enterprise in IT unit 20 btec, Principles and Characteristics of Successful IT Enterprises
In this document I will be discussing and evaluating the principles and characteristics applied in successful IT related enterprises; this includes the types of skills and capabilities utilised, factors that determine how successful an enterprise is, and key attributes of an entrepreneur.
What Enterprise is and What it Involves
Enterprise is the design and creation of something with the intention of meeting a specific requirement of its’ users; being an entrepreneur includes identifying marketing areas where new products and services are needed, then designing, creating, and selling that product or service to the target audience of customers who would be interested.
Enterprise Skills and Capabilities
These are the types of skills that can be used to create a successful IT related business enterprise.
Problem solving: when developing an Enterprise idea, issues are likely to occur along the way; an entrepreneur must be able to identify these issues and devise appropriate solutions to counter them.
This is a necessary skill that enables entrepreneurs to find solutions to any issues that arise with their enterprise. During talks with potential investors about getting involved in his shopping app Instacart, founder Apoorva Mehta came across the problem of needing to reduce delivery costs for groceries purchased online; to resolve this, he chose to contract the grocery delivery to people who could deliver his customer’s products for him which, as a result, helped Mehta accumulate over 300 million dollars in profit from purchases. This shows how problem solving is a necessary skill for entrepreneurs; if the Instacart founder was unable to figure out a solution to decrease delivery costs, then the enterprise would likely not be as financially stable and successful as it is today.
Decision making: an entrepreneur must be able to make the most effective decisions regarding their enterprise idea for it to become successful; poor decision making, whether it is finance, management, or development related, can lead to problems that end up hindering enterprise progression, therefore it is a necessary enterprise skill to be capable of making effective choices. Following the early success of Snackpass by Kevin Tan, he made the decision to target college campuses because it was easier for them to spread word about their application to college students; after making this decision, Kevin Tan’s Snackpass has since become a popular food application among local college students and, as a result, they now have more financial capability to expand their application’s audience beyond college campuses, displaying how effective decision making can improve an enterprises chances of being successful.
most entrepreneurs usually have numerous people working on their business enterprise and must be capable of conveying their ideas and plans to their employees clearly; a lack of clear communication between the person in charge and their work force can lead to confusion and misunderstandings during development. One factor which led to the downfall of Call9 medical provider by Timothy Peck was issues in communication between key people involved in the enterprise; this included investors, co-founders, and executive members of the business, who had contradicting views regarding management of the business, halting progression with delivery of the service due to managerial disagreements. This suggests that entrepreneurs with poor communication between themselves and other members involved in their business enterprise can harm development.
with business enterprises that have a significantly large team supporting them, an entrepreneur must organise their team’s activities to ensure work is assigned and completed smoothly. After successfully building Snackpass, founder Kevin Tan’s next step was to build a competent team of people to help maintain and expand his enterprise; Kevin dedicated time towards learning common team building practices to ensure he would have an efficient group of people to work on and support his enterprise, demonstrating the importance of business enterprise organisation, especially with managing the team of people behind a successful enterprise.