Entrepreneurs are vital to the growth and wellbeing of any economy. People who have the vision and guts to make the diffcult choice of starting their own businesse those are the people who really help an economy flourish.
FIVE KEYS TO SUCCESS:
1. KNOW YOURSELF:
Successful entrepreneurs share qualities that help them handle stress and challenges of running a business. Do you have what it takes? Answer the following questions to see if you have the makings of an entrepreneur.
*Are you hard-working? Few businesses manage to stay afloat with litte effort, so being a hard worker is vital.
* Do you have drive? You need to be motivated so that you keep at it when the going gets tough (because it will).
* Do you have leadership qualities? You are going to be the boss. So you’ll need to manage employees and keep them motivated.
* Do you have good business instincts? Good judgement and a gut feel for what will work and what won’t is often more important than a business degree.
2.KNOW YOUR MARKET:
Before you start a business, make sure you have done your homework and have considered the needs in the area where you want to launch it.
Don’t start selling wool coats in a town where it doesn’t get very cold. Don’t open another laundromat in an area that already has plenty of them. If you want to open a shop, take a stroll and see what else is in the area. Find out if any shops have closed there over the past few months. Why didn’t they survive and what other businesses are opening? What products or services are not available in the area?
Once your business is established you need to stay on top of your market – their needs may change and you’ll need to amend your product or service accordingly.
3. KNOW HOW TO MANAGE MONEY:
You can’t build a successful business if you don’t know how to work with money. There are many aspects to managing money in a business. You to workout how much it is going to cost to set up your business. To make your business profitable, you’ll need to work out the right selling price for your service or product based on the cost of your materials and overheads. You need a basic understanding of accouning so you can keep track of what’s coming in and what’s going out.
While owning a business brings financial benefits. It also brings financial burdens and you need to prepare yourself for this. If you know you’re not good at working with money you’ll need to learn some basic financial skills or otherwise get someone to help you.
4. KNOW THE RULES:
The rules you need to adhere to will depend on the type of business you have. If you want to open a restaurant, for example, you’ll need to adhere to particular health and safety regulations. If you’re going to empoly staff you’ll need to adhere to the basic conditions of empolyment accordling to the local labour law. Know how contracts work and how to deal with discipline and dismissal issues.
You may have to register with your revenue service/tax authority.
Many people think being creative means being an artist. But being creative really means finding solutions for problems and challenges in a unique and clever way.
Every part of setting up a new business is a creative process. You will have to think of a creative yet realistic name for your business, design a logo and business identity that appeals to your customers, decorate your offices , think of creative ways to offer better service than your competitors and in which you can keep your workers motivated. If you love what you’re doing and do it creatively. Your business will be a pleasure to run.
Suzgo Chingati is a trained entreprenuer and writes in his own capacity. Follow on twitter @schingati.