Even though, the famous article titled Marketing Myopia was written by Theodore Levitt in 1975, I believe the concept proposed in the article is still very much relevant. Selling on Zazzle is easier than most people think, if you do the right things. Personally, I don’t view zazzle as a full time gig, but as a side hustle it’s alright. If you can get the right traffic to your store and you have products that can go viral. you can make a lot money. It’s not some idea that’s stuck in your head. Entrepreneurs take the idea and execute it. Entrepreneurship is about execution of ideas. Let’s take a look at the top tips shared by startup entrepreneurs, and how you can use these tips to overcome the challenges that come your way. Impact on Society and Community Development- A society becomes greater if the employment base is large and diversified. It brings about changes in society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organisation towards a more stable and high quality of community life.
The state of our infrastructure can be deemed to be a nightmare to both entrepreneurs and the rest of the country’s population. With the existing infrastructure deteriorating and in some places it is non-existent; the cost of doing business has tremendously gone up. The state of the country’s road network makes it hard for entrepreneurs in the agricultural sector to transport harvested produce from farms to processing factories. According to a report released by the World Bank, Nigeria’s pace of socioeconomic development and growth is way below what we can achieve. This is mostly because of the erratic supply of electricity which has negatively affected many businesses. The outcome of power problems has prompted entrepreneurs to generate power through expensive ways that have in turn increased their production costs and made their products uncompetitive due to high prices. Our government should put policies in place to perk up Nigeria’s infrastructure so as to promote successful entrepreneurship.
Enterprising individuals with time, money and ideas can convert the three production factors of land, capital and labor into a profitable enterprise. In economic terms, land is not just real estate but also includes natural resources like minerals, plants and animals as well. Capital is not money only but a resource that produces wealth. Labor refers to human endeavors that produce wealth. Land, capital and labor create value, but are not the sole contributors to wealth. The fourth factor of production, missed by many, is entrepreneurship. It makes the connection between the three to create something that had not existed before. This insight and creativity makes the other three factors productive and turns an idea into a profitable reality.
This is not wrong. Huge amount of money is needed to start a business using the traditional brick and mortar method. Rent and renovation costs are going to be in the tens of thousands, not mentioning the supplies and goods that you have to store in your own warehouse, and employees’ salary too(if you are hiring). These are costs that you have to pay, regardless if you made a sale or not. So, this is true that you need huge amount of money to start. Sources: The owners of Convenient business management Insurance have spent well over $50,000 to date for start up operations. Additional funding is expected to come from $100,000 commercial loan and a $17,300 working capital loan. Expenses: Create a forecast for startup expenses and one for operating expenses. Startup expenses include licensing fees and other costs that are unavoidable when starting an agency. Things like rent, electricity, salaries and budget for buying insurance leads fall under operating expenses.