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The actual definition of entrepreneurship is as follows:
Willingness to take risks to create and operate a business.
Now, lets take a look at what this actually means. In choosing an idea for your business, the two most important considerations are (1) finding something you love to do and are good at doing and (2) determining whether your idea can satisfy a need in the marketplace. People willingly work hard doing something they love, and the experience will bring personal fulfillment.
Success also depends on customers, so would-be entrepreneurs must also be sure that the idea they choose has interest in the marketplace today. The most successful entrepreneurs tend to operate in industries in which a great deal of change is taking place and in which customers have difficulty pinpointing their precise wants and needs. These industries, including advanced technology and at home based internet businesses allow people to capitalize on their strengths, such as creativity, hard work, and to build customer relationships. I came up with a list of guidelines that may help you select and idea that represents a good entrepreneurial opportunity:
1) List your interests and abilities. Include your values and beliefs, your goals and dreams, things you like and dislike doing, and your past job experiences.
2) Make another list of the types of businesses that match your interests and abilities.
3) Read newspapers and business and consumer magazines to learn about demographic and economic trends that identify future needs for products that no one yet offers.
4) Talk to the people in your community to conduct marketing research in the very place where your small business is set to start. You have to decide what business will attract enough customers to earn a profit
5) Learn as much as you can about the industry in which your new venture will operate, your merchandise or service, and your competitors. Read surveys that project growth in various industries.
6) You must also factor in the amount of overhead and time you must invest in your company and if you can make the sacrifices necessary to get your business started off the right way.
Those are the main things and the proper definition of entrepreneurship in my opinion. Owning your own business can be very rewarding such as financial freedom and having the time you desire with your friends and family. I hope this post was helpful in answering your questions.
Willingness to take risks to create and operate a business.
Now, lets take a look at what this actually means. In choosing an idea for your business, the two most important considerations are (1) finding something you love to do and are good at doing and (2) determining whether your idea can satisfy a need in the marketplace. People willingly work hard doing something they love, and the experience will bring personal fulfillment.
Success also depends on customers, so would-be entrepreneurs must also be sure that the idea they choose has interest in the marketplace today. The most successful entrepreneurs tend to operate in industries in which a great deal of change is taking place and in which customers have difficulty pinpointing their precise wants and needs. These industries, including advanced technology and at home based internet businesses allow people to capitalize on their strengths, such as creativity, hard work, and to build customer relationships. I came up with a list of guidelines that may help you select and idea that represents a good entrepreneurial opportunity:
1) List your interests and abilities. Include your values and beliefs, your goals and dreams, things you like and dislike doing, and your past job experiences.
2) Make another list of the types of businesses that match your interests and abilities.
3) Read newspapers and business and consumer magazines to learn about demographic and economic trends that identify future needs for products that no one yet offers.
4) Talk to the people in your community to conduct marketing research in the very place where your small business is set to start. You have to decide what business will attract enough customers to earn a profit
5) Learn as much as you can about the industry in which your new venture will operate, your merchandise or service, and your competitors. Read surveys that project growth in various industries.
6) You must also factor in the amount of overhead and time you must invest in your company and if you can make the sacrifices necessary to get your business started off the right way.
Those are the main things and the proper definition of entrepreneurship in my opinion. Owning your own business can be very rewarding such as financial freedom and having the time you desire with your friends and family. I hope this post was helpful in answering your questions.
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