Firstly, the entrepreneur needs to have a business idea, management knowledge and skills and resources.
The entrepreneur should find an area required improvement or a gap in the market in compliance with her/his own knowledge and experiences or (possible) resources and she/he should present it as a business opportunity in the first place.
Secondly, the entrepreneur has to have management knowledge and skills to put the business idea into practice. She/he needs to learn technical and functional management skills required by the business or she/he needs to be organized by finding persons who already have these skills. Also, she/he needs to have sufficient bureaucratic knowledge for establishing a business and business management.
Finally, the entrepreneur needs to have both financial resources and crucial resources such as knowledge and skills, business office, equipment, materials and time. In the previous article, it was mentioned where financial resources may be found at. In the next article, you may find additional information about “business incubators” established to provide resources such as business office or knowledge and skills.
The entrepreneur can increase the chance of her/his enterprise success by improving herself/himself in technical and functional, planning and management fields. Alternatively, the entrepreneur needs to bring those who already have the knowledge in these fields together and coordinate them successfully.
> Technical and functional knowledge may be as follows: marketing, sales, financial management, project planning and control, product design.
> Planning knowledge may be as follows: determination of general strategy, determination of opportunities and problems, determination of extent of business, actual outcomes monitoring, comparison of these outcomes with plans, comparison of actual incomes and expenses with intended incomes and expenses.
> Management knowledge may be as follows: leadership, communication, problem solving, employment, employee training, employee assessment, guidance and rewarding.
> Entrepreneurs may face problems unless they make preparations and investigations enough before they establish a business. To avoid these potential problems, entrepreneurs have to conduct the pre-assessment process carefully, then they have to pay attention to feasibility researches.
> You may have unforeseen problems during preparation and establishment processes.
> Business systems may fail to satisfy if there are constituted following insufficient feasibility research.