WHAT MUST AN ENTREPRENEUR ASSUME WHEN STARTING A BUSINESS

WHAT MUST AN ENTREPRENEUR ASSUME WHEN STARTING A BUSINESS

INTRODUCTION

Have you ever asked yourself, what should I consider before starting a business?, What are the factors to consider before starting a business?,

How do I know a business to start?, Which business idea can give me money?, How can I start a business?,

Which business can I start with low capital? What must an entrepreneur assume when starting a business?

 

Or maybe you have been searching on the internet for things to consider before starting a business, top demanded business ideas, how to start a business, small business administration, how to start a business in 2022, factors to consider before starting a business in 2022 and many other related searches.

The good news that you have gotten here is that all these questions, searches and many others will be treated under this single post.

Business Start up Requirements

It requires a lot of work to start up a business. The amount of documentation, legal requirements, and strategic development can simply be overwhelming. But without putting in the effort, you’ll struggle to turn your idea into a successful business.

 

Nevertheless, we are not trying to scare you away from starting your own business (entrepreneurship).

We just want to keep things realistic, while telling you that it is 100% possible to start your own business.

It’s going to take time, effort, and potentially a few setbacks, but you can do it. And that is why this post was made just for you; What must an entrepreneur assume when starting a business?

 

 

Although almost every individual dreams about starting his own business yet less than 5% of the newly started businesses manage to reach the 10 year mark for businesses.

Over 50% of the small businesses don’t even make it to the fifth year. Most people have no idea about the various things to consider when starting a new business.

They just desire to start their business and make money like these top business men. They do not even have idea about the things that are required to start and to run a business such as the money that is required, the hard work that they have to put in, the knowledge and the experience that they have to gain, the location that will fit and be suitable for their kind of business, their competitors and the kind of patience they need to have until their business reaches up to a certain level for them to make profits.

 

THE IDEA OF STARTING A BUSINESS

Entrepreneurship or starting a business is an idea that appeals to many people, but figuring out how to start a business can sometimes be so overwhelming it scares people away.

What to produce or sell? For whom to produce or Who should you sell to? How will you get customers?, Market or aggregate demands.

 

Infact, starting a business is more than just waking up one morning, rent a shop, fill it with goods and start selling, convince people to buy and make your profits. No, this is no where near the requirements for starting a successful business.

 

Thinking about what you should produce or sell? Find high-quality, unique products from US-based suppliers on Handshake, a wholesale marketplace by Shopify or from your local sellers around you depending on the type of business you intend to start.

 

 

You can also go to the internet and social media to see posts and chats of highly demanded businesses that you can venture into.

You can also check our post on high income business ideas you can start. (Post Coming Soon)

 

WHAT MUST AN ENTREPRENEUR ASSUME WHEN STARTING A BUSINESS

If You are serious about starting a business, stop overthinking and start putting in the work to make it happen, take an action immediately after going through this post.

 

Many people have the dream of starting a business that will grow and flourish and the only thing that can make that possible is by considering some factors that can make that possible and we will take you through the factors to consider before starting a business and the factors that will make your business grow beyond that of your competitors.

These factors will take your business both from the starting point until you get to the peak and explore beyond your competitors.

 

 

These factors as answers to What must an entrepreneur assume when starting a business are:

 

  • 1. Know your potential (if you can become an entrepreneur)
  • 2. A business idea and business structure
  • 3. Uniqueness of the business
  • 4. Market, research or demand
  • 5. Write your business plan
  • 6. Start up costs
  • 7. Know your Competitors
  • 8. Location of your business and customers
  • 9. Technology and manpower
  • 10. Register your business legally
  • 11. Start your business and bring up new ideas every day
  • 12. Explore and advance in your business

 

1. KNOW YOUR POTENTIALS (IF YOU CAN BECOME AN ENTREPRENEUR)

What must an entrepreneur assume when starting a business
Know your potentials

The first thing to consider before thinking of or venturing into any business idea at all is knowing your potentials. What can you do, what qualities do you possess and to what direction is it heading to?

Ask Yourself if You possess the qualities of an entrepreneur. You can check our post on Qualities of an Entrepreneur (Coming Soon) to see if you possess such qualities . Or CLICK HERE to see how Consistency can make your business grow

 

There will never be a right time to start a business. If the stars couldn’t align for Romeo and Juliet, they probably won’t align for you either. But you can either look at that as the thing that holds you back from starting or use that to push you to start today.

 

You must be sure that you are ready to start up a business. Ensure that you are ready and capable both physically, mentally and socially before taking the next step forward. Examine yourself properly. After you might have find out that you can and you are ready to start up a business as an entrepreneur.

 

Saying you’re going to start a business is easy. But doing it, turning nothing into something that makes money, that can be a whole lot tougher.

 

And you need to be mentally prepared to take something on. Why? Well, there are going to be challenges when starting newly for you to generate sales, but with time you will explore and become a model for others. And if your mindset isn’t in the right place, any failure could devastate you. But if you’re in the right mindset, you will EXCEL! .

After you have concluded that you are ready to start up a business then you can go on to the next step.

