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The Bumpy Road of Entrepreneurship
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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