SEIZE THE DAY

Achieving entrepreneurial success

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Effective entrepreneurship results in the creation of a profitable business. It leads to assembling and coordinating physical, human and financial resources and applying managerial skills to make a success of the venture. Entrepreneurship is about transforming creative thinking into providing customers with products and services that they truly want, coupled with customer service excellence and sustained customer satisfaction.

Moreover, to be successful requires that advanced knowledge and skills are gained about exploring and developing a business opportunity, devising a business plan and testing the business viability before launching the new venture.

The following are important aspects that all entrepreneurs should master:

  • The vital role of entrepreneurship and its value within the economic environment, and in particular the correct application of entrepreneurial features for generating business ideas with the aim of meeting society’s needs and satisfying the business purpose, must be recognised.
  • Key motivating factors for setting up a business must be clearly understood, and an awareness of the reasons why entrepreneurs fail in their attempts to establish new ventures is necessary. The process to identify workable business ideas for successful implementation in relation to business requirements and constraints, and optimising resource allocation and business performance must be mastered.
  • Environmental factors relevant to business viability in order to compare business purpose and stakeholder requirements must be thoroughly investigated to meet challenges in both internal and external business environments. Entrepreneurial strategy in relation to business objectives for the purpose of planning, implementing, managing, reviewing and improving business performance must be effectively formulated.
  • It is imperative that the entrepreneurial life cycle is clearly identified, particularly for the purpose of following a structured approach to proactive decision-making and problem-solving, mitigating risk and increasing business value. This should be coupled to the principles and purpose of a business plan, which indicate how to address the business activities and exploit the business opportunities best.
  • A suitable business model must be identified that best aligns with the business plan, reflecting the value creation for customers and the efficiency of the business venture in creating value for customers. Moreover, the legal requirements necessary to establish a business in relation to the factors to be considered when choosing an appropriate business format, must be evaluated.
  • Location of the business is profoundly important. Factors that play a role in choosing a business location with the aim of optimising business process efficiency must be assessed. The essential operating elements of the business functions and the scope of the operational start-up process before the business is launched into the operating environment, must be clearly defined.

To learn more about the above-mentioned key success factors prospective entrepreneurs are encouraged to register for the Cranefield “Entrepreneurship” and “Managing the Entrepreneurial Project” short courses. It is advisable to first complete the short course “Entrepreneurship” to fully understand the subject, before pursuing the short course on how to manage the entrepreneurial project. See www.cranefieldacademy.com for more detail.

The Cranefield Academy of Knowledge Media Team, Cranefield College

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