Thinking of a small business? Here’s a three-step guide to get you started.
Many entrepreneurs would say that the road to entrepreneurship is challenging. However, they will say it’s worth it.
What is entrepreneurship? Simply put, entrepreneurship is the desire to create, organize or develop something new in order to make a profit.
‘Entrepreneur’ comes from the French word for ‘undertake’. Basically, an entrepreneur undertakes a risk in order to come up with groundbreaking ideas and strive to make money out of it. Many entrepreneurs would say that the road to entrepreneurship is challenging. However, they will say it’s worth it.
So the next question is: Why venture into entrepreneurship?
Entrepreneurship can make a person grow and develop many skills. Furthermore, it provides jobs and encourages community involvement, while also growing the economic pie of an area or even a country.
You will also get to be your own boss because entrepreneurs work to build something that will last. A business will keep making money if managed properly. For example, a café owner will make money while the café is doing business even while she is taking care of her kids at home.
It may be tough going at first but you’ll dig working for yourself once you get the hang of it.
Are you ready to be an entrepreneur and own a business or start-up? Here are three simple steps to get you started:
Do research the market you want to be involved in.
Step 1: Conceptualizing and brainstorming
You might be spending your time walking down the supermarket aisle when a great idea hit you. You can even be in the shower when it came. The truth is, these brainwaves can disappear really fast if you sit on them. So do try to jot them down if you can.
By the time you write them down, you’ll be brimming with ideas and concepts. But you need to decide, too, if the idea is the industry or niche that you want to be involved with.
Rushing into things can cause loss of focus. This is where you draft a proposal so that the picture will be clearer. You will also need to do a lot of leg work. Do research the market you want to be involved in. At this point, you’ll also want to consider partners for your venture as well as funds.
It’s normal to have a lot of questions. Write them all down and read up the answers on the Internet. There’s plenty of online resources you can refer to. Hook up with your social media friends and ask for contact persons who can be of help.
Step 2: Execution
This is the hardest part, as it is the part where everything goes into operation. Long hours, no weekends and constant relationship building are needed to jump-start your business. A constant audience of suppliers, customers and financiers can leave you burned out. But this is the moment when you need to persevere. Otherwise, this can put a dent in your blossoming business.
At this point, you may want to hire more people for certain jobs or seek additional knowledge that can boost your skills.
Step 3: Growth
At this point, you have got the processes down pat and while the hours you put in are still long, it would have gone past the hiccup stage. You will most likely expand your business when it is successful. At this point, you may want to hire more people for certain jobs or seek additional knowledge that can boost your skills. For example, you may want to take a course in social media marketing to equip yourself with the rigmarole of online promotions. And there is more time to develop yourself as an entrepreneur. When this happens, your business will have a solid foundation and in turn will contribute to the community at large.
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