In a business, incorporating the competencies of entrepreneurship and business growth strategies in running the business is crucial for continuity. Others believe that entrepreneurs are born, while others believe they are made. Regardless, every entrepreneur requires various mandatory skills for achieving success in the field. There are three significant competencies essential for entrepreneurs. The competencies of entrepreneurship are personal, interpersonal, and business competencies. Personal competencies comprise integrity, determination, self-criticism, emotional balance, and creativity. Interpersonal competencies are respect, effective communication, and delegation. Lastly, business competencies are resource management, networking, and negotiating skills. This paper also analyses the importance of business growth.
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UNDERSTANDING BUSINESS GROWTH STRATEGIES FOR SMALL BUSINESSES
Most of the mega businesses today started as small businesses. Their continuous growth and expansion results from their determination and adherence to growth strategies. It essential for businesses to analyze the most suitable growth strategy compatible with their type of business. There are several business growth strategies, including the following. One is market penetration that entails exploring existing markets by introducing existing products into these markets. Secondly, market development involves introducing existing products to new markets. Thirdly, using alternative sales methods such as social media is another effective strategy. Additionally, diversification of using a new product and new markets is a high-risk strategy but might increase sales. Apart from the growth strategies, the competencies of entrepreneurship are equally essential for attaining success in a business.
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ANALYSING THE IMPORTANCE OF BUSINESS GROWTH IN AN ECONOMY
Growth is crucial for the continuity and the long-term survival of any business, be it a little or a large corporation. Integrating the competencies of entrepreneurship in the operation of a company is essential for promoting growth. This is achieved through the entrepreneurship process’s continuous learning and implementation of these skills. Moreover, analysis and implementation of effective business growth strategies are equally essential. A continuously growing business makes it easier to acquire assets through the attraction of new talent and fund investments. Moreover, it drives the levels of profit and performance in a positive direction. The importance of business growth is also evident in the following ways. It allows for the taking advantage of new opportunities and expansion of product and service base. Additionally, it leads to the attraction of new customers, increased job opportunities, and sales.
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