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Darshit Patel

Prof. Waggoner

English 1201-502

July 11, 2021

How can an entrepreneur strategically plan and build a successful business?

Starting a business requires planning and understanding of the corresponding market that

is being captured, and key steps for building into a successful business. The key steps could vary

from financials decisions to legal activities. A good planning and organizational skills opens the

door for success in a business venture.

Firstly, before starting a business, an entrepreneur should understand his/her own

strengths, and get motivated by spectacular success stories. During an interview of Elon Musk,

he mentioned his six secrets to building a successful business. He talks about how not being

afraid to think big; be ready to take risks, pursue your passion by being yourself, and ignore the

critics helps him to achieve success (Rowlatt). Having an advice from a successful entrepreneur

can save time when building a business and can put our mind at ease. Getting an advice can

shape important decisions because it could avoid potential problems or mistakes that have

already been done.

Furthermore, starting a business requires key steps regarding legal, financing, sales and

marketing, and more. According to US Small Business Administration, business plan is the

foundation of a business. Business plan will help an entrepreneur to figure out how much fund

would be required for a business. After having a plan, choosing a legal business structure is a key
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step. (“Small Business Administration”). Following these steps sets an entrepreneur on track for

starting a business. Later, the entrepreneur must focus on managing and growing the business.

Equally important is for an entrepreneur to take a business to a successful height and

have the stability to the core business. A business plan is not enough, until its executions has

been done correctly. Based on an article by Chris Seabury, it provides nine tips to grow a

business. It mainly includes being aware of competition and implementing the best results;

Providing great service to customers is crucial to gain their loyalty to retain the business.

Keeping a detailed record and being organized also helps to grow the business (Seabury). Having

an attention to these tips is the smart way to grow a business to a stable height, without failing in

early years of the business.

Overall, the use of a business model concept, which mostly includes four interactive

elements could be a fundamental strategy that can be used by an entrepreneur for building a

successful empire. These elements are customer value proposition, profit formula, necessary

resources, and the processes to implement in an economically viable manner (Bigelow 2).

Having access to 35-step guide outlined for entrepreneurs starting a business by Forbes gives

more in-depth topics for strategically planning and building a successful business like the multi-

billion-dollar companies, such as Facebook, Uber, Airbnb, and many others (Harroch). Lastly, an

entrepreneur who holds all the key aspects in planning and following the process outlined by

different researched practices can achieve success in their business ventures.

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Bibliography

Bigelow, Lyda S., and Jay B. Barney. “What Can Strategy Learn from the Business Model

Approach?” Journal of Management Studies (John Wiley & Sons, Inc.), vol. 58, no. 2,

Mar. 2021, pp. 528–539. EBSCOhost, doi:10.1111/joms.12579.

Harroch, Richard. “The Complete 35-Step Guide For Entrepreneurs Starting A Business.”

Forbes, Forbes Magazine, 17 July 2018,

www.forbes.com/sites/allbusiness/2018/07/15/35-step-guide-entrepreneurs-starting-a-

business/?sh=60a53efe184b.

Rowlatt, Justin. “Elon Musk's Six Secrets to Business Success.” BBC News, BBC, 7 Jan. 2021,

www.bbc.com/news/business-55554343.

Seabury, Chris. “9 Tips for Growing a Successful Business.” Investopedia, Investopedia, 19 May

2021, www.investopedia.com/articles/pf/08/make-money-in-business.asp.

Small Business Administration, www.sba.gov/business-guide/10-steps-start-your-business.