National University

Integrated Business Principles

Midterms Individual Output

Nikki Yturriaga
FIN 222

Answer the following:

1. Challenges are part of any business, unavoidable as they are inevitable. As an
entrepreneur, do you consider these challenges to be motivating or discouraging?

As an entrepreneur, I find these challenges as motivating factors. Similar to how gasoline is

crucial for a plane, motivation is crucial for an entrepreneur since, without it, nothing can take
flight. A company doesn't necessarily make a ton of money or revel in its successes. Daily
completion of tedious or challenging chores is a need, and it is your ambition that will motivate
you to keep working toward your objectives. You'll be able to concentrate on your goals if you
know what motivates you and what drives you. You won't experience as much anxiety or
discouragement when things change or you run into barriers if your core aim is clear.

2. Knowing what you do about the case given to you, is there anything you would have
done differently if you were the character in the said case?

Nothing much, Because In addition to helping entrepreneurs concentrate on the particular

actions required for their business ideas to succeed, a strong business plan also enables them
to meet both short- and long-term goals. A business plan requires you to examine your finances
and become more pragmatic. This paper frequently aids people in identifying their true
difficulties and obstacles, resulting in a more practical approach as the hard realities are
incorporated into the strategy. That's why Eszter must only do a complete analysis of the
environment, appreciate the traits of customers, pinpoint the target consumer segments, and
improve promotional plans in light of our suggested marketing approach which the future
research recommended is the business plan.

3. As an entrepreneur in the case given, what do you think will happen if we are wildly
successful versus unsuccessful?

Every successful businessperson you come across or read about most likely began with an
image or idea connected to something they were passionate about producing. This happens
even if the person doesn't know how (or if) what they want to achieve or create will come to
pass. An entrepreneur's vision serves as the foundation for a roadmap that will help them
decide where they want to take their business endeavors.
If Eszter continued the creation of the business plan she would be able to have the objectives of
her company. Because It contains details on the precise methods the company will use to
accomplish its objectives, including sales, marketing, and product development. It could include,
information about how much money will be needed for each specific goal, how employees will
contribute to the goals, and how the company will make money. From these recommendations
she would be able to determine her consumer behavior and purchasing that can lead her to a
successful business. Furthermore, she might be able to avoid marketing or shut down her firm if
she didn't follow the advice offered and stick to her original goals. She initially lacked business
management experience and did not offer a clear plan for how to keep her company viable. That
can prevent her firm from operating or force it to close.

References:
https://www.indeed.com/career-advice/career-development/importance-of-business-plan-for-entr
epreneurs