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Business Functions That An Entrepreneur Should Possess

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If you can discipline.

Business functions that an entrepreneur should possess. Planning is one of the most important characteristics of an entrepreneur. These entrepreneurs put all the extra hours they have into the business to make it successful and flourish. Knowledge is the key to success.

The potential market the location the employees the financials the product development process etc. Earlier writers used to consider the manage ment control one of the chief functions of the entrepreneur. An entrepreneur should be innovative enough to bring about the change in a product or service or means of production or raw material used in the production.

Management and control of the business are conducted by the entrepreneur himself. So the latter must possess a high degree of management ability to select the right type of persons to work with him. The first trait that all successful entrepreneurs must possess is self discipline.

The secret to planning a successful business is to gain an understanding of the many factors that make up that business. An entrepreneur should possess complete knowledge of his niche or industry. Self discipline is the single most important quality for success in life and business.

It provides guidelines with minimum to no damage incurred to a business. But there is one key aspect of a business that often gets overlooked because it is not analyzed at length in a business plan but an analysis of that factor can help. They should innovate and bring about a change in one or more of these.

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