To start and sustain a new business is a very exciting and challenging enterprise for most people but it entails the greatest risk of failure. Many wide-eye entrepreneurs go into a new enterprise, unfortunately, with more aspirations than common sense and put themselves at more dangers of failure than necessary.
Most new entrepreneurs go into their ventures with often a correct mindset i.e. to be their own bosses and make financial successes of them. However, like in any human enterprise, success requires more than motivation but an essential set of knowledge and skills. The simple formula for success is generally motivation, knowledge and skills.
However, there are four essential things that a new entrepreneur must know to succeed. The first, is to know you have customers to sell to and you can provide for what they need. This is called 'Having A Ready Market". A new entrepreneur more often calls on customers they already know when they were working somewhere else or have ready customer who asked for their services when they start. Starting with customers is the best reason for a new business. This becomes harder with a retail business and knowing how to find the best location becomes a great challenge.
The next thing for success in business is mastering marketing. Marketing is basically about communicating with and selling to your customers. It can be as basic as having or being a good sales person. The chances are if you have no selling skills you are less likely to succeed in business. And this applies whether you are doing a conventional business or Internet Marketing! Marketing in general, entails more than direct selling; it is about promoting your product or services successfully to your clientele. Your objective is to create a reputation or brand which people trust so that they would consistently buy from you. Having consistent sales is what makes a company succeed!
The next essential factor for a company's success is how a business is financially managed. The many dramatic failures in the corporate world in recent times had often to do with company insolvency. For a new entrepreneur, understanding financial management and cash flow is critical. Failure to understanding cash flow is one of the main reasons why a company fails.
Last but not least, for a company to have success, the management must know how to deploy its resources. This could be about how to motivate and deploy its employees in furthering the company's marketing and financial objectives. Also knowing how to allocate funds for running the business or acquiring essential assets is another operational requirement. There are also other resources like technical or intellectual assets. For this, an entrepreneur either learns the operational skills himself or employs one who knows them.
A simpler way to learn how to start a business without having to master the complexities of a conventional business is internet marketing. For anyone, going through an internet marketing course would allow the basics of entrepreneurship to be acquired. The author's resource box below would lead you to a very excellent program. Starting a business would not be as difficult.
Re: Things that Entrepreneurs Must Know to Succeed
1. You must have a burning desire to succeed. Decide now to succeed no matter what it takes and your success is inevitable. You must never give up. If your reason for success is big enough it will drive you forward even when everything seems hopeless and you feel like quitting.
2. You must have a plan, not just an idea in your head, a real written step by step plan which details where you are now, where you will be in a year, five years and ten years from now and what steps you will take to get there.
3. You need a mentor. The fastest way to get what you want is to find someone who already has it and copy what they do. Model their thoughts, beliefs, and actions and you will get the same results they have. This is a law of nature. It is called the law of cause and effect. If you do a certain thing, you will get a certain result. If you do exactly what successful people do, you will also be successful.
4. You need a system. All successful businesses use systems that deliver duplicable results. If you get the results you want occasionally but can't duplicate it, you don't have a business. A business must be able to produce the same results over and over, that is what produces continuing profits.
5. You must have a team. Business is a team sport. If you try to do everything yourself, you will fail. No one is good at everything. Develop the talents and strengths that you have. Spend as much time as possible doing the profit producing tasks you are best at. Find others to do the things that you are not good at, and delegate as much as possible.
Thanks for all friends
Re: Things that Entrepreneurs Must Know to Succeed
1.The world is global and interconnected. A negative economic report from one country can ravage the economy of a continent; overnight. A trillion dollars can leave a country with the click of a few mice. An explosion in Shanghai can cause bond prices in London to jump 10% within an hour.
2. Anyone with $1000 and some intelligence can either make a billion dollars or destroy the world.
3.In our economic prosperity, we must strive towards creating a sustainable existence or else the end of our lives and our children's lives will be years of horror and pain.
4.Education is important, both in school and out, but formal liberal arts academic education will not give us the financial knowledge we need to be financially prosperous. As Thomas J. Stanley states in The Millionaire Mind, having a 1000 or 1500 on your SATs has no correlation to your likely net worth in twenty years.
5.If one is going to become extraordinarily wealthy they better have integrity, ethics, and keep their accounting truthful and accurate.
6.The world is going to change in tremendous ways over our lifetime.
7.Competitive market economies work. An incentive system is necessary to get workers to work and a price system is necessary to properly allocate a limited supply of resources and goods. Competition is necessary to keep everyone honest and working efficiently to produce the optimum output with the minimum input. Although some believe capitalism creates inequities and is immoral, it is a few of the participants within this system that cause these unfair inequities. This lack of integrity among some participants will always be present. However, due to intelligent laws, regulations, oversight and the inherent positive properties of the market such as transparency and a better educated proletariat this ethical problem is much better now than in the days of centralized ownership of resources and dictatorships. State-owned enterprises breed inefficiency, corruption, and nepotism.
8. However, without honest, ethical, and compassionate people at the helm of capitalism, or the proper laws and legal institutions to ensure this integrity, capitalism is no better than Communism, Socialism, or Anarchy. Further, we must always take principle #4 into account.
9.For prosperity to spread to developing countries we must not look to short run elixirs. It took 175 years to turn the U.S. into an economic superpower. The same change cannot take place in Somalia, Botswana, or Afghanistan without the proper development of human capital, industrial capital, and fundamental legal groundwork.
10.It is not he who works the hardest that succeeds; it is he who has the best ideas and works with the most intelligence.
Thank you for sharing