Enterprise process Flashcards
the enterprise process
To be successful in an enterprise activity, an enterprising person needs to follow various steps in order.
Enterprise process
Identifying the problem need or want.
Exploring creative solutions.
Action planning.
Implementing the plan.
Monitoring progress.
Evaluation of success and failures.
Plan 1: identifying the problem, need or want
A combinations of group discussion, brain storming and individual reflection should be used to identify and understand the problem .
Ideas and thoughts from different people involved/Stakeholders will ensure many different aspects of business opportunties have been considered.
A suitable risk assessment needs to be carried out before starting enterprise activity.
Ideas should be backed up through thorough research and market needs. _ helps towards a clear aim and vision that is work towards.
Recognition of skills required and reflection on whether an entrepreneur and his associates have them is is important for the success of the enterprise._ any skill gaps the should be a plan in place fill them.
Plan 1.1
Ideas should be backed up through thorough research and market needs. _ helps towards a clear aim and vision that is work towards.
Recognition of skills required and reflection on whether an entrepreneur and his associates have them is is important for the success of the enterprise._ any skill gaps the should be a plan in place fill them.
Plan 2: Explore creative solutions.
When aiming to solve a problem or meet a need, creative and innovative ways need to be looked at and evaluated.
- they find new ways of solving existing problems and meeting needs.
These creative ideas then need to be analyzed and evaluated to help choose the most effective solution.
- Mind maps can be used to explore links between ideas which is helpful in developing an effective enterprise plan.
Plan 3: Action planning
This involves, making plans for the enterprise activity keeping the costs, budget and financial capability in mind.
Breaking down goals into achievable tasks.
Using resources and team members most efficiently.
- allocating roles according to people’s strengths, skills and attributes to increase the chances of success.
Setting appropriate timescales and milestones, working towards the goals set out earlier.
Plan 4: Implementing the plan
To be successful, enterprise activities must be carried out efficiently, effectively, lawfully and with due to regard to health and safety.
All milestones, timescales and health and safety issues identified in the plan should be frequently referred to.
- Ensures that the activities and tasks are focused and directed towards meeting objectives.
Things don’t always work out as planned and unexpected events do happen. In such a case, decision-making needs to be quick, flexible and responsive.
Plan 5: Monitoring Progress
Constantly monitoring and evaluating progress against the objectives set out is a way ensure that projects are tracked and any deviations identified.
If tasks are not done and objectives not met on time , corrective action/adjustments need to be done in response to any deviations.
Plan 6: Evaluation of success and failures
This involves final out comes against achievement criteria.
- draw lessons from the activity and come up with suggestions for improvement in failure.
Skills, attitudes, qualities, understanding acquired and lessons learned should also be assessed and reflected on
- to enhance the successes of future enterprise projects or activities.
