The paper is aimed at examining the chapter Evaluating You and Your Business Idea from the textbook written by Joseph Covello and Brian Hazelgren. These authors pay attention to the process of goal setting, and they offer some valuable recommendations to future entrepreneurs.
On the whole, these researchers believe that an individual should identify personal and economic objectives that should be attained (Covello and Hazelgren 13). In other words, it is necessary to examine the financial objectives that should be achieved by the enterprise. Moreover, it is vital to quantify these economic objectives (Covello and Hazelgren 13). Furthermore, a person should explain why he/she wants to work in a specific area of business.
Moreover, it is vital to explain how this particular choice can help a person fulfill his/her talents or ambitions. To some degree, these goals included in this plan are consistent with the recommendations offered by these authors. In particular, this plan includes clear economic objectives that are quantified. However, it is necessary to pay more attention to personal objectives because they are not clearly identified. This is one of the drawbacks that can be singled out.
Additionally, it is important to discuss the distinction between short and long-term objectives. This distinction is important for the successful implementation of business plans. In this way, one can better develop the strategies for the development of a business (Covello and Hazelgren 13). Furthermore, this knowledge can help a person see the relations between different steps that will be taken in the future (Covello and Hazelgren 13).
The given plan includes some of the goals that will be attained in the near future. Moreover, it is critical to single out the resources that should be accumulated. For instance, the author of this plan discusses the need to accumulate start-up capital. Apart from that, this plan includes some long-term objectives. In particular, the writer mentions the intention to open new shops within the next four years.
Furthermore, Joseph Covello and Brian Hazelgren believe that it is necessary to set the timelines for the implementation of the goals (15). However, these researchers also note that in many cases, such timelines cannot be rigidly fixed. Moreover, by focusing only on timelines, a person can make flawed business decisions. This is one of the pitfalls that should be avoided. To a great extent, the plan, which is analyzed, is compatible with the suggestions offered by the authors of this chapter.
Nevertheless, there are some limitations of this plan, and they should not be overlooked. For instance, this document does not clearly show how this venture can gain the loyalty of clients. It is not evident why they will choose the services of this particular café. In turn, this issue is examined by Joseph Covello and Brian Hazelgren who believe that entrepreneurs should differentiate the venture among other companies. This is one of the issues that should be taken into account.
On the whole, the discussion suggests when starting up a business venture, a person should clearly explain the steps that will be taken to attain business goals. Moreover, one should clearly identify the resources that will be needed. The elements of this plan are compatible with the recommendations offered by scholars. Nevertheless, the author does not show why the future venture will be remain competitive. These are the main arguments that can be advanced.
Works Cited
Covello, Joseph, and Brian Hazelgren. “Evaluating You and Your Business Idea.” Complete Book of Business Plans: Simple Steps to Writing Powerful Business Plans. Ed. Joseph Covello and David Carpenter. New York, NY: Sourcebooks, Inc, 2006. Print.