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SpinDistribute.com Article Directory

The following article was published in our article directory on October 17, 2015.
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Entrepreneurship 101: Management Aspect and Major Assumptions

Article Category: Advice

Author Name: Gideon Walcott

Management is considered good when it results from planning, teamwork, and capable performance. It is said to be successful when it makes service efficient and in terms of quality of product and procedures with minimum effort and the least possible cost. The enterprise will depend to the person managing it and lead it to success. This aspect includes the form of ownership, organizational chart, and key personnel.

In the management aspect section of the feasibility study, put an organizational chart that will show the ranking and connection among the employees.

Aside from the chart, an entrepreneur also needs to list all the positions needed and the job descriptions for each. You may also include the estimated salary of the employees, from the manager down to the waiters. Dividing the work equally among your workers will make the operations run perfectly and efficiently.

Market Projects

Here is what you will bring to the plan:

The most important part of the marketing plan is identifying your target market. They are the ones who will make use of your products and services. Your profit will come from them. So, you must do an extensive research about the consumers in your market. What problems do they have that needs a solution? Make sure to cater to their needs so you will catch their attention. If there are competitors, be unique and separate your items from them.
Investment Costs

As an entrepreneur, even if you have been operating your business for three to five years, you still cannot guarantee a return on investment. Most small businesses will solely rely on sales, but it is not enough. In this section, you have to carefully assume and figure out when you can receive your start-up cost. It may take a few years, but you have to be clear and sure about it. There is what you call the sales and revenue forecast. You can use this tool to estimate all the sales and revenue that you can achieve in those three to five years.

In business, there is no room for trial and error. An entrepreneur should calculate and anticipate everything so you can assure profitability and return on investment.
Methods of Financing

Finding the start-up cost and other finances is the struggle of every entrepreneur. With the changing economic situations, funding a business is tough. But, here are several methods of financing to provide the needs of your enterprise:

Credit Cards
Crowdfunding
Support from family and friends
Bank loan
Attracting investors
Step 14: Nature of the Product, Service, and Industry

In this section, an entrepreneur needs to indicate the general and specific classification of his business. The nature of the business is the type of industry your company falls in. For example, if you are putting up a bakery, the category it falls in is food services. Other examples of general categories are: marketing, software, retail, manufacturing, and wholesale.

Here are other parts of this section:

Description of the product or service
How will the items be sold? Is it through network, walk-in stores, or by telephone orders?
Give the consumers assurance about the quality of the products and services.
Provide the list of costs of the items.

Keywords: entrepreneur,how,to,advice

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