Enterprise and Entrepreneurial Management Free Essay Example, 3250 words

Entrepreneurs need to set realistic and achievable goals. It may be very easy to set strategic objectives but very difficult to implement these objectives to the middle and lower management. Most entrepreneurs do not give attention to the fact that the predetermined goals they are setting may be rigid, extremely rational, bureaucratic and dysfunctional at times. Hence, the formulation of potential strategic objectives may not hold true during the implementation process (Shrader, Taylor Dalton 1984). This is one reason why the strategic objectives should be flexible and top executives need to change it depending on the changing market situations. The third step in a business plan is to formulate a market plan which takes into account the market promotion and advertisement activities that has to be undertaken in order to promote a certain product or service. However, most firms face major problems due to the paucity of data with relation to a particular product or service. Such infor mation and data is relevant to the formulation of such plans. Many firms are not able to carry out extensive quantitative and qualitative market analysis thereby not being able to obtain rational results. We will write a custom essay sample on Enterprise and Entrepreneurial Management or any topic specifically for you Only $17.96 $11.86/page Marketing plans formulated must be in accordance with the above three demographic factors in order to be successful (Yakhou Dorweiler 2006).