Personal Business Plan The entrepreneurial process is at its core concerned with

Question

Personal Business Plan The entrepreneurial process is at its core concerned with "the pursuit of opportunity without regard to the resources already under control." This process is as applicable to your career as it is to starting a company. The goal of this assignment is to identify where you want to be and how you will get there. Do not worry about your current resources. Think entrepreneurially! Your personal business plan should include a long-term vision statement, the "external" opportunities that exist, your "internal" (personal) strengths, and a strategy for yourself and your life over the next three to five years. In addition, please share at least one "failure" from your past and what you learned from it in terms of maximizing your potential for the future. The assignment should consist of 500-1000 words in bullet points or prose that summarizes as many of the areas below as possible, as well as the one "failure"

Explanation / Answer

A business that I would like to start is a video game company. Since it would require a large capital investment I would seek to go for funding or for a partnership, in case there are multiple partners, our business model can be a partnership or sole proprietorship with a sense of managing board and profit agreements in the form of paid royalty. For the initial phase of the business, we would require a structure that would enable us to carry out our dealing and create a footing for the business, this would include securing a working place, work staff, preparing a detailed pipeline and product channel. Starting small and expanding this business is going to be the goal in the future sense. For further expansion of the business to include other states and multiple holdings throughout, the company would then be made into an LLC. With the initial model being that of a private corporation where the owners are the primary investors or the stakeholders in the company. This model will be followed till the company can adjust its footing and stabilize the flow of profits. Till a point, the company requires the public corporation model and allow the company shares to be sold but that will be the last step of the plan and would take a lot of time to get to.

This model is the most useful for this business scheme because it will allow a single user to take charge of running the business without as much outside interference as possible till a point where it is feasible to follow a model that allows multiple partners to be included over the working of the financial and business aspect of the company.

The gaming industry has grown to become the biggest and most lucrative sector to work in. It generates employment and is expanding at a considerable phase that would eventually dominate the market. Interpersonal strength stay I have includes leadership quality, self-critical analysis, resilience and passion and the mindset which is required for such an undertaking. One mistake that I had committed in the past was trying to do all the work myself and not allowing a structure of cooperation which ended up in I burning up all the efforts in the wrong direction and having a shortage of help when I needed it. It has allowed me to understand the power of cooperation and therefore in the future, I will incorporate such a structure in all my dealings.

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