Keys To Starting Up A Successful Business
You want to start your own business? Good, check out the things you need to know before starting your own business.
Do you know what it means to start a business? Do you know what it means to be an Entrepreneur? Starting a business is easy but complicated, so before thinking of starting a business you should know what a business is and who is it that we call an entrepreneur.
What Is Business?
The word "business" is a common word in our world today which holds alot of meaning, infact I can clarify a boy of 8yrs already knows what a business is, so I won't dwell on that much. Here am going to just talk about it a little.
A business (enterprise, a company or a firm) is an organizational entity and legal entity made up of an association of people, be they natural, legal , or a mixture of both who share a common purpose and unite in order to focus their various talents and organise resources to achieve specific declared goals and are involved in the provision of goods and services to consumers.
Most important of all is the reason for starting a business: profit.
Yeah, I know some of you already have doubts that not all businesses are made for profit. That I know but I would advise you to check my "blog info" atop this post; My blog only focus on businesses with profit motives.
Typically private-sector businesses aim to maximize their profit, although in some contexts they may aim to maximize their sales revenue or their market share . Government-run businesses may aim to maximize some measure of social welfare. One thing I would like to add before concluding definitions on business: Business demands being careful.
What Is Entrepreneur?
Entrepreneurs tend to be good at perceiving new
business opportunities and they often exhibit positive biases in their perception (i.e., a bias towards finding new possibilities and seeing not met market needs) and a pro-risk-taking attitude that makes them more likely to exploit the opportunity.
Entrepreneurs act as managers and oversee the launch and growth of an enterprise. In other words, entrepreneurs are leaders in their own stage. The term entrepreneur implies qualities of leadership, initiative, and innovation in new venture design.
An entrepreneur is willing and able to convert a new idea or invention into a successful innovation.
Talking about all of this and all of that, you should also know that this is also applicable to online businesses too. Entrepreneurs are entrepreneurs no matter what form of business is being taken (big or small), as long as you are the owner of that business, you are an entrepreneur.
How is it that you are qualified to call yourself an entrepreneur?
The term entrepreneur is defined as an individual who organizes or operates a business or businesses and also entrepreneurs are seen as "risk takers and planners".
Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit".
Questions you need to ask yourself before starting your own business.
I know we have talked about what business and entrepreneur is, but that isn't all there is to it. Seriously speaking, I can only clarify that there is no end to it at all, wanna know why? Hmm let's just say business and entrepreneur are just like a "circle which is round with no beginning and ending to it".
Some of you might accept with me when I say, "there are people or some of us rather who have ideas on how to create something but due to lack of funds we have to abandon that idea". When I said some, am referring to those of us with not enough money to start what we wanted, at last not everybody is made rich or born rich. But must you give up? Being an entrepreneur or starting a business of your own really is not something to joke about, "The more you go, the more challenges and set-back you will face". It's just a natural law of business; The more you climb, the higher you see, but what happens when you climb too high and look down below? Hmm the ladder is higher than you thought?
The things am gonna share now are not new to some of you but I hope it helps too. Before setting up a business or starting a business, there are things you need to take note of before going into such business of your choice:
Some of you might accept with me when I say, "there are people or some of us rather who have ideas on how to create something but due to lack of funds we have to abandon that idea". When I said some, am referring to those of us with not enough money to start what we wanted, at last not everybody is made rich or born rich. But must you give up? Being an entrepreneur or starting a business of your own really is not something to joke about, "The more you go, the more challenges and set-back you will face". It's just a natural law of business; The more you climb, the higher you see, but what happens when you climb too high and look down below? Hmm the ladder is higher than you thought?
The things am gonna share now are not new to some of you but I hope it helps too. Before setting up a business or starting a business, there are things you need to take note of before going into such business of your choice:
- Why Do You Want To Start?
That's really an important question you need to ask yourself if you want to start a business of your own. So why do you want to start a business of your own? Is it Because of motivation? Is it because you like the idea of being free to do your own things? Is it because you got an idea? Is it because of money? Is it because you wish you could start your own business too? Is it because of an opportunity? Is it because you like the idea of leading people to work for you? Is it because of your friend?.
I tell you, there are lot and lot of reasons why people start a business but do you know that the reason for starting a business determines it success?
So before starting a business you should ask yourself why exactly do you want to start? What is your area of focus? What is your set up goal you want to achieve? Who are ones your business is targeted to? How do you want people to know you?
- How Do You Feel About The Business?
Hmm I do know there are some who start a business despite not liking such business yet they succeed and gain their money. If those kind of people want to talk to you about "feelings for business", ofcourse they would say "as long as money is in it, then why shouldn't you start it".
Truth be told I kinda half agree with that because it's not easy doing a business your heart and mind agrees with but sometimes it's just that our dream is too big that what we actually love to do demands not a small amount to start it at all.
