Introduction
Entrepreneurship is the process of creating, organizing and managing a business undertaking in order to get profit. The most common type of entrepreneurship is starting of new business enterprises. Entrepreneurship is exemplified by innovation and taking of risks. Entrepreneurs are essential to the nation’s growth and development. They ought to be creative in the modern times because of the stiff competition and a constantly changing market. Knowing what business to start is as crucial as running the business itself.
Current Economic Situation
In recent years, the U.S. has experienced a recession. The economy was brought to its knees and many businesses crumbled. Currently, the U.S is reeling from the hangover of the recession. Right now, consumers in the U.S. have less money to spend than they did before the recession. Consumer trends have changed with buyers opting to go for cheaper more accessible goods. As an entrepreneur, one should be creative. With innovative ideas, the entrepreneur will come up with businesses that can capitalize the market in these times of an economic downturn. Starting businesses that have low operating cost is another way to capitalize on the recession.
The entrepreneur should start an online venture such as an online store. Online ventures are easy to start and manage. By using the internet, a business person will travel very little saving costs. There is also no need for large office space which can be quite expensive. Using the internet opens the business to a large market. In online trading, customers from with internet access from anywhere in the U.S and the rest of the world will be capable of buying from an online business. Advertising and marketing will be done on social media which is cheap. The profit margins from online ventures are relatively high due to the low cost of running the e-business. Since consumers will not need to travel to the store physically, they will prefer this method because it cuts on transport costs. Online businesses will be sustainable over time because shopping trends are changing to more efficient ways.
The entrepreneur can venture into selling quality cheap imported products. Due the recession, consumers are getting it hard to shop expensively and whimsically. Consumers tend to buy goods that they feel are necessary. Consumers also opt to buy cheap products as compared to the more expensive brands. The entrepreneur can import quality cheap goods from other countries and sell them in the U.S. Low prices will increase the chances of selling the products in the modern financial situation. The entrepreneur should target commodities that are bought more frequently by buyers in the U.S. The entrepreneur must do research to know the various manufacturers outside the U.S., shipping costs, taxes imposed, quality of products and the prices offered by the suppliers. The manufacturer with then choose the supplier with cheapest prices for quality goods and one in the country from where shipping to the U.S. is cheap. This will ensure maximum profits for the business. This venture is a short-term opportunity because consumer trends are likely to revert to normal once the economy picks up.
The entrepreneur could venture into virtual assistance. Virtual assistants are entrepreneurs who work from home and provide support through technology. Services offered include technical support, administrative support and social assistance. Virtual assistants provide assistance through phones, email and fax. The entrepreneur can delve into marketing, graphic design, technology support or social media management. Virtual assistance is cheap because there is no need to rent an office. Using technology, it is possible to work from anywhere on the globe. Advertising costs for virtual assistants are minimum and operation costs are low. Such a venture is highly profitable in dire financial times. Virtual assistance is a long term opportunity because companies are turning towards cheaper methods of operation.
Conclusion
Entrepreneurship is the process of creating and running business ventures. Entrepreneurs must be innovative due to changing markets and stiff competition. Starting online ventures and selling cheap imported products and virtual assistance. Virtual assistance and online businesses are long term opportunities while selling cheap imported products is a short term opportunity.
