Key Factors that Underpin a Successful Entrepreneurial Team Engaged in Essay

Key Factors that Underpin a Successful Entrepreneurial Team Engaged in Setting up a Business - Essay Example He is also responsible to bring innovation in the business from time to time. All the entrepreneurial activities have to be planned in an effective way for succeeding in the venture. The business plans can range from plans for operation to strategic planning and financial planning. All these plans must be integrated in such a way so that the enterprise could achieve the desired objectives. The various departments should be linked with each other so that a proper coordination can be achieved among them. Nowadays enterprise is not only established by one person but a group of people who have common interest and work for the business. They work as a team in pursuit of the organisational goal. They are the entrepreneurial team. For the success of such type of entrepreneurial teams, every team member must have the qualities of the entrepreneur. They must have the vision, the capacity to arrange the resources and must act as per the plan. Apart from the basic entrepreneurial skills, there are other factors which lead the entrepreneurial teams to success. The success of an entrepreneur or the entrepreneurial team depends upon the success of the enterprise. ... , analysing the competition in the chosen field, analysing the operational work, analysing the human resource requirement, checking the financial viability of the business etc. This is a primary and very important step of setting up a business. Once the business plan is ready the next step is to analyse and take the assistance required for stating the business. The third step is to choose the location of the business. This step requires the analysis of the format of the business and the competitors. The location should be such which could be easily accessible to the customers and the suppli8ers, close to the competitors etc. The next step is to finance the business. This includes arranging the fund for the operations of the venture. Once the finance for the venture is arranged, the next step is to determine the structure of the business. In this step the suitable legal structure is determined according to the government rules and taxation policies and also the viability of the busine ss. The next step is to get the business registered as per the rules and regulations of the state. Once the business is registered, the next step is to register the organisation for the local taxes and the other taxes. After all types of registrations is done one applies for the required licences and permits for operating the business. This is a legal requirement without which an enterprise cannot function in the market. The last step for setting up a new business is to hire the required and efficient human resource needed for the enterprise (US Small Business Administration, No Date). Entrepreneurial process In the previous section the basic steps required for setting up a new business has been discussed. The entrepreneurial process is also to an extent similar to those steps. The