What factors each entrepreneur needs to take into account to ensure business success?
As an entrepreneur, there are many factors that need to be taken into consideration in order to ensure business success. First, an entrepreneur has to take into account the location. A location is a vital element in starting a business. It might be a country, region, or a locality. However, the location has to be strategic enough to accommodate the business and be economically viable.
The second factor in my perspective is the population. Every business needs a viable population to thrive. For instance, if an entrepreneur conducts a business in a country densely populated, all the entrepreneur need is a niche of that population to succeed in that business. Another factor each entrepreneur should consider in order to ensure success is the issue of a construction permit. Construction is a necessity for a company. It helps the government to ensure that a company is constructing a structure that will not pose any risk for internal and …show more content…
If an entrepreneur is involved in a production and manufacturing industry, then electricity becomes an essential commodity. Although some countries, especially in Sub-Saharan Africa, are very mature for doing business, but they lack reliable electric supply. That is a major setback for emerging entrepreneurs. For instance, I intend to establish a manufacturing business in Africa because the population is growing and really vibrant; willing to take new challenges, but a visible stumbling block is the lack of constant electricity supply. Without electricity, entrepreneurs cannot ensure any meaningful success. The fundamental difference between western countries and Sub-Saharan countries is that there is constant electricity in the west while the lack of it is reducing the potency of the emerging countries. However, this element requires efficient consideration by each