Enterprise and Entrepreneurial Management Assignment - 1

Enterprise and Entrepreneurial Management - Assignment Example Most companies aim to make a business plan as it helps them in attaining stability and growth. Critical appraisal of the business planning process The business planning process itself has a lot of obstacles and this is one of the reasons many organizations do not make any business plans. These organizations in fact rely on the experience of entrepreneurs and top executives. Let us find out the obstacles faced in the business planning process. Idea generation The first step in a business planning process is to document which product or service the firm wants to sell. It is very relevant to find out and be clear on a business idea. Unfortunately, most business ideas may be implemented. This is because the top executives may not have conducted appropriate research on the customer market before coming out with a business idea. Another problem which individuals may face is the financial constraint. Most business ideas may not receive adequate financial funding. There are several problems which may lead to the failure of the idea. One is that the individuals who wish to launch a new product or service may lack the required skill and competence required, makes hurried decisions without making a thorough analysis of the consumer market or may be ignorant about what is to be done. Hence, most product or service ideas may miserably fail (Flint, 2002). ... These objectives need to be formulated in order to chalk out a path to attaining success. Individuals need to emphasize on certain aspects before formulating strategic objectives. These are monitoring alternatives solutions, future trends need to be predicted, problem areas need to be avoided and fixing both short term and long term goals (Ramanujam, Venkatraman & Camillus 1986). However, most planners may not be able to plan these objectives properly. This is because the above mentioned aspects need a lot of attention and lack of thorough research into these aspects may lead to wrong setting of goals. At times, the top management may set up unrealistic and unattainable goals. Market research and analysis Market research and analysis is a thorough analysis of the customer market and also seeks to find out the opportunities, strengths, weaknesses and threats. All in all in seeks to understand the product or the service market. All these aspects need to be researched in order to develo p a thorough understanding of the customer’s needs and accordingly develop specific abilities and investment required for the necessary resources. Sometimes, lack of thorough product or service market understanding, may lead to the focus on the line of product or service be either too broad or too narrow (Slater & Olson 2001). Also the specifications relating to the performance of the product or service, the prices, and the complementary product or service line may affect market analysis and research. If any of these aspects, have not been thoroughly researched then it may lead to severe problem in the implementation of the business plan. According to