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Entrepreneurship Reflection - Assignment

   

Added on  2021-04-17

8 Pages1793 Words29 Views
EntrepreneurshipReflection

ContentsIntroduction......................................................................................................................................2Getting funding................................................................................................................................2Unique Marketing Issues.................................................................................................................2Challenges of growth.......................................................................................................................3Strategies for firm growth................................................................................................................4Franchising......................................................................................................................................4Conclusion.......................................................................................................................................5References........................................................................................................................................6

IntroductionEntrepreneurship is the process of starting a new business and the person starting this business is known as an entrepreneur (Kirzner, 2015). Entrepreneurship breeds on innovation and it is pivotal for the growth and development of any economy. This is precisely why various governments provide subsidies and tax benefits to new businesses in order to promote and support their growth. Through this course, I learnt about various attributes of entrepreneurship. The entire curriculum has been effectively designed and has helped me gain a deeper insight about entrepreneurship in practice. Getting funding One of the most crucial aspects of starting a new business is arranging funds that are required forthe business (Drucker, 2014). Through this course, I have learnt that it is important to gather the finances in the early stages of a business in order to be prepared for unforeseen situations that thebusiness might encounter. Often, there are various sources of personal financing that are available to entrepreneurs but more often than not, entrepreneurs need to prepare themselves for raising debt or equity financing through professional lenders. This is largely important for the business to function effectively and to be able to accomplish organizational goals defined by the entrepreneur. The most challenging aspect about this topic was the idea of attracting investors and being able to sell the idea to these investors. Such a process needs to have immense faith on the project as well as in depth knowledge about the same. It requires the ability to market the idea to the investors who have genuine faith in the business idea. I would like to explore the process behind evaluating how much funding is essentially required for a new business and what are the costs that the entrepreneur needs to consider while finalizingthe funding requirements of the business.Unique Marketing IssuesMarketing the new business and ensuring that the business reaches the right customers is very crucial for the growth of the business. This is why marketing plays an important role in business

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