Entrepreneurship Essay Example

  • Category:
    Business
  • Document type:
    Essay
  • Level:
    Undergraduate
  • Page:
    2
  • Words:
    1010
  1. Identify and describe the important elements of managing rapid growth and overcoming obstacles in an entrepreneurial environment.

There are a number of factors that are considered when dealing with an increase in growth in the entrepreneurial world. The change can cause a business to falter or fail depending on how the obstacles that arise in the course of rapid growth are managed. One of the elements to consider is developing an outward strategic focus by being visionary in management of people and resources. Both employees and consumers should be supervised to propel equilibrium of activities in the phase of growth. Managing growth in entrepreneurship also focuses on uniqueness of the business in order to control its rapid growth (Timmons & Spennelli 2009, p. 350). A unique venture attracts customers since the business enjoys monopolistic advantages. Anticipating growth enables the entrepreneur to strategize prior to the rapid growth. Investing in other companies or institutions such as schools helps manage the rapid growth. The entrepreneur channels the excess income towards investment regulating cash flow. Product availability allows the business venture to cater for the growing number of customers at the same rate. Rapid growth involves increase in the number of customers for a business, the ability to provide products consistently aids in managing the growth. Customer availability is also vital in managing the rapid growth since they are the source for sales growth for the company.

Overcoming obstacles is one of the major concerns for entrepreneurs. The ability to stay afloat during crises determines the direction of the business. For an entrepreneur to trounce impediments, several constructs are employed. In the face of an obstacle patience allows the owner to evaluate possible approaches to tackling the issue at hand. Entrepreneurs should exercise patience and take time to handle the crises instead of rushing and creating further complications. A realistic evaluation of how to deal with the obstacles is significant. Since business is more or less a live venture forecasting of the future events is cumbersome (Timmons & Spennelli 2009, p. 376). Looking at the reality of the situation allows the entrepreneur to overcome obstacles. Outside advice from experienced entrepreneurs develops a sense of reasoning for the growing entrepreneurs. In times of rapid growth obstacles develop and advice from experts helps combat the situation and may save the business from failing. Another construct that aids in overcoming impediments is creating value for consumers. Customers tend to be attracted to products with value for their money. Such a strategy allows the business to maintain customer base in times of crises. The company is save the process of having to seek new customers during and after they have overcome obstacles.

  1. Identify and describe significant sources of events, information and assistance for Australian entrepreneurs over the last fifty years.

Fundamentals of a successful entrepreneurial venture are reliant on information. The basics assist Australian entrepreneurs to understand their dynamics and develop acceptable products. Australia has relied on different sources for information and assistance for the past fifty years. Some of the sources for such events are the new organizational paradigm for the 21st century entrepreneur (Timmons & Spennelli 2009, p. 415). The source provides an entrepreneur with knowledge of current issues that should be considered in entrepreneurship. Some the ideas include flat structure that requires business managers to practice multi-tasking skills. Flexibility is another aspect that generates assistance for entrepreneurs manage their business. A flexible business can adapt to the different movements in the business arena allowing entrepreneurs overcome obstacles and deal with rapid growth of the business. Interlocking circles is also considered sources of event in Australia where the entrepreneurs, investors and other elite networks are linked through common interests for the business. Customer integration is a vital source that helps the business to keep track of their past, existing and prospective clients. The entrepreneurial venture can understand their customer demand pattern through integrating of customers. Another significant source of event is learning and influence. Entrepreneurs should stay updated on current affairs in business and the world market for their products. The knowledge influences their managing behavior of the business to foster positive results.

The last fifty years entrepreneurs in Australian have focused on available business information to assist in their management practices. Some of the useful information includes ability to lead as opposed to managing. The construct provides entrepreneurs with skills to focus on opportunities, apportion resources, encourage modernism and have different set of supposition that help develop the business. Information for entrepreneurs is also derived from traditional general management. The entrepreneurs are able optimize resources, focus on cost standardization, compensate and reward employees and, avoid errors (Allen 2012). Core leadership modes also provide vital information for Australian entrepreneurs. The modes entail opportunity overload where entrepreneurs choose market niches that are available. Abundance of capital assists entrepreneurs to determine the investors available for their ventures. Entrepreneurs are also able to determine external causes of failure and avoid or embrace and work to improve them. Some of the causes are recession, interest rate charges, change in government policy, inflation, product obsolescence and, entry of new competition in the market. These forces deter the success of the business since they influence input and output. Internal factors that influence a business also explained to assist entrepreneurs determine possible solutions. The factors entail poor planning where entrepreneurs misunderstand the niche in the market (Allen 2012). Poor financial and accounting system that overprice or under price products and, lack of cash budget.

In summary, entrepreneurs should be aware of growth in their businesses to be able to control it since it may cause failure. They should also have strategies that help them overcome obstacles in the businesses. There are several sources of events that provide information for entrepreneurs in Australia in the entrepreneurial ventures. The sources have been used for the last fifty years to improve entrepreneurial skills.

References

Allen, KR 2012, Launching new ventures: an entrepreneurial approach, South-Western, Cengage Learning Mason.

Timmons, JA & Spinelli, S 2009, New venture creation: entrepreneurship for the 21st century, McGraw-Hill/Irwin, Boston. Pp 349-426.