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CONTROL IS THE BASIS OF EVERY EFFECTIVE MANAGEMENT!
 

Defining Entrepreneur & Entrepreneurship

The word entrepreneur is derived from the French word entreprendre, which means to initiate or undertake. Entrepreneurs are skilled organizers of activities who:

IDENTIFY THE NEEDS FOR PRODUCTS OR SERVICES.
GENERATE IDEAS ON HOW TO PROVIDE THE NEEDED PRODUCTS OR SERVICES.
EVALUATE WHETHER ANY OF THE IDEAS PRESENT A VENTURE OPPORTUNITY.
EVALUATE IDEAS AND OPPORTUNITIES FOR DEVELOPMENT OF A VENTURE.
DEVELOP A PLAN OF ACTION.
IMPLEMENT THE PLAN.

DEFINING ENTREPRENEURSHIP

An entrepreneur is a person, while entrepreneurship is a process. Entrepreneurship is:

A creative process in which resources are organized and used in a venture that satisfies both personal needs or wants and the needs or wants of others.
The realization of an opportunity. The gathering of resources and the assumption of risks in an attempt to make things happen in a creative venture.
The mobilization of resources from one level of productive use to a higher level of use.
A creative human act.
The creation and building of something of value from practically nothing.
The process of creating or seizing an opportunity and pursuing it, regardless of the resources currently controlled.

ENTREPRENEURSHIPS INVOLVES

Confidence in an idea and a willingness to accept the hard work necessary for turning the creativity of dreams into reality.
Seeing opportunities presented by change that others have not had courage to act on.
Taking controllable risks rather than gambling or relying on sheer luck.
Costs other than money; time, energy, reputation, emotional drains.
Reality testing: recognizing realistic limits imposed by the economy or physical resources available.
Knowing and understanding customers and their needs.
A basic understanding of business and products or services.
Keeping and interpreting business records.
Careful planing to reduce risks.
Knowing the actions, strengths and weaknesses of competition.
Having right location, and also right size and right price or lease rate for that location.
Building a team of people with complementary skills and talents.
Sensing opportunities, while others see chaos, contradiction, and confusion.
Finding and controlling resources (often owned by others) to pursue the opportunity.
Having a vision and than having the passion, commitment, and motivation to transmit this vision to others (employees, partners, financial partners, suppliers and customers).
A willingness to take responsibility and ability to put mind to a task and see it through from inception to completion.

RELATED INFO

Buying An Established Business
Buying A Franchise
Market Research
Your Product Or Service
Your Customers
Your Competition
Getting A Financial Picture
Business Guide

RECOMMENDED  LITERATURE

How Customers Think: Essential Insights into the Mind of the Market - Building on research from disciplines as diverse as neurology, sociology, literary analysis, and cognitive science, Zaltman offers rich insights into what happens within the complex system of mind, brain, body, and society as consumers contemplate their needs and evaluate products. Zaltman illustrates how leading companies are "mining the unconscious" - with remarkable results, and introduces innovative tools & techniques that help marketers:
* Develop research questions that speak to the unconscious brain.
* Evoke valuable meaning through a customer's metaphors and instill those images in brand communications.
* Measure consumer reactions to marketing stimuli and alter advertising or positioning strategies accordingly.
* Build "consensus maps" that reflect a market segment's universal thinking-and reengineer them to boost customer satisfaction, loyalty, and sales.
* Understand how their own minds work-and how they can think in creative new ways. The mind of the market is waiting to be explored. Make sure your competitors don't get there first.

Tested Advertising Methods - A legend in advertising for more than 60 years, John Caples still serves as a guide to generations of creative marketing people. Now his classic work on how to create successful advertising has been updated by respected advertising consultant Fred Hahn. It retains all the clarity, candid analysis, time-tested experience and invaluable award-winning ideas from the original, while bringing it right up-to-the-minute on the many new changes in the field.
 
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