TODAY, being an entrepreneur is truly on the rise. Stories of success are not as far and in between as they used to and people are noticing. Of course they are representing only 2% of all entrepreneurship ventures but who is counting.
For the most parts of being an entrepreneur the road to success is very hard.so sometimes the success stories are highly over rated. In most cases, it takes working more hours than an employee, most likely at the beginning you don’t pay yourself and the ups and downs are like the world’s most intense roller coaster. The wins are few and far between, with more than 90 percent of startups failing. So, with that said, why do we do it?
If you are starting your own business to make quick money, you are in the wrong place. There is no such thing. The most common trait in hopeful entrepreneurs is passion. If you are not making money at first, you need passion to get you through those bad days. You have to want to solve an issue that you truly is important to you. If you have the right extent of passion, you can motivate others to believe in business.
Take a personal look at yourself
Before becoming an entrepreneur, determine whether you have what it takes to succeed. Take a realistic view of your strengths and weaknesses. Specifically, look at areas of capability (knowledge and experience), aptitude (skills and likes), personality (persistence, resilience). Do you have the knowledge and experience required to succeed within the chosen industry? Can you deal with failure and hardships along your path to success? Finally, ask yourself whether or not you have the financial resilience that is required
People often think of things they wish they could do differently, or imagine useful products or services they wish they had. But ask, does your idea solve a problem that people would or do care about or it is all in your head? Once you answer that – act on it To kick-start the process.
Take the risk
The most successful entrepreneurs took some risk at one point or another, you need to take calculated risks in order for business to succeed. Business opportunities will come and there is a need to develop an instinct to grad it with the unknowns that come with it, otherwise you stay stagnated
Investigate how other entrepreneurs have found success. Think about how you can incorporate their ideas, methods, or techniques into your own entrepreneurial activity. Read their books and articles. Reach out to a network of other entrepreneurs and learn from them
Have a Vision
One of the defining traits of entrepreneurship is the ability to spot an opportunity and imagine something where others haven’t. Entrepreneurs have a curiosity that identifies business opportunity that puts them at the forefront of innovation and emerging fields. Remember this vision cause it will guide you thru the hard times too.
Short term as their achievement should lead to attaining a longer term goal. Long-term success is composed of consistently meeting short- and medium-term goals. Long-term goals might take the form of a mission or vision statement for your company or organization. Ensure your goals are realistic, clear, and quantified and doable.
Succeed in a year fail in one moment
don’t hurry take the time to do things right. Entrepreneurs that rushed without building a strong foundation and implementing the correct business process that supports the idea will fail very fast. Building a business is not set in a time frame. Fast scaling can be also dangerous
Your business plan should be a strategic document outlining financial, marketing, contingency plan in a worst case scenario, corporate benching. It should describe the organizational framework, and goals of your business. Also your mission and vision statements as a starting point. The finished plan should be used as a guide to decide how to run the business.
The best way to start your entrepreneurial activity is to get a personal loan. The Business Plan should provide an investment reason to put up funds. Don’t encourage investments solely due to personal relationships as failure will lead to schisms and estrangement.
Implement your marketing and sales plan
Once you’re up and running, begin to use the marketing and sales plan that you described in your business plan. Purchase advertising space, network with local business owners, and work towards winning over your target audience as planned. Then, monitor your marketing efforts to monitor which ones are successful. Look for rises, or lacks of rises, in sales that coincidence with your marketing efforts. Ask customers how they heard of your business and record their responses.
Continue investing but Scale slowly
Don’t stop looking for new ideas on how to invest back in your business, and get complacent. If you sleep on the wheel competitors eventually will take over. Take 10% of your beginning income and put it back into your business in revenue generating activities. If you get to the stage of scaling your business you are well on your way to success. But Scaling cannot be rushed it has to be monitored and compatible to the business ability to scale in all regards: logistically, personal, financially and even mentally.. As you grow, think about
Be flexible in your thinking and you executing process. Things may and more often than not, change. Be ready to divert from the original plan an create an alternative one. Your business survival depends on adaptation. Your final product or service likely won’t look anything like what you started with. Flexibility that allows you to respond to changing tastes and market conditions is essential.
Build your product/service – until it is up to at least 90% ready for the market. – don’t go to market until 90 % of your product is ready to be presented. If you know there is a lot missing and you think you will be able to “fill in the gap” in time you are mistaken.
There can never be enough sales ! Entrepreneur must always remember that marketing, advertising, or promotional activities are completely worthless, regardless of how expensive or perfectly targeted they are, unless one simple thing is accomplished-people buy your product. EXCELLENT BD CAN ALSO HELP ENTREPRENEURS with active sales with our outsourcing sales and business development services which will include sales field agents, marketing and finding strategic partners
Manage the money sensibly
Cash flow is the lifeblood of any business. Therefore, all business entrepreneurs must become money managers to ensure that the business has enough cash to maintain itself and grow. Don’t be overly excited and spendthrift when income increases.