/HOW TO BE AN ENTREPRENEUR

HOW TO BE AN ENTREPRENEUR

There’s no such thing as a set path to entrepreneurial success. But you do need to be headed in the right direction. Succeeding as an entrepreneur takes hard work and persistence. Passion, determination and an optimistic attitude make successful entrepreneurs. Cultivating these attributes requires natural skills and a list of some tips to begin with.

1. Self-analysisself analysis

  • Think about your priorities.
  • List your strengths.
  • Do what you love and love what you do.
  • Get a right direction.

2. Have an ideaHave an idea

  • Come up with a great idea.
  • Set up your foundations.
  • Research about your idea.
  • Determine the potential risk.
  • Commit to a goal.

3. Know the ropes

know thw roope

  • Know more about your idea.
  • Get into every detail.
  • Watch your competitors.
  • Learn from your competitors.
  • Ask questions to yourself.

4. Plan the businessPlan the business

  • Create a written business plan.
  • Write a company description.
  • Detail Market analysis.
  • Calculate start up the cost.
  • Determine the probable losses.
  • Write up all the requirements.

5. Investmentinvestment

  • Come up with the requirements of funds.
  • Compare all the sources of funds.
  • Always have a backup plan.

6. Decide the pricing

Decide the pricing

  • Do a complete analysis of all the costs required to be incurred.
  • Check market prices.
  • What competitors are offering?
  • Calculate the marginal costs and break even point.
  • Decide the markup percentage.
  • Get the final price and compare it with others.

7. Market your businessMarket your business

  • Select the target market and study it.
  • Get your company a name.
  • Tagline your company.
  • Establish a brand message.
  • Get a logo.
  • Determine your Marketing and sale strategies.
  • Outline your financial projection.
  • Include appendices if necessary.
  • Create a power point that summarize your business, plans, and your goal.
  • Get your networking done.
  • Build your team.

8. Reach your customersReach your customers

  • Get business cards.
  • Get letter pad, bill books, etc printed for business.
  • Make a website, FB page and get social promotions.
  • Choose the best way to contact potential customers.
  • Make your marketing material advertisements, billboards, etc.
  • Nail down your sales pitch.

9. Managementmanagement

  • Create a system.
  • Prepare a methodology of work.
  • Create a system for fulfilling orders.
  • Know the ways to accept payments.
  • Organize and track your business.
  • Always have a task planner, notebook.
  • Establish and achieve weekly and daily tasks, goals.
  • Be remarkable.
  • Get your license and keep a track of it.
  • Set up a business bank account.
  • Register your company.
  • Figure out if you need insurance.
  • Be aware of taxes and other government policies.
  • Be in contact with the chartered accountant, lawyers in case you need them.

10. Find your fortunefind your fortune

  • Track your earnings.
  • Reinvest or pay yourself.
  • Work on other ideas of yours too.
  • Always think and plan about expansions.
  • Be prepared for all the uncertainties.
  • Always have back up plans.