If you have ever thought that your job was dead-end and
going nowhere fast, you may have thought of the possibilities of opening your
own business as a way out. Most entrepreneur’s fall victim to this way of
thinking early on when their frustration sets in about their job market or
current job growth; but it is the next move you make that could actually lead
you down a road of sure despair without the right planning.
Entrepreneurship is a dream that many American’s dream to
either establish for themselves or it is a long term goal that they have set
for themselves to conquer within the near future. However, how do you differentiate
from the near and distant future from procrastination and rushing in to
something because frustration has taken a hold of you? While it is never a good
idea to make any type of irrational decisions in the decision making process
when it comes to initializing a startup, it is equally important to understand
that nothing can happen without risk.
Although, entrepreneurship in itself is a risk, it is how we
can evaluate the risk and the market that will give us the information needed
to make the right call. The data from the market research will give us a chance to better
understand if this is the right time for us to pursue business ownership. While
market research may not always tell us what we want to hear it is important for
us to take heed and look at the information at an unbiased standpoint; after
all this is our livelihood that we are going to be putting on the line.
The commitments of business ownership must be recognized for
more than excitement and confidence within yourself, if you plan to do the job
of an entire staff. When you begin the task of business ownership you must also
understand that you’re working hours are going to become longer and this is
going to require more dedication from you to make sure that your new business
venture is a success. The role of a business owner doesn’t stop at the normal
9-5 or 5-9 working hours or whatever hours you have chosen for your business to
operate. As a business owner you now must have the dedication of working into
the long hours of the early morning or late evening.
The data analyzation of your market research will give you a
few clues to what you need to consider before heading down to the sectary of
state in your state capital to file your corporation paperwork. You will also
have to try think of ways to fund your new business as well as come up with a comprehensive
marketing strategy. With all of this looming over your head as a new business
owner this will help you determine whether or not business ownership is the
right stop for you. There are a multitude of ways to look at how to become successful
at business ownership, I would always recommend if you are not going to get a
major degree in business then you should at least take some business foundation
classes.
It is extremely difficult to come up with a marketing strategy
if you are unaware of what the 4P’s are or you have no idea what the acronym
SWOT means. This makes taking some business foundation classes an extremely valuable
asset to you-you could for example, take an introduction to marketing,
accounting, or go to the local business development center and begin learning
how to write a business plan. Being able to read and understand market share
research is only half the battle, if you have no idea how to get to where you
are going then you will surely make mistakes along the way, and we all do but
the question is will they be mistakes that you can recover from.
The importance of a business plan is worth its weight in
gold alone. This document that you craft will be area specific only to how you
see your business model, where you want your business model to go in 5 to 10
years, and if the market is going to be generous enough to let you in to
compete. For the novice entrepreneur you may be asking yourself what is this
business plan or I have no idea how to write a business plan. Well a business
plan’s components consist of the following bullet points and I will also write
a post in detail about a business plan.
I.
Executive Summary
II.
Business Description
III.
Market analysis
IV.
Organizational Management
V.
Product Sales & Development
VI.
Financial documentation
VII.
financial Projections
This is your road
map to success and this will give you a breakdown of what is expected of you
and what type of organization you will be expected to run.
The easiest and most comprehensive way to gain insight on
starting a new business is to gain a better understanding of who you are and
what it is you would like to gain in the future from your small business
investment. While it may be very easy to look at yourself and say I can do this
with no problem and begin the push forward but without a road map on how to
obtain your goals you will fall short every time. Entrepreneurship is not
anything that can be rushed, it is a very time consuming process and you must
go through all the steps in order to be successful. However, this should be a mantra
for anything that you aspire to accomplish throughout your life.
The marketing strategy is another great way to better
understand where exactly you would like to take your business in the short term
and the long term and what are your personal goals for your small business.
Branding is another key element to marketing but branding is not limited to
just an inanimate product such as blue jeans, sneakers, or T-shirts. Branding can
also be you the person, the person that is a model, the person that is a
writer, the person that is a graphic designer, but I think the one thing that
is overlooked many times in business and goes far beyond SWOT and the 4P’s is
the branding of the business owner. When you take on the investment of a small
business every action you take, this whether it is positive or negative is a
direct reflection on your business.
Although you may be looking to leave a bad situation from
your current employer, it is always a good idea to weigh the pros and cons of
what the damming effect can have by making irrational decisions without looking
carefully at the market and the markets viability for your up and coming new
business. The effects by not following the steps and carefully following the
methods that have been in place by business professionals for years can ultimately
lead to the destruction and the rebuilding of your credit & FICO score,
reputation, and your personal assets. It is important to make an impact and you
want to impact the market in which you are trying to compete in, you don’t want
to impact your personal economic comfortability by being consist with the wrong
choices time after time.
There is an overabundance of resources that will get you to
the place you want to be and there are an overabundance of resources that will
be more than happy to take your hard earned revenue in the name of your
business. But weigh this out before purchasing anything from another vendor on
the information super highway, if it is someone selling you a how-to-book see
if you can find the same information on YouTube where it is free, always look
for out of the box marketing and place your business name anywhere you can to
gain as much exposure as you can-just keep it positive, create your digital
footprint and yes that’s right you create it. There is a ton of drag and drop
website builders that will help you build your website.
In conclusion, when bloggers or article writer-write an
informative blog or article, we normally don’t get paid for it unless you click
our affiliate licks that can sometimes be distracting or a nuisance. The point
being is these articles come from either an education that we have received or
personal experience in business ownership; these blogs and articles are a free
service that we should be more than happy to provide. After all if the small
amount of information about business helps you get ahead that I have done my
job as an article writer, book writer, and blogger, if not than I must be doing
something wrong or you are not fully understanding the information. However,
there is never a need to worry with enough blogs about business and many other
subjects there is surely someone that can answer your question. I wish you all
the best in your news business venture and just drop a line if I wasn’t able to
make myself clear for you to understand or I left something out.
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