Summary:
Being a business owner requires many qualities including the following: creativity, responsibility, an inquisitive nature, goal oriented, independent, self-demanding, self-fonfident, risk-taking, and a restlessness for success.
Ever considered going into business for yourself or becoming an entrepreneur"
What exactly is entrepreneur? An entrepreneur is a person who takes on the organization and ownership of a business. Also accepting many risks and responsibilities in exchange for profit and personal satisfaction.
What exactly does it take to be an entrepreneur? Entrepreneurs hold many characteristics that you can pinpoint. Still want to be an entrepreneur? See if you hold any of these characteristics.
Persistence: willing to work until the job is done, no matter how long it takes. Tenacious in overcoming obstacles and reaching goals
Creativity:
Responsible:
Inquisitive:
Goal Oriented:
Independent:
Self-demanding:
Self-Confident:
Risk-Taking:
Restless:
Action-Oriented:
Entrepreneurship is the process of getting, starting your own business, or clinging to a franchise. Before starting your own business you should first and most definitely know yourself and what you want to accomplish because if you don't you'll constantly fall into a pit.
With entrepreneurship comes many rewards as well as risks, which all comes in how you pursue what you plan to do. The greatest reward is your independence and success. Many gain this success because they are highly disciplined, prefer excitement, and relate well with others. The greatest risk is losing it all before you start, which only comes when you think everything is going to be handed to you on a platter.
One of the greatest influences on a business is recognizing opportunity. Opportunity is an idea with commercial value, and commercial value is when the customer is ready and willing to buy. Thus and idea plus market equals opportunity. Business owners must constantly look for new and improved ideas to meet customer satisfaction, and must stay ahead of competition to obtain personal satisfaction.
The best way to claim these satisfactions is to follow trends. The most effective trends today are fitness and health, ethic production i.e. Hair products, clothing and indulgence i.e. foods, foods, and more foods. The best way to find out trends would be to watch the people around, the people your trying to satisfy.
Another major part in business success would be technology. It plays a major role because it provides strong advantages for business owners. It allows ample opportunity for entrepreneurs to compete with bigger business.
Once you have a General idea for your new business you need to turn it into a business concept in other words you need a business plan.
A business plan provides details of a new business so that the business can obtain financial support. The reason a business plan is so important is you can obtain the financial support you deserve and need. Banks look to see at what you plan to do and how you plan to do it. With this they determine the amount of the loan as well as the repayment rate. The business plan also serves as a living guide to help you better organize and analyze critical information. Mainly to help you remember all the details you would like for your business to contain. A "blueprint" of what's to come leading your business to both reality and a success. Another concept that will help you acquire your business in the way that you want it will be to relay a vision, the main concept of your business, which includes how you should run it, what it will become when thinking of a vision you should keep it broad so it can last through the changing times. A vision is what sticks with you whether your go through good or bad times. To obtain organization of your thoughts you will need to put these together in one of many areas. The:
Executive summary: brief recounting of the main purpose of the business
Product/service plan: presents the products and services you have to offer.
Management Team plans: presents your qualifications as well as those who will be working with you.
Industry/Market Analysis: analyze customers and competition around you.
Operational Plan: How products and services will be delivered.
Organizational Plan: legal form of the company of management personnel and employment.
Marketing Plan: How the company will make customers aware.
Financial Plan: predicts the future of financially.
Growth Plan: looks for how long the business to expand.
To fill in all of this information you will need to gather ample information as well as deal with trial and error. Once you have gathered the information concerning your business organize so you can use the information that will be useful to you and your business. Then set up a notebook to store any information pertaining to your business, also include a rough draft of your business plan.
There are many places you can receive information from if you are unsure what it is that you really want from your business. Such sources are:
Small business Administration: provides publications at minimal charge
Service Corps Of Retired Executives: provides free assistance to entrepreneurs
Chambers of Commerce: provides financial assistance
Trade Associations:Offer assistance to entrepreneurs in a specific profession.
Small business development Centers: provide informational counseling, usually located at colleges and universities.
Now that you have supplied and obtained this information you can now put everything together. But you can't forget your cover page. Your cover page should include the company name, contact person, address and phone number of company and the words Business Plan. This is your so you can make it stand out as much as possible as long it is presentable and professional. You can use business logos or color, but not to loud. Following the cover page you should always make sure you include a table of contents so that readers can find exactly what they are looking for without flipping through the plan hundreds of times. Also at the end of you plan is sure to include your supporting documents i.e. resumes of you and your partners.
Now you have finally got the business plan out of the way, how you will start, what you'll start with, and how to obtain finances as well. Question is, what type of business ownership will you have? There are three different types ownerships, which will choose"
Sole Proprietorship: one person handles it all.
Advantage: Complete authority
Disadvantage: financially binding
Partnership: Decisions and outcomes of business are shared.
Advantage: Multiple talents
Disadvantage: If one quits business fails
Corporation: A business that is chartered or registered by state.
Advantage: issuing shares or stock can raise Money
Disadvantage: Expensive to set up
For a business to start of successful as well as continue to be successful you will need customer. But How will you attract them? Will you target through e-mail television or mail? The way you Generally target customers depends on their age group. So you decide teen clothing how do you reach these teens. Simple the teen's everyday life is mainly surrounded by school television and radio. So what's your answer? Simple. To find out how to reach your customers you need to learn how to think like your customers.
This is the complete article, containing 1,117 words
(approx. 4 pages at 300 words per page).
