Management

Running Head: Business Development

Business Development

Angela Alexander

Innovation and Entrepreneurship/OMM614

Professor Frederic Hibbler

August 8, 2011

An entrepreneur should know the status of their business at all times, and all aspects should be taken into consideration, that includes profits, loss, sales, statistics’ as well as the goals being worked towards. There are several stages that an entrepreneur will undertake when starting up a new business in order for it to be successful. Strong business development strategies are significant with the potential growth rate being higher for well developed strategies. A crucial component in making any final decision/strategy is to know what resources are available and to know the competition. Ideas need to come through different methods, the use of diagrams or ideas that come from evaluation of personal ideas should be considered.

“Only a true businessman knows that every business undergoes certain stages that may greatly affect its course later on. It is true that each business goes through four phases - establishment stage, development stage, maturity stage and decline stage. Whatever kind of business you may have, the time will always come wherein your business will fall in any of the said stages. You can never avoid any of these stages but you have the power to manipulate the development of your business. There are a lot of things that you can do in order to make your business stable and competitive. Don't be contented and feel confident with what's happening with your business right now because you'll never know how long this will last. It is really better to think of other ways that can make your business stable and stronger. This is not an ambitious goal, you can successfully develop your business but only if you have chosen the right tools and followed the right tips (business development).”

Organizational modification is a fundamental part in structuring the way an entrepreneur...