Entrepreneurship is a distinguishable trait of employing creative business practices for transforming opportunities into successful value propositions. It is not merely the creation of a new business and willingness to take risks; but signifies achieving business profitability, economic growth and using innovative practices. Shane and Venkataraman (2000) suggest that “entrepreneurship is concerned with the discovery and exploitation of profitable opportunities.”
Entrepreneurial ventures conceptually differ from small business ownerships, as the former is characterised by innovation and growth; and the latter by personal accomplishment and furthering of personal goals (Carland et. al. 1984).
Competitive advantage is a business concept describing attributes that allow an organization to outperform its competitors. These attributes may include access to natural resources, such as high grade ores or inexpensive power, highly skilled personnel, geographic location, high entry barriers, etc. New technologies, such as robotics and information technology, can also provide competitive advantage, whether as a part of the product itself, as an advantage to the making of the product, or as a competitive aid in the business process (for example, better identification and understanding of customers).
In economics and marketing, product differentiation (or simply differentiation) is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own products. The concept was proposed by Edward Chamberlin in his 1933 Theory of Monopolistic Competition.
Goal setting may involve establishing specific, measurable, achievable, relevant, and time-bounded (SMART) objectives, but not all researchers agree that these SMART criteria are necessary.
SMART is a mnemonic acronym, giving criteria to guide in the setting of objectives, for...