In this study, I will first explore the definition of the terms,
- Ideas
- Business
- Entrepreneur
- Intrapreneur
Definitions of the above terms are below,
IDEAS are whatever an individual has in mind, hoping to bring to existence or reality for physical manifestation. It is also a formulation of plans.
BUSINESS is a day-to-day activity. Whatever one finds he/she doing is a business. So in a nutshell, Business is an engagement of the individual which could be a private, cooperate, government, or non-governmental organization or entity aimed at making a profit. The primary aim of Business is to generate funds and make a profit.
ENTREPRENEUR is a person who has a Business blueprint. An entrepreneur is a risk-taker, and innovator, with a creative business mindset, who sources capital in building up a business knowing his reward in the risks and profit achieved from the business.
INTRAPRENEUR is an individual who has been appointed to manage an existing business. Simply put an employee who has been employed to work for a company or organization.
Therefore, Ideas to Business is a concept of financial gain centered on products and services to generate income. Every business starts with a creative idea. The mind of an entrepreneur is innovative towards building up a business venture that can stand the test of time. Generating, and sourcing capital to build a business is not a shield of faith. It takes the mind of an investor to build up a solid business.
In birthing an Idea for a business as an entrepreneur before maturing to becoming an Intrapreneur the following steps need to be considered:
- Planning
- Organizing
- Staffing
- Directing
- Controlling
- Budgeting
Explanation
PLANNING: Planning is essential in setting up a business. Planning is a written document that gives an entrepreneur the breakdown of the future of the business plan. In a cooperate business set-up, the stakeholders will schedule a board meeting to highlight some important goals, and strategies, that the business or organization will run with to enable profitability and suitability. The business planning process includes diagnosing the company’s internal strengths and weaknesses, improving efficiency, working out how to compete against rival firms in the future, and setting milestones for progress so that they can be measured.
ORGANIZING: This is to be considered a key factor in setting up a business after planning, which coordinates human efforts, and arranges resources to achieve set objectives. It entails specifying the job and work relationships, assigning different tasks, and allocating resources. Organizing is a process of initiating and implementing plans by clarifying jobs and effectively deploying resources to attain identified and desired results.Â
STAFFING is the process of hiring employees who are eligible for a specific role in a company. Sourcing for the right candidate or individual who will be accountable for a business is one of the important criteria in business planning. Employees should be ready to manage the resources put in place effectively. Staffing entails the determination of manpower requirements of the enterprise and providing it with adequate competent people at all levels.
Thus, manpower planning, procurement, training and development, appraisal, and remuneration of workers are included in staffing.
DIRECTING is supervising what employees are doing and guiding/leading them in line with the set goals. Directing is the process of counseling, leading, guiding, instructing, monitoring, and motivating staff or employees in the organization to achieve set tasks. Directing sets-in motion the action of people; and planning, organizing, and staffing are preparations for carrying out the work.
CONTROLLING is the process of assessing the performance progress of the organization toward accomplishing goals. Also, this includes monitoring that the performance of the organization is consistent with the goals and objectives. Controlling can be seen as ensuring that activities in an organization are performed as per the plans. It is measured by making sure available resources are used effectively and efficiently.
BUDGETING is the process of planning how to make use of income effectively. A budget is a systematic approach to estimating income and expenditure over a specified period of time. It is a guide to knowing whether the business is running at a profit or loss. A budget will be drawn on a financial year and it contains information about anticipated sales associated with business costs within a specified period.
In conclusion, a business idea is an insight from an entrepreneur who is a serious-minded, risk taker and goal-achiever. An entrepreneur is a visionary, who has predicted or can predict the outcome of a business blueprint before bringing it into existence. For the purpose of success and longevity in business, an entrepreneur should not fail to factor in ingredients like planning, organizing, staffing, directing, controlling, and budgeting which summarizes and gives the business headway in whether to birth another branch, which is the target of every business mogul and entrepreneur.
About the Author
Chukwuma Henrietta is a CIAPS Graduate of Business Administration.
