The fundamental of business development is to identify an opportunity and exploit it to the maximum.A business plan represents the concretized version of an entrepreneur’s business idea.
There are only two factors critical to the success of business entrepreneurship. These are:
*Minimizing the risks inherent to these opportunities
Both these factors are greatly influenced by effective strategy. Hence, effective strategy plays a very vital role in entrepreneurial ventures.
Business Entrepreneurship: Creating a Powerful Strategy
A structured approach to business entrepreneurship should involve these steps:
Devising a business plan: A business plan represents the concretized version of an entrepreneur’s business idea. The plan formally sets out business goals and how to attain them. The plan covers products/services offered, client base, target audience, business processes and procedures in detail. It also describes the availability of finance and future engagements. A business plan that focuses on promotion and branding is called a marketing plan.
Business structure: It is essential to define the business structure during the initial stages. A business can be a sole proprietorship, partnership, corporation or limited liability company.
Pitching: Venture capitalist and financing companies endorse business ideas that have substantial profit generation capacity. Paul Graham said, “Distraction is fatal to start-ups” to highlight the difficulties an entrepreneur faces while arranging finances.
Spotting market opportunities: To identify an opportunity and exploit it to the maximum is fundamental to business development. Often this opportunity presents itself as an inherent inefficiency in the market. Devising possible solutions for this inefficiency leads to profit potential.
Internal operations: Decisions need to be made on internal management, like hiring people, establishing processes, managing revenues and communication with clients.
Marketing product/services: This involves the understanding of consumer behavior and determining the USP (unique selling proposal). An efficient advertising and marketing plan works as the backbone of sales and subsequent revenue generation.
Business Entrepreneurship: Hiring Consultants for Strategy Development
The expertise of professional consultants can prove to be critical in the success formulation of effective strategy. Consulting agencies offer help in identifying market inefficiencies and means to exploit them to one’s benefit. They specialize in developing business strategy, marketing and managing finances. Consulting agencies seek to strengthen both internal and external processes which are fundamental to the long term success of business entrepreneurship.
Level Six Partners offers substantive support in terms of business strategy development to entrepreneurs. They bring professionalism and industry experience to their client’s business. The firm has experienced business professionals with sound educational backgrounds with enterprise experienceBusiness Management Articles, delivery experience and a track record of success