Business Plan for an Entrepreneurial Idea

Entrepreneurial Idea Becoming a successful entrepreneur in the current global environment is a dream most business individuals aspire to achieve. A combination of factors such as stiff competition between businesses, constant changes in the consumer preferences, and shifting legal requirements that regulate the undertaking of business activities make execution of business activities a challenging undertaking for most individuals. Such factors have forced most to focus on identifying the most effective interventions that are effective in promoting it to achieve their objectives.

For instance, large companies have opted to adopt market penetration strategies such as product promotion and pricing strategies that aim at increasing consumption of the products or services they offer. Similarly, small-scale businesses have ventured in multiple strategies such as strategic positioning to achieve their desired performance and competitiveness objectives. My entrepreneurial idea is to promote my business to achieve the planned objectives by using the social networks. Social networks such as the Facebook and Twitter provide business with significant opportunities to market their products to the global consumers.

For instance, a business can create a page where it markets its products to the global consumers alongside receiving their orders and concerns related to the quality of services or products offered by them. Similarly, I will maximize the use of the social networks to improve the performance of my business in the current competitive marketplace.

After conducting significant market analysis, I have discovered that the majority of the businesses operating within my locality do not employ the use of social networks to market their services and products to local and international consumers. As such, they are prone to challenges such as stiff competition from the external organizations involved in the provision of similar goods or services as them alongside few consumers utilizing their services and products.

It is apparent that the success of my business will depend largely on utilizing the opportunities in the marketplace that have not been exploited by another business. It is beyond doubt that using the social networks such as the Facebook and Twitter has millions of individuals using them for their daily needs.

As such, the sites will provide me with the opportunity to market my services to the global consumers, as well as, acquiring feedback related to the quality of my services and ways of improving them to meet the consumer demands. In addition, comparative analysis of organizations that have proven successful in the current global environment shows them to utilize the use of the social media to achieve their goals.

Therefore, benchmarking myself to these organizations will provide me with significant opportunities to improve my current performance, competitiveness, and reputation in the marketplace. I consider using the social networks to facilitate the success of my business because of various reasons. Firstly, it is cheap for one to use the social networks to market their products and services to the potential consumers. The networks provide opportunities where the consumers and the owners of the business can share their ideas related.