Entrepreneurship and Business Development Strategy

Process-1Entrepreneurship is the process of starting and operating a business enterprise with a desire to grow and offer solutions to problems or market needs. The entrepreneur provides the required resources of capital, human among others and is responsible for success or failure of the business. Many start ups grow to become international brands through hard work and entrepreneurial spirit of the founders and in the process providing employment opportunities and growth of economies.

Different factors motivate entrepreneurs to start and operate enterprises. These include; Jason Hope

-Personal growth.

The desire to improve one’s life and use business success as an avenue to better life for self and family.

-Poverty

Desire for better life motivates people to run businesses. Many of the world’s leading enterprises were founded by people from poor back grounds who sought to break the chain of poverty.

-Power

Business success leads to economic power which many people desire thus motivating them to run business that will provide platform to acquire that power.

-Change the world

Some businesses arise from innovations by people with desire to transform the world for better. The inventions not only change the world but make huge returns to owners.

-Independence

Running own business successfully leads to independence both economically and in decision making thus a greater motivator.

These factors among others motivate people to engage in entrepreneurship. However to run a successful business an entrepreneur several characteristics including;

Initiative

-Have creative ability to generate new ideas and implement them ahead of others.

-Possess quality imagination.

-Be innovative and have courage to face realities of life.

Passion

-Passionate and desire for success.

-Total commitment to the business idea.

-Have specific objectives to achieve.

Patience

-Success in business takes time and effort thus important to patiently invest more resources and time.

-Not giving up when the going gets tough.

-Being persistent in one’s action despite the challenges.

Strong personality.

-An enterprise is as strong as its owner.

-Strong personality builds strong business founded on a clear value system.

-Good character is precious and vital to success of business entities.

Ethics.

-Form an integral part of business success.

-Sound moral foundation forms basis of success in business.

-Honesty is the best policy while in business world.

Focus

-Total commitment to the business is a must for one to succeed.

-Persistent pursuit of the idea without wavering or distractions.

Leadership

-Ability to provide strong leadership both to self and others including employees.

-Regularly assess the performance of the business and give directions.

-Set clear measurable objectives and set to act on them accordingly.

People person

-Businesses do not operate on vacuum, they serve people in communities.

-Strong social and interactive skills help build strong networks of customers, suppliers among other stakeholders leading to business success read more about Jason.

-Ability to communicate and handle customers appropriately.

Risk taking

-Be ready to take risks instead of playing safe.

-Ability to solve problems promptly and make hard decisions.

-Make bold decisions and follow up actions.

Discipline.

-Discipline in the management of cash.

-Proper planning of business future.

-Spend time and resources wisely to avoid wastage.

-Honesty to customers, business, authorities and other stakeholders.

These qualities provide a clear path to success of business. Applied right with a clear vision they could form the basis of success in business and achievement of entrepreneurs goals and objectives.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Go to top