Entrepreneurship
Entrepreneurship is appealing because its principles are hugely beneficial for the success of any serious businessman. This means that people interested in business should be ready to take risks and their own businesses. In most cases, people turn out to be lucky, hence, maximizing profits and creating a lot of wealth out of their entrepreneurship. I have never thought about starting my own business because it is only through a business that people can accrue property. I believe that business requires proper management for one to achieve their goals (Bohm, 2009). From what I learned from the student’s website, I have what it takes to be an entrepreneur. This is because I can take risks and invest in businesses regardless of the output. I have got enough patience, hence, giving me another go-ahead to be an entrepreneur; this is because business people should have the patience to wait for their newly found businesses to gain popularity. This happens because one has to ensure that his/her business gets known to customers and this may take some time. I also can convince people to make decisions, hence, proving that I can convince people to buy from my enterprise.
SWOT analysis
SWOT analysis is concerned with highlighting the strengths and weaknesses an enterprise faces in its operations. It is crucial to any entrepreneur to make palatable use of SWOT to analyze their capabilities, hence, enabling them to manage their businesses. This is noteworthy because entrepreneurs check out their weak points, hence, laying down proper strategies to counter challenges facing them. Kudler’s SWOT is based on their internal and external strengths and weaknesses in the food industry. The company analyzes its operations to find out how they can provide the best services to their customers. They also evaluate competitors to identify the tactics they are using to maintain their customers. This enables them to develop plans to counter their competitor’s tactics in winning customer loyalty. The SWOT analysis makes sure that the company gathers information on how customers perceive their services. This information is crucial as it helps managers in planning on what is best for their customers according to their own demands. Management of Kudler’s foods may use information obtained by carryings SWOT analysis to improve service provision in their enterprise and, at the same time, know how to handle the market competition. A SWOT analysis guides management on marketing strategies they can use in order to keep their customers satisfied. Customer satisfaction plays a key role in the creation of loyalty to the organization (Böhm 2009).
Stakeholders
Managers are given the mandate of controlling and planning for shareholders’ equity in any organization. Therefore, managers must ensure they plan and organize activities at the organization in order to meet objectives set by their shareholders. For example, profit maximization and increase in shareholders’ equity are among their main goals. Kudler Company makes sure that its stakeholders are represented in decision making to ensure that they agree with the decisions made (Kuratko and Hodgetts, 2008). This helps in avoiding conflicts among stakeholders and the management since they are the owners of the enterprise. The company works in accordance with the policies set by the board of governors who guide how services should be delivered to customers. This helps in strengthening the company’s image in the eyes of customers and its stakeholders. In addition, they make sure they maximize profits, hence, maximizing stakeholder’s equity in the organization. Management has to consider their shareholders in every action they partake in the business enterprise. Therefore, stakeholders are crucial in any organization, and they have to be respected and have their needs met to the latter.
References
Böhm, A. (2009). The SWOT Analysis. London: GRIN Verlag.
Kuratko, D. F., & Hodgetts, R. M. (2008). Entrepreneurship: Theory, Process, and Practice. New York: Cengage Learning.