Entrepreneurship Essay Example | Topics and Well Written Essays - 500 words - 10

Entrepreneurship - Essay Example The video top ten business model pitfall by Ash Maurya seeks to draw the entrepreneurs’ focus from the product and its development to thinking of the whole venture as the product. To overcome the pitfalls Maurya proposes that the entrepreneurs must define what success will be and set the measure of success even before they start off. That way they can know whether they are achieving their objectives or not. The entrepreneur needs to know to what extent they wish to grow and whether it will be necessary to expand further or not. This will prevent overexpansion and operation of the business below its potential. The entrepreneur should hence define what success should look like and when they should have achieved the goal. Another mistake identified in the video that entrepreneurs sometimes make is to try to create a product that will meet everyone’s need. In the end the product may not satisfy anyone. It is, therefore, necessary that the entrepreneur should focus on a specified target market and strive to satisfy their need. In doing so, one should identify the early adopters and seek to satisfy their needs before expanding to serve others with the product. However, the entrepreneur must not be too particular since at the start of the venture, the main idea is not about executing a specific plan but experimenting to come up with a plan that will work. He should therefore not focus too quickly on narrowing down to a specific product or service as he may lose out on a greater opportunity.