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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 these work together to

provide a successful business venture. Using experience in entrepreneurship (entrepreneurship),

an analysis of the strategy and strategic decision may affect a business.

Strategies are essential for any form of business. To begin, it is critical to understand the

long-term direction 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 a clear roadmap of

how the business set-up will look after it opens and as it grows later. From my experience as an

entrepreneur, I was able to make informed decisions that could impact the success of the

business. I owned a small retail store which I successfully ran for three years. The hardest

portion of starting was learning everything I did not know and had not done before, but I had to

advance (Whittington et al., 2019). Finding the ideal inventory mix regarding the number of

things, the range of sizes, and the variety of colours 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

a competitive strategy. Through it, the business could use its creative strategy to attain the

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

Thus, competitive strategy takes into account factors like prices, attributes of goods and services,
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and 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 advantages should support competitive strategies.

To conclude, strategy and strategic management, when making decisions are instrumental

for an entrepreneur. Hence, a business must make sure that customers perceive sufficient value

for them to be willing to pay more than the costs of supply to be competitive.
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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.