Introduction:
We
will look at two core areas in course of our discussion:
1.
Entrepreneurship
2.
Business
Entrepreneurship is the act
of creating a business or businesses while building and scaling it to generate
a profit. Entrepreneurship definition is about transforming the world by
solving big problems, like initiating social change, creating an innovative
product or presenting a new life-changing solution. What the entrepreneurship
definition doesn’t tell you is that entrepreneurship is what people do to take
their career and dreams into their hands and lead it in the direction of their
own choice. It’s about building a life of your own terms.
No bosses
No restricting schedules
And no one holding you back.
Business is defined as an organization or
economic system where goods and services are exchanged for one another or for
money.
Every business requires some form of investment and enough
customers to whom its output can be sold on a consistent basis in order to make
a profit. Businesses can be privately owned, not-for-profit or state-owned. An
example of a corporate business is PepsiCo, while a mom-and-pop catering business
is a private enterprise.
SCRIPTURAL REF:
Deuteronomy 8:18 (NIV) But
remember the LORD your God, for it is he who gives you the ability to produce
wealth, and so confirms his covenant, which he swore to your ancestors, as it
is today.
All of our skills and special talents that we use in our
businesses are all given to us by God. He gives us the ability to make money
and cut deals. He did it for our parents and mentors and he does it for us too.
II Corinthians 9:8 NIV And God
is able to bless you abundantly, so that in all things at all times, having all
that you need, you will abound in every good work.
God always delivers to us what we need in order to do our best
work. Sometimes he sends a check we need just in time, and other times he sends
us creativity to find the best solution to our challenges. Trust in the Lord at
all times.
Ecclesiastes 11:4 AMP He who
observes the wind [and waits for all conditions to be favorable] will not sow,
and he who regards the clouds will not reap.
You must be willing to make decisions in your small business. No
one is going to come along and do it for you. Make hard decisions quickly, so
you can move on to doing the work needed to help your customers.
THE CORE AREAS:
1.
Be
inspired:
Your first step is to get inspired
to be an entrepreneur. If you’re reading this article, you’re probably
already there.
2.
Develop
a Strong passion:
Few business owners are successful
without a sufficient passion driving their efforts. Find something
you’re passionate about.
3.
Get
Trained:
You don’t need a
college degree, but you do need to be aware of the risks and realities of
business ownership.
4.
Develop
a selling Idea:
This is the hard part: coming up with an idea
that has the potential to launch a full-fledged business that will stand the
test of time.
Brainstorm
to work out the potential flaws and key advantages.
Preliminarily research the idea:
Dig around the web and see what you
can find. Are there other businesses like this?
Talk to others:
See what your friends and
family think about your idea, and be open to criticism.
5.
Research
and start a business plan. Now’s your chance to get more involved. Find out what competitors
there are and dig deep to create a full-fledged business plan (use the next
steps to help you).
6.
Determine
your target market:
Not everyone will be your target
customer. Find a
niche.
7.
Develop a model:
Come up with a financial model:
How much are you going to charge?
How much will it cost to run the business? How profitable can you be?
Come up with an operations model:
Who and what do you need to
maintain production?
8.
Develop a Masterplan:
Come up with a staffing plan:
Determine the people you
need to hire to get things started.
Come up with a sales and marketing plan:
Sales and marketing are what will drive your business to
grow.
Come up with a growth plan:
How do you expect to scale in the
first year? What about years two and three?
9.
BUILD YOUR STRUCTURE:
Decide on a legal structure for your business. Every legal construct has
advantages and disadvantages. Think carefully about what will work best.
Determine what you need to start. Think about the people,
resources and capital you need, and have both an “ideal” and “minimum”
range.
10. Objectively analyze the risk:
Determine how much you
stand to lose if the company goes under.
11. Secure capital:
Withdraw savings, borrow from
friends, seek funding or set up a line of credit with a bank or some
combination of these.
Seek resources and aid:
Join a small-business development
center and find local resources to help you succeed.
12. You and your
clients:
Scout for potential clients:
Keep your eyes peeled for individuals
and businesses that might buy from you, and the earlier the better. Try to get
at least one client before investing a dime.
Establish key vendors and partners:
Find contractors,
vendors and suppliers to help your business succeed.
Find at least one dependable, long-term client:
Prioritize getting at least one
surefire long-term client
13. Invest in infrastructural improvements:
Improve whatever you can afford
to improve to make your customers happier.
Register your business name:
It’s a simple step, but a
necessary one.
Obtain any necessary permits or licenses:
Your business may require
additional legal registrations.
14. Find your key locations:
Your office location, operations
HQ and related issues are important decisions to make.
15.
Brand Your Product:
Establish a unique brand:
Find out what makes your business
unique, and develop a brand around it.
Start building a personal brand:
While you’re at it, build a personal brand for yourself.
Use promotions and discounts to attract new
customers:
Profitability is not as important
as recognition in your early stages.
16. Ensure your cash flow remains positive, with
proper safety measures:
Cash can kill an otherwise
profitable business. Don’t neglect it.
17. Evaluate your progress thus far, and adjust
your business plan:
Determine where you are in
contrast to where you thought you’d be, and think about what expectations you
had that were wrong.
Revisit your business plan and adjust it to
reflect your current situation and understandings.