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What is the importance of the following to an entrepreneur? • Outsourcing • Trade Fairs

What is the importance of the following to an entrepreneur?
• Outsourcing
• Trade Fairs

Answers

Kavungya
Outsourcing
• He will focus more on the core functions of the business
• The third party firms are experts in their respective fields hence the entrepreneur will benefit from quality service.
• In the long run, it is cheaper to outsource non-core functions.
• The entrepreneur can use the savings from outsourcing to invest in the business.

Trade Fairs
• They provide a forum to show case his goods and services hence market himself.
• Trade fairs offer the entrepreneur a chance to link up with other traders and build mutually beneficial relationships.
• Potential investors attend trade fairs to 'scout' for potential investments to sponsor. The entrepreneur may benefit from this.
• Through trade fairs, the entrepreneur will be in a position to assess his competition.
This will come out from other similar entrepreneurs in the industry show casing their products.
Kavungya answered the question on April 12, 2021 at 06:50

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