Entrepreneurial ability is not a characteristic written in the DNA: personal qualities, training and learning are of essential importance. Different types of knowledge are needed, such as economic-financial, marketing, human resources and leadership. Entrepreneurship is described as the ability and desire to organize and manage business activities, taking into consideration ongoing risks in the hope to make a profit. A well-done business plan is crucial for creating a successful company. Nowadays, the availability of digital technology and the internet provided women with more opportunities in business. However, even with the increased popularity of women in business, the availability of technology and the support from different organizations, female entrepreneurs today are still struggling. Fortunately, with the continual attention given to female entrepreneurs and the educational platforms and tools available to women, who seek to start up their own companies, there is much information and help available.
The entrepreneurial idea is cricial for a sucessful company. It must be an innovating idea of offering something different. Furthermore, the entrepreneurial idea will give your business a good chance in the labor market. Turning the entrepreneurial idea into a startup business however, demands certain expertise. The idea itself will not be enough without the right skills and knowledge. At the same time, having a good analytical business plan for your idea could help you with potential funding. If the idea and the business plan are both solid then, getting some sort of funding for it could be a real possibility. Fundings are usually based on business plans and the number of details they contain. The business plan is usually the first step in taking an entrepreneurial idea and turning it into a startup. If you have a good and solid entrepreneurial idea, try to bring it to life!
In this topic the main objectives and rules for developing a business plan are described. Moreover, the supply of financial resources is clarified considering the company’s structural and current management. The topic also focuses on the sources of capital and the loans according to their duration.
This module is designed to describe just how the business functions on a continuing basis. The topic highlights the logistics of the organization such as the various responsibilities of the management team, the tasks assigned to each department within the company, and capital and expense requirements related to the operations of the business. Preparing a business plan requires a wide range of knowledge: finance, human resource management, intellectual property management, supply chain management, operations management, and marketing.
Companies often have difficulty determining what to include in their business plan. Using templates is not the best idea. Most often, business plans include sections where business objectives are developed, product specifics or services are revealed. Market assessment is given. The business plan should define the sales strategy, the organizational structure of the company, the financial aspects of the project, including the ways of financing and the prospects for growth in sales and marketing.
At the beginning of any entrepreneurial activity is the business idea. Realizing of any business idea is related to investments. It can definitely be said that the financing of entrepreneurial activity starts from the development, specification and assessment of the business idea, the conduct of market research, prototyping of future products, the establishment and registration of business activities, the development of products and their marketing, the creation of facilities, equipment and furniture, etc. The entrepreneur has to make an accurate assessment of the necessary funding in order to estimate whether he can manage with his own funds or to search for external sources.
One of the most important problems is finding and using appropriate enterprise management methods and tools. Many entrepreneurs often run their business intuitively, learning from their mistakes and success. Over time, however, they understand that a change in management style is needed, using appropriate management methods and evaluations aimed at maintaining effective entrepreneurial management.
All entrepreneurs need data to make informed decisions. Unfortunately, being a client of market agencies and conducting a survey to gather data is not cheap especially for small entrepreneurs. That is why it is more than crucial for small entrepreneurs to know and be able to conduct a survey alone and independently. The main objective of the module is to give knowledge and develop digital skills and competencies to design and distribute online surveys and conduct simple data analysis using the free online survey tool SoGoSurvey. Although there are many tools for online surveying, not all of them are appropriate for small business. According to FinancesOnline 2019 ranking, SoGoSurvey is ranked number two among survey tools appropriate for small business (with a score of 9.0 and user satisfaction of 100.00%).
A commercial representative is a person who independently cooperates with another trader in the course of his business. He may be authorized to conclude deals on behalf of the trader or in his own name at the expense of the trader. Most of the authors view franchising as a form of entrepreneurship that forms a system of contractual relationships for cooperation in the area of sales (and sometimes production) of goods and services. Factoring can also be defined as a variety of commercial-commissioning operations, including crediting the client with financial means. Freight forwarding is a set of operations that provide optimal transport choices, minimize delivery times, optimize costs, and maintain the value of cargo.
In this topic the main peculiarities and prerequisites for developing an entrepreneurial strategy are described. Secondly, the role of the corporate and operational strategies is clarified considering the logistic concept and their role in the supply chain. In brief, the leading trends in building a commercial strategy are presented. The second paragraph focuses on electronic systems used in the production and commercial business, having their abilities and advantages deduced from the implementation and an example of a resource management system is presented. We should take into account that resource management systems and realization/ marketing have their own specifics in terms of the size of the enterprise and the field in which it operates. The third paragraph focuses on studying the buyers- sellers relationship and building a strategy for cooperation and integration between them. Joining the counterparties has different dimensions, the main ones being psychological and behavioral. Based on them we move to the economical dimensions of cooperation and integration – specific assets, specific investments, organizational changes, legal standards etc.