The road to entrepreneurship can seem overwhelming to those without a business degree. In fact, it has been determined that the possession of a college degree does not guarantee success in the business world. Although a degree can be beneficial, the amount of successful business owners that never went to college proves that degrees are only complementary, not a perquisite for success. In truth, every entrepreneur must go through an initiation, or a rite of passage to go from wanting a business to having a business. If an entrepreneur is going to have a successful venture, starting the new business will require following a particular process from creation of vision statement, developing a product, marketing, financial analysis, and reevaluating
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3). How a company uses these answered questions is essential to establishing their strategies and how effective their results will be. The need to be future focused and forward thinking will always outshine the ability to fix previously planned problems. The easiest way to identify the direction a company is headed is by analyzing their mission statements. Most companies usually list their mission statement on their company websites. These mission statements should be up-to-date and fairly accurate in terms of stating the present condition and health of the organization (Bethel University, 2011). Upon review of potential employers, candidates may note that the companies’ vision statement is closely aligned to the mission statement. This alignment is done as a strategic element because the vision statement looks towards the future instead of simply focusing on the present as does the mission statement (Bethel University, 2011). Bal, Bozkurt, and Ertemsir (2014) write, “A strategic HRM [plan] focuses on the point that there should be a link between a firm’s strategy and the utilization of its human resources” (p. 24). By associating present objectives with future goals, allows the organization to review past occurrences that could possibly impact future …show more content…
The SWOT should state the company’s strength, weakness, opportunities, and threat that could impact the business’ ability to make a profit (Bethel University, 2011). A thorough analysis can be identified by using the quarterly or the annual report to determine the financial health of the company. Once the financial health is identified, the SWOT will help answer in which direction the company is heading and establish the available means to get there (Bethel University, 2011). When SWOT analyses are executed properly, they will have an impact on future strategies. Besides reviewing the financial report, a SWOT can also identify analytics can be used to make more clients happy. A SWOT strategy should be circular like the mission and vision statements. Each specific strategy should feed into the next category. In the end, an effective strategy will not be visible as individual parts; rather, the sum of all the parts combined is what will allow the company to continue to
3). How a company uses these answered questions is essential to establishing their strategies and how effective their results will be. The need to be future focused and forward thinking will always outshine the ability to fix previously planned problems. The easiest way to identify the direction a company is headed is by analyzing their mission statements. Most companies usually list their mission statement on their company websites. These mission statements should be up-to-date and fairly accurate in terms of stating the present condition and health of the organization (Bethel University, 2011). Upon review of potential employers, candidates may note that the companies’ vision statement is closely aligned to the mission statement. This alignment is done as a strategic element because the vision statement looks towards the future instead of simply focusing on the present as does the mission statement (Bethel University, 2011). Bal, Bozkurt, and Ertemsir (2014) write, “A strategic HRM [plan] focuses on the point that there should be a link between a firm’s strategy and the utilization of its human resources” (p. 24). By associating present objectives with future goals, allows the organization to review past occurrences that could possibly impact future …show more content…
The SWOT should state the company’s strength, weakness, opportunities, and threat that could impact the business’ ability to make a profit (Bethel University, 2011). A thorough analysis can be identified by using the quarterly or the annual report to determine the financial health of the company. Once the financial health is identified, the SWOT will help answer in which direction the company is heading and establish the available means to get there (Bethel University, 2011). When SWOT analyses are executed properly, they will have an impact on future strategies. Besides reviewing the financial report, a SWOT can also identify analytics can be used to make more clients happy. A SWOT strategy should be circular like the mission and vision statements. Each specific strategy should feed into the next category. In the end, an effective strategy will not be visible as individual parts; rather, the sum of all the parts combined is what will allow the company to continue to