Management Skills and Abilities. The abilities of being an entrepreneur
Invention: This is the effort that is involved in creating an entirely new product or service. Although, it is difficult to achieve, but once a successful invention is made, a lot of profit could be realized especially when such invented product is protected with patent or copyright. It may take sometime before competitors can skirt the legal protection.
Innovation: Innovation means an improvement in a product or service that has been in existence through other marketers. Such product or service can be improved in quality, colour or performance to ensure maximum satisfaction of consumers. The effort required here is to monitor the changes in the environment especially in customers' taste and preference in relation to a particular product or service. Changes that are necessary may be an addition to the product features or any other necessary improvement that would enhance customers' satisfaction or assist in increasing rate of usage and attraction of prospective customers are identified and made. By this, an entrepreneur can create his own market.
Extension: This means increasing the basic functions of a product or service. For a product to perform additional functions certain improvements or adjustment may be necessary. Apart from this, major promotional tools would be required to communicate with customers about the added benefits in a product or the distinctive or superior features of the product or service.
Ideal Linking: Ideal linking is an entrepreneurial effort required in adjusting a product to perform an unmanageable function due to a known original purpose. Making an air transport vehicle to move on the water is a good example. This requires a deep and great research and development effort in big companies.