An entrepreneur identifies business opportunities and takes risks to seize the idea and turn it into reality, in the hopes of profiting from the opportunity presented. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Once the entrepreneur has laid the foundation of the business, this person is no longer an entrepreneur but is now an entrepreneur/manager. Having become the manager of the enterprise, the entrepreneur will have to manage the enterprise successfully. This entrepreneur, if intelligent and aiming to succeed, will have to implement an effective management system, since a poorly managed company is almost doomed to fail. Industry Knowledge: For the entrepreneur to be successful in his new venture, he should need a very deep understanding of the industry, how it operates, how markets work, what drives the market. Without an understanding of the industry, the entrepreneur is setting himself up for failure. Business Planning: Once the business is started, and the entrepreneur has acquired a deep knowledge of the industry, the entrepreneur will have to come up with a solid business plan and how his vision can become reality through adequate and analytical planning and control of resources corporate. Through solid planning and knowing where the weak points are, the manager can implement the correct measures to move the business forward. A solid business plan can help secure additional funding from investors, as the plan tells the investor what the vision and expectations are. Financial Management: By understanding where the business is headed, the entrepreneur will be in a better position to make financial decisions, based on inputs versus expected outcomes, understand the costs involved in maintaining the business through calculated decisions based on financial controls , optimizing your small business's limited finances is crucial to future success. People management: not only by having a clear vision and financing the The entrepreneur still needs to be a people's person, as the business grows, the need to increase staff also increases to ensure that the business can keep up with production requests. The entrepreneur will have to determine what management style he would like to adopt as the company grows, not only know what management style he will need, but he will also have to be an influential leader who can motivate the growing workforce. The business owner will also need to focus on customer management and how to handle the different types of customers he or she may encounter. Sales and Marketing Management: After starting the business and getting the finances in order, the entrepreneur will have to work to get the product to the attention of the consumer, a strong sales and marketing campaign can make or break the business venture , through these campaigns, the company can generate hype around the product and get the product noticed. Evoking emotions through marketing and sales campaigns leads to direct sales. Reevaluate/reinvent the business: Once the business is established and operational, the entrepreneur can return to the business plans every quarter or more, to evaluate the financial situation of the company or its position on the market. request. Whether the company is going in the right direction or if there should be any adjustments/changes in any of the departments, if any adjustments are needed. Please note: this is just an example. Get a custom paper from our expert writers now. Get custom essays based on on the above mentioned points, we can see that for the entrepreneur to be successful in his venture, he should adopt a number of?.