The additional business concept available for entrepreneurs is to test the market and identify possible sources or niches of investment. In this the entrepreneurs make room for themselves in the current market only by diversification.
Through such a concept the business find out the specific needs and requirements of the customers which are not being fulfilled by the current businesses and firms. These entrepreneurial businesses specifically reach out to the customers, provide them with the required product and service and derive premium profits from this business concept. The most of the high street shops and boutiques as well as small businesses come under this category.
The other models for the business which are available to entrepreneurs take the form of virtual enterprises which are basically online in their operations and have much smaller startup and operating costs. These also provide premium based products and services and through low cost and the high profit ratio are very successful. However it is difficult for the businesses in this concept to sustain themselves over a long period of time.
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