The Entrepreneurs Guide To Successful Business

Busy In Small Business

Starting and running a small business is tough. Do you have what it takes to be successful in both the startup phase and the longer term?

In small business you are constantly subjected to mental stress.

You need a solid physical constitution because you may find yourself working longer hours than you ever did as an employee.

You have to deal with uncertainty and anxiety and, if you make mistakes, you have to accept the consequences.

All that and no absolute guarantee you will even succeed!

The truth of the matter is that there are many risks and rewards of running your own business.

You may start a small business and find two or three years down the track that your investment has gone up in smoke.

But if you are suited to running a business, you may find that it is one of the most exciting and rewarding things you do in your life.

You can control your own destiny in a way that you never would as an employee.

If you succeed, you will have the satisfaction of carving out a place of your own in the business world.

And you may find yourself wealthier than you otherwise would have been.

So, do you have what it takes to start up a small business?

Your first step in becoming a business owner should be to assess yourself.

Can you accept the risks and the hard work? Are you the kind of person who will be satisfied by the rewards offered from running a business?

There have been a lot of studies of small business people that come up with different ideas about what makes them tick and what characteristics they have in common that makes them successful in business.

They find some pretty obvious things like; entrepreneurs as people tend not to like taking orders—they strongly prefer being their own boss; they are high-energy people; they are passionate about their business; they tend to be sociable—which helps when it comes to marketing and selling of course; and they are self-reliant and can work long periods in solitude and without support.

More than that, they are resilient, can cope with rejection and failure and still come back for another try.

They have mental stamina and can exercise good judgment under stress.

They are firm decision-makers, but tend to act only after exhaustively weighing up all their options.

They are not gamblers – they will take risks, but only after doing everything possible to maximize the odds in their own favour.

Now, that is quite a list of attributes, but it’s still only half the story.

The other half is motivation – is it so strong that it will keep you going through the hardest times?

You may be driven by your own personality to want to get into your own business but other people are driven to start up their own business because of external pressures.

They may be frustrated by their employer’s promotion policy, for example.

They may feel that they are not being paid according to their performance or their job may put too many time constraints on them.

They may want to be in a position to decide when and where they work.

The main thing to keep in mind is that not all motives display the sort of active drive that compels successful business people – it’s not as easy as just ‘feeling’ that it’s right for you or that it would be preferable to what you are doing now.

Being half-hearted is no way to go into business – you need to be quite driven to be able to put in the effort that will be required.

Once you decide that you do have what it takes to go into business, there are 5 things you need to do to make sure you have the best chance of success.

  1. Make sure there is a market for your product/service and develop your unique business idea. You need to understand what you are going to sell, who you are going to sell it to and why they would want to buy it from you. To do that you will need to understand your market place, your customers and your competitors.
  2. Assess the financial feasibility of your start-up by looking at your start up costs, your sales estimates, your fixed and variable costs and most importantly, how these numbers come together to indicate your break even point.
  3. Prepare a business plan that documents everything you have learned in the first two steps and sets out your business strategy for success.
  4. Decide how to you are going to finance your start up business and use the business plan to approach your chosen financier.
  5. Understand the legal requirements for starting a business and make a decision on what structures you will use to operate the business.

All you need to do now is add the final ingredient of success – the courage to make a start and execute your plan.

The entrepreneurial spirit is what makes our world a great place to live, and I encourage you to follow your dreams for small business success, from startup to profitable business sale.

 


 

Are you ready for more detailed information on starting a small business?

Look for my ebook The Entrepreneurs Guide To A Small Business Startup” in the following formats:

Amazon Kindle ($6.99) – Buy Now

Smashwords Publishing ($6.99) – Buy Now

 

Members of Your Business Coaching Club can also access the ebook as part of your member resources – become a member here.

 


 

Do you have your own story to tell in respect of a small business startup?

Please leave your comments below.

 

 

 

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