|
Entrepreneurial
Women's Digest
Start Your Dream Business
|
Inspiration, Ideas & Resources |
Business Notebook
Essential Packing for Your Entrepreneurial Journey
1. The bigger picture:
When the large majority of people envision launching a business, the first thing that comes to mind is making lots of money. Any business owner wants to be successful, but success is measured in more than dollars and cents. Many great companies were established by men and women who had a heart for helping others reach their own potential. They found a way to involve others in their vision and the rewards naturally followed.
2. Business Ethics:
Of vital importance in the arena of commerce, is the need to be honest and have integrity. If a business appears to be succeeding in leaps and bounds, it doesn't mean that all is right with that enterprise. Not all scales are balanced and many unsuspecting consumers and employees are often taken advantage of.
"Wealth gained by dishonesty will be diminished, but he who gathers by labor will increase." Proverbs 13:11
As an entrepreneur, it should be your aim to be fair in all your business practices. Be equitable in your dealings and provide excellent service. Have a mission statement that is exercised to its fullest intent.
3. Beginning the Journey:
What is your destination? In order to reach it, you must take your first steps. Are you being detained for overweight? Have you packed things that are above and beyond the limits that are required? You must be realistic and common sense is still by far one of the greatest and most essential items you should have included on your checklist.
Have you enough fuel of passion, inspiration and motivation to begin the journey or are you in need of a jump-start? Check out the equipment before you take off into the "The sky is your limit" realm. Do you have your compass, road map and tool kit handy? There are bound to be unforeseen storms, and setbacks. You might actually fall hard, not once or twice but a few times. Those who are determined always find a way to get up, shake off the dust and persevere to the end.
Have you done your market research, are you cognizant of the competition? How do you plan to maintain the winning edge. Don't be afraid to be different. Competition is not all bad for business. It is actually good. It challenges you to improve your products and services and your customer service skills.
4. Learning as you go:
As you conduct business on a daily basis, you will learn many lessons. You'll also become more familiar with the needs of your customers and tailor your products and services to ensure maximum satisfaction. If you want to stand out from the crowd, it is critical that you make customer service a priority and provide great value. You must be willing to go above and beyond the customers expectations -- happy customers mean repeat business and a solid client base is crucial to the longevity of your business.
5. Staying Afloat:
In life, nothing stays the same. There are high and low tides, sunny days and cloudy days, days when business is booming, and days when business is lapsed. Many uncontrollable factors play a part: When the economy is not robust, and job losses are prevalent, people have less disposable income and are more selective in their purchasing habits. To keep afloat, you must be careful to invest a good percentage of profits back into the business, and explore ways to enhance your goods and services.
Eliminate products that are not profitable and focus on making your premier offerings even better. Be sure to target your best customers with great incentives, such as free gift or special discount for referring new customers. Don't be afraid to try something new, but if you're not sure, don't invest a whole lot of money in it, give it a test first.
6. Stay Informed:
Stay up to date on product knowledge: Read articles about your particular field or industry; how is it changing? How will trends impact your business? Creativity goes a long way in keeping your doors open for business. Armed with knowledge and a plan, you can execute terrific ideas with great results!
7. Multi-tasking:
Multi-tasking is a term any prospective entrepreneur ought to get used to. In the start up stages of your venture, and some times years into the business, you will wear many hats: accountant, bookkeeper, banker, courier, and receptionist are just a few. Be prepared to work long hours, but by all means, prioritize your time. Your health is your number one asset. Can you imagine, not being able to service your clients for weeks because you are laid up in bed sick, and there is a enormous back log of things to get done! Have a contingency plan in place. Involve a willing child or family member to help out with duties. Maybe they too will become motivated to run their own business. As your business grows, you should consider hiring employees or temporary assistance to function in various capacities. Doing it all by yourself could eventually rob you of your energy, and less attention might be paid to the more important aspects of your business.
8. Staying Focused:
As you contemplate what type of business to start, you might become overwhelmed by the hundreds of exciting opportunities around or your own brilliant ideas. It's easy to lose focus and become involved in ventures that start out wonderfully, but eventually your interest wanes because your heart is not in it. This could go on for years, and your deepest aspirations might never get off the "back burner."
You must purposely channel your energy and time developing your ideal company. Do what you love and you'll always have a vibrant approach and the stamina to stretch yourself. Do not allow anyone to set parameters for you. Know for yourself what you are capable of accomplishing, seek help when necessary, but don't be controlled by others forcing their agendas upon you.
If you happen to be already involved in a venture that is unprofitable or is not a true expression of your creativity, then you need to do a little "House cleaning" or put up a "For Sale Sign." Why spend the rest of your days regretting that you didn't take a step of faith in the direction you were assured was yours to take?
Ó Copyright. Entrepreneurial Women's Digest. All rights reserved.
This material may not be reproduced, reprinted, or transmitted in any form, or by any means without the express permission of the Publisher.
Ó Copyright 2008. Entrepreneurial Women's Digest. All rights reserved. Privacy Policy Home
|
