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
Also, they are enthusiastic to believe the risks in expansion and change. 2. An entrepreneur improves and develops further the quality of their products through the introduction of technological changes. 3. They focus more on expanding the current scale of operations and puts in his hard work for the purpose.
An entrepreneur uses creative talents to develop new things and exploit new opportunities in the markets. Choose the best option: An entrepreneur finalizes a concept or an idea only after considering a variety of options. He analyses their strengths and weaknesses by applying different techniques. He tests the product's applicability, supplements it with empirical findings, and then chooses the best alternative. Then he applies his ideas in practice.
This will help the company to prioritize and strategize the innovation, done by the research department. Lack of experience - Not everybody is impassive to be a businessperson. Analyze the strength and weakness of starting own business. It is important for entrepreneurs to self-starters who are great at arranging, sorting out, and settling on choices that can advantage their business in the long term. It is also important to pick the right business, which may not be the most gainful, but rather the one in which have the most interest and ability sets.
5.1.1 Introduction Nowadays, it has become tough to land a job, but entrepreneurs make it easier with their entrepreneurial activities. Entrepreneurs with their innovative ideas and methods create jobs for themselves as well as for others. They often require more than just their skill set and personal initiative to convert their idea to a consumer product or service. Here, they need the services and skills of other people. For example: Bill Gates and Paul Allen started Microsoft, as a small software company in 1975.
Successful business people have many traits in common with one another. They are confident and optimistic. They are disciplined self-starters. They are open to any new ideas which cross their path and so on. Now let’s see some of the major qualities that an entrepreneur should possess and how these qualities apply to Mr. Vijitha Yapa.
3. In an effective team, members work well together in an integrated way, with a high level of awareness and appreciation of each others' strengths. 4. An effective team shows a high capability for solving its own problems. The skills exist and there is a willingness to act.
Highly successful entrepreneurs become that way by cultivating some qualities or habits that guarantee them the realization of their desires. Entrepreneurial network, EFactor, has carried out a series of studies of some of the most highly successful entrepreneurs. These observations have established that there are some distinct habits practiced by practically every successful entrepreneur. Following are 7 habits of highly successful entrepreneurs: 1. The Habit of Dreaming Successful entrepreneurs are prolific dreamers.
Entrepreneurs are also action-oriented, and should be able to lead employees but also have influence external groups such as banks, suppliers, government and other groups. They need to build strong lobbying networks to ensure that they can obtain the resources (physical, financial and human) to achieve their objectives and goals. Finally entrepreneurs need to be able to identify opportunities and seize or pass them when and where they present themselves. Referencese : Ellis Connolly, David Norman and Tim West , 2012 , Small Business: An Economic Overview , Australia
If individual ideas and insights do not get translated into group ideas and insights, the final actions and initiatives do not get positively influenced. Skills developed need to be propagated to other individuals and to other teams. Teams should become the means for change, a means for individual growth and also for organizational learning. In other words, the team’s accomplishment should set the tone and establish a standard of learning together for a large organisation. Of late, there has been increasing emphasis on using the team approach.