Introduction
The use of current techniques and approaches to business activity is a significant aspect of successful entrepreneurship since in today’s competitive environment, much depends on a well-chosen working strategy. The evaluation of potentially effective steps allows finding and implementing an optimal action plan and applying those tools that can expand the sphere of influence. As one of the mechanisms that are common in business management, the 7FE project framework will be analyzed. Utilizing this system in the context of business activities and, in particular, its component related to findings and solutions makes it possible to eliminate mistakes in planning and take effective steps to develop projects.
Peculiarities of the 7FE Framework
This framework is the tool used in the business field for thorough planning and evaluation of all the aspects of entrepreneurial activity. According to Jeston and Nelis (2014), it can be utilized both for organizational work aimed at increasing productivity and for change policies, for instance, in the process of reorganizing growth and development strategies. The name of this framework is explained by the components that form it – 4 Fs and 3 Es, and in general, it includes various criteria and factors that serve as the determinants of a successful business. The effective application of this methodology may allow distinguishing among the areas of intervention, for example, work with the equipment, personnel, or production strategies and creating a reliable and sustainable model of entrepreneurial activity.
The Most Step in the 7FE’s Phases
Since the choice of optimal strategies for development and growth is one of the top priorities in business management, the search for appropriate approaches and methods for their implementation is a significant task. Of all the phases of the 7FE project framework, understanding that includes findings and solutions is the most important stage.
As Lahajnar and Rožanec (2016) argue, this step is one of the basic ones, and its role is to find sources that confirm or disprove the significance of specific approaches to the organization of business activity and introduce the necessary methods. Sobreiro et al. (2018) note that the initial stage of the entire work is fundamental and requires assessing the field under consideration competently. Therefore, it is an essential phase determining the nature of all subsequent actions.
The rationale for supporting this assumption lies in the importance of planning as a step that forms the entire mode of operation. According to Nasiri et al. (2018, p. 358), “finding appropriate solutions for achieving sustainability is the main concern for most of the companies”. At the same time, this framework does not limit the possibilities of searching and implementing theoretical and practical concepts.
Oyemomi et al. (2016) state that, for instance, empirical findings as one of the ways of obtaining relevant information through surveys is as a valuable mechanism for analyzing and interpreting opinions on a required issue. In this case, the assessment of hypotheses can occur in a test mode without prior preparation. In general, this component of the framework serves as a background for all business practices and helps establish all the operations.
Conclusion
The 7FE business framework is a useful mechanism in supporting entrepreneurial activity, and its phase related to understanding, in particular, findings and solutions serve as a basis for work and a tool for eliminating errors. The value of this step is justified by the importance of the information that may be obtained at the initial stage. However, all the phases of this framework play an important role in forming approaches to entrepreneurial activity.
Reference List
Jeston, J & Nelis, J 2014, Business process management: practical guidelines to successful implementations, 3rd and, Routledge, New York, NY.
Lahajnar, S & Rožanec, A 2016, ‘The evaluation framework for business process management methodologies’, Management: Journal of Contemporary Management Issues, vol. 21, no. 1, pp. 47-69.
Nasiri, M, Rantala, T, Saunila, M, Ukko, J & Rantanen, H 2018, ‘Transition towards sustainable solutions: product, service, technology, and business model’, Sustainability, vol. 10, no. 2, p. 358.
Oyemomi, O, Liu, S, Neaga, I & Alkhuraiji, A 2016, ‘How knowledge sharing and business process contribute to organizational performance: using the fsQCA approach’, Journal of Business Research, vol. 69, no. 11, pp. 5222-5227.
Sobreiro, PA, Santos-Rocha, R, Claudino, R & Serôdio-Fernandes, A 2018, ‘Approach to management by processes in a sports department of a local government organization’, Motricidade, vol. 14, no. 2-3, pp. 79-94.