BUS 4401 University of The People Entrepreneurship Learning Journal Essay – Description
INTRODUCTION
“Surviving a failure gives you more self-confidence. Failures are great learning tools…but they must be kept to a minimum.” – Jeffrey Immelt
No entrepreneur wishes to encounter failures just to learn. There is a way to learn how business is done to avoid failure, or, at least, minimize it, and that is to study all the relevant conditions before leaping into action. In order not to learn from failures too quickly, one needs to learn how business is done and what to look for in order to assess possibilities for success. This is exactly what you will be learning about in this unit—on a global scale. You will be able to apply this international knowledge in your future endeavors-no matter what they will be.
At this point in the course you understand your product or service from the local entrepreneurial point of view. Moreover, you are familiar with how to design and conduct market research. No market research and no products can be applied in isolation as each entrepreneur needs to establish their business in order to make things happen. What to look for in establishing your business is a really important question to ask. You will be asking this question in order to assess how business conditions in a chosen by you country can help you establish your international business. You will also try to attract other investors (your peers).
READING ASSIGNMENT
Chapter 1 : Reading Assignment : as described in the Introduction area of this Learning Guide: https://archive.doingbusiness.org/en/data
Prior to choosing a specific country, ensure that you made a serious comparison with at least one other country. Do not choose automatically. You will be asked to indicate your findings later on.
How to do business is the main topic and the reason why in this unit you will learn how to assess entrepreneurial conditions in the country of your choice. In the future, armed with this knowledge, you will be able to quickly assess any country in terms of how easy or how difficult it is for entrepreneurs. You will also be able to provide advice to other entrepreneurs.
The Doing Business Project, launched in 2002 by the World Bank, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle. You can choose your search per country or per industry, or both. The Doing Business Project provides objective measures of business regulations and their enforcement across 185 economies and selected cities at the subnational and regional level.
What you need to do is to decide where you want to invest. Let’s start by visiting the following site: https://archive.doingbusiness.org/en/data
Next, please choose from the drop-down menu: Explore Economy Snapshots and click on Select an economy. Explore two or three countries you are interested in from the drop-down menu. Narrow your choice to one country and then scroll down and explore each of the topics listed below:
Starting a Business
Dealing with Construction Permits
Getting Electricity
Registering Property
Getting Credit
Protecting Investors
Paying Taxes
Trading Across Borders
Enforcing Contracts
Resolving Insolvency
Click on every topic to find out the detailed information available. Pay attention to any changes indicated from the previous year and ensure that you fully understand each sub-topic, this includes understanding what insolvency* is-to give you one example.
Read the report and remember that you will be asked to comment on how this knowledge can be of use for an entrepreneur –you as well as other investors.
Learning Journal
Assignment instructions
Based on this week’s reading, please choose a country listed on the following website.
You are planning to open a business in a certain country. Choose the country.
Select an economy and then choose a country from the drop-down menu or select a topic.
Topics:
Starting a Business
Dealing with Construction Permits
Getting Electricity
Registering Property
Getting Credit
Protecting Investors
Paying Taxes
Trading Across Borders
Enforcing Contracts
RESOLVING INSOLVENCY
Your essay topic is: I am interested in opening a business in……………………(please replace the dotted line with the name of the chosen country).
Please note you should design the essay as if others would use it as part of their entrepreneurial decision-making process. Provide information accordingly.
Make sure you write information on the items below:
Write a summary of information that you absolutely need to know prior to investing based on the ten-topic listed in the “Doing a Business” (starting a business, dealing with construction permits, etc) shown above.
Please comment on the level of difficulty to fulfill the regulations about the ten topics
If some of these elements seem not to apply to your product or service at this point, please disregard this opinion and pretend that they do. The purpose is to provide an accurate picture of what to expect when one is about to invest in the country that you chose. Concentrate on how the information is relevant.
Discuss the potential problems that your business might face and how to overcome them?
What advice will you give to other entrepreneurs when they want to do business in the country of your choice? Do additional research, if necessary.
Reference
The World Bank. (n.d.). Doing business 2004-2020. https://archive.doingbusiness.org/en/doingbusiness
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