To start your own home day care facilities can be exciting, but you need to put in some thought to ensure a successful enterprise. Finally, make an exit strategy in your business plan, which will allow you and your JV partner to know when it is time to fold the cards. Perhaps your goal is a short-term partnership that will terminate after a specific event. Or, it could be an ongoing joint venture marketing project until one or both of the partners says they are ready to terminate the agreement. Spell it out clearly so that you both know how to wrap up the JV cleanly and without ill will towards business plan the other. 3. Human Resources Management Competence: The relevance of human resources management competence to successful entrepreneurship, business success and national development cannot be over stressed. Though materials and capital are of equivalent importance to the entrepreneur, they are inanimate and unemotional; they demand no understanding of human requirements and inspirations for their effective utilization unlike human resources which need good and competent human resources management skill by the entrepreneur to successfully utilize it to optimum level in productive activities.
If you wish to be truly pro-active, I would in fact, go one step ahead and start circulating questionnaires to industry leaders and to your past clients in your respective industry seeking their inputs on the current challenges in a specific area. This would turn out to be great inputs to help launch your product or service to the client. I’m also certain that the client appreciates the fact that you still think about them and their problems though you are not working on their project at the moment. 5.) Good Leadership: They have the trait of good leadership. Successful entrepreneurs know how to motivate their employees so that they give their best in attaining success. They create policies and goals for their businesses. They oversee that these policies are followed and the goals are accomplished on time.