Question

Think about someone you know has thought about having a business. It does not matter a recent thing or a long time ago. The important thing is that you need to identify the following: 1. Do a SWAT analysis for the person's idea ( or your idea) 2. Define the Business Model and target market. 3. Do an analysis of the person (entrepreneur's) personality in relation to commitment, and all the qualities that may be key to take one's ideas to reality. 4. With this information do a recommendation for this idea from the view point of a "Small Business Consultant"stating first steps to follow and value proposition of your services to coach someone through grounding their ideas. Minimum 5 pages.

Answer 1

1. SWOT ANALYSIS

S.W.O.T. is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis is an organized list of your business’s greatest strengths, weaknesses, opportunities, and threats.

Strengths and weaknesses are internal to the company (think: reputation, patents, location). You can change them over time but not without some work. Opportunities and threats are external (think: suppliers, competitors, prices)—they are out there in the market, happening whether you like it or not. You can’t change them.

New businesses should use a SWOT analysis as a part of their planning process. There is no “one size fits all” plan for your business, and thinking about your new business in terms of its unique “SWOTs” will put you on the right track right away, and save you from a lot of headaches later on.

2. Business Model and Target Market

To define a target market for your business plan, you should research the potential buying audience for your product. This could range from millions of people if you are starting an online business, to a few thousand individuals if you are opening a retail store in a small town.

If you are catering to the consumer market, narrow your potential customer base to a defined demographic group. By doing so, your business will not only be more attractive to investors, but you will have a much easier time compiling a sales and marketing plan. Study your product or service and determine the most likely consumer. Define the age range, gender, marital status, and income level of the individual most likely to be your customer. Explain the motivations for purchasing your product or service. Is it a necessity or luxury? What value does this product bring? It’s best not to assume or guess. Use surveys, questionnaires, or secondary research to gather your demographic data.

Once you have defined the target market:

• Explain the purchase habits of this demographic group.
• Show how your company will impact those purchase habits.
• Explain the motivation behind this demographic group and how you will help them meet their needs.
• Project future changes in this market.
• Indicate how you will meet their changing needs.

Base your future projections on research and details from your findings. Make projections based on past buying habits, the average purchase amount, and other factors, such as your ability to make the products or services available. The more you know about this target market, the more confidence you will have in your sales projections.

The same need to identify your target audience (business-to-consumer market) will also hold true if you are serving a business market (business-to-business market). You need to determine which companies will benefit from your products or services. Will you meet the needs of a specific industry or several industries? Large or small businesses? Public or privately owned businesses? Define exactly the types of businesses that will buy your product or services and target them through your marketing efforts.

3. Entrepreneur Qualities

Here are ten traits of the successful entrepreneur.

a. Disciplined

These individuals are focused on making their businesses work, and eliminate any hindrances or distractions to their goals. They have overarching strategies and outline the tactics to accomplish them. Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives.

b. Confidence

The entrepreneur does not ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do.

c. Open Minded

Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. They have the ability to look at everything around them and focus it toward their goals.

d. Self Starter

Entrepreneurs know that if something needs to be done, they should start it themselves. They set the parameters and make sure that projects follow that path. They are proactive, not waiting for someone to give them permission.

e. Competitive

Many companies are formed because an entrepreneur knows that they can do a job better than another. They need to win at the sports they play and need to win at the businesses that they create. An entrepreneur will highlight their own company’s track record of success.

f. Creativity

One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneurs often come up with solutions which are the synthesis of other items. They will repurpose products to market them to new industries.

g. Determination

Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity for success. They are determined to make all of their endeavors succeed, so will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done.

h. Strong people skills

The entrepreneur has strong communication skills to sell the product and motivate employees. Most successful entrepreneurs know how to motivate their employees so the business grows overall. They are very good at highlighting the benefits of any situation and coaching others to their success.

i. Strong work ethic

The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. They will come in on their days off to make sure that an outcome meets their expectations. Their mind is constantly on their work, whether they are in or out of the workplace.

j. Passion

Passion is the most important trait of the successful entrepreneur. They genuinely love their work. They are willing to put in those extra hours to make the business succeed because there is a joy their business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better.

Successful entrepreneurs want to see what the view is like at the top of the business mountain. Once they see it, they want to go further. They know how to talk to their employees, and their businesses soar as a result.

4. Small Business Consultant

A small business consultant works with clients on strategy, planning and problem solving, and helps clients develop business skills and knowledge. These topics range from designing a business model or marketing plan, to determining which marketing techniques to use and how to use them. You'll often help clients learn how to plan and implement projects. A small business consultant gives advice, teaches skills, and brainstorms with the client to produce practical results and enhance strategic thinking.

A small business coach helps clients to create success by focusing on personal development: time management, self-sabotaging behavior (like procrastination and distraction), finding clarity, decision making, and getting into action. When you put on your coaching hat, you don't give advice. Instead, you help the client find the answers from within themselves.

a. Save time and money

Are you still doing the taxes for your business? If so, does it make sense for you to spend your valuable time on such a complex task that also may be outside your area of expertise? More than one-third (37 percent) of CFOs in a Robert Half Management Resources survey don’t seem to think so: They said they'll look to financial consultants and project professionals to assist with business taxes.

What about other financial issues that small businesses typically grapple with, like controlling costs or increasing efficiency? A small business consultant can assist you with the development of strategies for making improvements on both fronts. And if your venture is on the fast track for growth, a skilled consultant can provide insight that can enable you to seize new opportunities while avoiding common pitfalls that could derail your success.

b. Tap expertise at the right time

Even if you would prefer to tackle all business matters personally, engaging an outside expert when especially complex or sensitive issues arise can be an extra measure to ensure problems receive proper attention and are thoroughly resolved. It also can be useful to have a third-party’s perspective on matters that require objectivity, or an “extra set of eyes” to verify that no mistakes have been made in a critical process.

You can also look to a small business consultant for help assessing and evaluating your business strategy, processes, operations management, supply chain logistics, exposure to risk and more. Also, because you may only need to access this specialized expertise for a short period, engaging a consulting resource can be an efficient way to tap the expert knowledge your small business needs at just the right time and only for as long as it is required.

c. Navigate changing workloads

Here’s an important question for every small business owner to consider: If you would need to ramp up your small business suddenly and significantly, could you deliver?

If you don’t have ample support to meet an increase in demand for your products or services or to create new offerings, you could be at risk of disappointing your customers — and potentially damaging your business’s reputation.

You could also end up burdening your core staff and undermining their on-the-job happiness. But of course, you also want to avoid hiring more employees until you are certain that workloads will be sustained.

d. Grow for the future

You want your business to succeed and thrive over the long term, of course. But do you know where your future growth will come from? Engaging an interim management consultant with relevant industry experience to support your small business not only can help you determine the answer but also get you pointed in the right direction.

Highly skilled senior-level professionals who work on a consulting basis can serve in a number of critical roles, from accounting manager to CFO.