Table Of Contents:
- Determinants of a True Entrepreneur
- Steps to prepare for before launching the start-ups
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Attaining success is not an easy task. There are lots of steps to climb to reach the ultimate dream which one desires. Lots of things makes an entrepreneur what he is- huge amount of determination, dedication, sacrifices, numerous sleepless nights and many more. We are sometimes jealous for their success but most of us are unaware about how they began their journey and how they attained and became what they are right now. Webskitters is taking you on a journey of some exclusive start-ups stories of self made famous entrepreneurs.
Determinants of a True Entrepreneur
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But before delving into these stories, let us know some of the determinants which make an entrepreneur what he/she is.
- Enjoying what they do
Forming a business out of personal satisfaction then stability and enjoyment will accompany your business in each and every way. But if you are not enjoying what you do then the same will be reflected in the success of the business and will result into lack of success. Just enjoy whatever you are doing otherwise there are chances that you won’t succeed.
- Whatever you do, take it seriously
If you do not believe in yourself or your business, then you cannot expect to be effective in whatever you are selling or offering to your audience. Most of the would-be-entrepreneurs gets side-tracked because they lack motivation and join the group of naysayers who do not take them seriously and they are skeptical about the place they are starting their work be it a basement, storefront or factory. But just remember, there are lots of people who start from home making good annual incomes and are surely one of the reputed entrepreneur of modern times.
- Be it a good planner
Well to start a good business, it is very important to be a good planner. You should formulate your business plan, develop them and accordingly implement them and maintain them. Planning is surely a great way to start as it requires that the planner to analyze the business situation, research as well as compile data making conclusion as per your research. In most cases, a business plan is made to serve your function, achieve goals right on paper. You can determine your business plan with points A to Z in the best way possible clearly defining the steps.
- Handle your finance in an effective way
To make any business successful, what is required is cash flow. To market, promote and pay for services for your business, you do require money. Even if you are starting from home, you need to pay for yourself so that you can continue to work. Keep the cash flowing and ensure that the cash flows and the bills get paid effectively. There are two aspects of wise money management.
1. The money which is received from clients for goods and services which is provided- this amount to be your income.
2. The money which is spend on inventory, wages and business supplies needed to keep the business operating- this amount to be your expenses.
- Keep sale in your mind
Remember that marketing, advertising as well as promotional activities are all part of activities which promote your business. You do not have to be professional salesperson or public relation specialist to be an asset to your business. But just make sure to ask people to buy whatever you are selling
- The game is all about customers
Be it any business, it is certainly not about the product and services you are selling or offering, neither about the prices you are offering for goods. The business is all about customer and your client. Customers will ultimately decide whether your business will succeed or fall. Everything about your business is customer focused right from policies, warranties, and hours of operation and payment options along with advertising and promotional campaigns.
- Promote your business shamelessly and build a positive image
For business and personal success, it is very important to promote whatever you are doing. To be acceptable to your audience, try getting embraced by them. In case of start-ups, self promotion is very important because you best know what is best for your business. Use the right marketing tools and make the right positive impression about what you intend to do with your business. Maybe when you are starting you may not have the elaborate set-up but begin in the right way to impress your customer and client to grow positively in the future.
- Understanding your customer
To survive in this competitive world, you certainly need to understand your customer. Give your customer personalized attention and hear them out properly. Never ignore them as they are the most important part of your business. If you treat your customer properly then you can get repeat customers. And repeat customer helps your business to survive earning more revenue than new customers. And high retention is much appreciated in the modern tech-world.
Creating a competitive edge and investing in yourself
Any business must have a unique selling proposition which makes it different. Be it unique and different from your competitors. Otherwise why will your targeted customer choose you above all others? In other words, there should be one aspect or combination of aspects which will make you different from other business of your competition. It may be longer warranty, better selection, longer business hours or flexible payment options which may help your customer think you are different.
Moreover to be different and to be successful entrepreneurs, you need to invest in yourself. To master entrepreneurship skills, try reading business and marketing books, magazines, reports and journals and industry publications which will help you gather the much needed knowledge.
Attain marketing seminars, workshops and training courses to be a master of the event in the best way possible. There are numerous ways to do things better with less effort and in less time.
Well there is no end to the list of determinants, but there are certain qualities which are important in the whole list of determinants which makes an entrepreneur different than others.
Starting your business with the right steps
Beginning a new business in the economy is really tough but it is not impossible. A true entrepreneur must know and prepare for certain steps before launching their startup.
Steps to prepare for before launching the start-ups
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1. A professional sense of timing
Your timing should be impeccable. Just pick up the right moment to launch the company. Great balancing leads to great focus leading towards the growth of your company. Try doing this in two ways:
a. Choose the right moment to start your company.
The success and faltering of your competitors, the availability of funds and personal circumstances are certainly contributing factors towards starting your own company.
b. Preparing strategically accordingly
Getting the business plan completed and prepare it strategically as you need to make decisive moves for your business. Never rush and take the necessary time to develop the plan carefully as many developments can never even get off the ground.
2. Well defined budget
Just dumping a chunk of money for your business is certainly not enough. Many think that big amount of money will surely suffice to cover the expenses but that is not so. It is certainly important to have a detailed budget for every single penny one is spending.
Budgeting is an important aspect to keep in mind. Every area of business should be carefully accounted for and budget should be closely adhered.
3. Self Discipline
Exercising self control is very necessary. Just preparing budget is not enough, you will have to stick to your budget. Right in the start-up phase, discipline in all areas is very necessary. Decide your goals ahead of time and try maintaining a work balance and life balance so that you stick to your benchmarks and budget.
4. Professional Social Skills
If you and your team know people in high places then it will be fantastic for your business. Then you will be ahead of lot of people in your business. Try increasing your existing network and seek out opportunities to make connections of powerful people of your job description. This new relationship will nurture and maintain your existing relationship.
If you are launching a startup, the right amount of flexibility is very important. Make sure that you are willing to modify or even rebuilt your business plan or business model as per your requirement. At all times, new factors arise depending on branding or operations which need your business to be altered to work better. Be on a lookout for ways to adjust what you are doing and never falter back to make changes.
Most worked out business plans falls apart if the person carrying it out lacks perseverance and skills and knowledge to carry out the whole endeavor. It is certainly very important that you are aware of how to do something rather than knowing what needs to be done. Remember in case of your startup to succeed, all the hard work needs to be done by you.
Last but not the least, for any business to run effectively in the most capable way, it is very important to have the right amount of finance. For a start-up to succeed, the right amount of finance is very important as that is the maximum help you can get for business. Try applying for some small- business loans which is the path of funding your business.
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Setting up the right start-up is certainly not easy but once the right start-up is set, you can proceed towards achieving your goal to be one of the successful self made entrepreneurs.
We will share you some exclusive start-up stories of some prominent person in different genre and how they began, their journey and takeaways, humble beginnings detailing you taking you on a journey of self inspiration and self success.
Keep reading our blogs to know about some of the exclusive start-up stories of all time.