Being called as an entrepreneur is perhaps what every soul dreams of nowadays. To be introduced as a “businessman” is appreciated by all. To pursue the dreams and make money even while we are sleeping seems idyllic and here is where it stops.
Because it only seems idyllic, it never is.
Starting a business needs way more study and knowledge then we think. From our finance to our time and from our execution to our customers, entrepreneurship is not something that can be achieved in days or months. It can take years before a brand establishes itself and lands on the journey to the soaring heights of success.
Having said that, starting a business is not impossible either, because all it takes is a little know how about the market you are about to step. Once loaded with the adequate knowledge, all dreams can come true.
For all the newbies in the entrepreneurship, here are some do knows that must be well acquainted to prior to starting a business, so that all the lessons are not learnt the hard way.
1.Have a coherent business plan
Nothing in the world can go smooth if there is no plan to get it initiated and same goes for entrepreneurship. For an entrepreneur, a business plan is something that will propel him for forward.
There are a variety of reasons of having a plan prior to having a business. The first also being the primary one is that a business plan clears the direction just like a windshield clears the mirror during fog. It tells you what business is at the initial point and how will it evolve later. It undermines the direction which further lets you be prepared for any future move.
2.Knowing the kind of business
If you don’t know what kind of business you are thinking to set up, how will you know the finance that will go in investment? Be well aware whether you want a large business or a small one? Whether you need more employees or a less number would do the same or even you need no one. Knowing all the facts can lead you to remain focus on what you will be spending in the longer run.
3.Understand your market
Before planning to start a business, it is essential you know where your market lies and who will be your customers. Your product may not appeal to everyone nor everyone will find it suitable to be bought and that is where you stop worrying. Know who needs your product, find your specific market.
4.Making money comes by spending
In business, it is more like a give and take kind of a relationship. If you are afraid to spend money, you would have to give up the fear before you start with your business. You might be calculating each of sum of your money that goes in money and then you realize, you will have to make a little more investment to have the product known; but it is always worth.
5.There will be days
With each passing day, you will realize that it becomes more stressful than you imagined. That sometimes, your result would not be as you wished it to be but that doesn’t mean you give up. Each dark day would be followed by a bright one and that’s the day you would be elated not to have given up.