An entrepreneur is the person who administrates a company, firm, group of companies or running any organization or business.Entrepreneur skills are much more important to run a business successfully, he or she must know the basics of the project management, marketing, leadership skills, business strategy and know how of the marketplace where he is working.
For instance consider two different persons running two different organizations have different outputs and different sales levels.While the both have the equal no of labour employed, similar cost of raw material, having same investments and market structures then what leads to yield different outputs.It is the entrepreneur, the organization having large output has highly skilled business administrater while the other one has less efficient person.
How an entrepreneur can develop all business skills
First of all,to run any organization the entrepreneur must have personnel and financial management training, negotiation skills tactics, purchasing skills, time management and management marketing theory must be in his knowledge.
The entrepreneur should highlights its goals and objectives before stating any business and make clear to himself in which field his interest lies so that he can give his full potentials.
After setting the type of business, the entrepreneur has to decide to whom he has to deliver his services or products to have high reward.
The entrepreneur should have in touch with the market situations in making decisions such as when to raise or decline prices and supplies,how to survive in depressions and what to do in fluctuating markets.
The entrepreneur must keep himself uptodate with the latest happenings in the market. He should make modifications in the product according to the new inventions and innovations.
A healthy advertising in a proper way also raises the demand of a product and at the same time there should no compromise over the quality of the product.
While employing labour their efficiency must be properly judged and regular incentives should be given to the labour to raise their productivity.
A strategic review of what is done and how is done must be made by the entrepreneur to improve the working standards
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