a road map that will take the venture from the idea stage to a state of growth and institutionalization. In most instances, the entrepreneur also needs to put together a team of talented and experienced individuals to help manage the new venture's operations.
Since entrepreneurship pays off according to performance rather than time spent on a particular effort, an entrepreneur must work in an area that interests her/ him so that he/she will be able to give the best outcome. Also skills and knowledge in the respective field is a must. Entrepreneurship also depends on access to capital, whether it be human, technical, or financial and demands a reasonable investment in terms of skills, time, energy and reputation of the entrepreneur. There is a lot of risk involved in any business and this risk is in proportional with the rewards to be expected as outcome of the business.
Skill set for an entrepreneur:
Communication skills: Effective communication is a key factor in deciding the success of anyone. A business can quickly go from good to bad when communication lacks its purpose, clarity and impact. In fact, effective communication can revolutionize an idea, breathe new life into a product or brand and the optimum use of this skill would work wonders in terms of growth of an enterprise. The communication here would be between the entrepreneur and his team members, employees, customers and clients. Keeping all of the stakeholder groups happy and satisfied with the services offered and by the way of dealing is very important for the growth of business.
Rapport Building: The ability to genuinely connect, understand and empathize with people is critical in establishing and growing customers. This is critical because according to research, lack of market empathy is the leading factor that causes startups to fail. An entrepreneur should be able to make friends and build mutually
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