Summany of Intentsive Course for Entrepreneur
An entrepreneur must have a vision of the marketplace that he/she is going to venture in.
Setting up a new business needs substantial planning. Apart from planning from the beginning, one also needs to consider the end, i.e. how to exit the business. Then, in between these two ends, there are business model, marketing plan, management, financial plan, etc.
We are enlightened that there are many aids and assistance readily available. Anyhow, sourcing for capital is the first step towards the operation of the business.
Next, people are the most important asset in any businesses. Pooling in talents and capitalising on human capital are vital for the growth of the business.
In fact, an entrepreneur can only earn money when there are customers willing to pay for the products or services. Thus, understanding and satisfying customers are the key thing. There are tools that allow input from customers through feedback to produce final goods. At times the timing of a product to enter the market maters.
At the same time, the entrepreneur has to be aware of competitions and take appropriate actions against them. Stand out from the competitions by offering products that have unique selling point. Another way is through getting patents for products, depending on the cost benefit principle.
If the benefit of expanding into international market is greater than the cost, it will be worthwhile to consider it. However when operating in a global market, one must not overlook the local cultures and values.
When times are appropriate the entrepreneur may need to get in partners, such as venture capitalists. Though having a smaller share, due to the bigger pie one will be able to enjoy bigger slice of it. For some cases such as upon the maturity of the relationship with investors, the business would have to go IPO or being traded, etc.
Lastly, in the economic ecosystem to get survive entrepreneurs must update themselves constantly to gain competitiveness, or at least not to be kicked out from it
Setting up a new business needs substantial planning. Apart from planning from the beginning, one also needs to consider the end, i.e. how to exit the business. Then, in between these two ends, there are business model, marketing plan, management, financial plan, etc.
We are enlightened that there are many aids and assistance readily available. Anyhow, sourcing for capital is the first step towards the operation of the business.
Next, people are the most important asset in any businesses. Pooling in talents and capitalising on human capital are vital for the growth of the business.
In fact, an entrepreneur can only earn money when there are customers willing to pay for the products or services. Thus, understanding and satisfying customers are the key thing. There are tools that allow input from customers through feedback to produce final goods. At times the timing of a product to enter the market maters.
At the same time, the entrepreneur has to be aware of competitions and take appropriate actions against them. Stand out from the competitions by offering products that have unique selling point. Another way is through getting patents for products, depending on the cost benefit principle.
If the benefit of expanding into international market is greater than the cost, it will be worthwhile to consider it. However when operating in a global market, one must not overlook the local cultures and values.
When times are appropriate the entrepreneur may need to get in partners, such as venture capitalists. Though having a smaller share, due to the bigger pie one will be able to enjoy bigger slice of it. For some cases such as upon the maturity of the relationship with investors, the business would have to go IPO or being traded, etc.
Lastly, in the economic ecosystem to get survive entrepreneurs must update themselves constantly to gain competitiveness, or at least not to be kicked out from it
posted by seememyip at 12:39 AM
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