You want a business of your own right? Good but how do you feel about it? Let Passion be your drive, ambition and the love of what you do and who you serve. Let it provides you with a very special view of the world that others often don’t see. Passion Is One Of The Most Effective Motivators When It Comes To Launching A Business – And Often One Of The Strongest Predictors Of Whether An Idea Will Lead To Success Or Not.
I know there are some of us doing things we don't have passion for but so what? Isn't that your business now? Then try to create a passion for it but how?
If you have an idea that might work in an area that you’re not passionate about or you are doing something you're not passionate about, instead think about ways that you could apply it to a sector that does excite you, am sure that can help to create a passion for what you do.
Truth be told I kinda half agree with that because it's not easy doing a business your heart and mind agrees with but sometimes it's just that our dream is too big that what we actually love to do demands not a small amount to start it at all.
You want a business of your own right? Good but how do you feel about it? Let Passion be your drive, ambition and the love of what you do and who you serve. Let it provides you with a very special view of the world that others often don’t see. Passion Is One Of The Most Effective Motivators When It Comes To Launching A Business – And Often One Of The Strongest Predictors Of Whether An Idea Will Lead To Success Or Not.
I know there are some of us doing things we don't have passion for but so what? Isn't that your business now? Then try to create a passion for it but how?
If you have an idea that might work in an area that you’re not passionate about or you are doing something you're not passionate about, instead think about ways that you could apply it to a sector that does excite you, am sure that can help to create a passion for what you do.
- What Do You Want To Offer?
After knowing why you want to start a business and your feelings about the business, then what do you want to offer? Business is all about give and take, you give me, I give you, that's just how things work in business.
Am sure you already set a aim for yourself that you want to make profit in your business and that's a good aim but what do you want to give out inorder to get your profit? Hmm that's kind of a difficult question in some perspective, why?
The things you want to offer, is there any other person that's offering such things already? That's really an issue you have to face when considering what you want your business to offer but it's still possible to offer what others are already offering and still make your own profit, even might surpass those already offering such things before you.
What you want to offer is very important in the business world because if you have nothing to offer then you have no right to say you're an entrepreneur of a business.
Every new business starts with an idea.
Maybe there's something you're really knowledgeable and passionate about, or perhaps you think you've found a way to fill a gap in the marketplace. Wherever your interests lie, it's almost guaranteed that there's a way to turn it into a business. Once you've narrowed your list of ideas down to one or two, do a quick search for existing business in your chosen field. If you think your business can deliver something other businesses don't (or deliver the same thing, but faster and cheaper), you've got a solid idea and are ready to create a business plan.
Am sure you already set a aim for yourself that you want to make profit in your business and that's a good aim but what do you want to give out inorder to get your profit? Hmm that's kind of a difficult question in some perspective, why?
The things you want to offer, is there any other person that's offering such things already? That's really an issue you have to face when considering what you want your business to offer but it's still possible to offer what others are already offering and still make your own profit, even might surpass those already offering such things before you.
What you want to offer is very important in the business world because if you have nothing to offer then you have no right to say you're an entrepreneur of a business.
Every new business starts with an idea.
Maybe there's something you're really knowledgeable and passionate about, or perhaps you think you've found a way to fill a gap in the marketplace. Wherever your interests lie, it's almost guaranteed that there's a way to turn it into a business. Once you've narrowed your list of ideas down to one or two, do a quick search for existing business in your chosen field. If you think your business can deliver something other businesses don't (or deliver the same thing, but faster and cheaper), you've got a solid idea and are ready to create a business plan.
- Do you have plans for your business?
Having known why you want to start and what you want to offer in the business, so what plans do you have? A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them.
Making out a plan for your business is very important before making your business known to the public. A good teacher of mine once told me,"you can't go into a battlefield without preparing, so also you can't start a business without a proper planning".
A business plan really plays a role in the success of your business, so are you knowledgeable enough to form your own business plan? .
- What Do You Wish For?
Talking about a business plan, what exactly do you wish for? What do you want to achieve in your business? Before starting a business you really need to ask yourself what exactly you want to achieve from starting such your business.
No doubt your aim is making profit but is that your only wish?
Alright I will list out some of things people wished for in their business:
1. I wish my business could grow faster.
2. I wish my business becomes the major business in my country.
3. I wish to be popular.
4. I wish my business also becomes part of the major businesses in the world.
5. I wish my business could become a company of its own and alot more.
Those are some of things people wish for when starting a business, so is yours part of the ones I listed above or you still got ones that's more greater than that? You should ask yourself this before fully going into business, it helps you to know the path your business should take.
Hope that helps you in making out the right decision before starting your own business,still needs help?
Would love to hear from you
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