The different entrepreneurs that exist consist of different formation procedures. This is evident from the research conducted on two different entrepreneur entities. This essay is going to analyze and present the experiences and tactical options taken by entrepreneurs from their formation to their success.
From the results gathered from the interview, individual and different aspects of starting and running businesses motivate entrepreneurs. Lack of sufficient and adequate supply of goods and services is one of the key features that assist in the promotion of entrepreneurs.
Numerous challenges hinder the establishment and growth of businesses. However, there are motivational features that can be used to overcome those challenges. The use of critical thinking and detailed research before the formation of any business is advisable in the establishment of a successful enterprise.
The success of the business enterprise also depends on a lack of fear and initiation of passion in all aspects of the formation and running of the business. The success of a business is commonly governed by the attributes given in the running and maintenance of the business entity.
Creativity is a feature that acts as the foundation of successful enterprises and business organs. This involves detailed research on the market trends and flows and the use of the laws of demand and supply. Mistakes and errors are part of the hiccups that are realized in business entities. The occurrence of mistakes in the flow of the business should be converted to be learning platforms.
This assists in the eradication and avoidance of such errors and mistakes in the future. Customer satisfaction is fundamental in attaining the required goals in business. The adoption of customer satisfaction means that the customers will always use the services rendered by competent and satisfying suppliers.
In the course of establishment, a business incurs losses and different forms of failures. These are used as learning platforms and future occurrence restricted. Entrepreneurship is not similar to white-collar jobs. The entire running and management of the business solely depend on the entrepreneur. This means that he/she arranges the business activities according to his individual plans without necessarily compromising on the family relationships.
The adoption of new ideas is generated from the discovery of new ideas, meeting innovative personnel and by comparison with other well-established businesses. The funding of businesses is commonly self-funding. The expansion of the business may lead to funding from financial institutions depending on the rate of growth and need for expansion. Social media is the basic platform for marketing.
The results gathered from the interview, individual and different aspects of starting and running businesses motivate entrepreneurs. In the second case, it is clear that entrepreneurship can be very diverse depending on a person’s view and determination. Entrepreneurs can rise from any level regardless of age, social status and economic backgrounds.
The establishment of a business from the conduction of research projects indicates the availability of growth in entrepreneurship. Investors and entrepreneurs take risks in order to enhance development.
Flexibility in business is a factor that should be instilled in the minds of investors to limit the possibility of being rigid. This leads to the distribution of risks and the availability of growth from different angles. Inventiveness and originality are features that act as the foundation of successful enterprises and business organs. This involves detailed research on market trends and flows.
There are skills involved in achieving the development and success of a business entity. Mistakes made in the running and establishment of the business should be used as the basis of success and strategy in avoidance of similar occurrence in the future. Customer satisfaction is fundamental in the establishment and development of any business and its attainment is paramount. The distinction of a business organization to others is defined by the level of creativity and originality.
The time taken to run and manage the business per day depends on the rate of growth of the business. In the beginning, the business needs special care and attention of the entrepreneur for long hours. However, this decreases with an increase in the workforce. The entrepreneur starts employing labor force in the business concerning the growth. This indicates that the entrepreneur is not physically involved in the business but mostly takes the managerial position.
The connection between the entrepreneur and his/her family members is paramount in the attainment of success. Some businesses require a lot of working hours and frequent traveling. The time spent with the family at times is not adequate but the availability of proper connection between the family member’s results to a long time success.
The generation of business ideas and innovation strategies are mostly gathered through advanced research. The use of research methods in the business allows the entrepreneur to discover market strategies. In addition, the location of better prices for goods and services and the availability of willing customers is easily gathered and established.
The generation of capital and funding is commonly self-driven. The satisfaction gathered by the entrepreneurs in the running and development of their business entities is the idea of self-rule. The management and decision making of the entire business solely depend on the entrepreneur. The use of social media is paramount in the realization of growth and development of the business fraternities