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    Assignment No. 3 - A023-Entrep1a

    Uploaded by

    Dianna Lynn Molina
    This document contains the responses of a student, Dianna Lynn L. Molina, to various discussion questions about entrepreneurship and business planning. The student addresses why vision is important for entrepreneurs in guiding objectives and decisions. Ideas and opportunities are said to spring from having a vision. Starting a business without a business plan risks bankruptcy and other dangers. An entrepreneur should gather important facts about the industry, business, product or service, and market when preparing a plan. Business planning forces consideration of finances and weaknesses to approach strategy pragmatically. Substance is more important than form for a business plan in defining a marketable product and revenue plans. Entrepreneurs should understand customer needs to ensure product or service success against competition. Business plans

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    Assignment No. 3 - A023-Entrep1a

    Uploaded by

    Dianna Lynn Molina
    32 views2 pages
    This document contains the responses of a student, Dianna Lynn L. Molina, to various discussion questions about entrepreneurship and business planning. The student addresses why vision is important for entrepreneurs in guiding objectives and decisions. Ideas and opportunities are said to spring from having a vision. Starting a business without a business plan risks bankruptcy and other dangers. An entrepreneur should gather important facts about the industry, business, product or service, and market when preparing a plan. Business planning forces consideration of finances and weaknesses to approach strategy pragmatically. Substance is more important than form for a business plan in defining a marketable product and revenue plans. Entrepreneurs should understand customer needs to ensure product or service success against competition. Business plans

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    Assignment No. 3_a023-Entrep1a

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    This document contains the responses of a student, Dianna Lynn L. Molina, to various discussion questions about entrepreneurship and business planning. The student addresses why vision is important for entrepreneurs in guiding objectives and decisions. Ideas and opportunities are said to spring from having a vision. Starting a business without a business plan risks bankruptcy and other dangers. An entrepreneur should gather important facts about the industry, business, product or service, and market when preparing a plan. Business planning forces consideration of finances and weaknesses to approach strategy pragmatically. Substance is more important than form for a business plan in defining a marketable product and revenue plans. Entrepreneurs should understand customer needs to ensure product or service success against competition. Business plans

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    32 views2 pages

    Assignment No. 3 - A023-Entrep1a

    Uploaded by

    Dianna Lynn Molina
    This document contains the responses of a student, Dianna Lynn L. Molina, to various discussion questions about entrepreneurship and business planning. The student addresses why vision is important for entrepreneurs in guiding objectives and decisions. Ideas and opportunities are said to spring from having a vision. Starting a business without a business plan risks bankruptcy and other dangers. An entrepreneur should gather important facts about the industry, business, product or service, and market when preparing a plan. Business planning forces consideration of finances and weaknesses to approach strategy pragmatically. Substance is more important than form for a business plan in defining a marketable product and revenue plans. Entrepreneurs should understand customer needs to ensure product or service success against competition. Business plans

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    © All Rights Reserved
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    of 2

    A023-ENTREP 1A-Fundamentals of Entrepreneurship

    Submitted by: Dianna Lynn L. Molina (BSA-1-3)


    Submitted to: Sir Arly N. Visperas

    ASSIGNMENT NO. 3
    Discussion Questions No. 3:
    1. Why is vision important for an entrepreneur?
    > A vision is important for an entrepreneur because it gives the business a sense
    of purpose and direction. Your vision will assist you in defining your short and
    long-term objectives, as well as guiding the decisions you make along the way.

    2. Do ideas and opportunities spring forth from vision or it is the other way
    around? Justify your answer.
    > Yes, Ideas and opportunities do spring forth from a vision and it's important to
    be able to see them in all their various forms. Ideas and opportunities are the key
    for you to have a vision of the things what you want to do or what your dream is.

    3. What are the dangers if an entrepreneur starts a business without a


    business plan?
    > When an entrepreneur starts a business without a business plan, he or she
    risks himself or herself to numerous dangers, including bankruptcy, financial
    risk, competitive risk, environmental risk, reputational risk, and political and
    economic risk.

    4. What important facts should an entrepreneur gather in preparing a


    business plan?
    > The important information facts should be gathered by an entrepreneur while
    preparing a business plan are the introduction, industry, business, product or
    service, and market.

    5. Good planning forces entrepreneurs to anticipate several things for his


    business. What are they?
    > A business plan forces you to be practical and assess your financials in order to
    make sound decisions and identify potential weaknesses. This frequently helps
    people in understanding their underlying challenges and obstacles, resulting in a
    more pragmatic approach as the hard realities sink into the strategy.

    6. In creating a business plan, which is the more important – form or


    substance?
    > I think the most important is the substance. What is most important in creating
    a business plan is that it has substance, that it defines a marketable product, that
    it has a logical and effective plan for increasing revenue, and that it has a solid
    understanding of the potential expenses, competitive pressures, and risks
    involved in getting this venture off the ground.

    7. Why should an entrepreneur answer the question: What need will my


    product or service fill?
    > Entrepreneurs should ask themselves the question, "What need will my
    product or service fill?" in order to gain insight into what will be required for it
    to succeed. Every entrepreneur has a need to improve their products or services,
    because failing to do so puts them at risk of losing customers to more innovative
    competitors.

    8. What functions does a business plan perform?


    > Business plans often include specific information that might help increase a
    business's chances of success, such as a market study, competitive analysis,
    customer segmentation, marketing, logistics, and operations strategies, cash flow
    forecast, and a long-term growth strategy.

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