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Developing an Entrepreneurial Enterprise - Assignment Example

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In the paper “Developing an Entrepreneurial Enterprise” the author looks at the lack of enough job opportunities and passion, which has driven different people to venture into different entrepreneurial enterprises. Other subsidiary factors have motivated people to venture into entrepreneurship…
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Developing an Entrepreneurial Enterprise
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Extract of sample "Developing an Entrepreneurial Enterprise"

Download file to see previous pages Entrepreneurship is a process of identifying a business opportunity and gathering the required resources to start up a business.
There are different sources of business ideas that an individual can adapt depending on the market. The creative skills of an entrepreneur enable him or her to come up with a great business idea that will cater to the untapped demand in the market. There are different sources of business ideas that can be used by an entrepreneur who is developing his or her entrepreneurial enterprise. For instance, an individual can be able to identify the potential of the market and business opportunity by observing the market trends. Newspapers, magazines and attending trade fairs and exhibitions also help in generating various business ideas for an entrepreneur. Interaction with potential customers and experts also helps an entrepreneur to know which approach he or she will use while venturing into the market. The common source of business idea used is adopting an already existing idea. An individual can choose to improve it or approach it as it depends on the competition in the market.
The need to establish entrepreneurial enterprises requires an individual to be keen to identify the best job opportunity. A business opportunity refers to any chance that an entrepreneur can get which can be exploited by selling a product or service at a profit. It is important for an entrepreneur to note that some opportunities may be available but are unprofitable. Identifying an opportunity may sound easy to many but it is a challenge to implement. The entrepreneur is required to carry out market research to identify a market gap. A market gap refers to the needs and demands of customers that have not yet been tapped in the market. An individual can opt to improve already existing market ideas or come up with a new idea that will meet the needs and demands of customers in the market. ...Download file to see next pagesRead More
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