Entrepreneurship – Minding Your Own Business

Does the idea of making a profit get your blood going? Are you interested of being your own boss? If so, you should probably try your hand at running your own business.

The Entrepreneurial Fire

There’s a certain fire in every successful entrepreneur. This isn’t referring to them having a high IQ, amazing inventions or a ton of money. It is their drive to succeed that makes them what they are today. Here’s what you need to do to be a successful entrepreneur:

  1. Work hard, long hours at your business.
  2. Constantly thinking about how you can build your business.
  3. Review your business’s operations from time to time to see if they are doing well and where they need improvement.
  4. Network within your field with eagerness to learn more new business strategies.
  5. Adhere to fair business practices.
  6. Strive to provide quality service or products.
  7. Feel proud of your own business even though it might be the smallest enterprise.

These are therefore a list of professional traits that successful entrepreneurs possess.

Getting in the Groove

So, you want to mind your own business. Next would be deciding the type of business you want to own. What you can do now is to take some time alone and browse through the following four business categories:

  1. Care-giving– This is a type of service that involves taking care of people or animals in the areas of medical, educational, food or safety needs.
  2. Organizing/cleaning– With your organizational and cleaning skills, you can help customers get things done.
  3. Technical/artistic– This business requires you to use your technical or artistic skills to deal with customers who need help with projects.
  4. Sales– This kind of business allows you to make money by selling stuff, either new or used.

Based on your interest and the skills that you possess which of the category do you fall in?

Putting Out Your Shingle

So before you post signs around your town about your new business, do think through how you are going to start and run it first! Here’s a plan to get your new venture up and going:

  1. Decide what you kind of business you want to have.
  2. Do a research on your competitors to know what are the products or services that they are offering, how much they charge, and who are their targeted group.
  3. Think of a clever and nice name for your business.
  4. Come up with a marketing plan to attract your customers.
  5. Figure out how much start-up capital you will need to set up your operation and launch your marketing campaign. If you don’t have enough capital, think of ways you can get them or go back to square one and choose a business that you can afford.
  6. Investigate what government procedures you will need to follow to become the owner of such business and initiate that process. For some business, you may need a business license, health inspection, or other certification.
  7. Make a calculation on what ongoing business expenses you will have.
  8. Decide on the selling price of your product or service and how many customers per week you will need in order to make a profit.
  9. You are ready! Set an opening date for your shop.
  10. On your opening day, launch your marketing campaign to attract customers.

With careful planning and calculation, you are now ready to be your own boss! Good luck!

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Source by Jaferre Thomson

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