The paper "Theories and Practices of Organisational Development" is a great example of a literature review on management. If someone planted two plants in two different jars, and in one jar there was good manure and watering, but in the other jar only had sand and no watering, the outcome would be one healthy plant thriving and one withering and dying. This is the same case with businesses. I believe that for any business venture to succeed there must be proper prior planning. Entrepreneurs run their businesses differently from how multinational corporations are run.
This write up seeks to review on how entrepreneurs make strategic planning. It is also a proposal to interview an entrepreneur in the future to understand well how it happens. The entrepreneur to be interviewed is Kathal Spence, founder, and owner of DFK Port Accounting and Your Local Finance, in the Finance/ Mortgage Brokerage industry. The choice for this individual follows the fact that his businesses have grown well since inception with DFK Port Accounting now at 18 years and Your Local Finance at 7 years. This means that there are strategies he employs to attain such success.
This essay also carries a literature review to show how strategic planning is carried out by entrepreneurs. Literature Review Strategic planning is the most important part of entrepreneurship and offers a business an opportunity for big gains in the future. Lepori-Costello (2010, 4) explains that the need for a strategic plan is to know where the business is, where it wants to be, and the steps that it requires to take to get there. From this explanation, it shows that there are three steps involved in entrepreneurs laying down an effective strategic plan.
The three steps include: - The situational analysis which shows where a business is and that includes reviewing its environment, its competitors, and basically all factors affecting the business The strategic direction now tells where a business wants to go. This is done by laying good goals and objectives of a business driven by its mission and vision statements. It is important to note that when entrepreneurs go into business, they are aware of what they want and expect from the market. Implementation plan.
This is the last step which entrepreneurs employ to realize success in their plans. It involves developing just the right tactics, measures, and using resources well. If the entire strategy framework is well implemented, the success rates of an entrepreneurial business are high.
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