One of the fastest growing home based businesses is pet care. Business in the 21st century is highly competitive. In order to maintain and grow market share, business owners and entrepreneurs must devise business strategies to for a strong competitive advantage. Upwardly mobile entrepreneurs have to demonstrate to investors that they can build large markets. Lifestyle business enterprise owners, such as dry cleaners, hairdressers, professional service providers, restaurateurs, and retailers, are responsible for everything in their businesses. Executives and managers in larger enterprises are under constant pressure from investors to generate quality earnings on an ongoing basis. Know your strengths and weaknesses. Have a support group that can help you in areas that you feel are weak. Ask for input so that you are getting others opinions. Find a mentor that has been successful to help guide you in the right direction and answer any questions you might have. For a company to be in the strongest position possible, it is important to be able to delegate. A good leader does not hold the weight of the world on his shoulders but has a team to help him.
Having a website means that people trust you. Research has found that a business that has a website is more reliable and credible to the general public. Before building any business relationship with you, they will want to check on your business modules, portfolios, real customers and the work done in previous years. In this way you will build more trust with your online audience. Even if your business is running at a slow pace, staying in touch with customers through online media is a must. While learning about your products and services, customers business plan would surely go to the Internet to check your reputation , putting up a solid background on online media is very helpful in building up customers’ trust in your company. Some countries have taken this initiative to a higher level by introducing entrepreneurship education at elementary schools and encouraging them to be future entrepreneurs when they are of age. In a series of survey funded by Kauffman Center for Entrepreneurial Leadership, it was found that nearly seven out of 10 youths (aged 14-19) were interested in becoming entrepreneurs.
Leadership often overlaps management in meaning. >From the following example, Yunus created banking and lending facilities in Grameen specifically for the poor villagers. Banking and lending money activities are not new but Yunus was the first to provide such facilities in a rural part of Bangladesh and that is definitely innovation and risk-bearing on his part as a social entrepreneur. In short, innovation need not arise mainly from a new product or service but it could be an old product or service finding a new market for penetration. Finally entrepreneurship is about failure. An entrepreneur as a person who is willing to fail. Fascinating but true. Think of the great success stories and the paths to success have been strewn with failure. I’m thinking of Sam Walton the founder of Wal-mart who famously had a difficult and bumpy ride to success and who is quoted to have said “Commit to your business. Believe in it more than anybody else”.