Several critical components contribute to wealth creation in entrepreneurship:
- Business Model: A well-defined business model outlines how a company creates, delivers, and captures value. - Revenue Streams: Multiple and diverse revenue streams enhance financial stability and growth potential. - Customer Acquisition: Effective strategies to attract and retain customers are essential for sustained profitability. - Cost Management: Keeping operational costs low while maintaining quality helps maximize profit margins. - Innovation and R&D: Continuous investment in research and development fosters innovation and maintains competitive advantage.