Business Start Up Essay Example | Topics and Well Written Essays - 2000 words

Business Start Up - Essay Example We had worked out an initial business plan with my team as a basis of our operations. Our business plan had all the important sections including finances, operations, milestone objectives and marketing covered. Practically speaking, having a business plan significantly reduces the risks and provides a proactive scope. I learnt that the initial business plan is not sufficient enough, hence my team decided to keep updating the document to take guidance from it. Hornsby & Kuratko (2009 p.111) have also identified many reasons to update a business plan which are: varying financial needs and new projections yearly, additional financing needed, managing management conflicts and to induce more reality to the plan. There already are similar companies producing customised cakes and crepes, therefore I was of the view that if we want to stand out we need a comptetitive advantage. Enterpreneurship is about new ideas and creation, and strategic planning focuses on the method to achieve above ave rage performance through a competitive advantage (Hitt, Ireland, Camp, & Sexton, 2002 p.33). Two of our team mates are passionate about the baking line of foods. Utilising their talent we have designed new cake and crepe recipes alongwith additional services and packages, as our unique selling points include customised packaging, complimentary dessert decor, small goodwill presents, greeting cards and an optional nutrition card for the health conscious customers. We have drafted updates on our business plan regarding this Enterpreneurial Strategic Management Interface (ESMI). Professionalism is a function of time and experience, but we lag in it because we are beginners in business... Professionalism is a function of time and experience, but we lag in it because we are beginners in business management. There have been incidents like the one when we landed with a huge order of deserts for a new year party. The order was huge, with promising profits and potentially loyal customers. The process to meet the order produced conflicts amongst our team members. The team member responsible for managing the operations and employees, namely preparation of the deserts and managing the chefs, felt that he was doing all of the work. The one who had negotiated the contract and maintained the liaison with the customer party felt that she deserved all the credit. That’s when I, being the leader, realized that we need teamwork orientation to wheedle out the individualism. I arranged a self-development session with my fellows and pointed out that everyone’s individual contribution in the work is unique and significant. We need to develop a sense of unity in our work ot herwise the conflicts will adversely affect the output and our produce will lack harmony. We learned that there are external agencies that exist to perpetuate small businesses. One of my fellows gave the idea to take some form of external small business assistance and consultancy service. He showed me the SBA.Gov platform on the internet that helps in finding the local resources, exploring the potentials and consultancy to achieve the organization’s goals. Our current focus is to develop and strengthen ourselves through proactive planning and introducing newer food and service packages.