According to economics, entrepreneurship focuses on the capacity to transform ideas and technologies into services and products; hence it does not matter if it is an existing business or an infant one.
Entrepreneurs are individuals who decide business ideas, then implement these ideas with the aim of making profit while growing the business at the same time. Risks are definitely a part of business and inability to deal with risks poses a threat to the growth of the business.
John Abio provides information on entrepreneurs and helps entrepreneurs grow their business.
Types of entrepreneurs
There are different types of entrepreneurs.
These are entrepreneurs that focus on the combination of human resources for the creation and implementation of business opportunities.
These are self-employed business owners that are in the same ethnic or racial group.
This form of entrepreneurship focuses on the activities of the individual. It can further be categorized into three sections.
Collective enterprises: these are organizations which may participate in cultural production for the purpose of making profit.
Tycoons: these are entrepreneurs that build clouts in the cultural zone by forming links between their cultural, political, philanthropic and industrial interests.
Cultural personalities: these are entrepreneurs who build their specific brand of creativity in form of a cultural authority and serve as a leverage to build and maintain other cultural enterprises.
These are entrepreneurs who focus on the application of feminine values in the approach of entrepreneurship. They focus on the betterment of the quality of life of females in general (girls and women). These entrepreneurial ventures focus on by women for women business schemes.
Strategies used in Entrepreneurship
- Use of technology. The use of technological equipment boosts business growth while easing the production of goods and services. Technological equipment like telephone, computers, and production equipment helps business ventures.
- Use of economical strategies. Without the use of economical strategies, it might be difficult to survive in the business world. This is because risks arise left and right but the ability to evade these risks will determine the growth of the business. However, these risks can only be avoided by the use of certain economical strategies. The entrepreneur should be prepared to decide strategies immediately risks appear and should have ready strategies for the emergence of potential risks.
- Innovation of new services, products or processes. The ability to translate innovations into products and services defines a true entrepreneur. Hence, in order to ensure growth, the entrepreneur must be ready to come up with new plans on the production of new items that will maintain and increase growth.
- Get customer feedback and adjust. Customer feedback is very important in a business. It allows you know what you doing right, what you doing wrong and most importantly what do customers want. It also allows creating products that cater to the needs of a particular audience. For instance a particular product might be marketed for an older demographic but checking the feedback of customer might show the entrepreneur that the product is better suited for a younger demographic, thus marketing can be channeled to that demographic.