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The pandemic has upended our perception of remote work. More professionals than ever before are spending time working from home and even working while traveling. This creates a unique opportunity for entrepreneurs looking to start an Airbnb.
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The entrepreneur inside of you might see this new shift to work-from-home as an opportunity to create an enticing oasis for professionals. Maybe there are several large events or seasonal sports in your area and you see this as an opportunity to provide a rental space for visitors. Or perhaps you find yourself wanting to travel for extended periods of time and would like to recoup some of your expenses by renting out your house.
Many successful enterprises are strong at product innovation which helps to meet customer expectations and keep abreast or ahead of competitions. Product innovation always boosts the upgrading and transformation of an enterprise. To strengthen product differentiation, we must continually develop new product, improve product design, and use new technology and environmental friendly materials. Due to the severe competition in office furniture industry, POSH focuses more on "value" rather than "price". In the past, traditional steel office furniture was static and bulky. Today, POSH pays more attention to the aesthetic value, creates functions of furniture in various styles. Besides, our furniture are smartly designed taking into account the environmental issues, such as encourage waste reduction, the use of recycled material and improve disposal methods of waste generated in production. As such, our products are not only ergonomically designed for comfort and health but also solving the environmental, education, housing, logistics and transportation and other social problems. Our staff members were trained and empowered to serve customers by "Better Design, Better Environment". Given the rapid ageing of the Hong Kong population, I believe that more enterprises will proceed with designing products catering for the elderly and were innovative and of high quality to grasp the opportunity.
Organisational innovation is prerequisite of successful business. In order to excel in the highly competitive market, enterprises must ensure their business and management models and vocational education and training programmes move with the times. Business leaders should equip themselves with innovative leadership, and capitalise on their own strengths while harnessing the capabilities and assets of others with a view to climbing to the top of the market. Being the CEO and the Chief Designer of POSH, I ran the business and made recommendations from multiple perspectives. As early as the 1990s, POSH had entered a dealership arrangement with Herman Miller to market its products in Hong Kong and mainland China. In 2008, POSH formed an international strategic alliance with Herman Miller to bring about mutual benefits. POSH assisted Herman Miller in tapping the booming mainland market, meanwhile, POSH used Herman Miller as the gateway to grow its international business. Besides, in 1997, POSH had developed a new franchise concept in office furniture industry in Mainland and explored to expand into international markets. Today, POSH has over 20 retail outlets in major cities of the mainland, including Shanghai, Beijing, Guangzhou and Shenzhen.
The topic of entrepreneurship currently experiences a revived interest as is shown by the research agenda of today's empirical researchers. There are few issues in economics which are backed up by such a rich historical knowledge base as is the case with entrepreneurship. This paper aims to give an overview of some important classic contributions relating to today's and tomorrow's empirical research subjects. The overview consists of answers to six research questions by six historical contributors to entrepreneurship research. Together, these questions give some insight into the determinants of successful entrepreneurship. The classic contributors considered are Cantillon, Say, Marshall, Schumpeter, Knight, and Kirzner. Their views are compared to each other as well as to some recent results of empirical research into the determinants of successful entrepreneurship.
Are you looking to grow your handmade business and take it to the next level? The Handmade Business Handbook is a must-have resource for anyone looking to start or grow a successful make-to-sell business. Whether you're a seasoned pro or just starting out, this comprehensive guide will provide you with all the information and insights you need to succeed in today's competitive market. The Handmade Business Handbook is packed with valuable tips, expert advice, and real-life examples to help you on your entrepreneurial journey.
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Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. An entrepreneur's ability to remain curious allows them to continuously seek new opportunities. Rather than settling for what they think they know, entrepreneurs ask challenging questions and explore different avenues.
Despite this, successful entrepreneurs must prepare themselves for, and be comfortable with, failure. Rather than let fear hold them back, they allow the possibility of success to propel them forward.
Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and some ventures fail altogether. Part of what makes an entrepreneur successful is their willingness to learn from mistakes, continue to ask questions, and persist until they reach their goal.
Many ascribe to the idea that innovation goes hand-in-hand with entrepreneurship. This notion is often true. Some of the most successful startups have taken existing products or services and drastically improved them to meet the changing needs of the market.
Are you interested in learning the ins and outs of entrepreneurship? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.
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Individuals often resort to entrepreneurship for one of the following reasons; they find a market niche and have the solution to profit from such niche; they have been unable to find suitable employment or a suitable means of income and therefore have resorted to using their creativity to generate an income for themselves; or they have the technological know-how and the financial resources (or able to source all of the above) necessary to generate income by satisfying a need in the marketplace. Irrespective of which of the above led an individual to become an entrepreneur it is clear that innovation and creativity is the driving factor and therefore, it can be stated that the biggest impact of entrepreneurs to an economy is the innovative contribution that they make.
Another positive impact of entrepreneurship on an economy is the increasing level of competition as new entrepreneurs join the fray in existing domestic markets. While one may venture to say that this will only lead to market saturation, the upside of such a phenomenon is that it causes all the players in the market to re-evaluate their operational capabilities, increase value addition, lower costs and become more efficient. Thus it can be stated that competition reduces the likelihood of monopolies and oligopolies in the marketplace and is beneficial to the customer and the economy as a whole.
One of the advantages of increased competition in an economy is that individuals and firms continue to source methods that can better improve their operations, use resources more efficiently and most importantly reduce costs while adding value. All this often results in an increase in productivity in an economy and an increase in the gross domestic product (GDP), which is indeed a benefit for the economy. While opponents tend to state that when productivity increases the unemployment can often increase, thus reducing the positive impacts, it is the opinion of the writer that increased productivity leading to increased unemployment will then cause more individuals to be creative, find niche markets, become entrepreneurs and begin generating more employment opportunities, thus re-inventing the wheel and driving the economy forward. 041b061a72