Essay: Objectives of a Successful Entrepreneur

Essay: Objectives of a Successful Entrepreneur
May 24, 2011 Comments Off on Essay: Objectives of a Successful Entrepreneur Academic Papers on Business Studies,Sample Academic Papers admin

Sample Essay

The objectives of a successful entrepreneur are based upon planning initially. A significant element of arranging the trade causes knowing the means that can demonstrate achievement. Success factors are short term targets that gauge the company’s success and assist establishing the wellness of progress towards the goals. Exclusion of decisive success factors, there is a risk involved requiring formulating costly changes. An entrepreneur should first jot it down what is required to make the business succeed.

A business plan is, first of all, created to attract investors if the capital is insufficient. In order to know the feasibility and requirement, it is necessary to pre-plan all the costs before investing the capital. Then marketing and publicizing the product plays an important part. The more publicity of the products takes place, the number of customer increases.

Normally, marketing the product needs appropriate attention and planning. An entrepreneur is required to manage all the aspects at the same time thus management plays another key role. Planning how to manage various features is very essential. Management of inventory as well as human resources is critical. Manpower should be executed appropriately. Thus evaluation of every factor reduces the tendency of collapsing due to ignorance (Reyna, 2009).

Furthermore, products should be estimated that whether they are sold profitably or not. If not, strategies that can increase profit should be identified, whether by cost reduction or increase in sale price. Reduction of operating cost should be lowered down continuously. Cutting down the cost in irrelevant requirements and reducing reliance on outsourcing are good aspects to reduce this.

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