Entrepreneurs and New Business Ventures Term Paper by scribbler
Entrepreneurs and New Business Ventures
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Description:
The paper looks at the business plan and discusses how it needs to provide a solid foundation of what makes the start-up unique, differentiated and defensible in turbulent markets. The paper details how a great business plan unifies the needs of prospects and customers with the inherent strengths of the start-up to increase the likelihood of success. Next, the paper discusses how entrepreneurs criticize burdensome government regulation and interference in business; the paper discusses, however, how government-based controls and regulations also serve to protect the customer. Finally, the paper addresses the need for ethical and moral controls on each phase of the healthcare services and product development processes. The paper argues that it is the moral imperative of any start-up creating products that influence the health of another human being to have exceptional accuracy, quality management and government compliance systems and processes in place.
Outline:
Business Plan Discussion
Regulations and Government Controls Discussion
Ethical and Moral Controls
Outline:
Business Plan Discussion
Regulations and Government Controls Discussion
Ethical and Moral Controls
From the Paper:
"One of the core strengths of any successful start-up is the ability to quickly interpret, react and capitalize on market conditions with innovative new products and services. To attain this level of coordinated response to market opportunities while mitigating threats, business plans need to provide a solid foundation of what makes the start-up unique, differentiated and defensible in turbulent markets (Doganova, Eyquem-Renault, 2009)."Thought leaders in the area of entrepreneurship contend that new ventures, or start-ups are in the business of creating new markets, not attempting to move into existing, and often mature or slow growing ones (McVea, 2009). The need for creating value for the customers the start-up has chosen to target is critical. This is the pivot point of any excellent business plan, as it places the customer at the center of all activity. For any start-up to be successful, it must be customer-centric and customer-driven; focusing on the unmet needs of those whose needs drive product and services strategies. An excellent business plan takes into account he complexities and requirements of prospective customers while creating a high level of synchronization across the start-ups' internal resources. IN short, a great business plan unifies the needs of prospects and customers with the inherent strengths of the start-up to increase the likelihood of success (Doganova, Eyquem-Renault, 2009). A great business plan also will get the unmet needs of customers defined so clearly that there is no question as to what needs to be completed from a product and services perspective."
Sample of Sources Used:
- Doganova, L., & Eyquem-Renault, M.. (2009). What do business models do?: Innovation devices in technology entrepreneurship. Research Policy, 38(10), 1559.
- Mateja Drnovsek, Joakim Wincent, & Melissa S. Cardon. (2010). Entrepreneurial self-efficacy and business start-up: developing a multi-dimensional definition. International Journal of Entrepreneurial Behaviour & Research, 16(4), 329-348.
- McVea, J.. (2009). A field study of entrepreneurial decision-making and moral imagination. Journal of Business Venturing, 24(5), 491.
- Thoumrungroje, A.. (2010). The Effects of Entrepreneurial and Customer Orientations on Performance: The Mediating Role of Radical Product Innovation. The Business Review, Cambridge, 15(2), 138-143.
Cite this Term Paper:
APA Format
Entrepreneurs and New Business Ventures (2013, March 28)
Retrieved June 04, 2023, from https://www.academon.com/term-paper/entrepreneurs-and-new-business-ventures-152604/
MLA Format
"Entrepreneurs and New Business Ventures" 28 March 2013.
Web. 04 June. 2023. <https://www.academon.com/term-paper/entrepreneurs-and-new-business-ventures-152604/>