Developing International Business Strategies Assignment

Developing International Business Strategies - Assignment Example Even though goals are broad, objectives need to be well-defined, visionary, and SMART, i.e. Specific: they should be clear; Measurable: they should be obtainable; Achievable: there should be a genuine path to achieving these goals; Realistic: they should revolve around the availability of resources and knowledge; and Timely: there should be enough time to achieve these goals and objectives (Management for Performance, 2010). The importance of strategic objectives in a business plan is that they provide a framework for future decision-making, secure a basis for more in-depth planning, help in benchmarking, monitor performance, and communicate the business information to others. They should not necessarily indicate to achieve profits, but should be in connection to the requisites and expectation of all the chief stakeholders, and should reveal the basic purpose(s) of running the business. Market Analysis and Research: In this section of the business plan, the entrepreneur should convin ce the readers that s/he has a complete understanding of the market and that s/he can recognize and deal with problems emerging from competitors or market constraints within their market. This step is essential because it provides a basis for developing the marketing strategy as well as for the preparation of sales forecasts. With analysis and research, the entrepreneur determines about their main products and/or services, customers, as well as their competitors and their strengths and weaknesses. Hence, this section should give insight into the market’s characteristics, the entrepreneur’s target customers’ profile, the competitors and how s/he plans to attain advantage over them in order to establish a prosperous venture (Ehmke and Akridge,... This essay discusses that the self-employed mindset is another driving characteristic of an entrepreneur that ignites the desire to gain greater control over life, career, and destiny so as to set their own stage for working on their business. The ingredients for an entrepreneurial success recipe have been explained by a business coaching franchise Action-COACH, that the entrepreneur’s ability to stay open-minded and rely on a work-force instead of being a solo-performer are major contributing factors for a business system to be a success. The principle of formulating a venture that works for its owner, instead of the owner working for it the entire time, is imperative for becoming an actual entrepreneur versus becoming merely the chief employee of one’s own self-employed business.Hadzima (2005) refers to the characteristics of entrepreneurs by using the term ‘Right Stuff’ for individuals who possess a blend of highly effective entrepreneurial traits. He st ates that an entrepreneur must have the ability to cope with risk and uncertainty; even if there’s a severe lacking of one or multiple critical resources, the entrepreneur is still able to make his or her way towards the goals. Another trait is for an entrepreneur to be result-oriented, take control of ownership, and get the task done with sound decision-making skills and a ‘can-do’ attitude. The ‘Right Stuff’ entrepreneur has growth potential so much so that she is ready to accept much higher levels of responsibility and begins to undertake supervisory duties much sooner.