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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:

                 Ð Ð 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 the tea business, entrepreneurs can improve the quality
                    of the product by offering various varieties of tea in different quantities.

                 Ð Ð 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.

                  Ð Offer Alternatives: Another way to grow your business is to provide some offers to your customers. Alternatives
                 Ð
                   mean products and services similar to the ones already in the market. For example, selling phone covers with
                   mobile phones.


                     Recap Zone


                   Ð Ð 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.

                   Ð Ð Entrepreneurship is the process of developing a business plan, starting and running a business with innovation, meeting
                      customer needs and generating profits.
                   Ð Ð A manufacturing company is involved in developing the raw materials into finished products to meet the needs of its
                      customers.
                   Ð Ð 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.
                   Ð Ð A business activity that you can't see, but that benefits the buyer, is called a service business.
                   Ð Ð Every entrepreneur has certain unique qualities that make him successful.
                   Ð Ð 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.
                   Ð Ð 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.
                   Ð Ð Open-mindedness means being open to trying new things and being open to take feedback from others.
                   Ð Ð An entrepreneur's attitude influences his choice of action when running a business.
                   Ð Ð Problem-solving is a thought process through which an entrepreneur can come up with multiple solutions to improve his
                      business.
                   Ð Ð Creativity means to come up with ideas that others have not thought of before.
                   Ð Ð Innovation means coming up with new ideas and finding ways to implement them.
                   Ð Ð Critical thinking means understanding the situation or problem by asking questions like why, what, when, how, and
                      investigating the situation or the reason for the problem.
                   Ð Ð The idea determines what business an entrepreneur pursues to make a profit. The idea can be a product, service, or
                      hybrid model.
                   Ð Ð Entrepreneurs are directly responsible for ensuring that the needs of customers are met by the products or services
                      offered to the company.
                   Ð Ð Business  owners  need  to  survey  all  possible  businesses  to  find  out  what  is  available  in  the  market  and  what  their
                      competitors are doing.
                   Ð Ð A business plan is a detailed plan of what entrepreneurs want to achieve in a company and how to achieve it.
                   Ð Ð 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.

                                                                                            Entrepreneurial Skills-III  85
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