Entrepreneurship: a beautiful world
This is a beautiful community, and this is my first time here. Discovering this community is a blessing for me. I know I will learn a lot of new things here, and I will always share my thoughts on issues.
Entrepreneurship is a concept that is well known to us. It is pretty simple; it has to do with taking the risk of starting a business that will provide solutions to people's problems.
Well, do entrepreneurs really need advice? I would say yes. From my little experience owning a retail shop, I can tell you that entrepreneurs are bold people, but they need our support.
There are certain variables one must consider before going into the world of business or entrepreneurship. We should not forget that this subject matter isn't about only buying and selling. It is a concept that has to do with meeting human needs and satisfying them.
Entrepreneurs are innovative, resilient, and passionate. With the aforementioned qualities, it's hard to see an entrepreneur succeed.
In diving into this sacred world, one needs to consider a few things.
Firstly, an entrepreneur must ask himself:
What service can I provide to maximize profits? Starting a business is not for humanitarian purposes but for profit. One must survey the area in which he or she wants to establish a business and be sure that the business will solve the problems of the people in that location. You can't just start a business because you feel you have the capital to do so; if you do that, that's the first step to failure. At least one should have done the SWOT analysis before starting a business.
We must take into consideration the availability of resources in the case of a manufacturing company. A cement manufacturing company should be located close to where limestone can be easily accessed. In other business fields, one must also consider this factor. Even as a retailer, you must ask yourself: Where will I be getting my goods from? Will the cost of transportation affect my business negatively or positively? One doesn't go into business just for fun; one must conduct research and know the workings of the business.
An entrepreneur must be creative. You are not the only person in that line of business. You must ask yourself this simple question: How do I attract customers? You must look for a way to make your brand stand out from the rest. Imagine you are into real estate. How will I make my company stand out? An entrepreneur must understand that the business is not a bed of roses, and one must wear a creative hat to be able to attract clients. Some might argue that one can easily advertise, but for your advertisement to be captivating, you must be attractive. The role of creativity cannot be overemphasized in business.
Bookkeeping is very important if one is to be a successful entrepreneur. I hear people make statements like, "I will just hire someone to look at the accounts for me." I heard this statement from a friend, and when I asked why he made such a statement, he said, "I am not an accountant." We must not be accountants to be able to study our financial records. An entrepreneur must have an idea about bookkeeping. We might say, What of the big company does the owner go through their financial records? I will say yes. Every sensible entrepreneur must do this to avoid running into huge losses.
An entrepreneur must update his or her knowledge in his or her field of business. We must try to know what is trending in our area of entrepreneurship. This will help an entrepreneur maximize profits. Especially in the fashion industry, where trends change regularly, everyone must be ready to invest in acquiring the knowledge needed to survive. Go to seminars and workshops and be updated. One must be open-minded and be willing to accept change.
Most entrepreneurs at the beginning of their business, especially small enterprises, will employ labor without assessing if an extra hand is needed or if the profit that will be made within the first few months will cover salary and other utilities. This is a mistake that is common but mostly overlooked. An entrepreneur must take the pains of running the business during the incubation period until the business can at least stand before thinking of extra hands.
For me, these are the basic things an entrepreneur should understand about business. The business world is a battle field; one must be ready to pass through the painstaking steps in achieving organizational goals and vision. As an entrepreneur, you must have your aims and objectives clearly spelled out. Why are you in that business? This is what will help you stand when the storms come.
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