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Entrepreneurial Issues

“I would describe an entrepreneur like a person who sees an additional color. Everybody sees chaos. An entrepreneur sees patterns” – Andreas Widmer

Entrepreneurship can be defined as, “Someone who organizes a business venture and assumes the risk for it”¹. Entrepreneurs can create a new idea, implement a new idea, or finance a new venture. Entrepreneurship can also take form in politics and social movements. Business today is based off previous entrepreneurial moves developed by business leaders in the past³. Entrepreneurs like Andrew Carnegie, B.C. Forbes, and Joseph P. Kennedy are all considered great entrepreneurs by historians and economists alike. Each of these men have created business empires through hard work, commitment, knowledge, and street smarts³.

One main issue faced by entrepreneurs is getting customers to purchase your new product or service. Customers will not be familiar with your brand, product, or service and will need to be oriented with the new product. A second issue that entrepreneurs face is choosing what marketing strategies and techniques to use. In order to get customers flowing, entrepreneurs have a challenging job of determining marketing strategies. With no prior experience or direction, it can be difficult to determine when and how to market.

An example of an entrepreneurial venture is the SimpleBank credit card that was developed by three entrepreneurs from the United States. The card merges all bank accounts owned by the holder and puts them under one account. The first challenge that the three faced was raising the $23 million required for a venture with visa. The next challenge was to market the card for its launch. The last challenge was keeping customers interested after the launch³.

 

References:
1.  Princeton Dictionary. Retrieved from http://wordnetweb.princeton.edu/perl/webwn?s=entrepreneur
2.  Entrepreneurial Issues. Retrieved from http://www.smallbusinessnotes.com/starting-a-business/entrepreneurial-issues.html
3.  History of Small Business. Retrieved from http://www.smallbusinessnotes.com/small-business-resources/history-of-small-business.html

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