Entrepreneurship, in most possible ways, can be defined as starting a business for profits. It looks pretty simple, right? It is not when considered in different cases.
In fact, according to the Small Business Administration (SBA), only a mere 39.2% of Business owners have a Bachelor’s Degree or Higher.
Starting a business is not everyone’s cup of tea and especially those who take risks as disclaimer rather than taking it as an exciting challenge.
The above sentence says it all and act as a filter to the one reading this. If you are willing to take risks, efforts, and plenty of hard work as an exciting challenge, then you should proceed reading this article till the end. I assure you that you’ll be 90% satisfied with what I have to share with you today.
How can I say this, you may ask.
Let’s take a look at some statistics which will make you sure about how and on what difficulty scale does start a business lies on.
According to The Alternative Board, almost 66% of Entrepreneurs work 40-59 hours per week, while only 5% of Entrepreneurs works less than 30 hours a week.
But on the other hand, when it comes to discussing the basic requirements or skills vital for starting a business there was a survey conducted.
5 Things To Put Your Eyes On For Every Small Entrepreneur Brain To Think Creatively About Their Business
Entrepreneurs were given freedom to select multiple choices at Global Entrepreneurship Monitor survey and the results were that
- 42% of Entrepreneurs responded with basic business skills like Computer Applications and Marketing.
- 37% responded with leadership and management skills and rhetorical abilities.
- Again around 37% responded with Entrepreneur in practice such as Business plans.
- Other 31% responded with innovation like finding creative approaches to problems. (Source: FitSmallBusiness)
Startups are pretty popular among new budding Entrepreneurs and are no fact that they are wanting it to grow into millions. Every Entrepreneur does it. When an idea stuck in their mind, they assume it to be profitable yet not even giving a chance to validate their ideas instead of trusting themselves and their ability to do it.
If we look at startup or small business statistics, hardly 3% of such small businesses made it to the fifth year.
Do you know what’s the leading cause of failing business or startup?
Well, it’s the inability to do something successfully or say “Incompetence”.
Note: Don’t let yourself down by looking at those statistics. The point here is it gives you and makes you aware of what you should avoiding and how planning a business completely and validating it to a greater extent before starting it makes a much greater sense than putting it up by trusting your guts and leading to a failing startup.
Let’s get more into it. I will tell you those golden things you should be focusing on before starting a business yourself and think creatively to kickstart your business right away like a Ninja!
“Business is the thing which requires modification in priorities of your own. Starting a business needs real work, efforts and great minds. Sometimes, business is not everyone’s cup of tea. You need to bear the loss and many such upcoming challenges and you need to accept them as you would do for any job terms and conditions.”
Everything we do in our daily lives has a routine. We know what we are going to do next. We plan it and make it a habit. This is called a process.
For example, you wake up at 6 am then jogs for 6:30 am and then finally make your way to shower.
This is all planned. You plan it last night before sleeping. This is a process.
Similarly, when it comes to starting a business then it should be with a process.
Likewise, a business plan is born. It is with a process that will help you decide how your business is exactly going to perform in the market out there.
Remember, business is something that sucks your Time, Money & Mind at a vital moment. No one ever wanted that. Therefore, planning business is essential before starting.
If you’re unsure about which business to opt for, you can check out the 4 amazing business ideas for yourself which require fewer efforts and money.
Few Tips From Us For Planning A Business
No limits on this. Research on Market Value, analyze your products, etc. Spend time twice on research while writing your business plan.
- Make EitherTraditional Business Plan or Lean Startup Plan
If you’re a newbie, I recommend you to stick with the Traditional Business Plan. It is more detailed and takes more time to come up with. And since when it comes to funding, lenders and investors might commonly ask this plan. To come up with a perfect plan, you should be knowing your company, product and competition, and your market.
- Make A Company Profile
It should be listing the main aspects of your business like the resources, what services your business offers, how you solve a problem and what makes your business outstanding.
- Revolutionary Marketing Plan
Every masterpiece of the business plan includes an aggressive marketing plan. A strategic marketing plan includes,
And that’s the end of business planning. By the time you realize you’re done with business planning then there is a list of things you should always keep in your mind when working on starting a business.
Ego? Why are we talking about it in a business-related subject? Well, because the founder of small business or startup often thinks that they’ve everything settled out yet when they don’t.
This is a mistake and you should be avoiding it at all costs. You should admit when you’re wrong. It’s ok, as everyone makes mistakes. You should be in a position to always open yourself to learn like a student instead of acting the smartest person in the room.
Listen to the advice, act and think about it. The Ego thing happens mostly with the founder that has never led a team before. If you’re one of those, stop the Ego thing. Start to accept your mistakes and rectify it and I’m sure you’ll be skyrocketing your startup within years.
Make Sure You’re Not Hiring The Wrong People For The Job
You should definitely be taking great care while hiring people. Look for those who can turn amazing ideas to life. Most probably, it’s even better when you hire someone with different soft skills than you.
It will help in balancing things out much better.
Never Ignore Customer Response
Have you ever seen Amazon, denying requests done by Customers? Definitely not. Customers are their first priority and so does your business should. If there are no customers, there ain’t your business.
You shouldn’t only focus on serving, you should look into the matter where customers share their opinion whether it is negative or positive. It helps in improving the business and make better customer relations.
No to Marketing means No to Business
It is as simple as the title. In this modern era, every company should be establishing strong online marketing efforts.
Your business can generate thousands of leads with consistent time and efforts given to Marketing and if you’re based online then doing Search Engine Optimization by which you can be easily found online.
Every entrepreneur requires good marketing tactics to enhance their business growth. Many young and new entrepreneurs make the assumption that once the business is started, it will skyrocket and will fetch them, customers, automatically but unfortunately, it’s false.
Improper Decisions When It Comes To Fundraising
No money is directly proportional to No Business. It’s obvious & simple. But, what’s not simple is to know how much you need it and where you can get it. That’s a real deal.
No matter how you choose to raise the fund, either crowdfunding or raising the venture capital but you break down the funding strategy and go through it.
To get more ideas of funding your business, I recommend you to go through this article at Muse.
To wrap all of it, let me feature some golden points you grabbed in my article.
- The article helped you in knowing and understanding the risks involved in starting a business.
- Based on statistics in my article, you get an idea of How & Why Startups and Small Businesses Fail.
- It helped you in understanding the process involved in Business planning. You get to learn why strong planning for a business is essential.
- You learned 5 mistakes every budding entrepreneur makes and you shouldn’t be repeating them for a successful business or startup.
If you have any doubts, you can drop in comments below and I’ll reach you ASAP.