Successful Entrepreneurs Always Recognize a Viable Business Opportunity
Successful entrepreneurs recognize and develop a viable business opportunity, have confidence in the market potential for their new products and services, and are committed to "running the race."
For example after working for a large corporation for nearly five years, you are considering launching a web - based business. Product development and testing require financing that exceeds your limited personal resources. How much external financing do you need to make a credible attempt with the new venture? How much of the venture's ownership will you have to surrender to attract this initial financing? While we want to avoid most generalizations about entrepreneurial traits or characteristics, there are three we consider important. First, successful entrepreneurs recognize and seize commercial opportunities, frequently before others even have inkling. All these issues are disscussed in the online MS in IT and Online bca.
If you feel the entrepreneurship bug biting, you are not alone. Remember, the annual number of new Indian business formations runs in the millions. Small and growing enterprises are critical to the Indian economy; small firms provide 60 to 80 percent of net new jobs. Firms with fewer than 500 employees represent over 99 percent of all employers and employ over half of the private workforce. They are responsible for about half of the private gross domestic product. During the past century, entrepreneurial firms' innovations included personal computers, heart pacemakers, optical scanners, soft contact lenses, and double-knit fabric.
While Online MBA in India draws its basic principles from both entrepreneurship and finance. The seven principles we emphasize are:
* Real, human, and financing capital must be rented from owners.
* Risk and expected reward go hand in hand
* While accounting is the language of business, cash is the currency.
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