Has an entrepreneur your role is to get to know about the environment where your business will flourish even in the midst of competitions, successful entrepreneurs tries to answer this three hard questions that adds value to the quality of the society.
1. What is to be produced?
Since two-thirds of the total production of goods and services focus on the consumer sector, consumers comprises the group who determines what is to be produced. The entrepreneurs take note of consumer needs,analyses them and takes decisions on what to produce.
2. For whom is it to be produced?
In the economy, the "For whom " question is generally defined as whoever has the most money to buy items which are made from the factors of production. Generally speaking, the people with the most money are those who own a successful business (consumers want their goods and services) and/or those who are in occupations in high demand (business want their skills).
3 How will it be produced?
This is determined with the consumer in mind,primarily through the interaction of business and consumers. For example, the Rolls Royce is a luxurious car made with high expenses and lasts a long time. Many consumers however cannot afford a Rolls Royce. Entrepreneur note this point and produce less exclusive cars at a lower price in order to satisfy the needs and wants of those who cannot afford a Rolls Royce.
It has been said that "if someone builds a better mousetrap,the world will build a path to his/her door." In a market economy there is a "golden opportunity" for profit",recognition and services for a better service than others. It's the job of a business personnel who wants to be successful to provide a little extra service,a little better product.
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