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Starting Your Business 2 - Know your bases

When you're setting up your business, you need to ensure that all your bases are covered. Consider the following steps as you navigate through the business start-up phase.

1. Planning your business

2. Organizing your finances

3. Registering your business

4. Hiring and managing employees

Identifying potential roadblocks and finding solutions early on can make the difference between success and failure.

Running a small business often requires that you become a jack-of-all-trades.  That’s why you need to know early, what skills you have and those that you will either must learn or delegate to others.  The key business skills to consider include:

 

  • Strategic Management. Creating a business and strategic plan for your business and making sure you keep to it.
  • Basic Accounting. Which records to keep, how to keep them and how to file them.
  • Financial Management. Where to find financing and how to manage it once you’ve sourced it.
  • People Management. Hiring your first employee and how to manage them.
  • Marketing. How to market your business through traditional channels, web and social media.
  • Sales. How to complete a sale and look after your customers.
  • Operations Management. Choosing and managing your suppliers. 

When considering the skills that you lack, there are three avenues you can take: you can hire employees who are strong in those specific areas, you can engage professional business advisors, or you can take the time to learn these key skills yourself.  

 

What kind of business do you want to start?

  • Maybe you already have an idea of what kind of business you want to start and maybe you just know that you want to run your own business.
  • Either way there are decisions to make and research to conduct.
  • If you are considering more than one idea you will need to conduct research and compare your options to make the best choice.
  • Make a list of potential business ideas.
  • Consider what kinds of businesses you are interested in and why you want to start that type of business.
  • Think about what products and services you want to provide and how you can set your business aside from the competition.

The key to success in business is simple Find A Need and Fill It

Here are my thoughts on ENTREPRENEURSHIP

In Search of Excellence

The True Entrepreneur

E = examines needs wants and problems for which you believe there is a     solution or improvement.

N = narrows the possible opportunities down to one specific opportunity

T = thinks innovatively – thinks game changer

R = researches the opportunity and idea thoroughly

E = enlists the best sources of advice and assistance possible

P = plans the venture and looks for possible problems that might arise

R = ranks the risk and the possible rewards

E = evaluates the risks and rewards and decides

N = never hangs on to an idea or business, as much as it may be loved, if research shows it won’t work

E = employs the resources necessary for the venture to succeed when the decision is finally made

U = understands and accepts that any entrepreneurial venture takes a great deal of long, hard work.

R = realizes a sense of accomplishment from successes and learns from those ideas that didn't work.

Here are some questions to ask yourself:

  1. What are your top three keys to success in running a business?
  2. What is the one essential key to financial success in business?
  3. If you could open any business you wanted what would it be?
  4. Why does this business interest you?
  5. Explain why it is important to have a “passion” for what you do?
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