For identifying the business opportunities the entrepreneurs should access the information that is available and think of a plan to capitalize on that opportunity. For an business idea which is new to the market higher level of creativity is not required but for an idea which is almost existing in the industry a higher level of creativity is necessary to showcase the product in a different way when comparing the competitors or existing players. Individual creativity is not the only skill necessary for innovative business idea because lack of information may lead to invent things that are already available. To commercialize on an idea funds are more important but no venture capitalist or investor would be interested if he doesn’t get benefitted and we have to show
There are several different meanings of the term entrepreneurship. Skills Required by Entrepreneurs An entrepreneur is commonly seen and perceived as an innovator. The skills required for successful entrepreneurship are innovation and ability to be creative to generate new ideas for a business venture. An entrepreneur must
If we search answer of where innovation starts, it is a good start to define where innovation comes from. Innovation is a word actually comes from Latin “innovare“ which means doing something new and unique. “Innovation “ is used as a technical word in global dictionary nowadays same as technology. Nowadays there is a big misunderstand between innovation and invention, so we also firstly need to clarify what is the difference between innovation and invention then we clearly see where innovation starts. A basic sample can be; fabric is an invention but having research over fabric and creating a fabric which does not wrinkle can be termed as innovation.
Sometimes, entrepreneur believe in themselves and confident to their idea. They always very stubborn and focus on their own idea. But it always lead entrepreneur to achieve their goal due to its demonstrated discipline and dedication to their business. Besides, entrepreneur needs to have the confidence to compete with the opponent, the confidence to deliver the best and the confidence to succeed. With this characteristic of entrepreneur, confidence is the only way to success in the start-up business.
Therefore, as a byproduct of entrepreneurship jobs will be created and national income will increase. Thus as the business moves from a small to medium to a national enterprise the business will employ more individuals. As with anything in the world there’s always problems faced with certain concepts and theories and with entrepreneurship creating more jobs the problems faced are a lack of skills and the high startup failure. The first problem is the lack of skills in the workforce, this makes it really difficult for companies to find skillful and talented employees to meet certain criteria for the position offered. The government has implemented certain policies and recent legalization to improve the skills of the workforce.
Entrepreneurs should think critically in order to come up with new ways on how to operate their businesses. Being an entrepreneur, you will be facing many challenges and you should be able to with them. For instance customers may not like your products or service you offered, so you should be able to cope with this. You should have some ways of how you will make people start liking your products or service by modifying your products, adding value and able to produce differentiate products unlike for your competitors, because of this you will attract more customers. An entrepreneur is able to promote his business in different ways apart from his competitors.
So entrepreneurs are identified by a set of behaviors which connect them with organization creation. Also an entrepreneur is principally by innovative behavior and will employ strategic management practices in the business. Theme 3: identifying business
Entrepreneurship is the process of generating new ideas and introducing it into the market in the form of a new product, service or a process. It gives rise to entrepreneurs who are dynamic and flexible and introduce a new business from the purpose of being successful. For example, Sachin and Binny Bansal, the proud owners of one of the biggest e-commerce giant “Flipkart” are big entrepreneurs who have become so successful with their abilities of self-confidence and risk taking with proper planning and execution. When an entrepreneur has a new idea and his/her intention is to bring it into the market with a new business venture, the key for success is the good idea and a very good plan to execute that idea. Not only this, an entrepreneur also needs a proper business plan for more clarity about what is to be done when.