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Ways to be a successful Entrepreneurs
An entrepreneur is an individual who breaks new ground, are the managers and the one who uses business best practices. The entrepreneur is involved in strategic pursuits while the managers need to concentrate on calculated or operational occupations. The entrepreneur creates a strategy, and the manager applies the created strategy. Business success depends upon the continuing renewal and application of the entrepreneurial creativity and also depends on the application and an efficient management team. The attrition rate of any new business is extremely high. In the US, the supporter of the entrepreneurial spirit, numerous new enterprises will fail each year. However in a long-term historical perspective, business success is short-lived. The causes of small-business failure depending on the study cited range from inadequate accounting systems to inability to cope.
The launching of any new ventures should be done with a comprehensive understanding of the resources available and strategies necessary to achieve project objectives. The person should have sound plans of what should be done in various contingencies. Frequently lack of such planning, even significant strategic management, can explain the extremely high attrition rate for small businesses in the economy. Companies may, however, decide upon a stability strategy because the entrepreneur is mostly generating employment for family members. Providing the family a “decent living”, and being the “boss” of a firm small enough that he or she can manage it comfortably. Some business owners just don’t practice a growth strategy because they do not want the loss of control that results from bank debt or the sale of stock to outsiders.
Profit-making firms are also exempt from various state, local, and federal taxes. Besides, they qualify for special reduced and different privileges. These benefits are allowed because private nonprofit organizations are usually service organizations, which are expected to use any excess of revenue over costs and expenses as a surplus rather than a probe either to improve service or to reduce the price of their service. This service orientation is reflecting the fact that not-for-profit organizations do not use their customers to for business referrals or promotion.
The privatization of state-owned business will continue all over the world for most of these enterprises must do business on a global scale in order to survive in the cut-throat global competition. They cannot compete successfully if they are being run inefficiently. Policies and regulations prioritizing employment over efficiency instead of being economically oriented, will not work because international practices will emphasize efficiency over employment. The global trend to privatization will probably continue until each country reaches the point where the efficiency of business is counter by the effectiveness of the not-for-profit of the economy. However as political motives overcome economic ones, the government will likely interfere with that decision.
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