The concept of entrepreneurship has been around for several hundred years and has evolved greatly since first being introduced. 1.) Taking Risks: They take risks after they have discovered viable business opportunities. They already know that business ideas which have got high risks are the ones which yield high profits. Generally speaking, successful entrepreneurs have taken risks to be where they’re now. In addition to growth strategies, in the 2002 Journal of Business and Industrial Marketing, Henson and Wilson discuss the extreme changes that have occurred in the financial service industry and how many firms are trying to develop and execute successful strategies based on innovative technology and customers. Aside from the regular ups and downs of the financial world, technology and innovation will always prevail as the win-win for the financial service industry. Because online banking has become the norm for most customers, technology will be very important in these firms’ strategies. Entrepreneurs and entrepreneurship are the catalysts for value creation. They identify and create new markets, as well as foster change in existing ones. However, such value creation first requires an opportunity. Indeed, the opportunity-driven nature of entrepreneurship is critical. Opportunities are typically characterized as problems in search of solutions, and the best opportunities are big problems in search of big solutions. The greater the inconsistencies in existing service and quality, in lead times and in lag times, the greater the vacuums and gaps in information and knowledge, the greater the opportunities (Timmons, 1999).â€ In other words, bigger problems will often mean there will be a bigger market for the product or service that the entrepreneur creates. We hope you can see why the problem-solving, opportunity-seeking nature of entrepreneurship is a fundamental building block for effective principles of management. This financial, economic, currency, and trade information is very important and even critical in our current global economy. Do I ever disagree with the data in Survey of Current Business? Not often, sometimes I disagree with the assessments, but I’d have the same comments were I to read the FED’s Beige Sheet, a GAO report on Trade, or even research from the OMB, which also has something to do with politics of course. E-commerce marketing strategies are also gaining a lot of popularity, since they are low-cost ways to advertise. There are specialized business consultants who develop websites for companies and implement effective strategies to create traffic that generate revenues for the company.