Question

Please provide lessons that people learned from becoming an Entrepreneur. Summarize the ways to learn about how small businesses operate. Analyze what it takes to start and run a small business. Outline the advantages and disadvantages small businesses have in entering global markets.

Answer 1

Answer

Following are the lesson that people learned from becoming an Entrepreneur .

1. The very first lesson is that Innovation can be simple.It is not necessary that you need to develop something not done before in order be a successful entrepreneur infact you need to deliver the same thing in different manner like quality , avaliablitiy ,variety ,appearance etc . in order to be a successfull entrpreneur
2. Work hard and playing hard is the key .Alway try to give your 100% in any project of your business in order to have a satisfactory result .
3. Adoptation - The market of the industries always changes and as an entrpreneur you need to change and adapt to the change envirnoment .
4. Celebrate small win -This means that you dont have to wait for anything big to celebrate ,just enjoy and celebrate whatever you ahve achieved and appreciate it .
5. Dont be a pancake .
6. Focus on service rendered ,product made quality because afterall , the customer look for something durable and long lasting so whatever you are redering and making ,make sure it should be of standard quality , and is always available when needed .

The small bsuiness is convineint for the people who want to sepnd thier life according to thier ownself and do what they want . If we talk about small business , it is not that easy to operate , infact it is stressfull and take effeort in managing but is not so difficult .A million of people are doing thier small business in order to feed thier family and earning well . The small business lets take a example of AC repair business which is a small business owned by a person .Now the AC repair service name is JOHN AC REPAIR AND SOLUTION , Now the small company provides all types of ac solution and its maintanence and repairs . So it consist of skilled Technicians , workers and some laborer , along with this a manager to handle the customers and its staffs thats it . Now whenver the customer search the ac repair work in thier area over the internet or locally , they will contact the manager and in return the manager would send the technician for the work /service and the company get the payment .In this way the business (small) operate .

Now coming to what it takes to ooperate a business

The very first thing is the idea of what to make ? or what to provide?

Then , if the idea is already present and the individual know what he/she wants to make to give , then it require a market research that will be work successfully ?

Then , if it can run successfully what capital I would require to establish the business ?

How much income/revenue I am expecting ?

The staffs , equipment ,building , location everything should be decided and need a thorough research

Then finally the management and marketing skill is all what it take to operate the small business .

Advantage of small business into global market

• Reaching new customers
• accessing new talents
• spreading business risk securing foreign investment
• amplifying the brand

Dis-Advantage of small business into global market

• foreing rules and regulations
• handling the logistic
• coordinating the time zones
• speaking the language
• currency fluctualtions
• credit risks .etc

Have a good day !