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Managerial skills and entrepreneurial experiences are also important once the venture starts growing. Previous start-up experience is a relatively good predictor of starting subsequent businesses.
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Moral-Support Network
It is important for entrepreneurs to have a cheering squadindividuals who provide psychological support. Friends can provide honest advice, encouragement, understanding, and assistance. Relatives can be strong sources of moral support, particularly if they are also entrepreneurs.
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Professional-Support Network
Entrepreneurs need advice and counsel throughout the establishment of the new venture which can be obtained from:
Mentors. Business associates. Suppliers. Trade associations. Personal affiliations.
Minority Entrepreneurs
There has been significant growth in:
Female self-employment, with women starting new ventures at a higher rate than men. The number of Asian, African American, Hispanic, and Native American majority owned firms.
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Step three:
Use of technology to ensure organizational flexibility.
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Step five:
Develop ways for the organization to get closer to its customers.
Step six:
Learn to be more productive with fewer resources.
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Step eight:
Tie rewards to the performance of the entrepreneurial unit.
Finally:
Implement an evaluation system that allows successful entrepreneurial units to expand and unsuccessful ones to be eliminated.
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