Entrepreneurship as a tricky affair
Thinking along the lines of the famous entrepreneur and scientist Thomas Edison; “I never perfected an invention that i did not think about in terms of the service it might give others. I find out what the world needs, then i proceed to invent”, i simply find pure practicality in the manner in which he viewed and approached life’s daily challenges in his decades’ spanning career as a scientist and entrepreneur.
The intended consumer of any product or service is the key factor to consider in any endeavor for anyone aspiring for success in the tricky, delicate and sometimes erratic affair that entrepreneurship is (Baldwin N, 2001). THE ONLY STRATEGY TO SURVIVAL. This is a clear guideline to any, indeed all, intending and practicing entrepreneurs across the globe, big or small, regardless of the field they engage in. Entrepreneurship in Edison’s world can only be approached with one plan in mind; an entry plan.
Success in entrepreneurship is guaranteed on condition that one ventures into their area with one attitude which, of course, should be positive so as to keep in step with the ever changing world of entrepreneurship. This is the classical example of a dead-end situation where the customer is
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Entering into any business venture with an alternative plan has proved counterproductive in most cases. Effort is an asset in any new business undertaking and emphasis should be put on working on what has already been started and advancing it a step at a time rather than hopping from one field to another in the false hope that things could be better out there. This inconsistency has made many entrepreneurs leave a good cause because of their alternative plans. THE IMPORTANCE OF PATIENCE.
The modern world of trade needs ingenuity and this requires extreme patience. Business trends are evolving rather quickly and so should the entrepreneur. He should be on the forefront in creating and developing new ideas that allow the expansion of the enterprise rather than stagnating in the old way of doing business which in most cases may not be in touch with the reality on the ground. The message here is simple but bearing a cruel fact; embrace change or change or change will embrace you (Baldwin, 2001).
DYNAMISM IN ENTREPRENEURSHIP.
New markets come with new demands and deadlines, a time when a n aw commodity or service is in vogue and a time when it is outdated. The target market dictates what product to put on offer so research is of essence if one is to be updated on customer needs. Entrepreneurs should not just produce what they think is good, but what the intended market wants. The product should simply be tailor-made MARKETING AS THE MOST CRUCIAL WEAPON All said and done, the final and most crucial area to success in entrepreneurship is marketing.
It is now time to move out of the premises and enter the market. No one knows about you or if ever you exist. An ambitious marketing strategy needs to be crafted so that the entrepreneur can endear himself to the general clientele while still maintaining quality so that his merchandise can stand the test of time to gain and keep customer confidence which is the pillar in entrepreneurship. Without the above facts, no entrepreneur can stand the heat in the local or global market. WORK CITED PAGE Neil Baldwin (2001) Edson: Inventing the Century. University of Chicago Press.