MKT 431 Final Exam



MKT 431 Final Exam

List of Most Important Steps for Starting and Succeeding a New Business

Self Check & Developing a Mind of an Entrepreneur

An entrepreneur must always start a business with the vision of taking it to the successful heights, and for that an entrepreneur should absolutely be a self-starter, a decision maker, and a sacrificial lamb. Before starting a new business, an owner must know that it always take hard work to start a new business, so always develop an entrepreneur's mindset about be willing to reach your goals. Further, in order to be successful, entrepreneur need to know all about his/her comfort zone, family goals and resources, and other things that can impact on business (Attard, 2012). Thus, before starting a new business, one must do a self-check and develop an entrepreneur's mind.

Choosing A Right Business & Market

Entrepreneur must always find a need and fill it, though it is an old formula, yet it always works. The key to success is finding needs and wants that a person can fill, want to fill, and that will produce enough income to build a profitable business. In today's highly developed and advance world, some businesses are just start and develop not only on needs basis, but due to new and innovative ideas that people never thought about and like it (Attard, 2012). So, a person must choose a business that must fill a need or must be innovative enough that people get attracted towards it, but should also produce sufficient income to build a profitable business. Secondly, an entrepreneur is required to be sure enough that there really is a market for what you want sell or offer (product or service). One of the biggest mistakes that startups sometimes make is that they assume lots of ...