They may be a beekeeper who is aware of a group of people looking for locally made honey products.Įntrepreneurs who can combine multiple components of these concepts when developing a business will have a better chance of success. ![]() It could also be an enthusiastic babysitter who offers one-hour blocks of childcare at a low rate to single mothers who need time alone to accomplish errands or indulge in a little self-care. It can be as simple as selling cold water on a hot day. They target a specific group of people who have the same problem or the same needs. They look at trends and identify voids in the market. Capitalizes on an opportunity or finds a niche market.Įntrepreneurs are aware of the world around them. They may be irritated with the fact that cannister snacks are difficult to get out of the package without breaking them and devise a dispersal mechanism to assist consumers. It may be developing a prototype of a new ice scraper with their 3-D printer. They identify people’s wants and needs and find innovative ways to satisfy those wants or meet those needs. They identify the most feasible solution and devise a product or service. Creates a service or a product to solve a problem or meet a need.Įntrepreneurs explore multiple, unique and creative ideas or solutions to a problem. They may excel at math and develop a tutor service. They may be adept at small engine repair and decide to start a lawn mower repair business. It may be as simple as liking to bake and deciding to start a cupcake business. Develops a business by assessing their skills, interests and knowledge.Įntrepreneurs take an inventory of themselves and build an idea based on their findings. ![]() Let’s take a look at each of these items in greater detail. Capitalizes on an opportunity or finds a niche market.Creates a service or a product to solve a problem or meet a need. ![]() Develops a business by assessing their skills, interests and knowledge.In the simplest terms, an entrepreneur is a person that: It can also be a difficult word to describe. It is a 12-letter word that can be difficult to spell.
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