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How Does Entrepreneurship Relate to Business Development?

Entrepreneurship actually covers many concepts and ideas, but essentially, it requires setting up a business and developing it until it is successful. It is typically a one-person enterprise, with a single manager being responsible for all the necessary creativity and innovation. However, business development can actually apply to existing companies that require a helping hand to beat their competitors. One of the key areas that entrepreneurs should concentrate on is research.

Resourcing and Financing a New Business

A new entrepreneur will need to research how to acquire the resources they need and, more importantly, finance them. There are numerous government-backed schemes that are available for business development, and the entrepreneur needs to study them and decide which is most appropriate given their current circumstances.

The Characteristics of a Successful Entrepreneur

There are several traits that aspiring entrepreneurs will need to demonstrate before developing their business. These include motivation, persuasiveness, versatility, flexibility, and creativity. It is also essential to have a far-reaching vision of how the company will develop over a specific time span. An entrepreneur should also be prepared to take risks and make decisions that may not please others.

It can be seen that entrepreneurship and business development go hand in hand. Once the initial excitement of setting up a business has worn off, the entrepreneur must settle down to the challenging task of developing his ideas for the chance of success.