Groundworks required for being an Entrepreneur

Aug 25

One cannot turn out to be an entrepreneur in just a day. It is a series of interconnected processes, through which an aspiring entrepreneur has to traverse, and implementation of some strategic moves can transform him / her to an entrepreneur. These are considered as some of the basic rules for preparing a detailed groundwork for developing entrepreneurship abilities. Following are those thumb rules:

  • First, the target segment should be identified. Every product or service is focused at a particular category of audiences or users only. If the targeting is not carried out properly, the primary objective regarding the acceptance of the product or service can never be achieved.
  • Second, the industry, in which the product or service is to be launched, needs to be scrutinized thoroughly. In order to do so, five aspects need to be examined.
  • It is needed to examine the rate, at which new players are entering in that market. In order to restrict the new entrants, the existing government rules and regulations need to be scrutinized.
  • It is needed to examine whether there are any supplementary products or services available in the market. If those are present, then their demand pattern, pricing and promotional strategies need to be observed, as these supplementary products or services are the potential competitors.
  • It is needed to examine whether there are any complementary products or services available in the market. These are the ones, based on which the demand pattern and the pricing objective for own product or service will be designed.
  • The expectations of the end users or consumers are needed to be analyzed, as solely based on the rational expectations final price of the product or service will be designed.
    • Once these things are analyzed, the entrepreneur should look into the differentiation aspect, which is needed to be incorporated in the product or service. The differentiation can be done in terms of design, materials, packaging, etc.
    • Subsequent to incorporation of the differentiation aspects, the entrepreneur should observe that whether the product or service is appealing to the internal customers, i.e. the employees, as they are the primary set of users available in hand.
    • The entrepreneur should not exploit the natural market, i.e. family, friends, relatives, etc. at the first place, as this particular segment always provides a significant amount of cushioning to the business.

For knowing about more aspects of being an entrepreneur, kindly browse through the pages of www.360edublog.com.

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