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Introduction to Entrepreneurship

Description

The main purpose of my professional development plan is to establish my objectives in terms of my journey of being an entrepreneur. I will take into consideration determining five attainable as well as scalable techniques in the context of developing and advancing in my career as an entrepreneur. In relation to each of these five steps, I would be creating one smart goal each and also discuss the issues in terms of attaining these objectives. Also, I am going to discuss the techniques that I will be applying to achieve these objectives as well as the key performance indicators in this context. Furthermore, I would be discussing the particular mentors, whom I would like to provide recommendations on my professional development plans and also the list of questions that I would ask them to respond to.

Five Achievable steps

  1. In the course of being an entrepreneur, my very first achievable step would be to generate a clear goal in the direction of my career.
  2. Also, I will be working towards creating a plan for the products and services with which I would like to deal as an entrepreneur.
  3. I will work towards creating an appropriate website for the promotion of my products and services.
  4. I will analyze the resources that would be required in the course of executing this business.
  5. I will be recruiting a proper workforce that can help me reach my business objectives.

Five Measurable Steps

  1. Learning to create a fruitful business strategy that will generate ROI for my business in a span of six months.
  2. Learning to ensure a proper virtual presence of my business.
  3. Continuously working towards the expansion of my business and ensure a good position in about a span of one year.
  4. Attempting to secure a good position of my business in various different industries.
  5. Also, working towards making my business financially secured within a span of one year.

Time- Span

Professional goals

Potentials

KPI- ( key performance Indicator)

6 months

● Prepare an action plan for my business to generate proper ROI.

● As per the viewpoints of my classmates and lecturers, I have a good planning, coordinating, organizing and managing skills that will contribute towards developing an effective strategy for my business.

Profitability of the business.

1 year

Developing my business presence in an online environment.

 I am well-versed with the SEO techniques which will help me to take my business into great heights.

Suitable ROI generation.

1 year

Planning adequate promotional strategies for my commodities and services.

I have good analyzing and planning skills in this context as well.

Customers are aware of the products and services.

1 year

Working towards growing and expanding my business across different sectors.

I have great critical thinking skills which will help me in this aspect.

Known to the customers of different countries.

5 years

Making my business secured financially.

My management skills would be of great benefit in this context.

Business is stable.

SMARTT Goals

1. Specific: In this context my goals would be to do proper research and development, gain the authentication of the data that I have created and apply the same into my action plan.

Measurable: In the context of achieving this goal, I will work towards developing my researching skills and being logical in implementing the same.

Achievable: Getting access to a suitable data-base.

Relevant: Researching and developing skills is considered very much significant if I am required to develop a specific strategy. Hence, it is important for me to develop the same, if I want to create an effective plan of action.

Target: I have a target to spend 3-4 months in researching appropriate materials and in another 2 months learn to implement it evaluating its effectiveness.

Time-Frame: I have a plan to accomplish the same within a span of six months.

In the course of achieving this objective, I will be resolving issues in relation to development of a baseless plan of action. Working towards the improvement of my research and development skills will help me in overcoming my issue.

In the context of achieving my goal, I will create a small team for research and development.

2. Specific: Develop the presence of my business online.

Measurable: I will update myself with the latest SEO techniques.

Achievable: Creating suitable networks for my products and services.

Realistic: It is relevant for expanding my business online and making it reach numerous customers.

Target: My product should be a popular name in the households.

Time-Frame: I have a plan to achieve the same within a span of 1 year.

The challenge of getting heard among the huge public would be efficiently resolved. In order to accomplish this goal, I would be considering embracing an adequate search engine optimization model for my business.

3. Specific: Developing promotional strategies for my products and services.

Measurable: I will learn about different advertisement and promotional techniques.

Achievable: Analyzing the suitability and affordability of the various available advertising channels.

Realistic: It is important for my business to use an appropriate advertising channel as well as strategy for an effective execution of my business.

Target: To evaluate the fruitfulness of an online advertising channel.

Time-Frame: I have a plan to achieve it within a span of 1 year.

The challenge of wasting money in worthless advertising channels would be overcomed. I can adopt the trial and error method to check the feasibility of few such channels.

4. Specific: Spreading my business over different industries.

Measurable: I will conduct the market analysis of the preferred areas of expansion.

Achievable: Determining the suitability of perspective markets.

Realistic: Evaluating if the selected market has a suitable consumer base.

Target: Selecting appropriate places of expansion.

Time-Frame: I have a plan to expand the same within a span of 1 year.

The challenge of making investment on the wrong consumer-base can be overcomed. Proper macro and micro environment analysis can be conducted.

5. Specific: Making my business financially secured.

Measurable: I will work towards improving my planning, organizing and coordinating my business in terms of its financial condition.

Achievable: Analyzing the financial security of my company.

Realistic: Measuring if the company has the potential to generate any profit.

Target: Make the company financially sound on a long term basis.

Time-Frame: I will achieve the same within a span of 5 years.

The challenge of being at a loss financially can be overcomed by achieving this goal. A proper financial analysis can be conducted to achieve the same.

Professional Networks:

  1. Professor
  2. Practical Trainer

Indicative Questions:

  1. What will be my situation as an entrepreneur 5 years down the line?
  2. Do I have the quality of being a successful entrepreneur?
  3. In my plan, I have pointed out my strengths, will it be of any help towards my profession?
  4. Do you think I will be able to achieve my goals?
  5. Is the time-frame selected by me too long?

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Entrepreneurship Assignment Help

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