Entrepreneurship is important because it helps bring new products and ideas to the market. Some of the most important inventions only came to market because entrepreneurs took significant risks.Know More
Primary research is important for creating new products and offering new services, but primary research alone isn't enough to create items people use. A common example is early computers. While computer theory has a long history, it took entrepreneurs offering products users enjoy to spark practical computing. Many of these computers flopped, but many led to technological breakthroughs that still guide modern computer use.
However, it is important to realize that entrepreneurship differs from large companies offering new products. While early Apple computers were influential, it was IBM PCs using Intel processors that would eventually come to dominate the industry. By the end of 2007, Apple had switched entirely to Intel processors.
Entrepreneurship is often credited with sparking modern capitalism. Because the rewards of launching a successful product are so great, people are more likely to risk the money needed to bring products to the market. While few of these products succeed, those that do can have profound effects on society as a whole. Without this innovation, science, research and culture would not be as advanced as they are.Learn more about Managing a Business
Planning is important in management because it allows managers to use resources efficiently and prepare for the unexpected. It also helps managers determine the right goals to seek. Proper planning helps employees at a company know what they should be trying to accomplish.Full Answer >
Professionalism is important because it can lead to better company standards and higher success rate for employees and can help to create better relationships with clients and coworkers. Professionalism is important to have at any level of the corporate ladder.Full Answer >
Constructive criticism is important for everyone to receive and give because it promotes communication and excellence in organizations and personal growth. By hearing about areas that require improvement, individuals have the ability to change and become a better person or employee.Full Answer >
Stock control is important because it prevents retailers from running out of products, according to the Houston Chronicle. Stock control also helps retailers keep track of goods that may have been lost or stolen.Full Answer >