GST301: Human and Financial Resources Planning in

Entrepreneurship
Lecture Three: (e) – (g) of the Course Outline

e. Returning to the Essentials (Core strategy; Resource; Needs; Partnership;

Network & Value deliverable to customers)

What do we mean by strategy?

Oxford Advanced Dictionary explains the word, strategy, to mean: ‘a plan of action
designed to achieve a long-term or overall aim’. Strategy generally involves, setting goals
and priorities, determining actions to achieve the goals, and mobilizing resources to
execute the actions. A strategy describes how the ends (goals) will be achieved by the
means (resources). An entrepreneur is expected to be ‘a strategist’. You must develop and
nurture strategies at these four (4) levels: Corporate; Business; Functional; and
Operational.

The Main purpose of Strategy:

It defines the overall mission, vision and direction of an organization. The objective of a
strategy is to maximize an organization's strengths and to minimize the strengths of
the competitors. Strategy, in short, bridges the gap between “where we are” and “where
we want to be”.

Core strategy is the first component of a business model which describes how a firm
competes relative to its competitors. The firm's mission statement, the product/market
scope, and the basis for differentiation are the primary elements of a core strategy.

Core strategy statement:

Your core strategy statement should reflect why you create your content (product or
service), who your customers/clients are, and what they stand to get out of your product
or service. Your core strategy statement should only hover around 30 words or less to
keep your message on point.

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Resources Needs:
A needs assessment is the process of gathering information about the current condition(s)
of a targeted area, or the underlying need for a program. A resource assessment is the
process of gathering information about the resources available to address a particular
need or risk.

Partnership and Networks:

A business network is concerned with the action or process of interacting with others to
exchange information and develop professional or social contacts. Networking, as a
concept, is defined as the act of making contact and exchanging information with other
people, groups and institutions to develop mutually beneficial relationships, or to access
and share information between people.

An example of networking is handing out your business card in a social event which is
designed to provide opportunities for new business collaborations to form and to bring
together prospective employers and talented new people that may be looking for a new
employment position. Or, the exchange of contact information with people who have
interests in similar areas. Another example is sharing and acquiring information between
different divisions of the same company to share information and solve business
problems.

Benefits of Networking to an Entrepreneur:

1. An avenue to exchange ideas

You never can tell how much you know without listening to other people. Success in a
career is largely attributed to the pool of information or ideas you have garnered over the
past. When networks have been created, it fosters a trade of ideas to sustain long-term
relationships and mutual trust. When you are receiving ideas, it helps both in your place
of work and out, in addition to instilling best practices that soothe your career.

2. It makes you noticeable

Individuals that seek publicity either for business, politics or even fame leverage more on
networking. People quickly notice others that have stronger capabilities to make them
relevant. When you stand out in both your expertise and the services you offer, it creates

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room for partnership which in turn builds a career. Many professionals have been able to
understand how to nurture their networking strength and create more visibility for
different associates and clients in their career path.

3. Avenue for newer opportunities

When people start noticing you, it opens the door for newer opportunities. Business and
career-minded individuals who have networked over time have been able to expand with
minimal effort because of the avenue of newer opportunities opened to them through
networking. Opportunities like meeting the right clients or even meeting people that are
superior to your career path could be a stepping stone that could change your life for the
better.

4. Reassessing your qualification

Networking is one thing, ability to utilise it is another. You might think that your current
level in your discipline might be the greatest height you could ever achieve. But have you
ever taken an in-depth look at the different levels of your chosen career and how other
people with similar positions have attained their present height? But let’s be very factual
here; admiring certifications is allowed, but the roadmap to that height can be reached if
only you have a strong network and a good relationship with others.

5. Improves your creative intellect

Aspirations and great innovations are most times form the external factors around where
we find ourselves. The intellectual ability in different careers is significantly improved
upon from contacts we have built with other persons over a period. Even a simple
interaction with one person can transform a year-long research work and result in a
breakthrough.  Likeminded people that have been able to share ideas have strongly
developed their intellect to foster growth in their career path and unleash the creative
talent in them.

6. An extra resource library

Some websites are built specifically to address different questions under different niches.
These avenues can be used by an individual as an extra source of information. The same
thing applies to networking. A platform that is designed specifically aligned to your
career can be an extra resource library for you. This provides you with updated
information on the latest career trends relevant to you. This network resource also grants
you access to tap into them whenever the need arises.

7. Support from high profiles individuals

Everybody has one way or the other passed through some hurdles in their career
development. This can be as a result of the lack of materials available, or even the lack of
financial aid. However, good networking with high profile individuals from the same
career path can serve as support whenever there is any eventuality at any time. These

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high profile individuals can help you manage your challenges effectively by either giving
you advice or linking you to the right financial support.
8. Growth in status
Developing your career status is a long-term process depending on how you focus on
your networking path. Top career individuals that are where they are today is a result of
the status they have grown in networking. The contacts you keep are largely attributed to
your growth. They largely influence growth in your status and pave the way for better
opportunities in your career. Your connections are powerful!

9. Growth in self-confidence
Networking is the key tool to growth in a resourceful career. Training and certification
garnered from networking builds self-confidence and promotes self-esteem. The self-
confidence that has been built over time can help put you on a positive spot whenever
you interact with like minds in your career. This also gives you an opportunity to excel
well during interview sessions for a job opportunity. So the more effectively you
network, the more self-confidence you build over time.

10. Develop long-lasting relationships

If networking is a mutual relationship, then having a right networking channel can help
build your career.  Though networking might not be an easy and fast approach to building
a long-lasting relationship. But making it a two-way process of giving and taking and can
open the door for a firmer relationship. People that have made networking their sole
priority have been able to build careers relevant to their set down goals.

Value and Value Delivery Process

Value delivery is the manner in which you design your products such that it gives
maximum value to the customer using it. The value delivered to customers can be in
the form of products, benefits, attributes, etc. Anything which creates value for your
customer should be involved in your value delivery process.

f. Business Development Plan

A Business Development Plan is a document that outlines how you implement your
business development strategy. It can be a plan for an individual, a practice or the firm
as a whole. Its scope covers both the marketing and sales functions, as they are so
intertwined in most professional services firms.

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What to include in a business development plan
1) Opportunities for growth. Identify where growth will come from – whether it's in
creating new products, adding more services, breaking into new markets, or a
combination of these.
2) Funding plan.
3) Financial goals.
4) Operational needs.
5) Sales and marketing activities.
6) Team needs.

Steps in business development:

Step 1: Set your objectives.

Step 2: Define your budget.

Step 3: Define your target audiences/customers and what they want.

Step 4: Define the channels you want to use.

Step 5: Define your KPIs (Key Performance Indicators) and how you are going to
monitor your ROI (Return on Investment).

Step 6: Define your sales process.

g. Production Analyses

Production is the process of combining various material inputs and immaterial

inputs (plans, know-how) in order to make something for consumption (output). It is the
act of creating an output, a good or service which has value and contributes to the utility
of individuals.

Production Analysis provides a visual representation of production output and allows

you to quantify production losses and the cost associated with them. Within a Production

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Analysis, you can plot production output data and then: Define the observed production
output with a Demonstrated Line.
Factors of production
These include any resource needed for the creation of a good or service. The factors of
production are land, labour, capital, and entrepreneurship. The state of technological
progress can influence the total factors of production and account for any efficiencies not
related to the four typical factors.

Product Life Cycle:

The life cycle of a product is broken into four stages—introduction, growth, maturity,
and decline. This concept is used by management and by marketing professionals as a
factor in deciding when it is appropriate to increase advertising, reduce prices, expand to
new markets, or redesign packaging.