Introduction
My future goal is to become a successful entrepreneur whose company meets the diverse needs of both communities and customers. This objective cannot be realized without having an effective business plan. Personal strengths and weaknesses should be studied in order to understand how every aim can be achieved. This paper gives a detailed analysis of my personal business plan and development of innovation and entrepreneurship.
Vision and Opportunity
My goal is to start a company that transforms the lives of the greatest number of people. I will engage in lifelong learning to acquire apposite dexterities that can support my career and personal goals. My purpose is to come up with a company that promotes the concept of sustainability and empowers my customers. The company’s mission is to acquire, repair, and upgrade used mobile phones and market them at affordable prices.
The values supporting this idea include sustainability and corporate social responsibility (Sazesh & Siadat, 2016). Justice, honesty, and ethics will sustain my venture. The company seeks to capitalize on the increasing need for handheld devices. Additionally, the fact that people are promoting sustainability is an opportunity for my innovative business. The expanding mobile phone market will ensure the goals of the company are realized. More people are using handheld devices than ever before. The profitability of the segment is also an opportunity for my business model.
Marketing and Implementation Strategy
The marketing positioning statement for the company (see Fig 1) shows clearly that the products will be admired by many customers. The statement is directed to the entire world. Potential customers will be sensitized about the importance of purchasing refurbished phones to minimize wastes. The marketing and implementation strategy should be supported by pertinent values such as sustainability (Renko, El Tarabishy, Carsrud, & Brannback, 2015). The strategy informs members of the society about a brand that delivers the above benefits. Values such as sustainability, ethics, and corporate responsibility define the company’s brand.
The model differentiates itself from those of my classmates because it does not seek to introduce a new product in the market. Instead, the brand delivers revamped mobile phones at friendly prices. The strategy will attract individuals who cannot afford new smartphones. People who appreciate the idea of sustainability within the broader populace will support this model (Renko et al., 2015).
Risks and Mitigation
The key milestones in my plan include the growth rate of the company, increased sales, and profits. Information gathered from stakeholders will determine the progress made throughout the plan. These milestones and checkpoints will be taken seriously to ensure the firm succeeds. The effectiveness of these milestones will be measured using the level of customer satisfaction.
The first external factor capable of disorienting performance is the existence of many corporations marketing premium mobile phones. Customers are also ignoring older versions or brands. However, issues such as climate change and environmental degradation might encourage customers to buy my products (Simsek, Jansen, Minichilli, & Escriba-Esteve, 2015).
Powerful contingency and risk mitigation strategies will be utilized (Simsek et al., 2015). For instance, research findings will ensure the firm is prepared against unpredictable events. I will consider various legal frameworks and practices to have a successful business. Competent employees will be hired to repair phones and market them effectively. A team will be formed to identify potential risks and deal with them.
Entrepreneurial Ethics, Personal “Board of Directors” Summary
Successful innovators and entrepreneurs are guided by ethical frameworks (Anand & Saraswati, 2014). I plan to follow ethical principles in my daily actions by creating a code of conduct. This code will always inform my duties, goals, and responsibilities. My followers will follow the code of conduct and uphold the outlined values.
I have identified three individuals who will be my mentors. The first one is my father. He has always guided me over the years to follow my aims in life. This empowerment has guided me to remain competitive and innovative. The second mentor will be my instructor. The concepts, ideas, and values gained in class will empower me to achieve my goals. Finally, Apple Corporation’s Steve Jobs has always inspired me. His innovative abilities will guide me to achieve my goals.
Concluding Summary of my Personal Business Plan: “Creative entrepreneur, sustainability educator, caring innovator”.
Further Development Strategies
Innovation is the ability to use creativity to come up with new ideas and products that support other people. On the other hand, entrepreneurship is an art whereby individuals engage in successful business dealings (EL-Annan, 2013). The two appear to converge because they work synergistically to support business performance. Different levels of entrepreneurship and innovation refer to the stages at which a person can make significant differences in business performances.
Such levels increase depending on the resources utilized and the size of corporations. I strongly believe that universities use proper structures and models to empower learners and make them successful entrepreneurs, innovators, and leaders. They offer meaningful concepts that can make a person successful. Leadership attributes and innovative ideas are also associated with such institutions. I strongly believe that such ideas have made me more entrepreneurial and innovative. Such concepts have empowered me to identify a creative business that can support my goals.
I was less creative and entrepreneurial before joining my university. I lacked adequate concepts and notions that can empower me to achieve my goals. The completed course has made me successful and innovative. I can now apply my concepts to pursue my personal and career goals. Individuals who want to measure their innovative capabilities must apply their concepts in different situations. The ability to come up with innovative ideas arises from improved entrepreneurial skills (Holzmann & Golan, 2016).
The main failure that has affected me in the past is the inability to lead others efficiently. I discovered this weakness when I was a team leader in our class discussions. This failure affected the team’s performance. I am now focusing on better skills and approaches to addressing this weakness.
My leadership abilities have also improved significantly. I can mentor and my followers to pursue their aims using efficient strategies. I will use a powerful action plan to strengthen my innovation and leadership skills. The first stage is a personal assessment. This step will be used to identify my weaknesses (Sazesh & Siadat, 2016). This activity can be undertaken within a week. The second stage is outlining specific strategies to strengthen such areas.
The focus will be on the best leadership practices and desirable innovative projects. This exercise will be undertaken a week. The third stage is undertaking various projects and involving others. The practice will ensure my entrepreneurial and innovative capabilities are improved significantly (see Fig 2). The phase will be completed in six weeks. The final stage is evaluation. This strategy will ensure the intended leadership abilities and innovative skills are improved significantly. This process will be completed within two weeks.
References
Anand, P., & Saraswati, A. K. (2014). Innovative leadership: A paradigm in modern HR practices. Global Journal of Finance and Management, 6(6), 497-502. Web.
EL-Annan, S. H. (2013). Innovative, proactive, and vision are three integrated dimensions between leadership and entrepreneurship. European Journal of Business and Social Sciences, 1(12), 148-163. Web.
Holzmann, V., & Golan, J. (2016). Leadership to creativity and management of innovation? The case of the “innovation club” in a production company. American Journal of Industrial and Business Management, 6, 60-71. Web.
Renko, M., El Tarabishy, A., Carsrud, A. L., & Brannback, M. (2015). Understanding and measuring entrepreneurial leadership style. Journal of Small Business Management, 53(1), 54-74. Web.
Sazesh, A., & Siadat, S. A. (2016). The relationship between leadership styles of human resources and entrepreneurship of managers in staff of cooperative office in Golestan, Iran. International Business Management, 10(6), 963-967. Web.
Simsek, Z., Jansen, J. J., Minichilli, A., & Escriba-Esteve, A. (2015). Strategic leadership and leaders in entrepreneurial contexts: A nexus for innovation and impact missed? Journal of Management Studies, 52(4), 463-478. Web.
Appendix: Exhibit Page
Appendix 1
Fig 1: Marketing positioning statement.
Appendix 2
