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Entrepreneurship - Essay Example

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4th December 2012 Entrepreneurship Entrepreneurship entails starting a business after analyzing all the threats and the opportunities that exist in the current business arena. One of the most important aspects of entrepreneurship is that an individual starts his or her own business based on a business idea that is generated by a need to create wealth and enhance employment opportunities…
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Download file to see previous pages Individuals who qualify to be entrepreneurs must be creative with abilities to come up with solutions to curb the emerging challenges in the business atmosphere. As a result of their efforts to utilize the resources available and exploit the opportunities available, entrepreneurs enjoy rewards in the form of increased profits and strong customer loyalty. Leadership and creative characteristics of an entrepreneur One of the major leadership characteristics of an entrepreneur is the ability to form strong teams that are vital in the achievement of their own goals as well as those of the entire business. Additionally, management skills are essential for the success of any entrepreneur. For example, since most of the entrepreneurs are manage and control their employees without being accountable to the directors or other senior people, they should have excellent management skills. In this way, they are able to formulate effective policies that guide other employees in their responsibilities. In the same way, entrepreneur must have adequate marketing skills. In this way, they will be able to come up with innovative products that will effectively face off their competitors in the market. Skills in customer care and environment analysis are additional characteristics that assist an entrepreneur in maintaining high level of customer loyalty. Skills in environment analysis are fundamental in the sense that they helps an entrepreneur when undertaking a SWOT analysis especially when expanding his or her venture, while contemplating on going global or when forming merger with related firms. How to become a successful entrepreneur One of the major ways to become a successful entrepreneur is by doing what you enjoy most. By undertaking a business venture in the field that one enjoys, an individual will gain from personal satisfaction and financial gain. To ensure a successful business, an entrepreneur should adopt the culture of planning all his or her undertakings. Business planning is vital on the bases that it helps business owners in analyzing business situation thus making a viable conclusion. Additionally, business planning assists entrepreneurs in developing individual and corporate goals. Being used as a yardstick of raising the business to the next level, business plan is used by successful entrepreneurs, as an avenue of raising extra capital from the investors and financial institutions. Successful companies manage money wisely. In order to ensure that businesses meet the short-term and long-term liabilities it is fundamental to ensure that cash outflow is maintained at the minimum level while the inflows are maximized. A successful entrepreneur must be able to pay for the inventory and services as well as replace tools and equipments that are used in the production facility. One of the major ways of effective money management is to ensure that income generated from the exchange of goods and services is appropriately utilized. In this way, a business is able to meet its goals. Secondly, an entrepreneur must ensure that adequate money is kept to cater for wages, supplies and inventory that are vital for the daily ...Download file to see next pagesRead More
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