Weekly Challenge #2

Openness to experience (one of the 5 traits that influences the entrepreneurial performance) is to have positive attitude toward the imaginative, innovative and creative ideas and experience (Oswald, 2).  The market is extremely competitive with high “morality”, every company never stops to seize market share as much as possible. The percentage of small business’ failure rate grows as time goes on, ” approximately 20% of new businesses fail during the first two years of being open, 45% failed during the first five years, 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more” (Deane, Investopedia). Also, according to Deane, one of the major problems that cause the failure of new business is that they don’t investigate the market. He indicates that an enterprise should find an unmet need and fill it, it’s not effective to create something that is not that useful to the people and push the product or service in front of them and convince them to pay the unnecessary money. (Deane, Investopedia) The numbers shows the cruelness of the market, that’s why the outstanding enterprises have the ability to sense people’s newest needs and wants, and response it with innovation as early as possible. Always remember that people’s needs and wants forms the market, it’s easier to fill it than creating a new market, and your creativity is your effective tool to compete with others in the same market. The business stands more stably when it has excellent creativity to draw attention and be popular among its target consumers.