Entrepreneurial Process

Entrepreneurial Process Introduction The first thing to do before one sets out to start a business is identification of an opportunity. He then strategize on the way forward; the success of the business is dependent on how well he is going to capture customers to buy from him, which on the other side is dependent on the quality of initial entrepreneurial decision. Different places require different set ups for their success (Avery, 2004). This paper analyzes the process that an entrepreneur undergoes before setting up a business.Advertising We will write a custom critical writing sample on Entrepreneurial Process specifically for you for only $16.05 $11/page Learn More Decision Making Every situation or opportunity has its own unique potential that an entrepreneur must capture if he is to be successful. This will be in consideration of business risk; business risk is the uncertainty on to whether the kind of business that the one has engaged in will be of success. This is in both n ew and existing business when they want to extend their business to other areas of a start up business. Businesses are driven by market of goods produced; thus an entrepreneur must ensure that there is potential in the chosen location. When investing in some kind of a business there is the initial and subsequent running expenses. In a business environment the proceeds from the business should cover all this and there remain a portion that is the profit of the investor (Livingston, 2008). Competition is a good element in the business arena since it ensures that quality goods and services are provided; it is the one that keeps the businessmen on their toes to ensure that they earn customer loyalty. This calls for continuous improvements of its products and services. Two things must be considered then, whether the entrepreneur will be able to enter the market and whether he is capable to improve his products always. However, there are areas that competition is so high that any entrant will risk so highly and possibility of entering the market effectively becomes a problem, all these are factors that should be considered before making the go-ahead decision (Duening, Hisrich, Lechter, 2009). Entrepreneurial Strategy The success of an organization is dependent on the quality of decision made by its manager. One of the major attributes that make a good manager stand out is his or her decisiveness. The quality of decisions made by a manager is reflected in the performance of his or her organization. Other than the control by decision of the management, Customers influence almost all parts of a business. The available target customer’s needs should be well understood so as when deciding the kind of business to engage in, one is aware of the available customer segment. By segment we mean the class, social status, age, and income level. One must align himself to the interest of the customer and by so doing there will be continued business.Advertising Look ing for critical writing on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More When a business is established, the success will be dependent on the quality of the good/services that it will offer to the market. They must be those that satisfy the needs of the customer. As the business, he should listen to what other people have to say about the entire process. There are decisions that cannot be delegated and others can, there is need to separate them (Ebbena, Johnson, 2006). Resource Acquisition Capital is required for the set up of the business and the general running of the business; before one sets to start up a business there is the need to know the probable sources of capital. This may be from ones saving or a loan facility. Whichever the sources there is the need of understanding its source and ensure that it is dependable in all times. If the capital sources are not dependable chances that the business will go unde r are high. There are day to day and short term financial obligations that should be met by a business and the money must be available for its running. These include overdrafts and creditors have to be paid. These calls for a constant amount of money to be available in the business this is what is referred to as liquidity. To cover this, business employ various ways to ensure that this is done, an example of the ways that they employ is buying of short term securities. This may be in the form of shares in the stock exchange that is expected to be sold at a gain and the finances gotten can be used to meet the financial obligation. Another way that some businesses use to meet the financial obligation is by investing back the profits that they get into the same business and the cash flows that bear as a result are used to meet the obligations. Exit Strategy It is not always the case that a business set up will be successful, there are times that it may fail; when starting a business th is should be taken into consideration. Business dynamics cannot be predicted with a 100% certainty. If the trend fails to favor a business, then the business is more likely not to meet its obligation. It may be a failure in the market, change of fashion, calamities or negative goodwill created; they may hinder continuity of a business (Shane, 2003). To cater for this eventuality, there is need to have an exit plan. Mitigating any loss that is likely to result from loss of business is one of the common ways to have an exit strategy that will not hurt the entrepreneur. Conclusion Starting up a new business is taking a risk; however if the decision is well thought there are numerous benefits that come up with investing in business. Before one set to start there are short and long terms parameters that he should consider to ensure that there will be continuity in the business.Advertising We will write a custom critical writing sample on Entrepreneurial Process specifically for y ou for only $16.05 $11/page Learn More The future is unpredictable and so even the smallest details about something should be interpolated before starting up. From the above study; it has come clear to me that entrepreneurship is all about how well one can understand the future and plan on it. It involves a process of analyzing risks associated in a certain area and working in full recognition of their presence. All mitigation factors should be put in place before the business is started. Reference List Avery, G. C. (2004). Understanding leadership: Paradigms and cases. London: SAGE Publications. Duening, N., Hisrich, D., Lechter, A. (2009). Technology Entrepreneurship. New York: Academic Press Ebbena, J.; Johnson, A. (2006), Bootstrapping in small firms: An empirical analysis of change over time, Journal of Business Venturing, Volume 21, Issue 6, November 2006, Pages 851-865 Livingston, J. (2008). Founders at work: stories of startups early days. Berkeley, CA; New York: Apress. Shane, S. (2003). A General Theory of Entrepreneurship: the Individual-Opportunity Nexus. New York: Edward Elgar

Heterogeneous vs. Homogeneous Mixtures

Heterogeneous vs. Homogeneous Mixtures The terms heterogeneous and homogeneous refer to mixtures of materials in chemistry. The difference between heterogeneous and homogeneous mixtures is the degree to which the materials are mixed together and the uniformity of their composition. A homogeneous mixture is a mixture where the components that make up the mixture are uniformly distributed throughout the mixture. The composition of the mixture is the same throughout. There is only one phase of matter observed in a homogeneous mixture. So, you wouldnt observe both a liquid and a gas or a liquid and a solid in a homogeneous mixture. 1:43 Watch Now: What's the Difference Between Homogeneous and Heterogeneous? Homogeneous Mixture Examples There are several examples of homogeneous mixtures encountered in everyday life: AirSugar waterRainwaterVodkaVinegarDishwashing detergentSteel You cant pick out components of a homogeneous mixture or use a simple mechanical means to separate them. You cant see individual chemicals or ingredients in this type of mixture. Only one phase of matter is present in a homogeneous mixture. A heterogeneous mixture is a mixture where the components of the mixture are not uniform or have localized regions with different properties. Different samples from the mixture are not identical to each other. There are always two or more phases in a heterogeneous mixture, where you can identify a region with properties that are distinct from those of another region, even if they are the same state of matter (e.g., liquid, solid). Heterogeneous Mixture Examples Heterogeneous mixtures are more common than homogeneous mixtures. Examples include: Cereal in milkVegetable soupPizzaBloodGravelIce in sodaSalad dressingMixed nutsBowl of colored candiesSoil Usually, its possible to physically separate components of a heterogeneous mixture. For example, you can centrifuge (spin out) solid blood cells to separate them from the plasma of blood. You can remove ice cubes from soda. You can separate candies according to color. Telling Homogeneous and Heterogeneous Mixtures Apart Mostly, the difference between the two types of mixtures is a matter of scale. If you look closely at sand from a beach, you can see the different components, such as shells, coral, sand, and organic matter. Its a heterogeneous mixture. If, however, you view a large volume of sand from a distance, its impossible to discern the different types of particles. The mixture is homogeneous. This can seem confusing! To identify the nature of a mixture, consider its sample size. If you can see more than one phase of matter or different regions in the sample, it is heterogeneous. If the composition of the mixture appears uniform no matter where you sample it, the mixture is homogeneous.