Did you know that rib fracture can be caused by sneezing too hard and one can die due to blood vessel rupture in the neck or head if he/she suppresses a sneeze? Again, one’s eyes may pop out if he or she keeps them open by force. Entrepreneurship has become an interesting area for one to be successful and I will be sharing my expertise about it. I am into entrepreneurship since it offers a lot of opportunities and it can transform the world into a better place. I will elaborate on successful entrepreneurship and challenges facing entrepreneurs. The aim of this speech is to inform you about success in entrepreneurship and the challenges encountered in pursuing of it.
Many people around the globe dream of becoming successful entrepreneurs. However most of them do not fulfil their dreams. Nowadays, small businesses equaling to one-third fail in their years of introduction (say two years). As much as this looks scary it should not scare you away but cheer you up to have full knowledge of the game prior to playing it. Adhere to some common rules needed in the game; be sure that you have enough funds to give a kick to your business. Thinking wide and smart will help when playing the game and having a higher convincing power than your rivals will aid in attracting and maintaining customers. Moreover, focus on the main idea and the business’s vision while relying on ideals to make good decisions and avoid unnecessary activities.
Nevertheless, build long term partnership relationships with suppliers, investors and most importantly with customers. Since your business is still small, make friends with large companies and lay a good foundation for future relationships. Consider all facts that can put you at an advantageous position over the large companies and use a faster but cheaper way to become better than them. By so doing, you can develop partnership/collaborative relationship and in the long run the big companies might end up being your customers. Above all have a spirit that keeps you going and help in times of difficulties. Do whatever necessary to solve problems. Do not let your limitations drag you down; your limit and potential can exceed the point of your imagination.
World business is ultra-competitive and entrepreneurs encounter several challenges. It is fortunate that with the more resources available they can tackle these problems easily than before. For instance monitoring cash flow in the company might be challenging to entrepreneurs due to invoice delays and huge bills requiring payments. Management of cash can be efficiently and effectively achieved by proper planning and budgeting. Time management is a challenge that can be avoided by creating time for crucial activities and spending available time smartly. Marketing plans should be created properly to overcome poor marketing strategies and have a competitive market position.
In summary, entrepreneurship helps companies to attain sustainable practices while doing business focused on developing new products as well as services in correspondence with societal concerns. Entrepreneurship may be seen as identifying change, chasing opportunities, taking risks, maximum utilization of resources, innovation and value creation of new things that the customers find meaningful. Successful entrepreneurs invest their money in business with a strong motivating factor of never giving up and the spirit of winning. They think big and make a smart move after weighing all viable options and deciding on what is best for them. Also, they have a higher convincing power that enables them to build long term relationships with their customers, investors and suppliers. However entrepreneurs face problems such as weak marketing strategies, mismanagement of their cash flow and time difficulties but with each problem encountered they have the resources and expertise to solve them.