This research paper analyzes the principles of business and entrepreneurship development skills; business and entrepreneurship are two entities that are difficult to separate. The business mainly focuses on maximization of profits while entrepreneurship focuses on innovation and generating new value. Principles of business guide a business person on administration, logic, features, measures, risks, rewards, and profits of the business. Entrepreneurship skills guide on the invention of business, long term search, significance, benefits, potential rewards, and value of an idea. To make greater profits in a business, a business persona requires entrepreneurship development skills and an entrepreneur requires the principles of business.
principles of business and entrepreneurship development skills
THE FUNDAMENTAL PRINCIPLES OF BUSINESS
The following are the fundamental principles of business. A business needs to have a quality product. This is the basis of starting a business. The promotion of the product and services helps to grow the business. Building great staff who have entrepreneurship development skills is also a principle. Understanding the organizational structure and design helps to run the business effectively. For the business to grow, it needs positive cash flow and a good financial basis enough to pay employees and vendors. Understanding the principles of accounting and finance helps the business to keep track of permits and taxes. For maximization of profits, a business person needs to respect and understand customers by the provision of good products and perfect services. This attracts more customers thus increasing profits.
fundamental principles of business
IMPORTANT ENTREPRENEURSHIP DEVELOPMENT SKILLS IN A BUSINESS
Entrepreneurship development skills are essential for the success of a business. These skills include. Adaptability where an entrepreneur can effectively adapt to changing market conditions. Focus is important since it keeps the entrepreneur on the right track to achieve business goals. The ability to hire right and build a great staff which is one of the fundamental principles of business brings about a positive attitude to the business. Self-awareness helps the entrepreneur to understand the strengths and weaknesses of the business therefore they do not underestimate or overestimate their capability of success. Innovation helps the business person to think outside the box and create products that customers’ will love therefore enhances the maximization of profits.
important entrepreneurship development skills in business
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