What challenges do the new generation entrepreneurs should face to ensure success in career?
Market Changes
customers can quickly find alternative suppliers who provide a better deal.
Market Research
Choosing an appropriate marketing strategy
SOLUTION
Changes in the role of technology
Businesses are starting to become virtual.
Competition
Artificial intelligence (AI)
Automation
Training program provided to employees to ensure that the employees has the knowledge, skills and ability in accessing the fast -changing technology.
Hiring professional technician to fix the problem of the system if the system fails
SOLUTION
Entrepreneur will face risks while making business decisions based on information that are not up-to-date.
Investing the innovation to build a stream of new, profitable products to market.
indirect competitors
replacement competitors
direct competitors
Targeting the same consumer, selling the same product, in a similar distribution model
Offering the same product and services, but the end goals are different.
Offering a product or service that the consumer could use instead of choosing your product and services.
Entrepreneurs should understand their competitors well.
Entrepreneurs are responsible in knowing the needs and wants of the existing customers.
Entrepreneurs need to step up their marketing due to make more effort to tell people who they are, the products and services they sell and why people should buy from them.
Entrepreneurs should keep up with developments in their sectors, follow consumer trends and invest in new technology.
SOLUTION
Work - life balance
A healthy balance between the work life and also the personal life of a person.
When a person life is out of balance, the person would not be able to excel in any areas.
Entrepreneurs become a robot that work for 24 hours seven.
Sleep, relaxation and rest is important
Entrepreneurs should not worry too much
Scheduling time properly
SOLUTION