 

 

2.) A BUSINESS IDEA AND BUSINESS STRUCTURE

 

 

After you have assessed yourself thoroughly and you have discovered that you are good to go and that you are ready to start up a business. The next step to take is to discover a business idea. Yes, you might have had a business idea already in mind before thinking of starting up a business but after going through self assessment you might see the need to change the idea or continue with it.

Even if you have a business idea already, you need to be sure and validate that there is a need for that. You also address whether the idea is sustainable and will meet your desires and that if the public or not.

 

Consider what need your business fills. This might be a problem or process that your product can speed up, a loss that your product can prevent or a service that your community needs. This might have to do with your location, as well, if you can provide a service like good food or laundry or repair to a neighborhood where that isn’t yet access.

Get a list of some business you can do and select the best that is convenient for you.

 

 

3.) UNIQUENESS OF THE BUSINESS

You must examine how unique the business is. If you have business role models, you might think of what sets you apart from them. Knowing what you alone contribute to the business can help you articulate the value of your brand.

 

Think of what importance your business can be to the public and what can your intended business can do or what service can it provide that others cannot.

 

 

 

4.) MARKET, RESEARCH AND DEMAND

 

The next step is to consider the broad market your business can serve. You can think about what geographic range you can cover and what kind of people might have the need that your business answers.

Make research to find out the kind of goods and services that people need, the kind of products and services that is highly demanded in the market. Ensure that your business can meet up with the demands of people because this is the only thing that will help your business to grow and Excel.

Start by answering the question, who are your customers? Who demands the business you want to start? If you are selling your product or service locally, you may have to assess the demand for it. In case you are taking up on an international level, you may have to understand the rules and regulations of dealing internationally.

 

You can further organize a market survey for full research and know how to explore in your business.

 

 

 

5.) WRITE YOUR BUSINESS PLAN

 

After you have chosen your business idea and made your market research to know the level of demands of the business, the next step is to draft out and write a business plan.

 

What is a Business plan?

 

A business plan is a necessity for every business person or Entrepreneur who wants to succeed in business.

A business plan will help you figure out how much money you will need to get started, what it will take to make your business profitable, what needs to get done when, and where you are headed.

 

 

In the simplest terms, a business plan is a roadmap—something you will use to help you chart your progress and that will outline the things you need to do in order to reach your goals.

Rather than thinking of a business plan as a hefty document that you’ll only use once for a particular purpose, think of it as a tool to manage how your business grows and achieves its goals.

 

While you might use your business plan as part of your pitch to investors and banks, and to attract potential partners and board members, you will primarily use it to define your strategy, tactics, and specific activities for execution, including key milestones, deadlines, and budgets, and cash flow in your business.

We will drop a full detailed post on business plan soon (Coming Soon).

 

 

 

6.) CAPITAL AND START UP COSTS

 

After you have drawn your business plan and how your business will look like, the next thing to do is to consider the capital involved. How much will it cost me to start up this business? The capital and start up costs does not only include the financial aspects (money) but it goes beyond that.

Now let’s break it down

First, the financial capital. You must consider how much money is needed for you to start up the business and how much money is needed to run the business after you have started it.

Now, the next step is to find out where and how you can get the money. This can be through personal savings, borrowing from friends, loans, grants, and so on.

You can even borrow from the bank or top businesses and Entrepreneurs, and this can easily be possible using your business plan.

 

After the financial aspect, you need to consider your efforts towards the business, the stress it will cost you, the time it will take you and the dedication that you need to put into this business especially when starting in order to avoid frustration.

 

You can also go forward to find out the level of tasks you will perform why running this business.

 

 

 

7.) KNOW YOUR COMPETITORS

 

In every business there must be competitors, this includes those who started before you, those who started with you and those who starts or intend to start after you.

Your competitors are simply those who are in the same line of business with you irrespective of their tribe, language or gender and even your relationship with them.

 

For you to be able to Excel greatly in your business, you must know your competitors, know what they offer, know the strategies that they are using to sell and run their business. Infact you need to know the secret of your competitors.

This is because, without you knowing your competitors and their secrets on how they run their business you might start only to find out that you are lacking behind in your business.

 

After you have known your competitors and all the skills and tactics that they use in running their own business, the next step you take is to draft out your own special unique way of running your business.

A way that will make your business more attractive than that of your competitors which will help you to beat your competitors and never be behind them.

 

You must ensure that you are following same pattern as them but use special tactics that will make you be ahead of them.

 

 

8.) LOCATION OF YOUR BUSINESS AND CUSTOMERS

 

The location of your business, whether online or offline business.

This can be a physical location for an offline business, this means the place where your business is located, the environment or geographical location that your business is sited.

 

The location of your business is one of the top factors you must first consider before starting any kind of business.

Having known your audience; your customers and the market demand your location will determine your ability to locate them, reach them, supply your product or service and Excel in your business.

 

Since your business plan has been laid out, the money is in the bank, and you’re ready to go. If your business is online and you won’t need a storefront, you’re probably looking at building your website and choosing a shopping cart solution.

Maybe you’ll be able to work out of a home office or a co-working space instead of renting or buying office space. But if your business needs a dedicated brick and mortar location, there are many considerations.

