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Entrepreneurial Strategy Exercise June 29, 2015 MGT/ Bruce McEwan

Entrepreneurial Strategy Exercise

This paper will define what entrepreneurship means to me and discuss my strengths and weaknesses from a survey we are task with taking. I will also evaluate areas that I am weak in through the use of the SMART parameters. Finally, I will explain how I can prepare myself for the challenges of globalization.

The term entrepreneurship means the starting your own business to earn your own money, establish a business. You will be establishing a new business entry that is based on a good or service that has a market. It makes me feel like I am empowered, ambitious, free and being responsible. If you can come up with a good business venture and it is seen as a innovative and creative ideas; you will be very successful.

Entrepreneurship can pertain to the creation of a new organization. The creation of a new organization possess some difficulties for entrepreneurs. These challenges, called liabilities of newness, they indicate a new organization's higher expenses of learning new tasks, enhanced conflict over roles and obligations, and the need to developed an informal communication system. The entrepreneur inevitably has to decide if they have a valuable, unique, and rare product and/or service that will be attractive.

Based on the responses I gave in the survey I have a strong commitment and determination. I always consider the needs of the customer because they are paying for my services. I am not a risk taker because there can be too much liability involved with it. I encourage my staff to do their best and if they make errors seek help immediately. I am always truthful with my staff and they know what is expected of them on a job site or any special preparations that have to make. I am a bit obsessive because I want to leave the customer wanting my services repeatedly instead of them being unhappy. One bad complaint from the right person can cause loss of business.

I have to be realistic about the money that I am making as well as the jobs I am asked to bid on.

Entrepreneurial Strategy Exercise. New York, NY: McGraw-Hill/Irwin