Page 78 - Data Science class 11
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Improving Business Growth
After starting a business, entrepreneurs need to think about how to continue to improve and grow by adding value to
their business for attracting customers. The following principles need to be considered:
a. Quality: Business owners can improve their business by improving the quality of the products or services offered to
their customers. This helps them get noticed in the business and also justifies higher prices.
More cash flow will help your business grow. For example, in case of tea business, entrepreneurs can improve the
quality of the product by offering various varieties of teas in different quantities.
b. Scale-up: Scaling-up means growing your business by attracting more customers. There are a variety of ways
companies can reach out to more customers. One such path is to go to different geographical locations where you
can find new customers. For example, sell tea in various markets, office locations where many people work, rather
than in any highly competitive market.
c. Offer Alternatives: Another way to grow your business is to provide some offers to your customers. Alternatives
mean products and services similar to the ones already in the market. For example, selling phone covers with mobile
phones.
In order to succeed, an entrepreneur should be willing to
• Use his imagination/ intuition
• Have a tendency to take moderate risk
• Learn to enjoy his freedom of expression and action
• Look for economic opportunities
• Believe that we can change the environment
• Analyse the situation and plan action accordingly
• Involve oneself in activity
Entrepreneurship requires a high level of mental strength and determination because, unlike traditional vocations, there
is no right or wrong path to success. The competition is fierce, and innovation is essential to meet the obstacles that
come with beginning a business. Entrepreneurs must also be willing to take risks and fail. The crucial point is that when
entrepreneurs fail, they attempt to fail quickly and inexpensively. They experiment, analyse the results, figure out why
they failed, evolve, and iterate.
At a Glance
• An entrepreneur is a person who tries to satisfy the needs of a customer through new ideas or business
methods and makes a profit in return.
• Entrepreneurship is the process of developing a business plan, starting and running a business with
innovation, meeting customer needs and generating profits.
• A manufacturing company is involved in developing the raw materials into finished products to meet the
needs of its customers.
• Trading companies do not manufacture goods or products. They only facilitate the process of the finished
product to be brought from the production unit to the purchaser or customer.
• A business activity that you can't see, but that benefits the buyer, is called a service business.
• Every entrepreneur has certain unique qualities that make him successful.
• Confidence means believing in yourself and your approach. Confidence helps business owners take the first
step to start a new business, and then try new things to grow their business.
• Independence means the ability to work alone and the self-confidence to make decisions. It is the
entrepreneur's responsibility to decide what kind of work to do and how to do it.
• Open-mindedness means being open to trying new things and being open to take feedback from others.
76 Touchpad Data Science-XI

