How To Become an Entrepreneur

Business is a type of profession or an employment, in which a thing is bought and sold so that we make profit, either marginal or huge. Businesses need not be done only by selling things, but by even selling ones own talent or services. Business is an art with which a man is concerned seriously and primarily. Anybody and everybody can start a business and become an entrepreneur provided they have the interest and the talent. Businesses have their own advantages and disadvantages.

The few basic advantages are:

• You are your own boss and your own servant.

• You have the financial independence.

• You take your own decisions.

• You can use your knowledge and skills for your own benefit.

• You do not have the threat for your job.

• You do not have any supervisor to abide by.

Working under someone and some other company has its own advantages. You need not fear about the consequences of the business.The few basic disadvantages are:

• Whatever happens to business, you are solely responsible.

• If the business fails, the finance drowns and you would need to pool in some more money.

• Decisions may be deciding your fate, either good or bad.

• Sometimes, the knowledge and skills may not save a business.

• You dont have the threat for your job; however, if you lose your business, you lose your job.

• There may be no supervisor; however, your decisions would decide your fate.

Doing business is no joke. One has to take it seriously as it involves your money, time, energy, ambition, and important one, your sentiment. If one has not thought about it and planned for it, it is not at all recommended to venture a business, however small it may be. If you want success, thinking about it would not help you. You have to work hard towards it. Making fast money is also a kind of success, but as you know, money can be made through any means. In business, success indicates the stability for the coming years. Money has its own intoxicating effect, not only in business but also generally. You should be careful not to get carried away by money and stop working. If you are not financially sound, or if you dont want to use the huge amount of money in business, the best option would be to start a part time business, that is, you can accomplish your business simultaneously with your job. When you are serious about accomplishing your business.

The following points should be adhered to:

• Cut down on the relaxation time.

• Build your ideas on the business you are going to start.

• Read the experiences and sayings of people with similar business.

• Learn to endure hardships.

• Prepare yourself mentally.

• Research and investigate the possible resources.

• Then, you can start your own business and be successful.

Another point is if you want to start the business either individually or in partnership with someone. Partnership is recommended only if you are comfortable with it. You have to decide everything before you start off. If you are a person who works only according to own ideas, partnership is not a good idea. Most important fact is make sure you start business of your own idea and not of others, as you would not have done proper homework, and that would not help you. After the completion of the first step of choosing a business, now proceed to the second step of naming the business and planning. You should name your business before planning. Planning on how, where, what, and when to setup the business is the main step towards success. You should plan on what the objectives are and also the financial goals. Business concepts, financial features, financial requirements, and so on are important factors of planning. You have to design marketing strategies to market your company, however small it is, and market the product or service your company deals with. You should also choose your customers and target them with your product. Building communication skills is one of the important business successes. Then, choose the licenses, and permits for your business.

Businesses should be covered under any of insurances like the Business Property or Liability or Workers Compensation insurances. Then, prepare a budget to get the financial support. After you setup the business, you may want to manage the business by making decisions, managing employees, and setting up market & price to sell. Business can be run with or without any morals and ethics; however, the businesses without morals & ethics are prone to fall and the people running them are prone to downfall. It is always better to run business with ethics, as it gives you moral strength at the time of crisis. When your business becomes profitable, you have to pay taxes, forecast business for the coming year. The use of modern technology like e-Commerce, SAP and so on would also help your business grow.

When creating business plans, people are prone to mistakes that would cost them the business. Among them, the most common mistakes are pointed out. They are:

• Poorly written plan

• Sloppy presentation of plan

• Incomplete plan

• Vague plan

• Too detailed plan

• Unfounded or unrealistic assumptions in the plan

• Inadequately researched plan

• No risk claim in the plan

• No competition claim in the plan

• No real business plan

To correct them, you do the following:

• Thorough thinking and writing

• Thorough research on business

• Research on potential customers & competitors

• Get feedback

• Hiring professional help

Businesses need good skill set, mental strength and high self-motivation.