What is an Entrepreneur?
Someone who decides to make his business idea or someone's business idea into a reality. Who are an initiator, a driver, and a challenger?
Entrepreneur a Starter -
An entrepreneur is someone who creates something new as a business or a company. Who is the beginning of something like a venture or project?
Entrepreneur a Driver -
The entrepreneur is the person who is the in charge of the company. An entrepreneur is the one that pushes forward & inspires a team to follow. An entrepreneur is the one who gives the direction to the company, either speed up or slow down all depend on the case & timing.
Entrepreneur Accountability & Responsibility -
An entrepreneur is entirely responsible for the destiny of its venture. Which can either be a small company or a large enterprise? Entrepreneur holds one of the highest stakes from the investment because he/she is the one who fully empowered the venture to give it a proper direction.
Joseph Alois Schumpeter (1883-1950) -
According to him, entrepreneurs are not necessarily impressed by profit or money, but they measure their standard of achievement or success.
Few Simple Words from Mukesh Ambani -
The first piece about entrepreneurship was taught to me by my father after I returned from the US. I asked him for my roles and responsibilities and my job, and he told me if I want to do a job, I have to be a manager. An entrepreneur will figure out what to do, Ambani said, recalling what his father told him.
How to Be Successful in Life - Small Business / Big Venture
We as a society who wishes to succeed, look for ways to reach that point. For us, success is having a six-digit salary, a house, and peace of mind. However, the success that we desire comes with its demands.
Success requires hard work and maintenance of what you receive. To be able to be a successful person with that excellent job or business, you need to need to be aware of all the guidelines to achieve that.
Whether you are starting a new business or trying to pump up your old business, here are a few essential details or tips that you should keep in mind.
The essential step in entrepreneurship is recognition of your abilities and passion. Doing what you love or what you are good at and doing business out of it brings back positive results. Starting from scratch at business but also learning what you are doing at the same time can be difficult.
Starting a business out of your skilled abilities can save you both time and money. In this way, not only are you actively participating in improving what you are proficient in but you are earning profit from it as well. So going for what you already know or your passions are just the better option.
2) Prioritize your activities
It is necessary for an entrepreneur to know that a successful business will demand a lot of hard work and dedication towards itself. Once you open up your own company or a small business, there are hundreds of things that need to be taken care of in the beginning.
With the passage of time, you learn to maintain things easily, but the start might prove to be a little difficult and the most important. You might end up putting in most of your hours for the workings of your company.
Some businesses start picking up customers and profit very early on, but some might take a bit of time. This completely depends on the timing and opportunity. Prioritize your business to receive the best results.
3) Know your market and market demand
The two most important things to keep in mind are knowing your market and knowing your market demand. As the two might sound the same, they both have different meanings.
• Knowing your market (Geographical location, prices of competitors)
Knowing your market is to know every little detail about it. From being aware of the nature of other business to their price ranges and the customers they are targeting. Let’s take a more straightforward example to understand this.
Imagine you are opening a shoe store in a place that is crowded with mobile shops. All of the people are already aware that the particular spot is known for having mobile stores so no one would go there with the desire of buying shoes. So knowing the nature of your market is quite important.
Let’s take another example with regards to prices. So suppose you do open a mobile store in an already crowded mobile area. Since you just started your business and you are trying to cover your costs, you decide to set your prices high.
Those rates are higher than the rest of the mobile shops. The customers will end up going to your substitute shops as no one would prefer to buy a product that is sold for fewer prices in the next shop.
• Knowing your market demand (Customers)
Knowing your market demand is being aware of what people want. You should always keep in mind to sell a product that the customers demand. Customers are the most crucial aspect of a successful business.
They are the reason for all of your profits and why your business is up and running. Giving the customers what they want ends up to their satisfaction. It will return benefits to you.
4) Planning is the key
Planning out every single step of your business adventure will prove to be helpful. Preparation is the ingredients to your main dish, without it you cannot get started on your recipe.
Before you invest your saving in one place, remember to plan every single stage of a plan and work out your expenses, long-term investment plans, outline your goals and other managerial planning.
Keep in mind that no business can work if you leave your decisions to be made on the point.
The risk taken business needs pre-worked out and pre-planned decisions to run on. Just like a building needs architectural designs to be built upon, a business needs a ‘business plan.'
5) Seek advice from former/current business people
No matter how much you have learned or observed in your past life; remember that there is no harm or foul in seeking or learning from people that have already done what you are doing.
People that are in your line of work can guide you through important matters that you might not have considered before.
Remember to keep an open mind to every opinion and considerations of others. Narrow mindedness can cost you good ideas and opportunities. Give other’s advice and lessons. It can benefit you in ways you might not have thought.
6) Remember to re-invest
You should be aware of the fact that over time the value of money decreases. This proves to be quite a disadvantage to those who save for long periods of time.
Saving can never prove to be the best strategy. That leaves room for two other options for the profits you receive.
• Spend it all
Receiving proper amounts of profit from your business can tempt you into buying that new car you have always wanted or got your dream house. Remember to keep in mind that the first few rounds of your earnings are the most important to your business.
They either cover all your costs, or they can be used to reinvest and improve the workings of your business.
Spending all your results is not the wisest decision. Re-invest your returns back into your business to keep it maintained. Sometimes, expanding might prove to be a better option as well.
7) Maintain goodwill
Goodwill is the reputation of your business. It is the way all your customers and competitors perceive the entire working of your business.
It includes the quality of your products, the way your employees behave with your customers and the efficiency of your services.
Maintaining goodwill is essential to have a successful business because no one would want to be a part of your business if your business reputation is poor. You might have noticed that every successful business or businessmen or women’s goodwill are the reason you will want to buy their products.
If your business maintains its goodwill, then this will increase to your customers. Other than customers, receiving bank loans, strategic partnerships, good relationships with your stakeholders (Suppliers, government, etc.) are other factors that can be obtained.
So we conclude that a successful business needs to be aware of all of the points as mentioned earlier. Think of these points as a checklist and keep them in mind while running or opening up a new business for successful results.