We have experience and incredible development of technology in the last 10 years.And things are changing faster than ever!. This has brought about amazing possibilities for new entrepreneurs.
There are great opportunities for creative individuals willing to work. New ideas are taking off and people are willing to pay for well thought out services or products.
Having a good idea is not enough though. Many businesses close down every year. Many of these owners still believing that it was a good idea. But it simply did not work out!.
Traditional ways of making business are just disappearing. The new market conditions demand doing well a lot of things.
If we are going to be a successful entrepreneur, we have to take up the challenge seriously. We want to make it work! And in LimitConsulting we would like to help you make your business a success! For that we are initiating a project to include articles, apps and seminars to assist you as you make decisions and track your growth. You will see much of this in the months to come.
For now, lets start with the beginning:
What is required to become an Entrepreneur?.
Each person is different, but turning from employee (or unemployed) to entrepreneur requires at least three major steps, the first one being taken in our mind.
- Being determined to have your own business, come what may.
- Having a viable project with good chances of success
- Obtaining the skills, knowledge and aptitudes to turn your plan into a reality.
MAKE-UP YOUR MIND.
There can be many reasons for which someone may want to have his own business: being your own boss, financial reward and increasing life-status, working on what you like, personal realization…
Apart from these personal goals, there are other objective reasons that make having your own business worth-considering. Perhaps answering these questions will help:
Are we living in a world that no longer exists?
The idea of a secure, permanent job is gone. Nowadays, nor even civil servants can count on this! In the mind of many, being paid weekly by a company may look like a guarantee of continuity. However, in a time of so much instability, thinking that things will remain unchanged for long is an illusion. Companies are going into liquidation and others are being formed, last year´s fashionable place may not do as well this year…
It may be hard to break out of the pattern of being an employee. (Or wishing to be employed). For years we may have had a job and seen others have a job. After a time straggling, we may be waiting on someone to rescue us. But the right question to ask is: What can I do?
How many should be financing my life?
As a business person you may have a number of clients. Some will leave, for whatever reason. (Hopefully not due to a bad service). Others will stay longer with you. This is surely going to happen! The matter is not keeping the same clients (that might be impossible) but keeping the same number of clients (or even increasing it).
And another thing is sure too: It is better to depend on a number of small clients than on a big one. When the one big client that finances nearly all your life leaves you… that hurts!
Having considered this…In some cases…Is not being employed just as risky as having one big client?
Starting up your own business does not have to be a dramatic all-out experience. You don’t need to get yourself a big loan or sell your house. There are ways in which you can start building up your project even while still working for someone else. There are many specialized books that can lead you in doing precisely so.
But before you even do that, you do need a good business idea with good chances of success.
DEVELOPING YOUR BUSINESS
Not all good ideas are necessarily business opportunities and not all of these ones are suitable for us. Think of the number of businesses that open up and shortly after close. All these persons thought they had an idea. What happened then? They were not viable ideas.
For an idea to become a real business opportunity, there are some factors that we have to consider first:
- There must be a problem that you can solve or a need that you can satisfy.
- You must be sure that you can do this efficiently, either yourself or through your employees or partners.
- You must be able to solve the problem or satisfy the need better or differently to your competition.
- You should do that at a low cost, so that you can function and grow with the margin.
- There must be a sizable amount of people with that problem or need in such a way that when only serving to a small portion of the market you can function.
Factors like these should be considered in our “business plan”. This will allow us to determine if our business idea is realistic.
Additionally, you must like what you do. It is well established that if you like what you do you have much more chance of success. In your business you put to work your contacts, passions, skills.
TURNING YOUR PROJECT A REALITY
A common mistake is believing that, since we are good at our profession, we have great chances in becoming successful businesses owners. But a good builder won’t necessarily create a successful building company. Indeed, these two things have nothing to do with each other. In order to be an entrepreneur much more is needed. He would need to have or obtain skills in marketing, sales, accounting, finances, tax, and legal questions. Besides, emotional skills are needed in order to lead a team, deal with clients and suppliers.
Therefore, he must prepare himself in the best possible way and be adequately supported by a good adviser before starting up.
Find here some tips. Follow the links to more valuable advice.
-Surround yourself with good advisers: legal & business consultants, IT experts…A business is the result of the skills of its owner and those who co-operate with him. A common mistake is hiring a good adviser and then ignoring all that he says…
-Be on top of your accounts. There is a huge amount of self-employed individuals that do not know how much they earn. Take some time every week to check your incomes and expenses. A simple spread sheet can help to maintain control over the progress of the business. A common mistake is believing that the tax money that we collect in our billing (IVA) belongs to the business. If we spend that money we will find ourselves in dire straits at the end of the tax period when we have to pay it.
-If you are going to be in business learn how to sell. Knowledge of marketing is essential to make our way through. No matter what you do, you need to let others know that you are there and that you provide your service in the best way possible. A common mistake is spending a lot of money in setting up the business facilities, even on things that you will not need at first, and be reluctant to spend on what will bring you the sales: advertisement and promotions.
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