Five Entrepreneurial Strategies In Starting A New Business

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Starting a new business requires a lot of planning, making vital financial decisions and conducting a number of legal activities. The demand of a person time may be much greater than anticipated. With careful planning, an individual would be able to work through some of those challenges they will be faced with. In starting a business, there are numerous steps/stages one must go through. Some of those steps includes (1) Business plan, (2) Choosing a business location, (3) Financing your business (4) Registering a business name and (5) Obtaining business licenses and permits. Starting a business is exiting venture, but can be incredibly challenging. Not everyone can start a business. You must develop an idea that others will like and respond …show more content…
The demand of the business owner time is be greater than expected. Operating and running a business can be a like a roller coaster. It is filled with ups and down and good and bad. Many business owners may feel the need to do everything themselves. When forming a business the business owner must decide which activities they will perform and which one they will hire employees to do. So it is important for business owners to successfully manage their time as well as have work like balance.
Five Entrepreneurial Strategies The entrepreneurial strategy I would take in my business is innovation. Innovation is an attempt to create purposeful, focused change in an economic potential. I believe innovation is the best strategy for HAC. Peng states “Innovation is the heart of an entrepreneurial mindset.” The innovation approach can bring together all the creative assets, capabilities and disciplines of your business to work together to produce breakthrough ideas and drive new business growth. Innovation represents the system approach to optimizing HAC portfolio to help the business grow and achieve a sustainable competitive advantage.

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