Chapter 8

The Bumpy Road of Entrepreneurship

As I stated earlier in the book, the entrepreneurial adventure is a process. Whether you are dealing in products or services, the process requires that you completely understand and follow through up to the customer. In this process, the customer is what brings in cash flow; whether you’re in retail, wholesale/distribution, or manufacturing, customer service is what keeps you, as the entrepreneur, continuously strategizing on how to remain competitive. Even manufacturing companies are making customer service and satisfaction their number one priority. The same goes for service companies who continuously strive for better ways to deliver their services. Because retail business deal directly with end-users, they must consider the locations and appearances of their environment. This puts retail businesses on the high risk in terms of operation costs and time commitment on the part of the entrepreneur.

The wholesale business is a little removed from the final consumers; the same goes for the manufacturing businesses. So as we consider the process, the challenges may be different depending on whether the entrepreneur is in the service, retail, wholesale, or manufacturing business. But regardless, the process is everything that the entrepreneur does, from the product or service conception to delivery to the customers—and all the strategic decisions made along the way.

They key is that as you grow, you will have to develop processes, procedures, and plans that are flexible to changes with time. You want to remain fluid in strategic decision-making, as you will constantly do SWOT (strength, weakness, opportunity, and threat) analyses to remain competitive.

This chapter showcases the different experiences the entrepreneur will come across as he or she navigates the entrepreneurship process. Regardless of how much effort you put into planning every detail, you will need to be a creative thinker, employing speed and flexibility in responding to challenges as you meet them. Navigating the bumpy road of entrepreneurship is not for the faint of heart—it requires a great deal of perseverance...........

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