Mind My Own Business!
Starting a new venture will not be easy as I would like it to be. I, myself, have a dream of putting up one and to be an entrepreneur someday. I know it will take at lot of time, effort and commitment to pursue that dream.
I have to follow a process that will help me as I create a so called new venture. It will undergo an entrepreneurial process, from identification and evaluation of the opportunity to management of the resulting enterprise. In our assigned reading, I’ve learned that input from consumers, business associates, channel members and technical people are very important for identifying business opportunities. We should also know the risks and rewards accompanied it and its advantage in the competitive environment. It is also important that an opportunity must fit the personal skills and goals of the entrepreneur. As I’ve learned, it requires necessary time and effort to make the venture successful.
In deciding to create a new venture, it will be good and advantageous if it will have a business plan that would guide it in the near future. From this plan, an entrepreneur would be able to determine the resources that would be needed in managing the venture. These resources must be acquired at the lowest possible cost and at the least loss of control. After the resources are acquired, it will be use to implement the business plan. This will also involve the implementation of a management structure and key variables for success. When it comes to entrepreneurial and managerial domains, they have differences in terms of business dimensions and these differences have contributed toward an increase in intrapreneurship and these interests has intensified due to a variety of events occurring on social, cultural and business levels. I’ve learned that those who believe strongly in their talents and those who think that something can be done in different way usually lead to create something new in an existing organization. Yet, it's still important to keep, or instill the entrepreneurial spirit in an organization in order to grow and innovate. There are also differences between the culture of the traditional managers and an intrapreneur. Traditional managers are motivated by promotion and typical corporate reward whereas intrapreneurs thrive on independence and the ability to create. Managers are more cautious about taking any risks while intrapreneurs are moderate risk takers. These are some differences between them. In line with this, several characteristics are required to have a good environment. An entrepreneur must understand the environment that he’s working on, he must be visionary and flexible and he encourages team work and open discussion. These will greatly help the venture to be successful.
In establishing intrapreneurship in an existing organization, it must be in coordination with the top management so that the concept that it want to build will be supported by the management and it will be spread among the organization. It is important that the ideas will be supported and all the risk and rewards accompanied it. It is also good if the company will adapt better technology to be more flexible when it comes to their operations. Aside from it, it is better if the management will hire managers that have past experiences in the field so that it will not be that hard for them and they have better ideas in mind. The business also needs to develop ways to get closer to its customers. This will be an advantage for its success.
Knowing all these things will greatly help an entrepreneur to be successful in their business. I’m glad that I've learned all these things and I know that it will help me as I reached my goal and aspirations in life. For me, this will serve as an advantage for pursuing my dream.
