For the would be entrepreneur it is worth defining entrepreneurship which is the process of conceptualizing an idea, and then starting & developing a profitable business based on the original idea.
Whilst the definition above may sound obvious & simple, executing it & generating projected profits is often far more difficult.
So bearing this in mind here are some ideas, tips & pitfalls for the entrepreneur.
5 Tips For the Entrepreneur
1. Think Big
Besides my very first business, I’ve been very aware of never selling myself short in every business I’ve started.
In other words back yourself to charge your clients a premium amount for a delivering a high value service or product.
You will always get those saying that it’s over priced and they can get it cheaper elsewhere but you’ll also get those who put their money where their mouth is by paying top dollar for a top notch service.
This means that for every transaction you conclude you will be making significantly more profit for the same amount of transactions as the entrepreneur next door.
So keep your expectations high & never let the vision of you making it big waver.
2. Learn From the Best
Nobody knows it all & the best way to shortcut the trial & error process is to learn from the best.
Finding out what is best practice & then implementing it in all facets of your business will help you project efficiency & professionalism.
Do not be hampered by a lack of start up capital.
Many successful entrepreneurs have made their fortunes without much startup funding – especially online entrepreneurs.
So whilst many successful brick & mortar companies were launched with a significant amount of start up capital and/or share capital, it should be noted that a business’ potential is not proportional to the amount of capital invested in it at inception.
In fact new start ups, especially service types of business, require less start up funding than you would think.
Another point to remember is that not having or borrowing money to get your business going means that your risk is reduced by not being indebted to a financial institution or friends & family.
Without having the pressure of your debt & interest payments playing on your mind you can concentrate on making your business rock.
A fancy new car to show off your new entrepreneurial credentials would be great but the debt incurred could come back to haunt you.
Therefore avoid purchasing unnecessary items including office equipment, furniture & vehicles even if you have budgeted for it.
It would be wise to get by on the bare minimum especially when it comes to items that are only intended to boost the ego which should be checked at the door when you arrive at the office.
Don’t forget it’s far more important to exploit opportunities as they present themselves with the resources you have than worrying about projecting a flashy image & getting burdened by debt.
One of the most important parts of being an entrepreneur is to take action when required.
Sounds simple but you would be surprised at how many so called businessmen wait for things to happen, some even watch them happen – make sure you’re the one who makes them happen.
There will be many times when things aren’t going that well & business deals that you had banked on have fallen through leaving you feeling down & unmotivated – these are the times when you need to dig deep, pick yourself up, go back to your plan & your raison d’être and take action to get back on track.
You will feel re-motivated, energized and back into full entrepreneurial success mode.
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Lastly it should also be mentioned that certain qualities, such as having the required amount of vision, passion, knowledge, skills, being self driven & competency, should be present for any entrepreneur to have a chance of being successful.