DEVELOPING AND RUNNING A BUSINESS

Management paper on developing and running a business

Management paper on developing and running a business



This paper provides a sample business plan for an ISP Wireless firm.

Introduction

Living in the 21st century I plan to start a new technology ISP wireless service the brand name I've suggested is Age-x which sounds pretty innovative the service is intended to provide wireless broadband internet connection to several neighborhoods. Utilizing Wi-fi technology and proprietary antennas and repeaters, Age-x will be able to serve a large area with broadband Internet connections.

Entrepreneurial Characteristics

Entrepreneurs possess the ability to identify and capitalize on opportunities to start new business ventures, whereas intrapreneurs apply these same skills to venture creation within an existing organization. Often when one speaks of entrepreneurs, images of individuals such as Bill Gates, Oprah Winfrey, and Donald Trump come to mind. Yet in reality, these cases are more the exception than the rule. In fact, research has shown that it is virtually impossible to “stereotype” the typical entrepreneur (Case, 1989, 53). What is common to entrepreneurs is their proclivity to recognize and capitalize on market opportunities. Not all entrepreneurs become successful, rich, and famous. What prompts some people but not others to become entrepreneurs and what makes some people but not all successful have intrigued businesspeople and academics alike. The past 10 years have seen a proliferation of research dedicated specifically to understanding entrepreneurs and their careers. In addition to the personal characteristics that help explain why some individuals become entrepreneurs and others do not, a number of career factors also play into this phenomenon. Entrepreneurs prefer to be innovative or to accomplish something new. In addition, they are intrinsically and extrinsically motivated. Intrinsic rewards such as autonomy, personal challenge, learning and growth, and the ability to influence organizations are appealing to entrepreneurs. Extrinsically, financial independence and success, status, and recognition drive individuals to choose entrepreneurial careers.

In general, individuals often choose careers they believe will match their talents, skills, abilities, needs, and preferences. For example, individuals who believe they have strong analytical skills and prefer to work with numbers seek jobs or careers that allow them to do so. Entrepreneurs are no exception. Many entrepreneurs attribute their prior work experience as a major influence on their desire to start new ventures. A major drive for many entrepreneurs is the desire to create something new. Therefore, entrepreneurs are likely to seek opportunities to explore and nurture their preferences for creating new products, services, or businesses (Bowen, 1986, 41).

Distinguishing characteristics that separate entrepreneurs from no entrepreneurs is an important part of gaining an understanding of entrepreneurship as a career. Initially, these efforts included studies of demographic characteristics and personality traits. Demographic characteristics thought to distinguish entrepreneurs from others include socioeconomic indicators, educational background, and influences in an individual's family of origin (e.g., parents/siblings owned businesses). In general, entrepreneurs tend to come from middle- to upper-class families with one or more parent considered an entrepreneur, self-employed, or owning his or her own ...