Perks of Being A Successful Entrepreneur
Values you should have to be successful and the benefits of being a successful entepreneur
What is an Entrepreneur?
An Entrepreneur is a person undertaking a project or a business venture and the one responsible for success and failure of a business.
How does one become an
1. Think of a great idea. Most businesses start with one compelling idea — whether it's a service people need, a product that would make life easier, or something that combines both. Remember that ideas don't matter, it's what you do with them that counts!
A. If a great idea comes to you, evaluate if it is realistic. Think of cost, manufacturing time, and popularity.
B. Always be open to different ideas. Ask and record if people would actually buy the product.
C. Choose a topic or product that you believe in. Your commitment to your product is necessary for motivating and maintaining long hours, patience, and persistence. After all, this could be the rest of your life. Spend it doing something you're proud of.
2. Know your target market first. Before you spend a penny, validate your market. Who are they? How many of them are there? What are their habits?Brainstorm a list of things like places they shop, things they like, and things you like. Narrow the list down to about three items, keeping cost, manufacturing time, and popularity in mind. Find the easiest, most realistic product you can offer.
3. Write a business plan. Include details and descriptions, and plan everything out realistically. Take your time and evaluate your product at each section. The sections of a good business plan include:
A. Product description: develop your product. What will it look like? What materials will you need? Make your product eye-catching.
B. Market Analysis: Who is your market? Where do they shop? Where are they located?
C. Competition: Who is your competition? What are their strengths? How will you beat them?
D. Marketing: How will you market your product? What kind of image do you want to display? Where will you advertise? What is your tagline? What is your packaging like?
E. Sales: Where will you sell? How will you get your customers to buy? When will you sell? What is your estimated sales forecast?
F. Manufacturing: How do you make your product? Explain this in detailed steps. What materials do you need to make your product? When and where will you manufacture? What is your COGS (cost of goods sold)?
G. Finance: how much money do you need to start your business? What is your gross profit?
G.1. The main thing is to make at least one customer happy and to complete the entire cycle of "make product, sell product" as quickly as possible. Then you will have a business, and then you might be in a position to understand some problems of the sort that extensive planning can help solve.
4. Get investors. Pitch your idea to any potential investor to get money to start your company. If you have a good idea, they will love to invest their money in your company.
MAKING IT HAPPEN
1. Sell. Sell and distribute your product. If you're getting revenue, then you're in business. You're testing your theories about the market, you're finding out what really works and what doesn't, and you're getting fuel for more ideas and improvements. If you're not getting revenue, then it's all in your head.
2. Network. Hang out with entrepreneurs from businesses you want to emulate. By meeting entrepreneurs socially, you gain contacts and hear about opportunities.
A. Learn how entrepreneurs think. Pick up their attitudes, their nose for opportunity, their willingness to explore every idea (and its opposite--they know that both often work), and the great diversity in their styles.
B. Don't stop in your neighborhood! A good network-er markets himself locally, nationally, and online.
C. Choose a mentor. Someone who is where you want to be in 5 to 10 years can be a good resource to tap into. Cultivate relationships with those who can teach you things you'd never learn on your own.
1. Spread the word. Say who you are and what you do with conviction and without apology. You have something others want--let them know.
A. Embrace social media. Develop profiles on Facebook, Twitter, LinkedIn, and YouTube, in addition to creating your own website.
B. Start the word-of-mouth rolling. This may mean taking initial steps that are less than ideal, but they will pay off long-term. Offer bargains and tap into every advertising outlet available.
2. Build up. Keep accurate customer records, a clean set of updated books, and a technology foundation. As your business gets bigger, so will your duties.
A. Whether its business supplies or future receivables to look forward to, stay organized. Maintaining accurate client records will benefit you now and future owners later.
B. Think about your staff. As you refine your needs, always keep in mind what cuts and additions can be made. This can also take unnecessary hours and worry off your back.
What Values You Should Have To Become A Successful Entrepreneur
Confidence- it is the key to having a successful business. Confidence can make your social skills higher to have more sales.
Hard work- Hard work can lead to a successful business by being an important asset of a person to have in creating a business.
Risk taker- As an entrepreneur, you should take risks in business to higher the chance of success.
Optimism- One must be an optimist to have a good business, thinking about the pro's and less about the con's of a decision.