Entrepreneurship Essay Example | Topics and Well Written Essays - 3000 words

Entrepreneurship - quiz ExampleIndividuals who qualify to be entrepreneurs must be creative with abilities to come up with solutions to curb the appear challenges in the business atmosphere. As a result of their efforts to utilize the resources avail equal to(p) and exploit the opportunities avail up to(p), entrepreneurs enjoy rewards in the form of increased profits and strong guest 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 nearly of the entrepreneurs are manage and control their employees without being accountable to the directors or other senior people, they should have glorious management skills. In this way, they are able to formulate effective policies tha t guide other employees in their responsibilities. In the same way, entrepreneur must have equal to(predicate) 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 train of customer loyalty. Skills in environment analysis are fundamental in the sense that they helps an entrepreneur when working class a SWOT analysis especially when expanding his or her peril, while contemplating on going global or when forming merger with related firms. How to conk 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 tick a successful business, an entrepreneur should adopt th e culture of think all his or her undertakings. Business planning is vital on the bases that it helps business owners in analyzing business situation thus making a practicable 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 social club 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 operate 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 exc hange 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