Paper Example on Growth of Businesses: Strategies to Achieve Successful Outcomes

Paper Type:  Case study
Pages:  5
Wordcount:  1267 Words
Date:  2023-09-20

When it comes to entrepreneurship, the growth of businesses is considered to be the ultimate goal of the business activities that are undertaken. There have been debates on what makes some businesses grow while others fail miserably in their attempts. For successful organizations, it is most likely that they follow a predetermined trajectory of events that helps them to achieve the levels of success experienced. At the same time, it automatically assumed that the use of harmful practices is responsible for the negative results experienced in the failed organizations. The success enjoyed in the businesses is different from one business to another since the organizations exhibit various forms of growth. Some display fast growth immediately after formation, while others take time to pick up the speed of growth as time moves (Brush et al., 2009). Therefore, there is a need to investigate the factors that affect the success of a business's growth and why some companies take more time to grow while others pick up almost immediately. The answer, as will be discussed in this paper, lies in the entrepreneurial pathway that a business takes and the commitment to the entrepreneurial paths selected by the organization.

Trust banner

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

The selection of an entrepreneurial pathway is a decision that is as important as any other in life. The selection of effective pathways will result in positive results, while the range of wrong ones will automatically result in negative consequences. Through entrepreneurship, one gets to express their creativity and, in the process, accumulate the business capital and resources needed to improve the business and their lives in the process. Therefore, this being so, the better the entrepreneurship route and decision that one makes, the higher the possibility of achieving the best outcomes from their business endeavors.

The process of entrepreneurship has different experiences and requirements within itself, and therefore decisions that one makes will determine the success or failure of their skills. Various options within the entrepreneurial journey enable the entrepreneurs to enjoy the possibility of success in their endeavors. However, different paths lead to the destinations in different time frames, and therefore entrepreneurs should ensure that they have due diligence in the selection of the pathways to undertake (Elia et al., 2017). The different paths selected by different entrepreneurs have different requirements, missions, and visions within themselves, and therefore different time frames within which their outcomes will be determined. Additionally, the paths selected have different purposes in terms of the incomes generated, and the expenses that will have to incur in the course of the organization's existence. Additionally, the entrepreneur will have to consider the possibility of solving the problems that the business has solved the issues that the communities around them face, hence addressing a goal of entrepreneurship, which is to help the communities around where the companies are based their socioeconomic issues.

As many established businesses have proven, following an entrepreneurial pathway is not as transparent as it may look. Different challenges may not have existed or been considered in the formulation of the entrepreneurial project, and therefore lead to the possibility of the goals initially set not being addressed or taking longer to achieve than expected. Additionally, the calculated risks undertaken by the entrepreneurs may not go as smoothly as expected by the business owners, leading to the possibility of the business experiencing losses and periods where they are frustrated by their efforts going unnoticed or not achieving the expected results (Lerner et al., 2018). When this is the case, the business may take longer to pick up, and therefore, the possibility of making profits shortly after the business has been launched is derailed.

Entrepreneurs are known to be people who take risks and advantage of opportunities visible to few people in the economy. Therefore they need to undertake specific practices that will ensure that the chances that they take are in line with their goals and that they are not making too many risky decisions that may end up affecting the wellbeing of the organizations that they are in charge of. The entrepreneurs should, therefore, maximize their exploitation of the opportunities available to them in the economy. Through this, they will be able to arrive at the desired ends, which is the achievement of profits from the business activities that they undertake, as well as getting to experience business growth which will impact the growth of the economy that they exist in (Lerner et al., 2018). the entrepreneurs should, therefore, undertake extensive SWOT analysis and ensure that the factors that come from within the organization are addressed and that they are either neutralized or neutralized and transformed into opportunities and strengths to the business.

The process of finding, following, and achieving from the pathways of entrepreneurship is tough and tiring. Therefore, it should be reviewed regularly to ensure that all the relevant issues are addressed and that an ideal situation where the organizational goals are achieved is arrived at. There is a sense of intimidation that comes with the entrepreneurship path that one settles on. Therefore one needs to formulate diverse ways through which they can achieve their organizational goals. It is therefore advised that one determines finds and follows the entrepreneurial path that best suits them, and in the process, get the best out of their business activities (Brush et al., 2009). Entrepreneurship, to some extent, depends on the personal skills and values that the proprietor has within themselves since it is from within themselves that they can regulate themselves in a way that they will not be distracted when it comes to running their enterprises. It is also through finding and understanding oneself that the entrepreneurs can undertake business activities and make business decisions that fit their preferences and personalities, hence making it possible for the proprietors to enjoy, learn and grow from the business activities that they undertake.

One can use self-reflection, whereby they examine their past experiences and base the results from them to decide on the entrepreneurial path to take in the new venture. It is also through self-reflection that one can review their tastes, preferences, and abilities and determine the path they will take. When one understands themselves, it is possible to decide on a way that will not overwhelm them by affecting their personalities, hence resulting in unhappiness and loss of interest in the business endeavors in the long run(Roundy et al., 2018). Additionally, one can decide on an entrepreneurial path by using past research on the way that one has chosen to follow. Through this, the possibility of failing is reduced since the entrepreneur will be undertaking proven research findings that have been used successfully to arrive at attractive decisions. Also, one can experiment on the possibility of the path being successful through making a soft launch, whereby the desired project is undertaken in a small, controlled way, and the entrepreneur gets a look into the expected challenges, possibilities, and areas of improvement should they launch the project on a full scale.

References

Brush, C. G., Ceru, D. J., & Blackburn, R. (2009). Pathways to entrepreneurial growth: The influence of management, marketing, and money. Business Horizons, 52(5), 481-491.

Elia, G., Secundo, G., & Passiante, G. (2017). Pathways towards the entrepreneurial university for creating entrepreneurial engineers: an Italian case. International Journal of Entrepreneurship and Innovation Management, 21(1-2), 27-48.

Lerner, D. A., Hunt, R. A., & Dimov, D. (2018). Action! Moving beyond the intendedly-rational logic of entrepreneurship. Journal of Business Venturing, 33(1), 52-69.

Roundy, P. T., Harrison, D. A., Khavul, S., PĂ©rez-Nordtvedt, L., & McGee, J. E. (2018). Entrepreneurial alertness as a pathway to strategic decisions and organizational performance. Strategic Organization, 16(2), 192-226.

Cite this page

Paper Example on Growth of Businesses: Strategies to Achieve Successful Outcomes. (2023, Sep 20). Retrieved from https://proessays.net/essays/paper-example-on-growth-of-businesses-strategies-to-achieve-successful-outcomes

logo_disclaimer
Free essays can be submitted by anyone,

so we do not vouch for their quality

Want a quality guarantee?
Order from one of our vetted writers instead

If you are the original author of this essay and no longer wish to have it published on the ProEssays website, please click below to request its removal:

didn't find image

Liked this essay sample but need an original one?

Hire a professional with VAST experience and 25% off!

24/7 online support

NO plagiarism