Setting Up Operations
Business Organization and Management, 2012
49 Pages Posted: 18 Jul 2019
Date Written: 2012
An entrepreneur has to take several decisions in order to establish enterprises. Such decisions can be defined in terms of the questions in the mind of an entrepreneur at the time of launching a new enterprise.
First, an entrepreneur needs to identify a business proposition — a business opportunity. Once he has identified the business idea, he is to implement that idea, which involves taking decision about the goal and objective of the establishing business, identifying the location for the business, choosing the legal form of ownership, the type of processes and technologies to manufacture goods or services, finances required, marketing of the products and choosing the type of organizational structure to be built.
In general, it involves creating a business plan that consists of all these aspects of business. Entrepreneurs should have some plan regarding the business model, which will help them to compete in the market effectively and succeed. Th e idea of first establishing and surviving in the market and later growing and getting bigger will keep on motivating and directing the efforts of the entrepreneurs. Most of the businesses first focus on the domestic markets. At present, we find a number of firms getting established to market its products and services for the foreign markets. Infosys is such an example. Initially, Narayana Murthy failed to set up his business as his business focused on the domestic market. Th e domestic market was not ready for the services offered by Murthy. In his new venture to start Infosys, he focused on the global market and he succeeded in his venture. Of course, his entrepreneurial journey was not very smooth initially. Generally, the challenges faced by most entrepreneurs are similar.
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