Question

I want some ideas that I can be a successful entrepreneur in the future and I want to explain these ideas in terms of requirements, time, money and others
This is for project of entrepreneurship course.

Answer 1

Entrepreneur is the main components to starts production.it assemble the other factor of production and take risk at his own to start production.so to be a good entrepreneur there may be some criteria.

1)first of all if anyone want to be a good entrepreneur then he has to be a good market knowledge.anyone can't be a good entrepreneur without knowing the market structure in which he will operate.

2)he has to identify his rivals and also a good knowledge about rivals strategy,sells and other things.so with this he can set his own strategy.

3)entrepreneur first lauch a pilot survey of the product he wants to produce and collect feed back from the indivuals.it os a complete market survey about what the individual needs and wants and for that product how much price individuals wants to pay.you can't sell a individual tea if he needs coffee.so entrepreneur has to product with the choice of indivuals of country.

4)after knowing the market where he should sell then he have to know about the factor market.which means where he has to set up his firm or company.from where he got efficient labourer and also capital is important here.

5)the aim of the entrepreneur is profit maximasition.to maximise profit entrepreneur has to produce it at the lower cost at possible without compromising the quality.and to maximise profit entrepreneur has to use efficiently all the factors he has and also see any factor left scare.

6)the entrepreneur has to look about his worker.as if worker are satisfied then the production can hamper and it has a impact on market reputation also and hamper sells.

7) arrange capital is one of the most important things.entrepreneur at first can small loans from banks to start up.

8)after starting advertisement may play the key role.it attracts consumers.so entrepreneur has to give special attention on that.

9)after starting entrepreneur has to invest in research and development to innovation new products as if any rivals innovate new things then they can accuire the most market share.

10)in the long run the entrepreneur has a maintain his quality to sustain over long period of time.