As with any venture, direction is a key of success. In becoming an entrepreneur, one must have a path for the business to follow, and that path will be your strategic plan. The strategic plan includes items such as the business plan, company summary for your business, market analysis, goals of your business and estimated financials. Entrepreneurs can’t really tell an exact amount for financing however, entrepreneurs should be prepared to defend their numbers when asked to do so. For most strategists in big companies, after the companies were established, strategists would continually updated their business plans and use them as steering mechanism to direct the company. According to Porter (1996), even though entrepreneurs were able to come …show more content…
According to Roberts, Kossek and Ozeki (1998), issues associated with honesty and credibility are two most important elements in running an entrepreneurial business. According to Colvin (1997), “without very high trust you will never get maximization of brain potential”. This statement is even more important when it will relate to the success of a startup business. In the initial phases of a startup firm, honesty is another key. Trust and honesty become the foundation of some entrepreneurs in which the motivation and creativity for the initial launch of a startup business is built. There are four things that entrepreneurs need to keep in mind. First, be honest with your investors and potential investors, second, be honest with your employees or co-employees, third, be honest with your customers and fourth one is be honest with yourself, which is the most important. Once violated, the trust in a relationship is nearly impossible to rebuild. This can cost a new company investors customers, both of any of it are important when achieving success. Credibility is also an essential tool in all aspects of a business. It gives entrepreneurs the ability to attract and hire qualified personnel, to be able to negotiate better contacts and to be recognized as a sound investment for future capital. Once credibility is lost, all phases of business will be affected. Another essential element is inspiring leadership. All can be a leader, and as a leader, one should lead the business to its success not towards its failure, should consider what the best is for all and must be open-minded, considering the counsel of other people. According to Lieber (1998), “Complete ignorance of basic knowledge in business will pose a serious threat to the business’ sustainability.” The success of a particular business depends on the people behind it, the entrepreneurs who are