Description
BUSS 30003 Beauty Salon Nature of Business Plan
COVER PAGE
Topic: Entrepreneurship and new venture creation
DELIVERABLES
Entrepreneurship meaning
A number of events or activities brought together in a creative way involving a number of skilled manpower and the right technology will lead to a success of the entrepreneurial act this could be in any filed such as medical, technology energy sector or in the consumer end.
Process of realizing it
When all the skills are incorporated to do a given project, then whatever is done, how it is done and the timing of when it is done is key in realizing the outcome of the final product.
Its role in realizing a new venture (creative role)
Being creative and realizing an opportunity never realized by anyone else to either solve a need or coming up with a way to satisfy a need that had not been satisfied initially is what makes entrepreneur’s success in the new venture.
New venture what it implies
Regardless of scarcity of resources, the team has to make sure that they employ all aspect and utilize the available resources to achieve success, thus there is need for discipline and care in utilizing resources
The basic idea is to
Look at the idea and decide if it is worth of pursuing.
Decide what is to be done and when to do it.
Efficient use of available resources.
Before starting on the venture, the team has to be able to answer the following questions
Is there a market need?
On can not come up with unwanted solution, it is important to find out if really this solution is needed by the consumers.
Is there a viable solution that the team can provide?
How will the solution be better than the consumers alternative?
Its important to know if really the solution will be any better than that already available in the market or else it will be worth pursuing.
Is the venture worth of investing?
Realizing the worth of the venture is important, putting other requirements such as money time and other resources, it I important for the team to compare the outcome of their predicted product and that which is available in the market and see if there is any profit.
What will be the product?
Assuming that their other products in the market, it is the task of the team to find out what their product will be and how this product will be of use to the consumers.
GENERAL OVERVIEW
Entrepreneurship is an education that plays a criticalrole in the new venture creation. Thus, for one to be a successful entrepreneur, one has to have asset of personal skills andideas which helps then to achieve their goals. These ways of thinking, and behavingwill lead to the success of new ventures.