Entrepreneurship is becoming a trend, especially among the younger generation. They are willing to take a risk and to make their business plan a reality. While many people may talk about the different challenges they faced during the initial stages of their business, it is also important to keep in mind that the challenges that you may encounter with may be completely different when compared to that of another businessman. Are you a budding entrepreneur thinking of starting a business? Then this article will definitely help you through your journey as a business owner.
Becoming a successful businessman is considered intimidating by the society. One of the biggest challenges that a businessman has to overcome is the fear of jumping into a business itself. Some entrepreneurs never want to quit from the security of a monthly paycheck. They fear the risks that they might face at the initial stage of the business. Overcoming your fear and getting your business started is very much essential at the initial stage. The true spirit of fearlessness lies in a businessman who has failed miserably and still fearless to start his business over again with different strategies.
Testing your idea
Most of the new businesses fail within the first three years. The main reason is that too often people are very hasty about their decision to start a business and fail to have a detail study of the idea to see if it might work. Conducting a research about your business idea does not mean merely researching on Google. Talking to real time people and working on the feedback they give you will definitely improve your business ideas. The more time you spend on a complete research of your business idea, better the implementation of your business is going to be
Understanding your market
Make efforts to know the market inside out. Engage yourself in researching who your key suppliers, distributors, competitors and customers will be. Make sure you know the industry very well before venturing into the business. Before investing your time, life and money in a business, always make sure that you know who your customers are and how much of an interest will they show on your business.
Understanding your customers
Understanding your customers and their purchase plans is as equally important as operational details like financing, sourcing and technology. Work on topics like what will differentiate the products that you have to offer from the products of your already existing competitors. Unless you have something extraordinary to offer your customers, you will not drive traffic to your business.
Having the right kind of attitude
Many who start a business venture have a certain goal set in their minds to achieve that level of success. The true attitude of a person shows up once that level of success has been met. Some people have the attitude of surrounding themselves sophisticated things just feel superior from the rest of them. People with such kind of attitude may have become successful in the business venture but the big question is if they have been successful in life. It is always important to never forget your roots no matter how successful your business venture gets.
Going beyond a business plan
Make sure an in depth research is done before launching your business plan. Make sure you touch upon even the psychological aspects of your customers and not only the operational aspects of your business.
Three planning methods were suggested by Bruce Bachenheimer who was a clinical professor for management and director of the Entrepreneurship Lab at Pace University in New York City.
- The Apprentice Model- This model talks about gaining direct industry experience.
- The Hired-Gun Approach – This model lays stress on partnering with experts who have in-depth knowledge and experiences relating to the business
- The Ultra-Lean School of Hard Knocks Tactic: This model involves rapidly testing your business and redefining it at a reasonable rate.
Always have a systematic approach regarding your business plan rather than just concentrating on your finished product.
Learning the art of selling
The success of your business entirely depends on how well you’re able to sell your business. As an entrepreneur who wants to achieve success, you need to first learn the art of selling. Carefully observe your customer and give importance to their needs. At the end of the day, your customers are the ones who will take your business to the next level. Also work along the lines of building connections which will eventually lead to the expansion of the business.
With these 7 steps in mind, you can see your business achieve success. However, the very first success that you will encounter with is overcoming the fear of venturing into your business.