Entrepreneurship in the Evolving Era of Technology and Innovation

As business operations constantly improve to increase production and efficiency, the interplay of technology systems has become necessary. Developing countries have begun to adapt existing technologies from more advanced countries and are seen to be pioneering the latest technology trends. Technological innovations result when new rules and ideas find practical use through being applied and/or commercialized by entrepreneurs. Today we live in a technological ‘age’ and global economy where competition has become knowledge-based. In modern theories of growth and development technological innovation has taken the centre stage. There is a growing relationship between technological innovation and entrepreneurship which has...

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10 FEATURES OF A GREAT BUSINESS IDEA

One of the most challenging considerations when developing a business idea is incorporating quality characteristics that will make the project feasible. The mistake often made by entrepreneurs is preparing a business plan without the consideration of the market environment in their chosen field. This error can be eliminated when the market environment is properly examined considering flexible and uncertain factors such as pricing, availability/accessibility of raw materials and level of competition. Here are 10 features of a great business idea that will help you kick-start your business or adjust your already existing idea. Identified market need or gap: Your...

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Skills and Behaviours that Make Entrepreneurs Successful

It is common knowledge that being an entrepreneur is no easy task. It takes a host of skills which are centered on dedication, resilience and self-discipline as entrepreneurs are constantly faced with various obstacles (both internal or external) which can slow down business operations. Being an entrepreneur is not always glamorous as people would think. For entrepreneurs to succeed they must exhibit the following skills and behaviours listed below; 1) Identify customer’s needs: The most viable approach to identifying customer needs is research. The first step of customer research is identifying your customers. Your market research should include the...

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Promoting Your New Business Venture

The main challenge of any new business is making prospective or first-time customers try out our new product or service. If they eventually satisfied with your product or service, you will generate loyal customers who will serve as referees to help you find new customers. Here are four suggestions that will enable you to promote your business and increase customer base; 1) Word-of-Mouth Recommendations: Nothing tops a positive recommendation from customers as the main goal of any business should be to offer world class services. According to Nielsen, 92% of consumers trust recommendations from their friends or family more...

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The Influence of Government Policies on MSMEs

Governments establish policies that guide business operations within their jurisdictions. Business owners will usually react whether positively or negatively to changes in government policies as these factors influence their competitiveness and profitability. Business owners are also tasked to comply with rules and regulations established by authorities or risk facing penalties. For example, tax policies affect business costs. A rise in tax (on business profits) has the same effect as an increase in production costs. Businesses will most certainly at some point pass some of this tax burden on to consumers with higher prices which will also affect the bottom line. Another major issue is multiple...

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