The factors that influence the decision to start a business

AcademicsBlogsMarketing4 Important factors that influence someone to be an entrepreneurByChatur Ideas-June 1, 201805109Share on FacebookTweet on TwitterInfluential factors to becom

The factors that influence the decision to start a business
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4 Important factors that influence someone to be an entrepreneurByChatur Ideas-June 1, 201805109Share on FacebookTweet on Twitter

Influential factors to become an entrepreneur

Everyone might agree with the fact that becoming an entrepreneur is not a one day job. There is a lot of effort, time, thinking to be done during the process of becoming an entrepreneur. Anyone can become an entrepreneur today, who have an idea about the business they want to get into. While there are a few factors that are important in this process starting with:

  • The final decision of actually starting your own business.

Firstly, the idea of starting your own business is very important. Everyone somewhere in their life thinks about starting their own business but they dont really take that seriously and might end up working in a company/MNC. Many of them drop the plan of becoming an entrepreneur majorly for the reasons like the fact that they wouldnt be making an instant profit (or) they might not able to meet required funds for their business. Today, there are a number of companies whose job is to help with the funding and other formalities required for a startup, so considering the fact of threats and support, anyone can really start their own business and no need to think to drop the plan of becoming an entrepreneur.

  • Uniqueness in the business.

It is seen that if a business is unique and one of a kind in its potential market, that business would do great. So if one wants to start a business of their own and wants to become an entrepreneur, they would have to think of a unique element in their business for them to stand out of the business market. Selling a product is at one end of the business and what difference the product makes with or without given sources creates USP(Unique Selling Point)

  • Presence of Creativity in your business.

Once the business is being set up, one mightwant to present it to the target audience in such a way that would attract its target audience. That would be possible if the entrepreneur is creative enough in presenting their business.

  • Dedication

Dedication towards ones business is very important and essential. People often tend to stop continuing with their business when they dont get instant profit from their business. But the one thing that is to be taken into consideration that in a business doesnt always get instant profits, as you are building a product you are building a brand simultaneously. People respect the value you created for your brand and it will truly impact the sales and profit of your business. Always remember, entreprenure is always in a process of value addition and creative-invention, it takes time and dedication to reach that level.

If someone looks after these factors while starting their own business, they would most likely to be a step ahead in becoming a successful entrepreneur.

Chatur IdeasTeam

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