Business StartUp

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Drucker states that ‘most of what you hear about entrepreneurship is all wrong (Drucker, 2009 cited in Kuratko, 2007 p.2). It’s not magic, it’s not mysterious. and it has nothing to do with genes. It’s a discipline and like any discipline, it can be learned’. Effective strategic planning is a function of academic competence in the related fields of an entrepreneur’s venture (Kuratko Hodgetts, 2007). In his work, Kent (1990. p.6 ) states that the purpose of entrepreneurial education is directed towards fostering creative activity and independent actions backed with a mind aware of theory and practice currently intact in the world. Family Business usually includes individuals who are practical and have experience for research. There is a new trend of family business education programs which includes disciplines like management development, financial planning, family systems, retirement, transitional planning and communication, etc (Kent, 1990, p.127). Entrepreneurial education imperative, different and opposing convergence, equips the individuals towards efficiency and sure-footedness.Starting up a venture of our own has been an exciting, exhilarating, and overwhelming experience. Our decided venture is a company specializing in producing customized cakes and crepes. As I have plunged deeper into the intricacies of managing my own business, I daily find myself facing many unanticipated challenges like maintaining the food inventory to cater to our customer’s demands, finances to buy the ingredients and maintenance of our cooking and kitchenware. We had worked out an initial business plan with my team as a basis for our operations. Our business plan had all the important sections including finances, operations, milestone objectives and marketing covered.Practically speaking, having a business plan significantly reduces risks.