Challenge 2: The Entrepreneur's To-Do List Make a to-do list that would help you go about establishing your own enterprise. Based on the items that have been discussed in this chapter. there seems to be a lot or tasks that need to be completed by the entrepreneur. Be as realistic as possible in terms of what you can achieve in a day. Start from a week's worth of activities and then expand them to a month and so on. You can be as detailed as possible (which should include time lines). For a more organized calendar, you may refer to the sample below. At the end of each day, check or cross out the task/s that have been accomplished. Sample of Entrepreneur's To-Do List and Calendar JANUARY 20XX SUN MON TUE WED THU FRI SAT 1 2 3 4 6. 7 Brgy. Clearance 8. 9. 10 11 12 13 14 Fire Safety Certificate of Clearance occupancy 15 16 17 18 19 20 21 Business permit 22 23 24 25 26 28 29 30 31 27
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- 1. Why is business plan important when planning a business? 2. Why is knowledge about the structures of markets in which the firms operate important? How could this be of help to you in order to understand the differences in prices and services? 3. What is the importance of a business plan?Business plan is a tool that can be used in a number of ways. Discuss the way you think a business plan would be useful to you. (i.e.:What can you do with your business plan? How long do you think it will take to develop it completely? Who will be the intended audience? Etc.)Complete this in the capacity of an entrepreneur starting a new business. This assignment's first instruction is not to write a business plan as you wish, which most likely an essay format. Answer specific questions, keep them in order. To enhance your work, use resources outside resources such as SBA, trade publications, and academic journals when warranted. In this assignment, you will have to start a business from the ground up, no franchise. There are three businesses I want you to stay away from when you are thinking about opening your business. The businesses I will not accept in this assignment are restaurants/bars, nail/hair salons, and gyms. In addition, these businesses have a lower entry barrier where anybody can start any of these businesses and become a direct competitor. Your Business Opportunity Give a summary of your business idea. What are the solutions you will provide your customers with for their needs? What are the important key activities for your business? What…
- To make a “bulletproof” business plan, some mistakes must be avoided, and the following must be done:❖ Think through the business idea. You might have a great idea, but have you carefully mapped out all the steps you'll need to take to make the business a reality.❖ Do your research. Investigate everything you can about your proposed business before you start writing your business plan--and long before you start the business.❖ Research your potential customers and competitors. Is your product or service something people really want or need, or is it just "cool"? Study your market. Is it growing or shrinking? Could some sort of disruptive technology or regulatory change alter the market in fundamental ways? Why do you think people will buy your product or service? If you don't have any customers or clients yet, you'll need to convince investors that you have something people really want or need, and more important, that they'll buy it at the price you expect.❖ Get feedback. Obtain as…Title: Choosing the Right Form of Business for a Digital Start-upIntroduction: Nadia is an aspiring and driven entrepreneur with a passion for the digitalworld and she has an innovative idea for a new mobile app. She wants to establish her digitaltechnology start-up, but she's unsure about the most suitable form of business for her venture.Nadia's app, called "Edu Spot," aims to revolutionize the way people manage, track andcomplete their courses and assignments during university. She has conducted marketresearch, developed a business plan, and is now ready to formalize her business structure.Options for Business Forms:1. Sole Proprietorship: Nadia could choose to operate as a sole proprietor. This is thesimplest and least expensive form of business to establish. However, she would haveunlimited personal liability for the business's debts and obligations.2. Partnership: Nadia could partner with a friend Tom, who has complementary skillsand resources . They would share profits, losses,…Title: Choosing the Right Form of Business for a Digital Start-upIntroduction: Nadia is an aspiring and driven entrepreneur with a passion for the digitalworld and she has an innovative idea for a new mobile app. She wants to establish her digitaltechnology start-up, but she's unsure about the most suitable form of business for her venture.Nadia's app, called "Edu Spot," aims to revolutionize the way people manage, track andcomplete their courses and assignments during university. She has conducted marketresearch, developed a business plan, and is now ready to formalize her business structure.Options for Business Forms:1. Sole Proprietorship: Nadia could choose to operate as a sole proprietor. This is thesimplest and least expensive form of business to establish. However, she would haveunlimited personal liability for the business's debts and obligations.2. Partnership: Nadia could partner with a friend Tom, who has complementary skillsand resources . They would share profits, losses,…
- Title: Choosing the Right Form of Business for a Digital Start-upIntroduction: Nadia is an aspiring and driven entrepreneur with a passion for the digitalworld and she has an innovative idea for a new mobile app. She wants to establish her digitaltechnology start-up, but she's unsure about the most suitable form of business for her venture.Nadia's app, called "Edu Spot," aims to revolutionize the way people manage, track andcomplete their courses and assignments during university. She has conducted marketresearch, developed a business plan, and is now ready to formalize her business structure.Options for Business Forms:1. Sole Proprietorship: Nadia could choose to operate as a sole proprietor. This is thesimplest and least expensive form of business to establish. However, she would haveunlimited personal liability for the business's debts and obligations.2. Partnership: Nadia could partner with a friend Tom, who has complementary skillsand resources . They would share profits, losses,…Title: Choosing the Right Form of Business for a Digital Start-upIntroduction: Nadia is an aspiring and driven entrepreneur with a passion for the digitalworld and she has an innovative idea for a new mobile app. She wants to establish her digitaltechnology start-up, but she's unsure about the most suitable form of business for her venture.Nadia's app, called "Edu Spot," aims to revolutionize the way people manage, track andcomplete their courses and assignments during university. She has conducted marketresearch, developed a business plan, and is now ready to formalize her business structure.Options for Business Forms:1. Sole Proprietorship: Nadia could choose to operate as a sole proprietor. This is thesimplest and least expensive form of business to establish. However, she would haveunlimited personal liability for the business's debts and obligations.2. Partnership: Nadia could partner with a friend Tom, who has complementary skillsand resources . They would share profits, losses,…Hi, I need help solving for part B. Thank you.
- Effective planning is akin to laying the groundwork for success, serving as a strategic tool that aids in the achievement of desired outcomes. It involves a systematic approach of outlining objectives, determining the necessary resources, and establishing timelines. One key aspect of planning is the identification and mitigation of potential risks, allowing for a more proactive response to challenges. Moreover, planning fosters collaboration and communication within teams, aligning everyone toward a common purpose. In both personal and professional contexts, individuals who invest time in planning tend to experience a more organized and efficient pursuit of their goals. The act of planning not only enhances productivity but also instills a sense of confidence and control, enabling individuals to navigate uncertainties with greater resilience. Question: How do you prioritize tasks within your planning process, and what strategies do you employ to mitigate potential risks or challenges…Explain the importance of planning a new business, andoutline the key elements in a business plan.Reaction to discussion below. Do you agree or disagree? Any additional thoughts? It is important to understand that for a business to succeed, being motivated and hardworking does not guarantee a good positive outcome for the company. There are other key factors that have to be in place in order to put the company on a path for success. These factors include effective planning and decision-making with a systematic approach that considers the available information, the goals and objectives of the organization, and the potential outcomes of different decisions. One of the companies I admire the most today is Apple. I because of how it started and all the changes they had to go through to become the company they are today. Apple is well-known for its innovations in hardware, software, and services. Thanks to them, it grew from some 8,000 employees and $7 billion in revenue in 1997, the year Steve Jobs returned, to 137,000 employees and $260 billion in revenue in 2019. Much less well…