One of the key ideas is what is referred to as social entrepreneurship. This means that a product has to satisfy the direct need by the customer as well as an indirect utility or wider need or issue. For example, polythene bags are used for packaging. They are not biodegradable and pose an environmental hazard. Companies will have to innovate to manufacture bags which can be decomposed and usable in composting for example. Ethical issues with regard to both online and offline products as well as moral probity will increasingly matter.
the expectation of risk. losing is part of life, there has to be losers to be winners and sometimes we are losers BUT as long as we take information and see it frmo positive point of view then winning becomes easier.
These days I often feel that it's becoming harder and harder to make a business work, and while a lot of that is down to the economic climate, it doesn't help that it seems that everyone these days likes to think they can run a business.
While competition isn't something to be scared of, I do think that a lot of people are opening new businesses up without knowing exactly what they're doing, and within 6 months they'll have gone bust. That doesn't reflect well on the businesses that are well established, and it can give the whole market a bad reputation.
Stick to your principles and look after your customers are two important factors that will be even more important for entrepreneurs in the future.
I agree. a lot of people call themselves 'entrepreneurs' - I was lucky that I was pulled into it and didnt really think I would be one later but the fact that I wanted more than what everyone has gave drive. your right, after 6 months a lot of people will flop and I have seen this in the affiliate world. industry guys that are not even in the industry or even in the online world anymore because they didn't learn to expand their skillset enough.
Being able to keep up is essential. When I was in school, the term "lifelong" learning was drilled into my head over and over again.
I never though that I would be taking programming classes in my own time, and pushing myself to learn new things such as SEO, Afflitiate marketing, web hosting, budgeting etc. I study more outside of school than inside. This is essential for a new entrepreneur. You have to always be absorbing new information, or you will get lost. Things are quickly changing in this generation, and trends keep coming and going, technology is developing at the speed of light and new business laws are introduced.
The ability to be humble and being open to learning from others, even if they are younger than you for example, is essential.
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