What distinguishes a potential entrepreneur from someone who will work for someone all his life, living paycheck to paycheck and taking almost no responsibility?
So, let’s try together to go through all the stages that a future successful business person will have to face.
Remember the goals of your life
Before starting your business, think about the goals you are moving towards in life. Practice shows that successful entrepreneurs are those people who have created their businesses in full accordance with the goals of their lives. If you do what pleases you, you will work harder and better.
Think frankly about your goals in life and the results you have achieved so far. Consider the values of life, position in society, career growth, financial condition, leisure activities, hobbies, preferred type of employment, willingness to take risks, and other essential characteristics of personal life. Do not forget to reflect on what brings you happy moments in life and what depresses your condition.
Choose a business model
Technological development has significantly diversified business models. Today you can start your business working full-time, part-time, online, at home, or on a factory floor.
In modern practice, there are seven business models:
- Home business.
- Work in production.
- Electronic commerce.
- Online store.
- Franchising.
- Patenting an idea.
- Sales agent.
Develop a business plan
Having decided on a business organization model, start writing a business plan. It is a responsible step that should never be neglected. You will need to analyze the market situation, track the pros and cons of domestic and international competitors, draw up organizational and financial plans, identify risks and develop strategies to neutralize them, and calculate the project’s payback period.
A business plan is a sober look at the environment. Perhaps your services or products are already on the market in unlimited quantities. And your competitors successfully operate in this market. But do not despair; you will have a real chance to be competitive if you develop an innovative business model, do a knowledge management job, move on to relationship marketing, or do an industrial internship abroad.
Register a company
The choice of one or another legal form will affect:
- The way the company is managed.
- The financial liability of the founders in case of enterprise bankruptcy (limited or unlimited liability.
- Method of increasing capital.
- Features of tax accounting.
- A type of business insurance.
In foreign practice, the forms of legal activity are unified, which does not cause difficulties for foreign entrepreneurs to do business in any of the European countries.
Protect copyright
Long gone are the days when intellectual property management was considered a purely legal job. Today, you must develop an intellectual property portfolio for every entrepreneur. Remember that you only own a copyright in technology if you have registered the copyright. The instruments for protecting property rights are trademark registration, copyright registration, patenting, and confidentiality agreements.
Find funding
If a business from scratch is not your option, it is necessary to determine the required amount of financing to develop a business plan. When choosing funding sources, consider the legal form of the business organization and long-term and short-term business development goals.
Potential sources of financing for your business can be own funds, government grants, or bank loans. The Fund for Guarantees and Entrepreneurship Development are mentors, business angels, and venture capitalists at your service.
Build relationships with professional consultants
A successful launch of the company will not happen without the participation of an accountant, lawyer, banker, insurance agent, a specialist in the development and promotion of a website on the Internet, as well as a business consultant in the development of your business. An accountant will put your accounts in order. A lawyer will represent and protect your interests. An insurance agent will take care of neutralizing risks. A website developer will do everything possible to make your services appear on top in search engines. A business consultant will update your innovation management knowledge and support its strategic development.
Select a team
In a small business, the contribution of each member is essential. Each person in the team must be a “star,” i.e., bring the maximum for business promotion. Choosing partners is the same as choosing between success and failure.
Develop your brand
One of the critical assets of your company can be its brand. A brand is not only the name and logo of the company; it is a derivative of all points of contact with the buyer, namely: the distinguishing features of your company from competitors, the features of corporate culture and social responsibility, as well as the rationale for doing business with customers with you.
Start earning money
Get ready to move on to the monotonous and routine work of winning your market share. It is on how well you know how to concentrate on achieving your goal now that your success will depend. Remember that there are many around who want to earn more. And only a third succeed, making the project profitable. And now, to get into the coveted third, you need to roll up your sleeves and work.
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