own and run an automobile bazaar in the near future. I have the necessary dedication to
succeed in a business venture and I am a wise risk taker. I also have a lot of personal
commitment to my work and I would spend up to 18 hours a day because I have the desire to
achieve my goals. To me, being my own boss is a dream as I don’t imagine working for someone
for my entire career and this dream is only achievable if I run my own business and work for
myself. That may also interfere with my family obligations and any free time that I usually have
on the weekend. The positive thing of being an entrepreneur is that you are your own boss. I also
expect the negative sides involving financial risks, changes in the market and the amount of time
that focusing on the venture takes.
Strategic Planning
The first step is determining where are we and what do we have to work with? This is done
by examining the history of the organization to help in assessing the current position. Answering
the question of what we have to work with involves consideration of strengths and weaknesses
and determination of how to capitalize on strengths.

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University

Ashford University

Subject

Business Management

BUS402 Discussion: Entrepreneurship and Business Management: Strategies, Challenges, and Best Practices

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