Key factors that underpin a successful entrepreneurial team engaged in Essay

Key factors that underpin a successful entrepreneurial team engaged in setting up a business - Essay Example Setting up a business plan Business planning is an integral component when setting up a business. Entrepreneurs need to focus on their business mission and vision, and critical evaluation of both internal and external forces. Based on information gathered during situation analysis, entrepreneurs should establish goals and objectives, which they intend to achieve through efficient strategies (Madura 2006). With or without a business plan, its owners have some ideas of why the business exists, who it serves, and what it offers. In this regard, entrepreneurs need to have a clear set of goals, which should be aligned with the mission and vision statements. This helps the business to determine its growth patterns. However, the business plan is not wholly a factor to consider when setting up a business. Although it reflect the opportunities, concepts, and entrepreneurial team that fit the business, it is vital to consider other issues that the business would rely on for its success. The fo llowing sections will highlight these factors, which entrepreneurs need to consider when setting up a business. ... In fact, it is argued that entrepreneurs should only decide to start up a business after evaluating the likelihood of getting potential customers (Madura 2006). Therefore, demand is a key factor to consider when setting up a business. Another key factor to consider is competition. It is highly likely that there could be other businesses operating in the market one is intending to set up a business in. In this regard, entrepreneurs should ensure that they have full knowledge of how those other businesses operate and their performance (Tulsian and Pandey 2008). After such deliberations, the entrepreneur should design a plan on how to maintain competitive advantage strategies that would enable them emerge and survive in a highly competitive market. One of the strategies is to evaluate the product or services they want to sell. Analysis of, how the product performs in the market is vital. A good market research should aim at identifying the customer needs, preferences, and rationale of t heir consumption (Fischer, 1992). After knowing what customers need, they should set up standards that go in line with the customer’s preferences. In fact, studies have indicated that businesses that offer products of high value are more successful than those that do not (Tulsian and Pandey, 2008). It is also crucial to know the kind of products that suits target population. For example, an entrepreneur intending to start a textile business should have full knowledge of the kind of cloth designs that fit each of the age groups. Nevertheless, for a product or service to thrive in a market, promotion plays an integral role in this assurance. In this regard, it is crucial that