what are the top five entrepreneurship establishment basics?

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Answered by: PETER, An Expert in the Entrepreneurs - General Category
Entrepreneurship refers to the process of establishing, managing and consequently earning income from a business. The foundation of entrepreneurship is innovation and good leadership. In most cases, people with brilliant ideas develop them into big and successful businesses through embracing entrepreneurship. Several entrepreneurship establishment basics are imperative to warrant success. First, leadership attributes are a vital kill of an entrepreneur. As an entrepreneur, an individual is required to lead an organization or business diligently by making right and informed decisions that warrant the success of the business. Core leadership skills include team-building abilities and associated managerial skills. An entrepreneur should be able to motivate, guide and manage his employees appropriately. Secondly, managing risks is another vital entrepreneurial skill. Any business encounters risks that can either build or destroy it. Good entrepreneurs possess ability to assess the magnitude and possible effects of the risk on their business. In addition, the ability to identify risks based on their impact to a business is important because it helps an entrepreneur take calculated risks that are beneficial to a business. Thirdly, knowledge on market dynamics is important. Businesses follow trends that are determined by the law of demand and supply. This law determines the operations of the market place in relation to products and services offered. Knowledge of these dynamics will help an entrepreneur decide on an appropriate product or service to offer in the market. Most businesses fail because entrepreneurs provide services or products that are not in demand or that are a hard sell. It is important to make a decision on which product or service to sell after conducting extensive survey of the market and all its driving forces. Fourthly, research skills are important to an entrepreneur. The dynamics of the market place call for frequent research on the situation in the market regarding demand based on the customers tastes and preferences. In addition, research avails new knowledge to the entrepreneur. Fifthly, an entrepreneur should be well versed with technology, both new and old. In today's world, technology has become a vital component of life and business. It improves efficiency and increases productivity by saving many work force hours and making work easier. With technology, an entrepreneur can save a lot of money by incorporating it into the operations of the business. Research aids in getting information on advancements in technology and how it can be applied to businesses to increase profits. The above-mentioned entrepreneurship establishment basics are the most important for an entrepreneur to consider before starting a business. In conclusion, starting a business requires several skills and abilities. An entrepreneur has to be committed to establishing and maintaining the above-mentioned basics of entrepreneurship. The most important of the five is leadership. This covers the other four, although they are equally important for full realization of success. Recent research reveals that new businesses fail in their third year after establishment because of poor leadership and lack of extensive research on the market. Successful entrepreneurship is based on these important entrepreneurship establishment basics.



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