After all, not everyone can be managers, supervisors, executives, and such. Only a small portion of employed people will make it to the top. Because of this, many people ditched the idea of employment and turned to entrepreneurship instead.
And yes, it is true that many people did find success in doing business. And the sweet part is that they get to be their own boss. But just like in employment, not everyone who goes into business will succeed. In fact, there are probably more people who will fail than those who will succeed.
Yes, doing business is also tough game. You have to know the tricks if you want to be successful.
Does this mean that you have to get a college degree in business or marketing in order to be a successful entrepreneur? Well, that is definitely going to help. But there is a less time-consuming way.
Does this mean that you have to get a college degree in business or marketing in order to be a successful entrepreneur? Well, that is definitely going to help. But there is a less time-consuming way.
These are business secrets that very few people, and albeit very few aspiring entrepreneurs, know about.With these tips, you will be equipped with the most powerful tools that will help you pave your way towards success.
Also, all the tips are simple, Anyone will be able to understand these tips.
Everything is also presented in a logical and easy-to-understand manner. These tips are also arranged so that they are progressive in nature. It deals with the mindset of an entrepreneur and will teach you how to think like a business man.
Everything is also presented in a logical and easy-to-understand manner. These tips are also arranged so that they are progressive in nature. It deals with the mindset of an entrepreneur and will teach you how to think like a business man.
However, these tips are also written in simple English. This part will teach you how to make a business plan. It will teach you how to make the correct preparations prior to opening a business, about marketing, advertising, managing, risk-management, and other miscellaneous tips. Enjoy reading and good luck on your business. Think like an entrepreneur
1. Have a keen eye for opportunities
Successful entrepreneurs have one thing in common – they have a keen eye for opportunity. When an entrepreneur looks at the world, he sees it differently. He sees ‘business opportunities’.
For example, when a subdivision has no supermarket nearby, a normal person complains. But an entrepreneur sees profit – an opportunity to open a profitable convenient store. Keep your eyes open for such opportunities and have the courage to grab it.
2. Practice careful optimism
Be optimistic. This means that you should have a positive outlook. A positive thinking brings forth many possibilities. However, optimism can lead to problems if misused.
Do not let your ‘optimism’ blind you from seeing problems just because you want to have a positive way of thinking. Be optimistic. However, you should exercise ‘carefulness’ at the same time. This is careful optimism.
3. Practice positive pessimism
Pessimism is not all that bad. In business, it has its uses. Pessimism allows one to assume potential problems even before they take place. It might sound crazy, but an entrepreneur should practice some degree of pessimism.
However, this pessimism should only be used to ‘identify problems’. This pessimism is to be practiced with the positive thought that any problem that will arise will be resolved. Entrepreneurs that have a keen eye for risks possess this ability.
4. Think ahead
A normal person sees only the present time. But an entrepreneur thinks ahead and imagines in his mind what the following days have in store. And to do this, an entrepreneur puts into account things like current news, trends, patterns of changes, and such.
Because an entrepreneur knows what to anticipate, he also knows how to take advantage of the situations for his own benefit (ex. An entrepreneur bought a piece of land cheaply. He did this after learning that the area will soon be developed. The development will cause the value of the land to increase in the future).
5. Practice prudence
An entrepreneur never takes steps without thinking things over first.
This is called prudence. An entrepreneur does not recklessly jump into a business venture.
He does not make business decisions based on whim. An entrepreneur researches first, conducts a study, and thinks things over before taking action. All moves he makes have reasons behind them.
6. Do not jump into anything without doing a study
A real entrepreneur does not decide the possible profitability of a business venture by ‘hunch’ alone.
Yes, the best entrepreneurs have the best ‘hunches’. But even so, they make sure that their business idea undergoes thorough feasibility study first. A feasibility study serves many purposes. But first and foremost, it tells the entrepreneur if a business idea is likely to ‘fail’ or succeed’.
A feasibility study also allows an entrepreneur to assume possible difficulties and possible solutions to problems. You can hire a professional to conduct a feasibility study for you if you are not familiar with the procedures.
7. Know the demography of your target customers
As an entrepreneur, you will be part of the so-called ‘supply’ chain. You will be supplying the ‘demands’ of your customers-to-be.
Therefore, it is necessary that you know the demography of your target customers. For example, once you have identified that your target customers are women between the ages 16-30 that lives in the UK, you will then need to ask the following questions: How many are they? How many of them will want to avail your products/services?
How many of them can afford your prices? How many of them have the means to pay (PayPal, credit card, etc.)? By obtaining this information, you will have a better idea how many people will likely buy from you.
8. Establish a contingency account
Before you start a business, you will need to conclude how much you will need for the start up costs. Once you have concluded how much money you will need, it is advisable that you add a ‘contingency’ budget to the total amount.
Before you start a business, you will need to conclude how much you will need for the start up costs. Once you have concluded how much money you will need, it is advisable that you add a ‘contingency’ budget to the total amount.
Ideally, the contingency account is 5% to 10% of the established start up costs. For example, if you have concluded that you will need $10,000 to start your business, make sure that you start your business with at least $11,000 in capital.
9. Establish budget for initial months’ expenses
In most cases, businesses are not expected to make income during its first few weeks to first few months of operation (could be up to a year or more in some industries).
In most cases, businesses are not expected to make income during its first few weeks to first few months of operation (could be up to a year or more in some industries).
In some cases, the business may even incur losses in the beginning. As such, it is necessary that you allot a budget to cover your expenses during the ‘no income’ period. Examples of such expenses include utilities, rent expense, mortgage installments, salary expense, and others.
10. Know the characteristics of your target customers
What characteristics should you look for? These include age, gender, financial capability, and in the case of online marketers, internet usage as well. But more than anything else, you should want to know the interests of your target customers.
What characteristics should you look for? These include age, gender, financial capability, and in the case of online marketers, internet usage as well. But more than anything else, you should want to know the interests of your target customers.
To achieve such information, you may need to do a study. Use the information to attract the attention of your target customers (ex. Your target customers are teenage girls living in Japan. Your study revealed that teenage girls in Japan are currently into Gothic Lolita fashion.
As an online seller of clothes, you decided to include Gothic Lolita dresses in your list of products in
order to attract more Japanese teenagers.)
order to attract more Japanese teenagers.)
All the Best in Your Endeavors.
