Posts Tagged business environment
ENTREPRENEURSHIP dissected
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Entrepreneurship is the activity of creating or enhancing economic value. An entrepreneur is an individual who harnesses potential innovative ideas and channels and transforms them to give an output, (service or good) that has greater economic value than in its initial state. An entrepreneur is a micro-economic actor as he creates creates goods and services for the economy.
What does it take to be an entrepreneur?
Tags: business environment, business idea, constructive criticism, courage, economic actor, economic system, economic value, entrepreneurial activity, full time job, initial state, innovative ideas, lt, opportunity costs, preference, qualities of an entrepreneur, risk aversion, successful entrepreneur, tendencies, value at risk, willingnessRelated posts
Entrepreneurship – Underlining Factors of Starting a Business Venture
Apart from making money, businesses must seek to satisfy their customer’s needs. Some companies compromise on the quality of their products and services so as to maximize on profits. With time such businesses lose customer confidence and this reduces their revenue.
To survive in the current global competitive business environment, organizations should provide products and services that are of high quality. They should be in line with the existing business trends, practices and needs in society. This means that apart from being readily available in the market, the standards of the services and products should be meet people’s expectations. Introducing a foreign product in a reserved culture could easily produce disastrous results.
Tags: appropriate technology, attractive prices, business environment, business opportunity, business trends, business venture, competitor, compromise, customer confidence, disastrous results, environment organizations, environmental factors, failure, favorable conditions, first test, keen interest, maximum profits, test products, unfavorable condition, unfavorable conditionsRelated posts