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Identifying Entrepreneurs' Steps on Starting a Business (Essay Sample)


This assignment's criteria include identifying and explaining the different stages taken by an entrepreneur while launching a new venture.
From the research, this paper summarizes various steps that an entrepreneur uses to start a business. One of the discussed steps in the paper includes the identification of profitable start-up ideas of the business. The ideas usually come from friends and different trends within the market. Additionally, the paper continues to explain the other steps, which is the understanding of the demand. It is wise to understand the demand of whatever one plans to bring into the market where it will sell or be a loss. Furthermore, this paper continues focusing on the steps, and the third step discussed in the paper starts with a little, doable thing. As the name suggests, an MVP is the simplest, most basic version of your product or service that is currently feasible.
Another step entrepreneurs do when they first start their companies is to create something better than what is available. You don't have to come up with anything new all the time. Customers will flock to you if you provide a well-known product at a cheaper price or if you can give a better product. Even better, there's a clear market for it. Start by writing down everything you use, then go over it one more time to make it better. Consecutively, the papers also focus on having a business plan as a step the entrepreneur requires to start a business. In a business plan, the objectives and tactics of your firm are described in detail, including a marketing strategy, a projected budget, and a list of key milestones. The purpose, vision, and objectives of your firm must be clearly defined as a business owner. It is a work product that helps in the development of your startup.


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Entrepreneurs’ steps to start a business
An entrepreneur is a person who risks starting their own company based on an idea they have developed while accepting most risks and taking advantage of most business benefits. Below are some of the steps on how entrepreneurs typically start their business. One of the steps is identifying profitable start-up ideas. All these good ideas are generated from friends, inspired by other emerging start-ups, and identified trends to future-proof their ideas (Allen & Chandler, 7). The different steps that follow the identification of ideas place the focus on a growing category. By this statement, I mean one should study the categories' products to understand each product's benefits and how they vary, their packaging and marketing strategy, and potential improvements, among other things to consider.

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