Business Fundamentals and Strategies Essay

1693 Words 7 Pages
An entrepreneur starts a new venture not only to succeed but ultimately to have the venture grow. Before an entrepreneur begins a strategy of growth and building wealth for the venture, several key fundamental puzzle pieces must be in place. This paper will explore five of these fundamentals and describe the importance of each one. It will go on to compare and contrast three growth strategies available to a business.
When an entrepreneur brings a product or service to market, it may fill a need and bring customers to the business but the product or service may still need some work. While no product or service may ever reach a perfect state, working toward that goal is one thing an entrepreneur must do before
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It’s important to understand what motivated their decisions” (Kearns, 2012). Obtaining feedback from these customers may offer insight into the root of the problem. Overcoming poor service may only involve training key staff members or a change in the focus of the services offered. If the problem lies with the product itself, the customer feedback may give insight into how or why the product is no longer an effective option in the marketplace. Profitability and future growth lies within the customer experience. Listening to what they have to say both positively and negatively offers the entrepreneur insight into making improvements that position the organization for growth.
Another fundamental puzzle piece an entrepreneur must put in place to base growth on is new product development. The ever-changing needs of customers should become the driving force behind the development of new products and services for the organization. New products or services addresses the issue of servicing customers changing needs. “Introducing a new product, especially one related to the venture’s existing products is one effective way of moving toward growth” (Baron & Share, 2008). Offering a complimentary product is one way to address these needs but only if a real demand for the product exists.
Customers are more likely to buy products that complement ones they have purchased from the organization. As a theoretical example, should your organization sell high end pet

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