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Reflection 2 - Mgmt 215

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MGMT 215
9/15/15

Reflection 2

When creating a new product or an idea, entrepreneurs must consider ventures. With a creation of a new product there are always risks involved. Once someone decides to build a new venture he should lay out all the risk factors that may be detrimental. Personally, I would have a clear written statement to show my vision for stakeholders along with future customers in order to gain trust once I decide to build an entrepreneurial venture. To gain further trust and respect I would look around for investors for credibility. By doing this customers gain extra assurance since the majority are hesitant when hearing about a new product. If the product is supported by a solid financial banking it is more admirable. On the mission statement I would emphasize the authenticity of my product as well as its durability. Furthermore, ethics is one of the most important factors in good business. I would stress the importance of reliability in order to build a strong group that truly supports my venture. I believe that good business starts from forming good relationships with partners and customers. To do so, I would have to be as truthful about myself as possible. I do think that all businesses tend to bend some rules, whether in a moderate or immoderate amounts. However, I want to be as truthful as I could be. As mentioned, trust is vital in business. If you lose trust from the stakeholders your venture would not be supported, which would ultimately lead to a shut down. Additionally, if you lose trust from the customers you could potentially lose loyal customers and disinterest new customers.

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