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Ð ÐForecasting business changes: This is one of the most crucial functions of a business owner. To become a successful
entrepreneur, one must be able to foresee business trends in advance in order to minimise business losses.
Ð Ðturning ideas into action: A person cannot become a successful entrepreneur if they are unable to transform their ideas
into reality. Because the most important step in the process of becoming an entrepreneur is to transform your ideas
into reality. To turn ideas into reality, one must have the courage to take risks, maintain poise, identify and understand
the opportunity, break down the problem and conduct research, find good mentors who can assist, and make business
plans, learn and adapt to market trends, network, and organise a credible team to help accelerate the process.
Ð ÐFeasibility study: It is one of the most crucial steps in the procedure, and it requires the individual or his team to sit,
study, analyze, and estimate the market potential of their product. In simple terms, it is a method of determining
whether or not the offered concept is worth pursuing.
Ð Ðresourcing: To start a business, an entrepreneur must have the essential and relevant resources. An enterprise’s
essential requirements include capital, machinery, and a workforce. It is the responsibility of an entrepreneur to
ensure the timely availability of these resources.
Ð ÐSetting up an enterprise: The first stage in an entrepreneur’s journey is to determine what type of business he wants
to start. This begins with determining the location, setting, and design of the premises, as well as the installation of
the machinery. At this phase, the individual needs to complete several legal prerequisites.
Ð ÐManaging the enterprise: After the step of setting up the enterprise, the next step is to manage it. Here come
the managing and organising abilities, such as account management, inventory management, human resource
management, and customer relationship management. Only a well-managed business can endure and produce the
required results.
Ð Ðgrowth and development: Once a business is established and working smoothly, the entrepreneur can consider
expanding it. As a result, a smart entrepreneur is always thinking about how to improve and develop his business.
Through trial and error, he continues to explore new ideas, tactics, and strategies in order to improve his business.
Ð Ðbuilding strategic partnerships: A good entrepreneur aspires to create an environment where good partnerships can
thrive. This aids in the development of successful businesses. We have learnt about professional entrepreneurs who
establish a business and then sell it to someone else. This is an excellent example of forming strategic partnerships.
This ability aids in making better business decisions and maximising profits.
4.4 WHAT MoTIVATES AN ENTREPRENEUR?
If you want to be a successful entrepreneur, you cannot sit idle. An entrepreneur is mostly motivated by his or her personal
desire to create something new and to share their previously undiscovered ideas with the rest of the world. This desire to
create something new drives an individual to work hard to attain their goals, despite any obstacles that may arise.
The factors that drive an entrepreneur are listed below.
4.4.1 Standard of Excellence
Every human being strives for excellence. To attain this excellence, one has to work hard and smartly.
4.4.2 Uniqueness
For an entrepreneur, being unique is the most important thing. Unique in ideas, unique in presentation, unique in
almost everything.
4.4.3 Focus on Long-term goals
Focusing on long-term goals helps an entrepreneur achieve distant future goals rather than near future goals. It helps
to plan and work efficiently to achieve long-term goals.
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