An entrepreneur identifies business opportunities and takes risks to seize the idea and make it a reality, in the hope of profiting from the opportunity that presents itself. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original Essay Once the entrepreneur has laid the foundation of the business, that person is no longer an entrepreneur but is now a business owner/manager. Having become a business manager, the entrepreneur will have to manage the business successfully. This entrepreneur, if he is intelligent and aims to succeed, he will have to implement an effective management system, because a poorly managed business is almost doomed to failure. Knowledge of the industry: For the entrepreneur to succeed in his newly created business, he must need a very in-depth understanding of the industry, how it works, how the markets work, what drives the market. Without an understanding of the industry, the entrepreneur will set himself up for failure. Business Planning: Once the business is established, and the entrepreneur has gained a thorough understanding of the industry, he will need to develop a solid business plan and explain how his vision can become a reality through proper planning and control and analytics of company resources. With solid planning and knowledge of weaknesses, the leader can implement appropriate measures to move the company forward. A solid business plan can help secure additional funding from investors because the plan tells the investor what their vision and expectations are. Financial management: understanding where the business is heading, the entrepreneur will be in a better position to make financial decisions, based on inputs to expected results, understanding the costs involved in maintaining the business through calculated decisions Based on financial controls, optimizing limited small business finances is crucial to future success. People management: not only by having a clear vision and financing the The entrepreneur must always be a people person, because as the business grows it will also be necessary to increase the staff to ensure that the business can meet production requirements. The entrepreneur will need to determine the management style he wants to adopt when growing his business. Not only will he know the management style he will need, but he will also need to be an influential leader who can motivate the growing workforce. The entrepreneur will also need to focus on customer management and how to deal with the different types of customers he may encounter. Sales and Marketing Management: After establishing the business and getting its finances in order, the entrepreneur will have to work on getting the product to the attention of the consumer, a strong sales and marketing campaign can make or undo the business venture, through these campaigns the company can generate hype around the product and get the product noticed. Eliciting emotion through marketing and sales campaigns leads to direct sales. Reassess/reinvent the business: Once the business is established and operational, the entrepreneur can return to the business plans every quarter or more, to assess where the business stands financially or in the market. request. If the company is going in the right direction or adjustments/tweaks are needed in any of the departments, adjustments should be necessary. Keep in mind: this is just a sample. Get a personalized article now from our editors.