However, encouraging people to acquire vocational or technical skills in order to establish their own business can only provide permanent solution to unemployment if the entrepreneurs are well equipped with marketing skills to make their business relevant for a long period of time rather than a short period as statistics have shown that as high as 80% of small business fail during their first five years.
The high rate of business failure would only compound the unemployment situation rather than solve it.
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Entrepreneurship Essay Topics Homework In Elementary School
We have done our best to create an all-in-one academic writing guide that would assist students worldwide write better papers and reports.The paper presents some of the key problems before small entrepreneurs and challenges for future development.Due to the increasing rate of unemployment among the youth, especially school graduates in many countries of the world (both developing and developed) and its resultant negative effects on the society, many countries now emphasize...Although there are many reasons why these businesses fail, but the writer is of the opinion that inadequate market research and planning resulting from little knowledge of marketing by business owners is mainly responsible for the failure of their businesses.This paper therefore discusses the meaning, functions, and importance of marketing in a business organization and recommends comprehensive marketing training for potential and current entrepreneurs as this is believed to be capable of reducing business failure greatly.These roles include wealth creation and maximisation through, creation of employment opportunities thereby addressing the unemployment issues in our society.It has also helped in recycling of waste materials hence reducing pollution.Forecasting involves using the previous performance trends to determine what is to happen in future and therefore very essential in any business, organisation or firm.Planning refers to the prior arrangements by employees on what is to happen next.The development of Bulgarian entrepreneurial practice goes through several stages, following the historical vicissitudes that accompany our lands.Despite the difficult path of entrepreneurship development in Bulgaria, it brings the...