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BUS 402 DISCUSSION

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BUS 402 DISCUSSION Inc. magazine claims, “Entrepreneurship is more mundane than it is sometimes portrayed . . . you don’t need to be a person of mythical proportions to be very, very successful in building a company.” Discuss whether you agree or disagree with this statement and why. Analyze the characteristics of a successful entrepreneur and determine if you have what it takes to start your own business. Provide specific examples to support your response. Inc. magazine claims, “Entrepreneurship is more mundane than it is sometimes portrayed . . . you don’t need to be a person of mythical proportions to be very, very successful in building a company.” Discuss whether you agree or disagree with this statement and why. Analyze the characteristics of a successful entrepreneur and determine if you have what it takes to start your own business. Provide specific examples to support your response. RESPOND 1 From my perspective, a competitive analysis is the most difficult step in strategic planning to get right. A competitive analysis is extremely important to any companies marketing plan. Without proper evaluation, a business owner will never be able to establish what it is that makes his/her product and/or service unique. Therefore, being able to establish a competitive analysis should not be taken lightly. I would leverage the support provided by the U.S. Small Business Administration by researching what SBA has to offer, learning about various grants, and connecting with approved SBA lenders. RESPOND 2 I totally disagree with the claims made by Inc. magazine. Having your own business is exciting. It does have a lot of ups and downs, however with proper preparation and determination, I believe that anyone can build and run their own business successfully. While it doesn’t take a person of mythical proportions to be very successful, it does take someone who is ambitious, determined, and is driven to see it to the end. I believe that I have exactly what it takes to start my own business. I am very determined with a high level of confidence, and am not afraid to risks. I understand that failure is part of my success. Understanding my strengths, weaknesses, opportunities, and threats will only help me to grow my business.

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