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7 Tips for Business Success
Many executives and other business managers often forget that they really have 2 jobs – the first is to do what they get paid for (and do it better than others). The other is to manage their career path and do what is required to ensure their...
Effective Brainstorming
Most managers simply herd some people in a room with a flip chart and call it a brainstorming session. Yet there is a definite process that maximizes the size and quality of the idea pool. While there are hundreds of valid techniques for doing this,...
Preparing A Business Plan
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of...
The Four Biggest Reasons why Businesses Fail... And How to Avoid Them Simply, Easily, And Without Fuss
Everyone's trying to make a buck - or two - on and off the Internet, these days. Yet, from the smallest home-based enterprise to multi-million dollar dotcom empires, businesses are failing, too, like never before. How can you make sure that YOUR...
Top 5 Benefits of Having a Home Based Business
1. The first and foremost major benefit of having your own home
based business during the first two to three years is the income
tax savings involved. An average family of 4 with 2 teenage
children normally save in the area of $2,000 to $5,000...
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Preparing to be an Entrepreneur
I believe the free market economy and the wealth of a community is built on the back of the entrepreneur Taking the entrepreneurial business path can be exciting, exhilarating, and an emotional roller coaster of ups and downs. There are a number of factors you should consider as you consider, prepare, and move forward into the world of the entrepreneur.
Consider your motivation for pursuing self-employment
Many people consider going into business for the wrong reasons.
– They want more free time
(You’ll work longer hours owning your own business)
– They want to be wealthy and have their own money
(Remember, you as the owner get paid last)
– They want to turn a hobby into a business
(Many times hobbies lose their enjoyment when they become businesses)
Go into business because you love business. If you can combine a love for business with another talent then you’ve got a shot at making it. Some of the most talented hobbiests make terrible business people because they don’t love business.
== personal note ==
I’m a great example of this. I love to write and I love to write about success, business, growth, and development. I love to do research and share that information with others. Unfortunately, I’m terrible at business and don’t have a strong passion for it. I’ve learned this the hard way by starting and closing a number of micro businesses. So if you love business and combine it with talent go for it.
== personal note ==
So if you believe entrepreneurship is right for you, what should you do as you begin you entrepreneurial path?
1. Make a long term strategic plan
You won’t be able to jump right in. You’ll need to look into the future and set some time tables. Consider the next year as a year for planning and preparing.
– How will you obtain funding?
– You’ll need to develop a comprehensive business plan
– You’ll need to garner the support of family and friends
– You’ll need to develop leasing, licensing, and facilities
– You’ll need to prepare for the emotional roller coaster of small business
– You’ll need to develop a debt reduction plan
– You’ll need to develop your product and/or service
– You’ll need to do some market
analysis
– You’ll need to do some feasibility studying.
== note ==
I understand that some business people don’t do all this and are successful but I also understand that the successful business people I know who’ve started their business from ground zero have done as much of this as possible to ensure greater chances of success. The more up front preparing you do, the better your chances of success and wealth creation
== note ==
Finally, there are a few educational issues that small business owners should consider. I think every potential entrepreneur should gain some level of proficiency in areas of:
– Accounting
If you know what the books are saying and can speak the lender’s language this gives you an advantage. There are many home study courses, computer tutorials
and good old fashion books that you can use to learn some basic accounting.
– Sales and Management Supervision
Selling a product or service is the life blood of business. Developing some basic skills in the areas of sales, management, leadership, and supervision will greatly
enhance your ability to grow your business. Don’t be afraid to take a sales seminar
or class. Spend some time studying good leadership and marketing.
– Continuing Education
It is vital that you stay abreast of your business and industry. You don’t want your
business becoming obsolete because you are not staying current. Take the time to
join business and trade organizations; read the journals; and study your ongoing
local business climate.
Also, take the time to learn about complimentary markets as well as
in other areas. Study areas of personal weakness. Perhaps you’re great
with numbers but struggle with marketing creativity? Spend some time
studying marketing and creative development.
If you are willing to invest the time and energy into a long term plan for the right reasons I believe you can be a successful entrepreneur. Remember, success is the ongoing achievement of a worthy goal or ideal. If you’re moving forward you’re a success.
About the Author
Darrin Coe is a weekly columnist and the author of Micro Loans: Finance Your Dreams at http://dcoe1.tripod.com/microfinance
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