ENTREPRENEURS…

Entrepreneurs are a class of people who take risk of investment under the uncertain market conditions and earn profits. So to be to the point, an entrepreneur is person who takes risk on investment. But, that is a standard textbook (Economics) definition. In a more encompassing sense, anybody who works’s under uncertain economic conditions, whether he is an investor or not, can be said to be a part of the definition. The work of an entrepreneur is to organize something that has fair chances of being a success or a failure. He introduces novel concepts, which he thinks, are important. There are a few types of entrepreneurs of which business and social entrepreneurs are important. You can also describe entrepreneurs with the word, catalysts, very often they are pioneers in their field. The success and failure of any idea also comes in the purview of risk.

A feasibility report, to evaluate the chances of success and failure of a particular business, tailored according to the specific needs, is a very important before starting a business. It is an insight into the variables that are crucial for its take-off. The demand and supply conditions of specific regions, cost, available players in the market, consumers’ choice and preferences, etc., are all considered in a feasibility report. To furnish the purpose you can take help from professionals, you will find many consultants, who can craft you a good feasibility- report. They use tools, like available studies, internet-surveys, telephonic-surveys, or you can do a pilot experiment, in which you can launch your business on a very micro-level to get the initial results to decide for a full fledged start.

Simply, presence in the market would not solve the purpose. In order to get a strong hold in the market you need to create a little difference, all you need is an identity there. Availability of your product at each selling point is the first step you can make to be sure that it is with consumer’s reach. When we talk about competition the first thing that comes to mind is the price, beside quality. A lower- launch price is a good strategy, and is often used and when the customer becomes loyal, you can consider an increase. These are common for a new product in any market. Thereafter innovations- changes in look, quality, shape, weight, etc., are important to be in demand. In the long-run, the one thing that is most crucial to remain competitive is cost cutting, but, that’s a curvy issue for prices are always on the rise be it raw-materials, intermediate-goods, or final-goods. But, to be an efficient player in the market, a lower cost of production and a lower price always brings fortune.