BU 599 Discussion Post
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Over the past several weeks, you have been developing your business idea and plan. What has been challenging aspect of this process? What have you learned about entrepreneurship and leadership? Whether you end up starting a business or working for a business, how can you apply what you have learned? Be specific.
Writing a business plan is a difficult activity, but it is very crucial before starting a business. In developing the business idea and plan, the most challenging aspect was identifying the correct target market. A fitness facility can serve many target customers, but determining the accurate target market was very challenging, bearing in mind that they are the crucial individuals who will determine the firm’s ability to make profits. Besides, a business plan needs to be exciting and informative to enable the investors to make informed decisions. This is also one of the most challenging aspects because crafting a poor business plan might make the business to fail.
Entrepreneurship and leadership go hand in hand with one another. Leadership has a significant influence on entrepreneurship (Naderi, Vosta, Ebrahimi, & Jalilvand, 2019). While developing the business plan I have learnt that an entrepreneur should have the leadership skills to assist in influencing the staffs towards achieving the business objectives. Besides, an entrepreneur should have the ability to persuade the followers to work towards the business vision. An entrepreneur needs to learn good leadership skills to facilitate smooth flow of activities. Also, an entrepreneur needs to develop the good leadership to facilitate good employee treatment and communication.
In future, I plan to establish my own business and I will apply what I have learned in various ways. First, I will ensure that I learn good leadership to be able to influence the followers towards achieving the goals of the business. Also, I will ensure that I envision the vision of the business as I encourage the staff members to work hard towards fulfilling the goals of the firm. I have also learnt that to manage the business in an effective way, I need to develop both leadership and the entrepreneurial skills.
Reference
Naderi, A., Vosta, L. N., Ebrahimi, A., & Jalilvand, M. R. (2019). The contributions of social entrepreneurship and transformational leadership to performance. The International Journal of Sociology and Social Policy; , 39(9/10), 719-737. doi:http://dx.doi.org/10.1108/IJSSP-06-2019-0124