Question

Entrepreneurs' stories usually tell us about challenges faced and overcome. What is fascinating if you hear enough stories is that there are some strategies that are used again and again. Knowing these strategies can help you achieve your own entrepreneurial dreams. What are these strategies?

Answer 1

The strategy used by entrepreneur to achieve their dreams are as follows :

1. Competition- Identification of your competition in the market is very important as it helps to improve your product or service.

2. Differentiation- A successful entrepreneur will always be able to differentiate it's products uniquess against the competitors product, so that he can grab the public's attention.

3. Conservative- An entrepreneur should also be conservative in it's investment, as the business should always have some amount of cash with themselves to meet the regular needs and also the uncertain needs arising.

4. Research and development- Any business requires to do research in order keep itself competitive and to change itself with time in order to grow and survive.

5. Feedback- An entrepreneur must always be responsive to the issues of the customer in order to build a healthy relationship with them. This helps you to maintain your reputation in the market, and allows you to know where you are lacking and what the people expect from you.