Backnotes

Setting up a new enterprise

Setting up a new Enterprise

An enterprise could be set in different ways, at different places, using different methods, an overview is as follows:

  • Ways of enterprising at home –
  • Organizing a talk.
  • Taking responsibility.
  • Earning money.
  • Organizing yourself.
  • Ways of enterprising at school –
  • Organizing a talk and putting up posters.
  • Self-awareness and Time management.
  • Creativity.
  • Leadership.
  • Ways of being Enterprising, developing wider enterprising skills –
  • Applying Technology.
  • Building communica5ion and numeracy skills.
  • Thinking creatively and independently.
  • Learning independently.
  • Reasoned Evaluations.

What is the process of enterprising? – The enterprise process is the various stages in starting and running an enterprise.

The process of enterprising comprises of 6 main steps which are as follows:

  1. Identifying the problem, people’s needs and wants or a gap in the market.
  2. Exploring creative solutions to fill that gap.
  3. Action planning, which is very important to organize and coordinate tasks according to timeframes allocated, this is essential in timekeeping.
  4. Implementing the plan.
  5. Monitoring progress, which is necessary to identify weak points in ideas and actions taken and rectify them, or to correct errors made.
  6. Evaluation of successes and failures, which would help us understand what went wrong and what went right, and how we could execute it better next time.
  1. Identifying the problem, people’s needs and wants or a gap in the market. (Stage 1)
  2. Group discussion, brain storming and individual reflection.
  3. Collecting ideas from shareholders.
  4. Risk assessments i.e. “PEST, SWOT, SMART”
  5. Identifying the opportunity
  6. Thorough research about the market gap
  7. Clear aim and vision
  8. Expected rate of return to be predicted
  9. Evaluating the stalls available and planning for any skill gap
  10. Exploring creative solutions to fill the gap. (Stage 2)
  11. Looking for creative and innovative ways.
  12. These creative ideas then need to be analyzed and evaluated to find the best solutions
  13. Use of mind maps help in developing an effective enterprise plan
  14. Action planning, which is very important to organize and coordinate tasks according to timeframes allocated, this is essential in timekeeping. (Stage 3)
  15. Making plans i.e. Budgeting, Financial Capacity, Keeping the cost under the bearable limit.
  16. Breaking down the long term plan (objectives) into achievable tasks.
  17. Allocating these tasks to different team members, according to their strengths and skills
  18. Setting short targets, timescales and making sure goals are achieved by then.
  19. Implementing the plan. (Stage 4)
  20. Enterprise activities to be carried out effectively and lawfully.
  21. Timescales, health and safety issues should be frequently adhered to.
  22. The tasks and activities should be directed towards meeting objectives.
  23. Decision making needs to be quick, flexible and responsive.
  24. Monitoring progress, which is necessary to identify weak points in ideas and actions taken and rectify them, or to correct errors made. (Stage 5)
  25. Questions should be asked to one’s self such as, “Has each step of the plan been implemented efficiently and on time etc.”
  26. Errors which needs correction should not interfere with other steps and if interfered those steps should be adjusted accordingly too.
  27. Evaluation of successes and failures, which would help us understand what went wrong and what went right, and how we could execute it better next time. (Stage 6)
  28. Successes and failures should be analyzed according to expected results.
  29. Methods to do it better next time should include the faults made previously in order for it to not be repeated

Different methods to analyze through setting up an Enterprise –

  • PEST, as shown before.
  • SMART – These direct your goals on how it can be more efficient and best suitable to each business, they are as follows :
  • Specific – These are meant to constrict your goal within boundaries to make it more direct to approach.
  • Measurable – These would make your goals quantified which would make it easier to work with in many areas such as financially, and so on.
  • Achievable – This would help you to identify whether the resources that is put forward a goal is worth it or not, because wasting all your resources towards a goal that requires more than you have isn’t efficient.
  • Realistic – The goal should be within the possibility of your efforts.
  • Time-bound – This would help you figure out a time target for yourself to work between to motivate you, and to be as efficient as possible.
  • SWOT – It identifies the current strengths, weaknesses, opportunities, threats for an idea or a project.
  • Strengths – Internal features that the enterprise is good at and that can be controlled.
  • Weaknesses – Internal features that the enterprise needs to improve on and has control over.
  • Opportunities – External changes that the enterprise cannot control and which they could benefit from.
  • Threats – External changes that the enterprise cannot control which could place the enterprise at risk.