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INTRODUCTION TO ENTREPRENEURSHIP - Coggle Diagram
INTRODUCTION TO ENTREPRENEURSHIP
Differences of an online business and a traditional business
Online Business :star:
Cost effective as there is a direct link between the business and the customer
Saves a lot of valuable time for both the consumers and business that can be completed in few minutes through internet
It is easy to introduce a product on the website and get immediate feedback
The interaction between the business and the consumer is "screen-to-face"
Traditional Business :star:
Cost has to be incurred for the role of middleman to sell the company's product
It takes a lot of time to complete
It takes a lot of time and money to introduce a new product and analyze the response of the customers
The interaction between the business and the consumer is "face-to-face"
Characteristics of Successful Entrepreneurs
Passion for the business :check:
This passion typically stems from the entrepreneur's belief that the business will positively influence people's lives
Product or customer focus :check:
An entrepreneur's keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople
Tenacity despite failure :check:
Their ability to persevere through setbacks and failure
Execution intelligence: :check:
The ability to fashion a solid business idea into viable business