An Entrepreneur: Different Dimensions

Small businesses are the foundation for our employment growth. They allow their owners to work for themselves and be self-sufficient. Entrepreneurship is a job-creation engine that has a positive impact on local, regional and national economies. Firms of fewer than 20 employees generate the majority of net new jobs in the U.S.á

Entrepreneurs often take large personal financial risks to start new businesses. While no entrepreneur wants to consider the possibility of failure, a head-in-the-sand approach is unwise. Wise entrepreneurs protect themselves and their companies by incorporating to limit their personal liability, and by learning from the mistakes other entrepreneurs have made before them. For example, failing to forecast downside scenarios can be a

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enture. Changing trends in demographics, lifestyles and buying patterns can provide opportunities to fill a market need. By adding value to existing products and services or identifying needs that have been overlooked, you can develop successful business ventures. Before moving off the topic of market research it is important for an entrepreneur to be able to explain why their product is the best choice for customers. Part of the process of identifying venture opportunities involves answering this question: Why would customers want the opportunity to do business with the company I plan to start? If there are no compelling reasons for customers to change from their current supplier of a product or service, there is little likelihood they will do so. Of course, it might be possible to entice customers away from competitors with high quality products at low prices û but this is not necessarily a sustainable pricing strategy for a start up company. Here are some suggestions to help identify new venture opportunities: Remember that the first opportunity you find is unlikely to be the best you can find. According to Schick, Marxen, and Freimann, the exact amount of time it takes to launch a start up company varies from person t
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Approximate Word count = 1926
Approximate Pages = 8 (250 words per page)

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