Sagot :
Answer:
1. Turn your idea into a plan
Every entrepreneurial journey starts with an idea. But how can you bring your idea to life? Take some time to lay out a rough business plan, and anticipate the challenges you’ll face. For example, if you’re considering creating a networking app for young legal professionals, consider the logistics behind designing and developing the app, and how you will manage to meet the needs of this specific target market.
There is a lot to think about, and you don’t need to have all of the answers at this stage. Try making a mind-map outlining the process of making your idea a reality. This exercise will not only help you create your formal business plan, but it will also prepare you for the obstacles that you’ll find in the process.
2. Self-discipline
This may be one of the most important qualities for an aspiring entrepreneur to have. You are at the heart of your business idea, meaning that you will be the one to hold yourself accountable. As an entrepreneur, you’ll have to stick to your business plan, make and respect your budget, dedicate time to developing your business, and meet the goals you’ve set for yourself. If you find yourself lacking in self-discipline, this might be something to work on before you pursue your entrepreneurial dream. You have to be ready to put the time and effort in before you begin your venture.
3. Be flexible
Once you have your business plan and idea firmly set, it can be hard to accept the need to make changes. While this is understandable after putting immense time and effort into developing one idea, it’s important to be open to changes. Throughout the entire process – from conceptualizing your business plan to carrying it out – your brainchild is vulnerable to countless factors that could result in big or small changes to your plan or idea. As challenging as this may be, being flexible can mean the difference between success and failure in the world of entrepreneurship.
4. Follow your passion
Passion is the thing that keeps entrepreneurs going through the hard times. If you really believe in what you’re doing, and the project you’re developing, it will make you more resilient and determined when faced with obstacles. With passion, you’ll also be more effective in communicating both the potential of your project, and your own potential as an entrepreneur.
Make sure your idea is something that drives you. In addition to making you more motivated, it will also enhance your ability to sell your idea to potential investors.
5. Listen to the pros
Watch TedTALKS on entrepreneurship, listen to podcasts, attend conferences and lectures, read books, talk to other entrepreneurs at different stages in their own processes… Every little bit helps. These insights are invaluable to aspiring entrepreneurs. By listening to the real-world experiences of other entrepreneurs, you’ll better prepare yourself for your own process. It’s important to remember that each experience is unique, but making these connections will get you ready for what’s in store.
1. A Business Idea
2. Knowledge or Expertise
3. Market or Demand
4. Start-up Costs
5. Capital and Finance
6. Competition
7. Location
8. Staff
Explanation:
1. A Business Idea
Every business starts with an idea – a super duper idea that actually works. If you want your business to stand out, you will need to offer something that no one else has offered till date. You may have a great business idea; but unless it solves someone’s problem it is not going to work. So start by listening to frustrations – both of yours as well as others (your family members, your neighbors, your friends, and your associates).
2. Knowledge or Expertise
Once you know what business you want to start, you will have to start gaining the required knowledge and expertise to start that business. This might take a lot of research and planning; but at the end all these efforts will ensure that you have everything in place to get your business idea off the ground.
3. Market or Demand
Start by answering the question, who are your customers. If you are selling your product or service locally, you may have to assess the demand for it. In case you are taking up on an international level, you may have to understand the rules and regulations of dealing internationally.
A market survey should reveal all the details that you may need about the market for your product or service.
4. Start-up Costs
Estimating your start-up costs is one of the very important things to consider when starting a new business. You will have to assess the total cost that is required to set up and run your business successfully. Once your business is set up, you will have to think about the working capital needed to run your business.
You will have to take into account the inventory that you need to maintain, the credit that you can extend to your customers and the supplier’s credit that you can get.
In not all cases can you expect credit to be given by the suppliers, especially if you are a new name in the market.
5. Capital and Finance
No business in this world can run without money. Depending on the type of business you are starting and the initial costs that you will have to pay up for, you will know what kind of capital you would need to start your business.
Whatever steps you take, to finance your business, you will have to make sure you have the required funds to take you through the startup phase.
The financing pattern is one of the most important factors to consider before starting a business. This generally includes the capital that you can introduce from your savings as well as the funds that you can borrow.
6. Competition
Unless you know who your competitors are and what they are doing, you will not be able to survive in the market for long.
If your product is a monopoly competition will not matter. Else, you will have to come up with an excellent strategy to fill in the demand and supply gap.
Gaining a market share should be on top of your mind if you are about to start a business. If there is a huge demand for your product, this shouldn’t be too difficult. If not you may have to strengthen the position of your business to gain an entry into the competitive market.
7. Location
One of the most important things needed to start a business is a good location.
If yours is a retail business you will have to look for a well-populated area that is easily accessible.
8. Staff
Your staff members are the ones that can make or break your business.
Without efficient manpower no business can ever succeed. That said an efficient staffing strategy needs to be in place if you want to reduce your staff replacement expenses.