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