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Step 6 Target the prospective customers: Through target advertising, surveying customers, customer
support services, etc., you can reach your customers. Through them you have a fair picture of your
customers' likes and dislikes and your improvement areas.
Step 7 Promote the business: This helps you to bring your business straight to potential customers. It can
be done through advertisements on TVs, radios, newspapers, social media, etc. If it is a small scale
business, then promotion is done through pamphlets in newspapers.
Step 8 Feedback in the long run: It is important to take feedback from the customers in the long run. You can
use the feedback to improve your product and reach out to a larger group for future expansion of the
business.
Characteristics of Entrepreneur
Let us now look at some of the distinguishing characteristics of entrepreneurship.
• Ability to take up risks.
• Believe in hard work and discipline.
• Adaptable and flexible to achieve the goals of enhancing quality and customer satisfaction.
• Knowledge of the product and services and their need or demand in the market.
• Financial literacy and money management skill.
• Effective planning, communication skills and execution.
Qualities of an Entrepreneur
A person who does not take risks, is not open to new ideas and is running the business only to earn a steady
source of income is not an entrepreneur. An entrepreneur needs to have the following set of qualities to make his
business grow:
• Patience: Entrepreneurship often involves facing challenges and uncertainties. Patience is essential to handle
difficult times and waiting for the efforts to be paid, especially at the time of dealing with setbacks. It allows
entrepreneurs to maintain a long-term perspective and make strategic decisions.
• Positivity: A positive mindset is essential in overcoming obstacles and setbacks. It helps entrepreneurs to stay
focused on solutions rather than problems even when he/she takes a big risk.
• Hardworking, Never Giving Up and Perseverance: Hard work is the
foundation for building and sustaining a successful business. Entrepreneurs
should never give up in attaining their goals, even at the time of failures. It
is important to learn from setbacks and keep on moving towards their goals.
• Confidence: Confidence plays a crucial role in making decisions, taking risks, and leading a team. Entrepreneurs
need to believe in their abilities and vision to inspire trust in others, including employees, investors, and
customers. Confidence brings vision and helps them navigate through uncertainty.
• Open to Trial and Error: Entrepreneurs need to be open to new ideas and try them without fear of failure. Being
open to trial and error allows entrepreneurs to adapt their strategies, refine their approach, and discover what
works best for their business.
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