Planning is a necessary factor in this modern world in order for entrpreneurs to compete at the high level with one another (Mumford & Frese 2015). Planning a strategy before starting a new business is considered as a sign of good entrepreneur. Therefore, many entrepreneurs plan a path or strategy before directly starting (Hill n.d.). Smart entrepreneur analyses the market quickly and start working and implementing on the strategies with letting anyone know about the strategies (Sahlman et.al 1999). Planning before starting a business can be beneficial for the new entrepreneur.
To attain success in any new business venture is important to know how and why in taking any business action because it helps entrepreneur to make correct decisions for the success of the business (Rivera 2018). Success in any business can be attained only by proper planning and implementing that plan on right time (Strategic planning 2009).
There are several ways of planning which might help in attaining success in start-up business venture.
F. By preparing an efficient plan
Preparing a strategy help an entrepreneur know about required work force, management, investors, and challenges related to the specific business. This is not only helps in preparing but also helps in knowing things deeply and critically and generating new ideas (Schaper et al. 2014).
G. By selecting an efficient workforce
This could be referred as searching for skilled and loyal employees. Selecting an employee is usually considered as easy task. However, in actual it is not an easy task because selection of unworthy employee can cause severe damage to the organisation.
Simultaneously selecting an efficient, skilled and productive employee can help organisation in further growth and development which advantageous for the organization (Leonard 2019).
H. Knowing customer needs
Identifying customer needs is a significant aspect of successful business because it helps entrepreneur stay firm in the market which is totally dependent on customers. Identifying an ideal product for customers is only possible by knowing directly from the customers by talking and understanding customer’s pains (Newman 2016) . For example: KFC before launching in Indonesia identified that majority of Indonesian customer consume rice, so they launched mostly every products including rice.
I. Preparing efficient marketing strategy
Marketing strategy plays a crucial role in growth of a business. There are many marketing strategies like marketing mix strategy which includes product, price, place of distribution and promotion. This strategy helps entrepreneur know the required product in the market, suitable price of the product, place where the product can be distributed, and type of promotion required for product (Marketing strategies and tactics 2019). For example: McDonalds before launching its franchise in Indonesia work on target market, Indonesia market requirement, pricing strategy and lastly promotion which helped it in getting successful in Indonesian Market.
J. Upgrading strategies from time to time
This can be done by formalizing the strategy by improving workforce structure, maintaining existing customer through fulfilling their needs, working on strategies to generate more customers, building reputation and lastly by improving skills of management and employees (Time To Upgrade Your Strategic Planning Process 2016). For example: a restaurant named ‘Petaling Street Restaurant’ in Sydney could not survive in the market because there was no upgrade in the business strategy. They use to serve same old menu which lead they to downfall of the business.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
