Enterprise and Entrepreneurial Management Research Paper - 11

Enterprise and Entrepreneurial Management - Research Paper Example Idea generation is the fulcrum of a solid business plan. An idea is what makes a business go forward and that idea has to be brilliant and functional. This is the starting point; it can be because someone spotted a gap in the market or saw a flaw in the products already being sold. The development of this idea into a viable product or service is the key to a successful business. Including this part in the business plan is important as it shows where you got the idea from, it will also help other people judge how powerful the idea is and how far it can go. Strategic objectives are specific and well-defined objectives over a time frame; they tell you when and where the business’s condition is supposed to be. Some examples of these objectives can be: Increase revenues by 10% annually or Decrease expenses by 15% over the next 3 months. These objectives are essential as they provide guidance to the business. They also provide a picture to investors and other professionals on where the business will be after a certain time period. They are basically goals that will help the business move forward and they will always be a guideline to measure your results and performance against. Every start-up business will have objectives but it is also necessary to prioritize them, perhaps for a new business, it will be essential at first to be financially stable so the financial objectives come first. When the business is established the objective focus can be shifted to getting more customers in. It is always good to quantify your objectives as this way you will have data to measure against. The objectives should be balanced they should not be far-fetched, be attainable but at the same time be challenging enough to make the business move forward.