I be a good entrepreneur?
all want to do what we love. Starting a business is not a
bad idea and enjoying the same is all the more important.
You need to devote quality time and energy to be a successful
is not possible to eliminate all the risks associated with
starting a small business. However, with good planning and
preparation there is a good chance of success. A good way
to start is to assess your strengths and weaknesses as the
owner and manager of a business.
are your own boss
overriding reason for setting up own business is that it gives
an opportunity to be your own boss. It calls for a combination
of hard work, skill and perseverance. The thought that I will
make money for myself rather than for someone else may be
a valid reason to go for this. You will be able to participate
in every aspect of running a business and attain experience
in various disciplines.
the business start-up
capital to start a business is the most basic of all business
activities. A new entrepreneur may think that setting up capital
may not be easy. It can be a complex and frustrating process
for him. However, with proper information and an effective
plan, raising money for your business will not be an atrocious
are several sources to consider when looking for financing.
It is important to explore all of the possibilities before
you take a decision.
If you make sound business proposal you may get credit from
banks and credit unions.
The primary source of capital for most new businesses comes
from personal savings and other resources. Credit cards are
often used to finance business needs but there may be other
options for small loans.
Many entrepreneurs look to private sources such as family
and friends when starting out. Funds may be available interest
free or at a lower rate, which will definitely help during
the initial stages of business.
Firms offering venture capital help in expanding business
in exchange for partial ownership or equity.
initial stages of business can be hard on family life. Financial
difficulties may seep in until the business is settled, which
could take some time. You may have to make some compromises
with the standard of living. You will need to reprioritize
your schedule, work and personal life. The situation may demand
performing more than one function and working at odd hours.
yourself and make a list of what you like to do and what you
don't. It's a simple approach, but it should help you start
to focus on your venture. While evaluating yourself, be honest
to yourself and don't panic if you discover that you have
time beforehand to explore and evaluate your business and
personal goals and build a comprehensive and thoughtful business
plan that will help you reach your goals.
a business plan will make you to think through some important
issues that you may ignore otherwise. Your plan will become
a valuable tool as you set out to raise money for your business,
and it will provide milestones to gauge your success.
may want to start on your own, as it will lead to financial
independence, creative freedom and allows full use of personal
skills and knowledge. Think on what business is right for
you and what technical skills have you developed in life.
Try to identify your business niche. After you devise a complete
business plan, review it with an experienced person in the
business arena. Your business plan is flexible it may change
as your business develops.
characteristics of a successful entrepreneur:
entrepreneur needs to maintain his calm even in face of hardship.
He should keep in mind that losing temper will not help in
should keep themselves in good health. They need to work for
extended periods of time, and while they are in the process
of building their business, good health is a necessity.
should possess the ability to identify problems quickly in
the midst of complex situations. Ambiguity and uncertainty
should not be allowed to come in the way.
are at their best in the face of adversity, since they thrive
on their own self-confidence. Before anyone else you have
to believe in yourself and your product or services. It will
help in your approach with your future customers and suppliers.
should have a considerable amount of self-control and should
be able to handle business pressures. They should learn to
relax in stressful situations and are challenged rather than
deterred by failures.
are realistic, they accept things as they are and handle them
accordingly. They will change their direction when they see
that change will improve their prospects for achieving their
goals. They will verify any information they receive before
they use it in making a decision.
above are some of the characteristics, which may definitely
help you to be a successful businessman. The list is endless
and you may not possess all of them. If not all, even if some
of the above will help you to reach your goal.
Some steps to start your own business and make it successful
Try to be a professional from the start. Let everyone know
that you are a true professional running serious business.
Get all accessories such as business cards, a business phone
and professional email ID
Deeply enjoy what you do, whether it is selling textiles,
consultancy services or a cosmetic agency.
During initial stages have back-up income, i.e start your
business while you're still employed. This will help you in
your initial Ďhard daysí, when profits donít start flowing
Don't start a business and then think about the finance part
later. Make proper calculations and get the money lined.
Make your customer database. Do the networking and make contacts
as much as you can. You can't start marketing too soon. Getting
customers is very important.