when starting out it s essential to personally handle sales and other customer interactions whenever possible direct client contact is the clearest path to obtaining honest feedback about what the target market likes and what you could be doing better if it s not always practical to be the sole customer interface entrepreneurs should train employees to invite customer comments as a matter of course not only does this make customers feel empowered but happier clients are more likely to recommend businesses to others 
personally answering phones is one of the most significant competitive edges home based entrepreneurs hold over their larger competitors in a time of high tech backlash where customers are frustrated with automated responses and touch tone menus hearing a human voice is one surefire way to entice new customers and make existing ones feel appreciated an important fact given that a significant percentage of business is generated from repeat customers paradoxically while customers value high touch telephone access they also expect a highly polished website even if your business isn t in a high tech industry entrepreneurs still must exploit internet technology to get their message across a startup garage based business can have a superior website to an established company valued at 100 million just make sure a live human being is on the other end of the phone number listed few successful business owners find perfect formulas straight out of the gate on the contrary ideas must morph over time whether tweaking product design or altering food items on a menu finding the perfect sweet spot takes trial and error former starbucks chair and ceo howard schultz initially thought playing italian opera music over store speakers would accentuate the italian coffeehouse experience he was attempting to replicate but customers saw things differently and didn t seem to like arias with their espressos as a result schultz jettisoned the opera and introduced comfortable chairs instead at the heart of any successful new business is steady cash flow which is essential for purchasing inventory paying rent maintaining equipment and promoting the business the key to staying in the black is rigorous regular cash flow management and since most new businesses don t make a profit within the first year by setting money aside for this contingency entrepreneurs can help mitigate the risk of falling short of funds related to this it s essential to keep personal and business costs separate and never dip into business funds to cover the costs of daily living of course it s important to pay yourself a realistic salary that allows you to cover essentials but not much more especially where investors are involved of course such sacrifices can strain relationships with loved ones who may need to adjust to lower standards of living and endure worry over risking family assets for this reason entrepreneurs should communicate these issues well ahead of time and make sure significant loved ones are on board running your own business is extremely difficult especially getting one started from scratch it requires a lot of time dedication and often failure a successful entrepreneur must show resilience to all the difficulties on the road ahead whenever they meet with failure or rejection they must keep pushing forward starting your business is a learning process and any learning process comes with a learning curve which can be frustrating especially when money is on the line it s important never to give up through the difficult times if you want to succeed similar to resilience a successful entrepreneur must stay focused and eliminate the noise and doubts that come with running a business becoming sidetracked not believing in your instincts and ideas and losing sight of the end goal is a recipe for failure a successful entrepreneur must always remember why they started the business and remain on course to see it through knowing how to manage money and understanding financial statements are critical for anyone running their own business knowing your revenues your costs and how to increase or decrease them respectively is important making sure you don t burn through cash will allow you to keep the business alive implementing a sound business strategy knowing your target market your competitors and your strengths and weaknesses will allow you to maneuver the difficult landscape of running your business successful communication is important in almost every facet of life regardless of what you do it is also of the utmost importance in running a business from conveying your ideas and strategies to potential investors to sharing your business plan with your employees and negotiating contracts with suppliers all require successful communication entrepreneurship in economicsin economist speak an entrepreneur acts as a coordinating agent in a capitalist economy this coordination takes the form of resources being diverted toward new potential profit opportunities the entrepreneur moves various resources both tangible and intangible promoting capital formation in a market full of uncertainty it is the entrepreneur who can actually help clear up uncertainty as they make judgments or assume risk to the extent that capitalism is a dynamic profit and loss system entrepreneurs drive efficient discovery and consistently reveal knowledge established firms face increased competition and challenges from entrepreneurs which often spurs them toward research and development efforts as well in technical economic terms the entrepreneur disrupts the course toward steady state equilibrium in 2023 there were about 33 2 million small businesses in the united states nurturing entrepreneurship can have a positive impact on an economy and society in several ways for starters entrepreneurs create new businesses they invent goods and services resulting in employment and often create a ripple effect resulting in more and more development for example after a few information technology companies began in india in the 1990s businesses in associated industries like call center operations and hardware providers began to develop too offering support services and products entrepreneurs add to the gross national income existing businesses may remain confined to their markets and eventually hit an income ceiling but new products or technologies create new markets and new wealth additionally increased employment and higher earnings contribute to a nation s tax base enabling greater government spending on public projects entrepreneurs create social change they break tradition with unique inventions that reduce dependence on existing methods and systems sometimes rendering them obsolete smartphones and their apps for example have revolutionized work and play across the globe entrepreneurs invest in community projects and help charities and other non profit organizations supporting causes beyond their own bill gates for example has used his considerable wealth for education and public health initiatives overall though entrepreneurship is a critical driver of innovation and economic growth therefore fostering entrepreneurship is an important part of the economic growth strategies of many local and national governments around the world to this end governments commonly assist in the development of entrepreneurial ecosystems which may include entrepreneurs themselves government sponsored assistance programs and venture capitalists they may also include non government organizations such as entrepreneurs associations business incubators and education programs california s silicon valley is often cited as an example of a well functioning entrepreneurial ecosystem the region has a well developed venture capital base a large pool of well educated talent especially in technical fields and a wide range of government and non government programs fostering new ventures and providing information and support to entrepreneurs questions for entrepreneursembarking on the entrepreneurial career path to being your own boss is exciting but along with all your research make sure to do your homework about yourself and your situation 