 

Your business location will dictate the type of customer you attract, what types of promotions you can run, and how long it will take you to grow.

While a great location won’t necessarily guarantee your success, a bad location can contribute to failure.

 

If yours is a retail business you will have to look for a well-populated area that is easily accessible.

 

If it is a manufacturing unit you can choose a location that can let you save money on electricity, water, taxes, and transportation. Look for a place where manpower is easily available and raw materials can be sourced easily.

You can even look for a location that can get you rebates and subsidies from the government.

 

If yours is a niche product or a service, you may have to look for a single location where all your competitors are.

Offices can be set up in any place that is accessible and offers good facilities such as parking spaces, refreshments, transportation, and so on.

 

Ensure that your location suits the kind of business you are trying to venture into. And once you get a good location for your business, boom! Watch your business grow and flourish.

 

 

9.) TECHNOLOGY AND MAN POWER

This factor however cannot be skipped or avoided when trying to start up a new business whether online or offline. Before you start a business you should consider the technology and manpower for reasons which will be discussed here.

First, technology. Before you set into any business idea, after you have concluded on the business, start up and running costs and location and other factors and you are ready to start, you must consider the technology.

You need to consider the available technology or technical gadgets that can be used to run your business successfully without downfall.

 

Technology as a factor to be considered before starting a business also means that you should know the current trend, the ongoing technical gadgets that your competitors are using.

 

For example, previously typewriter was used before for typing of documents and other work of typesetting, that means that everyone who wants to venture into such kind of business must know how to use a typewriter very well.

But now, if you want to indulge or buy into the computer (cyber café) and graphic design business, you may not need to learn how to use the typewriter again, this is because of the current technology trends.

The keyboard has replaced the typewriter so if you must enter into such field, you must learn how to use the keyboard and have high typing speed (WPM) for you to Excel in such line of business.

 

This illustration extends to all other kinds of business, you must be determined to Excel and explore your business by learning and coping with current technology trends.

Also, if your business requires employers or man power, you must find out the needed man power to run your business and the available manpower that can do the job.

 

 

 

10.) REGISTER YOUR BUSINESS LEGALLY

 

No matter the kind of business that you are into, registering your business is a bonus point for you to successfully grow your business to your desired level.

Realistically, registering your business is the first step toward making it real.

However, as with the personal evaluation step, take your time to get to know the pros and cons of different business entities.

 

Alternatively, you can work with an attorney to iron out the details because this is not an area you should get wrong.

You will also need to get the proper business licenses and permits. Depending upon the business, there may be city, county, or state regulations as well.

This is also the time to check into insurance and to find a good accountant.

 

Business formation can come in different formats such as; partnership business, sole proprietorship business, Limited Liability Company and Public Corporation or Corporation company.

 

You can go ahead and register your business both locally, nationally and internationally if it is an international business line or organisation.

 

You must know the rules binding your line of business and make sure that you obey those rules, put them in consideration while working on your business.

 

 

 

11.) START YOUR BUSINESS AND BRING NEW IDEAS EVERYDAY

 

After all the above steps and factors have been considered and the steps taken, the next thing to do is to go ahead and start your business. Launch your business and make it go live’.

You must not necessarily start big, you can start with the level you can and just be consistent in running your new business because consistency is the key to success.

Read our post on Consistency as the key

Always be polite to your customers and speak in simple good and plain cordial manner when interacting or attending to your customers, audience or clients.

 

Remember your language when addressing your customers in business matters a lot, don’t sound rude even when their language and tone is annoying, you must learn to endure to enjoy.

 

Launch your business, put all seriousness into it seeing that it is your source of income.

 

And for you to expand in your business, you must bring up new ideas everyday. Keep thinking of ways and ideas that you can use to keep your customers without loosing them.

For example during festive periods especially end of year periods,you can sell on discount rate to them. You can also bring up new added values to your products so as to ensure that your customers are always pleased.

 

Don’t forget to always follow the trending, walk in line with the current methods.

“To be current is the currency of conquerors in career and occupation”

‘Ihedike Favour (C_E_O of Legitideas.Com)’

The aboved quote by the C_E_O of this site has explained it all. Follow the trend and strive to be unique.

 

Also read; Does Walmart Sell Amazon Gift Cards??

 

12.) EXPLORE AND ADVANCE IN YOUR BUSINESS

 

Finally explore and advance in your business.

 

Having followed the eleven steps above, explore and advance in your business. Don’t have negative thoughts, don’t be pessimistic towards your business.

 

Even when it seems as if your competitors are doing well, better than you, don’t panic, don’t be discouraged but rather device a new means.

Try to do something new, something uncommon which they haven’t done before and watch your business grow as you explore.

 

Remember, advertising your business can also be of a great help to you for expanding your business.

 

The next step now is to take an action

 

 CONCLUSION:

WHAT MUST AN ENTREPRENEUR ASSUME WHEN STARTING A BUSINESS

Take your business serious, apply this factors and watch your business grow.

 

You can also read our post on BUSINESS GROWTH STRATEGIES

 

CLICK HERE to read it now

 

Are you also looking for ways to make money online?

Then read this post. {HERE}

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