BUSN 460 Week 1 Discussion | Devry University
Week 1: Discussion
Review the Course Project Overview and discuss which business concept you find interesting. Are you familiar with it?
For smaller enterprises, sole proprietorships, or businesses in which one member of management has primary control, issues of personal satisfaction can be a central element in determining long-term success. Some businesses fail, and others flounder, because their founders, owners, or key managers are uncertain what they really want to achieve or because they did not structure the company and their responsibilities in ways that satisfy their personal needs and ambitions.
It is useful to evaluate and consider your personal goals when deciding on the nature of your business development. For most entrepreneurs, these goals can be summed up by the Four Cs: Control, Challenge, Creativity, and Cash.
How much control you need to exercise on a day-to-day basis influences how large your company can be. If you prefer to be involved in every business decision or are uncomfortable delegating or sharing authority, your business should be designed to stay small. Likewise, if you need a great deal of control over your time (because of family or personal demands), a smaller business without rapid expansion is more appropriate.
It is important to recognize the extent of your need for new challenges and develop positive means to meet this need, especially once your company is established and the initial challenge of starting a company is met. Otherwise, you may find yourself continually starting new projects that divert attention from your company's overall goals. As you plan your company, establish personal goals that provide you with sufficient stimulation, while also advancing the growth of your business.
If you have a high need for creativity, make certain you remain involved in the creative process as your company develops.
Likewise, if your aim is to build a very large company and accumulate substantial income or wealth quickly, you will need outside investors to finance such rapid development or expansion. Once again, this means giving up more control over your company. To finance any business, sufficient cash is required.
Comment on your need for Control, Challenge, Creativity, and Cash. Discuss.