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Personal Experience - Entrepreneurship

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Entrepreneurship is essential when someone is looking to start their own business. It is

because indeed, the secret to entrepreneurship success lies not only in the entrepreneur's

experience but also in their knowledge, leadership, communication, capacity for learning,

opportunities, and, most importantly, their creativity and invention. All this work together to

provide a successful business venture. By using an experience in the subject matter

(entrepreneurship), an analysis of the strategy and strategic decision may affect a business.

To begin it is critical to understand the long-term direction that a business might want to

take as it operates, this is referred to as strategy, according to Whittington et al. (2019). As an

entrepreneur, it is good to have clear roadmap of how the business set up will look like not just

after it opens but also later on, as it grows. Strategies are essential for any form of business.

From my experience as an entrepreneur, I was able to make informed decisions which were able

to impact of the success of the business. I owned a small retail store which I successfully ran for

three years. The hardest portions of starting out were learning everything I didn't know and

hadn't done before but had to in order to advance (Whittington et al., 2019). Finding the ideal

inventory mix in terms of the quantity of things, the range of sizes, and the variety of colors was

the second most difficult task; it is usually a best-guess scenario.

The organizational mission and vision are taken into consideration while making strategic

decisions. These are chosen in accordance with operational and strategic decisions. These

decisions are made in line with strategic and administrative considerations. These are connected

to the organization's overall counter planning. In the online retail store, I was able to make use of

competitive strategy. Through it, the business was able use it creative strategy to attain the

required market within its industry is the subject of competitive strategy (Gordon, 2022). Thus,

competitive strategy takes into account factors like prices, attributes of goods and services, and
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branding. The creation of value for customers that is both larger than the expenses of supplying

them and superior to that of competitors is the basis of competitive advantage. Competitive

strategies should be supported by competitive advantages.

To conclude through strategy and strategic management when it comes to making

decision is instrumental for an entrepreneur. A business hence, must make sure that customers

perceive sufficient value for them to be willing to pay more than the costs of supply in order to

be competitive at all.
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References

Gordon, J. (2022, April 14). Prior experience in entrepreneurship - explained. The Business

Professor, LLC. https://thebusinessprofessor.com/en_US/business-management-amp-

operations-strategy-entrepreneurship-amp-innovation/prior-experience-in-

entrepreneurship

Whittington, R., Regner, P., Angwin, D., Johnson, G., & Scholes, K. (2019). Exploring strategy,

text & cases (12th ed.). Pearson Education.