Developing & Managing the Enterprise Case Study

Developing & Managing the Enterprise - eccentric Study Examplein order to run the transaction, Steve would need to increase his technical skills with a computer, plot of land for raising the finance for the business he has the pick for selling off his current business and pickings on a small business loan for financing establishment expenses and operations of the business in the lunch phase.Entrepreneur is a person who takes lay on the line to exploit opportunities and incur high revenues from such ventures by the creative use of innovation. Entrepreneurship is the dynamic process of creating incremental wealth. The wealth is created by individuals who assume the major risks in terms of equity, time and/or career commitment or provide value for some harvest or service (Definition of Entrepreneurship Today) Small business are usually established by people to generate a steady income and support themselves and their families, however an entrepreneurial business is one in which the entrepreneur takes risk to exploit the opportunities in the commercialize and use innovation in a creative manner to bewilder his business succeed. The type of business which is going to be run by Steve is going to be an entrepreneurial business as he would be providing e-books as well as hardcopy books both new and apply as well as a trading facility through the online internet medium to the customers in the market.Venture Ideas/ Opportunities Through the analysis of the industry where is Steve was previously operating in, it has been observed that he has the following options pertaining to kickoff a new business venture.1. Shut down the sell bookselling business and launch and online retail option for new and used books.2. Start a business in another field3. Sell his business to the large retailers and competitors in the market and invest the money in buying shares of the other successful companiesOf the supra mentioned business options available to Steve, the first optio n pertaining to the commencement of an online bookstore business by Steve is the most profitable in the long term as it if strategy invested in, the business can compete with the large cuticle book retailers in the market while over coming the barriers of entry invested by the likes of Angus & Robertson and Dymocks. some other reason as to why this option has been chosen is because of the experience that Steve has in the book retail market and the contacts that he has established over the period which can facilitate his establishment and operation of the online book retail business.Competitive StrategyThe different types of competitive strategies that are normally used by entrepreneurs pertain to being a defender, prospector, analyzer and nuclear reactor. The defender strives to maintain a prominent position in the market with concentrate and traditionally hierarchical organization. The prospector on the other hand brings new products and services in to the market and focuses o n being innovative. The analyzer copies successful innovations and builds on them to create a position while a reactor tends to have strategies which are well defined but obsolete. (Allen, 1999). The strategy which is going to be used by Steve for his new business would be analyzer strategy whereby he would be building on present innovations