FACTORS THAT MAKE YOU A SUCCESSFUL ENTREPRENEUR

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Successful entrepreneurs become celebrities and most times need no introduction anywhere they are, others become obscure and often ridiculed for there failed business dreams. A successful business venture is not the results of innovative ideas, but is the result of many other factors. Some of these factors are as follows:

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Managerial Expertise
To be successful, entrepreneurs should focus on the core managerial responsibilities, while less critical activities be given to other people, the entrepreneur should strive to put all his effort on critical decision areas

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Industry Experience
As the popular saying goes, “experience is the best teacher”, an entrepreneur should have experience of the industry he is vying into, where the entrepreneur falls into unfamiliar sectors, specialists should be hired to pilot the affairs of the business

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Overcome Competition
Competition can result from existing culture in the business, obsolete business, models etc. Successful entrepreneurs are those who respond swiftly to changing competitive conditions. They should be flexible.

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Regard for Competitors
Successful entrepreneurs monitor the activities of competitors. Successful entrepreneurs have respect for those already in the business as they control a larger chunk of the product or service market. Looking at competitors closely would make you realize what they are doing wrong, how to make your own product more superior etc.

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Improvement non-stop
Successful entrepreneurs are those who look for ways to improve non-stop. They don’t stop improving, that is why they are successful, they are always looking for more improved and efficient ways to meet customers’ demands.

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