Entrepreneurship: Strategies, Traits, and Habits

Entrepreneurship
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1 What 3 strategies can most affect rapid growth in an entrepreneurial venture? Explain your reasoning.
The three strategies include diversification, product development, and pricing. Diversification strategy involves entering a new market. This strategy can help boost business growth by market share as well as sales and revenue (Nazarkina, 2012). It also helps in the utilization of business resources. Product development strategy promotes entrepreneurial growth by introducing new products or modifying the existing ones. Doing so enables entrepreneurs to gain a competitive edge and keep up with the market changes and trends. A pricing strategy can affect growth positively or negatively based on its impact on profit margins and sales volumes (Nazarkina, 2012). For instance, higher prices can increase profits if sales volume is not lost. However, higher costs that reduce sales volume can decrease profits.
2 What 3 traits of an entrepreneur can most positively affect entrepreneurial growth? Explain your reasoning.
The three traits are creativity, risk-taking, and open-mindedness. Creativity enables an entrepreneur to come up with something new, including innovative products and...