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3 strategies that most affect rapid growth in an entrepreneurial venture
The first strategy is using the governmental support. Each country has underdeveloped industries, which the entrepreneurs are incentivized to enhance by grants, lending equipment, and tax reductions (Muramalla & Al-Hazza, 2019). The second strategy is taking advantage of the gaps in the business environment. There are always regions where certain products are not presented (Muramalla & Al-Hazza, 2019). Accentuating this deficit and using it in the promotion campaign can increase the revenues and expand the business quickly. The third strategy is cultivating brand loyalty. When there is no shortage of supply of the needed products on the market, the business can attract attention and grow by emphasizing its attitude to customers (Muramalla & Al-Hazza, 2019). For instance, it can the same products but with unique servicing, which will enhance consumer appeal.
3 traits of an entrepreneur that most positively affect entrepreneurial growth
The most important trait is opportunity recognition. It enables the entrepreneur to spot the blind spot on the market and see if they present a business opportunity. Without this trait, the business will likely not survive a year (Beattie, 2016). The second trait is self-efficacy. It refers to the ability of entrepreneurs to directly engage in managing and the patience necessary to details. Running a business is rich in nuances, neglecting which will backfire at some point (Beattie, 2016). Finally, the willingness to take risks and innovate is essential in growth. Preferring only proven solutions will lead to stagnation without any development (Beattie, 2016). Therefore, a successful entrepreneur has to be willing to implement innovations.
3 habits of an entrepreneur that most negatively affect entrepreneurial growth
The first negative trait is the hands-off approach. Delegating responsibilities to other people without delving into details will cause the divide between the entrepreneur’s vision and the real state of business. The negative second trait is emotional decision-making. Acting on a whim rather than the practical considerations will increase the chances of mistakes. Finally, the habit of neglecting the numbers, statistics and relying on chances is also detrimental. Sooner or later, luck will fail the entrepreneur and cause unforeseeable consequences.
References
Beattie, S. (2016). Which entrepreneurial traits are the most critical in determining success. Otago Management Graduate Review, 14(1), 13-20.
Fodor, O. C., & Pintea, S. (2017). The “emotional side” of entrepreneurship: A meta-analysis of the relation between positive and negative affect and entrepreneurial performance. Frontiers in Psychology, 8(310), 1-16. Web.
Muramalla, V. S. S. R., & Al-Hazza, A. M. (2019). Entrepreneurial strategies and factors stimulate the business of tech startups. International Journal of Financial Research, 10(3). 360-370.
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