ENTREPRENEURSHIP
ASSIGNMENT No 2
42-ME-C
Muhammad Faheem Imran
358866
SUBMITTED TO:
Ma’am Sara
The article focuses on key questions that every entrepreneur must address when
launching and growing a business. These questions are critical in guiding an
entrepreneur's decision-making process and ensuring the success and sustainability of
their ventures.
1. What are my goals?
The first question emphasizes the importance of clarifying personal and business goals.
It suggests that an entrepreneur's personal and business objectives are closely linked,
and entrepreneurs should be explicit about their goals. Goals can range from financial
objectives to lifestyle preferences, and the article highlights the need for entrepreneurs
to periodically assess and potentially redefine these goals.
2. Do I have the right strategy?
The second question pertains to the strategy employed by the entrepreneur to achieve
their goals. The article recognizes that there is no one-size-fits-all strategy for
entrepreneurs. Different entrepreneurs may have different strategies depending on their
goals and the nature of their ventures. Strategies may include building a sustainable
business, pursuing quick profits, or generating a satisfactory cash flow, among others.
3. Can I execute the strategy?
The third question addresses the practical aspects of executing the chosen strategy. It
delves into the risks and sacrifices associated with entrepreneurship. Entrepreneurs are
encouraged to assess their willingness to take on these risks and make necessary
sacrifices to achieve their goals. The article highlights that entrepreneurs need to align
their risk tolerance with their goals and chosen strategy.
4. Is the strategy well defined?
The article suggests that a well-defined strategy is essential for the success of a young
company. A clear strategy provides a direction for the enterprise and helps integrate the
entrepreneur's aspirations with long-term policies. It also emphasizes the importance of
a strategy that is specific, concise, and easily understood by key stakeholders.
5. Can the strategy generate sufficient profits and growth?
Entrepreneurs are encouraged to evaluate whether their strategies are capable of
delivering profitable growth. This test focuses on competitive advantages, pricing, and
market size. Entrepreneurs must assess if their offerings are genuinely better than their
competitors and whether they can charge premiums that justify additional costs.
6. Is the strategy sustainable?
Sustainability is a crucial consideration, particularly for entrepreneurs who have
benefited from external changes or trends. The article underscores the challenges faced
by entrepreneurs when market imbalances disappear. Entrepreneurs must think about
how to maintain a competitive position and adapt their strategies to evolving
circumstances.
7. Are my goals for growth too conservative or too aggressive?
Entrepreneurs are encouraged to evaluate their growth goals critically. It's essential to
find the right balance between conservative and aggressive growth targets. Different
enterprises may have varying optimal growth rates based on several factors, and
entrepreneurs should identify the right pace for their specific business.
8. Can I execute the strategy?
This question focuses on the ability of entrepreneurs to execute their business
strategies. It covers areas like resources, organizational capabilities, and the
entrepreneur's role in the business. The execution of a strategy is crucial for a
company's survival and growth.
9. Do I have the right resources and relationships?
Resources and relationships, particularly talented employees, are vital for successful
strategy implementation. The article emphasizes the need to attract top-notch
employees and expand the workforce as the business grows. Entrepreneurs must
evaluate the recruitment process, the need for specialized positions, and the level of
control in their organizations.
10. Can I play my role?
Entrepreneurs must adapt their roles as the business evolves. The article suggests a
shift from doing the work themselves to teaching others, prescribing desired results, and
managing the overall context. It underlines the importance of continuously acquiring
new skills, experimenting with new responsibilities, and understanding one's personal
fulfillment and goals.
Practical Applications:
If I’m having any hypothetical business idea, me as an entrepreneurs can apply the
insights from the article in the following ways. Let’s consider my business is to construct
plastic roads.
1. Goal Clarity: I should regularly reassess and refine my personal and business goals.
This clarity can help in making strategic decisions and maintaining motivation
throughout the entrepreneurial journey. I should be always curious to find new ways of
recycling plastic.
2. Tailored Strategies: I should select a strategy that aligns with my goals. The
strategy must be flexible and adaptable to evolving circumstances.
3. Risk Assessment: I should conduct a thorough risk assessment to determine if I’m
willing to accept the associated risks and sacrifices. This involves considering financial
risks, time commitments, and potential personal sacrifices. I should access whether
there is local market in it.
4. Continuous Evaluation: I should continuously evaluate my position and trajectory,
adjusting my strategy and goals as needed. Regularly revisiting these questions can
help maintain focus and adapt to changing business environments.
5. Clear Strategy Definition: I should start by defining a clear and concise strategy that
aligns with my long-term goals. A well-defined strategy helps guide decision-making and
provides direction for my business.
8. Exit Strategies: I should also consider exit strategies early on. This includes thinking
about when and how to exit the business, whether through a sale or other means,
especially if long-term sustainability is uncertain.
In summary, the article provides a framework for entrepreneurs to assess and refine
their strategies to ensure long-term success. Strategic thinking is essential for guiding a
young company, and entrepreneurs should regularly evaluate their strategies against
these four tests to adapt to changing circumstances and achieve sustainable growth.
This article provides a valuable framework for entrepreneurs to navigate the
complexities of entrepreneurship, ensuring that their goals, strategies, and willingness
to accept risks are well-aligned for sustainable success. The article provides a
framework for entrepreneurs to assess and adapt their businesses as they evolve. By
regularly asking these key questions and taking appropriate actions, entrepreneurs can
improve their chances of long-term success and sustainable growth.
