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How to Start Your Own Business and Succeed

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how to start your own business

Before you start your own business, here are some very important to-do list which are basic to a business start-up that intends to stay in the market.

Make a business plan

A solid business plan will guide you going forward. It will be needed for presenting your idea to potential investors. A business plan is a document that contains a detailed information about plan for the company for the future. It should contain a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation. Preparing this document forces you to organize your business idea properly. You can’t just start a business because something is in vogue and you think commercializing it will make money. Develop a business concept that you’re passionate about. Next, come up with a product or service that you believe can enhance the people’s lives.

Read: How to write a business plan for your business

Define Your Market

You also need to be informed about your market. Determine the demand for the product that you are planning to offer the market. Again study your competition to figure out how your product can be different and unique to set a pace for competition.

Strong Mentality

You have to prepare yourself mentally. Starting a company is not easy. You need to prep yourself to withstand the challenges it comes with and be ready to travel the long journey. Every entrepreneur encounters rejection or unexpected problems, so prepare yourself to handle issues head on. Be prepared to deal with setbacks.

Read: Want to become an entrepreneur with no business background

Do the Math

Calculate the amount required for your startup. Every start up requires an initial fund. “Cut your coat acceding to your size“. Start with the little you have. Another alternative is to go in for bank loan. But that is not advisable because, bank loans are expensive and it gives you a limited time to pay with huge interest. Starting a new business, you cannot afford to use your first profit to settle bank debt. 95% of small businesses fail before the 5th year. If you start with the little you have you can use your profit to revamp your business. That way your business start to grow to make more profits for you.

Branding

Branding is very important. Create a unique identity for your product through building and internalizing your elevator pitch. Meaning you know just what to explain to anyone who may ask what your company does, in detail.

Then make sure you secure your product. Establish Ownership of your product brand. You can register your product (trademark or copyright). It would be very sad if someone steals your product and take credit for all your hard work.

Read: How to get your branding noticed

Now go and start work.

Entrepreneur

How to Determine if You’ll Be A Successful Entrepreneur

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successful entrepreneur

To become a successful entrepreneur you need a purpose. But what really is purpose?  The entrepreneurs think differently because, he does not accept what the whole society tells him as certain. He questions things. The sole consequence of questioning things makes him believe that, perhaps, he’s able to have a whole new level of impact at a specific point, something that is really important. As an entrepreneur, you must feel like you’re on a mission. That’s the kind of purpose I’m talking about.

Read: 10 Bad habits that successful entrepreneurs avoid

An entrepreneur has determination; it is the capacity to put your mind to one thing and not let go until you finally make it. No matter how hard, how tough, and how many times you fall, you must keep pushing forward day after day.

An entrepreneur is a leader. No one starts something new, something different, no one puts his time, effort, and money into something that breaks through conventional society thinking, without being a good leader.

Read: Want to become an entrepreneur with no business background? Try these

An entrepreneur needs flexibility or agility: it is the capacity to adapt to circumstances.  Creating and running a solid business brings new and different challenge. But in all these you must be able to break through the ice and overcome these challenge.

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Entrepreneur

10 Bad Habits That Successful Entrepreneurs Avoid

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Successful entrepreneurs

Successful entrepreneurs have habits that make them successful. They practice these habits each day. They also have habits that they avoid at all costs, knowingly or unknowingly.

  1. Too much fear of failure

Fear can be a good thing. Having some fear of failure keeps you healthy in the world of business. However too much fear is just the opposite. Remove fear. They are intense so much that it puts you at the point that you avoid or delay decisions. This is very difficult for some people to master. Successful businessmen over the years have conquered fear. They have learnt when to face the fear and turn it into winning ways. They have also learned when to turn back and pursue a better option; one with less risk. Those who master fear are those who often reap the most benefits.

Read: Don’t let fear of your idea being stolen hold you back

  1. Not having fun

Having a little fun with your work relieves you of so much tension and stress. You often won’t find this mistake on many lists because many people would not consider it a skill. There is no prescribed way of having fun. Make your job fun in your own way and you will never hate your job. Successful entrepreneurs often view their workplace as a place of fun. A place where they work and have fun at the same time. A good blend of fun with work, yields better-than-normal productivity.

  1. Decision paralysis

The ability to make decisions is a core skill that every business person must possess if he or she wants to be successful. Decisions on how to proceed with marketing, funding, product production, vendor selection, and a host of other judgments need to be made. Don’t be afraid to make decisions. Make the decision even if you make a bad one. What is important is to focus on learning from mistakes.

Read: 9 Habits that may help you become a billionaire

  1. Dislike dealing with people

No matter what business you’re in, “you’re in the people business”. How true that is! Whether dealing with customers, vendors, investors, the press, or employees, continuously developing your people abilities to deal with people the right way can mean the difference between success and failure.

  1. Being too conservative

Never settle for the ordinary, even if it means a little controversy. Don’t be afraid of ticking someone off if it is for the greater good.

  1. Afraid of asking for help

Everyone in this world needs help, no matter how self-sufficient you are. Don’t be ashamed to admit when you don’t know something. Find an experienced entrepreneur like a mentor to help and guide you. Listen to feedback from your mentor and others. Sometimes you’ll get some bad inputs, but learn to filter.

Read: 7 Important lessons i learned when starting my own business

  1. Inability to innovate

Innovation is vital to the continual success of a company. Be sure never to stop innovating. Be creative and try new ideas.

  1. Inability to anticipate

The ability to project into the future and build a plan to accomplish your objectives is a skill that will take you far as an entrepreneur. Effective planning is what will guide your business and ultimately define what you’re all about.

  1. Little attention to time management

. Your time is very valuable, make the most of it. Allocate time to your daily activity.

Read: Good communication is the top skill HR managers value

  1. Weak communication skills

The skill of communication plays a role in the execution of all of the other skills above. If you don’t have this skill, none of the other skills will be fully developed, no matter how hard you try.

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Entrepreneur

Want to Become An Entrepreneur with No Business Background? Try These

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Successful Entrepreneur

You don’t have an MBA or any business background and have just started a small business but you are facing certain challenges which you are clueless on to how to solve them. There is no need to panic. These are a few advice that will help a young entrepreneur deal with these challenges.

When you are starting a small business you don’t have to invest thousands of cedis in it. That is not what makes it successful. It is rather very risky to start a business with a huge upfront cost and minimal revenue trickling in over a long period. Remember you are only just starting. Start small, with a relatively wise investment. That way, management is easier and effective.

Read: Passion is fuel for your business

First of all familiarize yourself with the business law and marketing strategy that work in the locality you are establishing yourself.

A financial report is very essential. A cashflow statement doesn’t take time to prepare .It is simply a report with detailed information about the cash that went in and out of the business account. With a financial report you are able to track just exactly when your business starts making money. This way you are cautious not to run the business at a loss.

Read: 20 Reasons small businesses need accountants

Never underestimate your business no matter how small it is. To stay motivated you can talk to people with a lot of experience in the business field. Look for people who have had a lot of success with their business and ask for their advice.

Networking is very important. Many great opportunities grows from your network with other business owners. So make friends. You can grow your network easily by attending social events for investors and entrepreneurs. Conversations you have in such places are filled with very valuable information. You also get the opportunity to share your challenges with them and get in-depth responses on how to rectify them.

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