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Suppose you want to be an entrepreneur?
December 31st, 2009by
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If you have that opportunity, how would you justify yourself as an entrepreneur? Identify a business for yourself that, you think, has a lot of potential; and give reasons in favor of your choice.
I have been a entrepreneur for over 35 years and I would never trade it for the world. There is no better feeling than being in total control of your life! Read my profile if you would like, I think you might enjoy it.
It is not as complicated as you may think. You MUST pick a business that you have a passion for. Not something you THINK might work.
The first thing you need as an entrepreneur is a STRATEGY and a PLAN.
Here are a few things you need to think about off the top of my head…
STRATEGIC DIRECTION
1. Mission — What is the purpose of your business? Why does it exist? To serve whom?
2. Strengths — What strengths does your business have that set your business apart from its competitors?
3. Values — What do you want your customers (and others) to think of your business?
4. Vision — What will indicate that your business is successful? What will the world look like when your business is successful?
BUSINESS PROCESS MODEL
1. Develop Products and Services — You need a process by which your business develops new products and/or services for its customers. For example, performing a market analysis to determine what your customers want and value.
2. Generate Demand — You need a process by which your business shows your prospective clients that they need the products and/or services that your business provides. How will you market? How will you advertise and reach your customers? How will you sell to them?
3. Fulfill Demand — You need a process by which your business actually delivers the products and/or services that your customers demand from your business. Will you deal with customers in person? Will you sell to them over the phone? Over the Internet?
4. Manage the Enterprise — You need processes by which you run the internal workings of the operation (such as hiring, firing, accounting, taxes, ensuring you have proper insurance coverage, ensuring that you are complying to applicable laws, etc.).
ORGANIZATION MODEL
Job Descriptions, Roles and Responsibilities should be defined for each person. The organization must support the business processes.
TECHNOLOGY MODEL
Think through what software you’ll need, what data you’ll need, what hardware and other equipment you’ll need (fax machines, copy machines, etc.).
PHYSICAL CONFIGURATION
Are there any physical considerations for your business? For example, will you need to rent retail space? Can you work from home? If you have an office, will people need cubicles, etc.?
After you figure out the answers to all of these questions, you will need to put together a plan that brings your operation into being and then launches it.
MARKET/CUSTOMER ANALYSIS
When you are considering what opportunity to pursue, MAKE SURE that you have done a very thorough MARKET ANALYSIS. Make sure you know who your customers are and what they value. Would they be willing to compromise on quality in order to get a better price? Do they value customer service more than price? You can have the best product or service in the world (as far as your opinion goes), but it means nothing if no one buys it!
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2 Responses to Suppose you want to be an entrepreneur?
Hi Cool,
I have been a entrepreneur for over 35 years and I would never trade it for the world. There is no better feeling than being in total control of your life! Read my profile if you would like, I think you might enjoy it.
It is not as complicated as you may think. You MUST pick a business that you have a passion for. Not something you THINK might work.
The first thing you need as an entrepreneur is a STRATEGY and a PLAN.
Here are a few things you need to think about off the top of my head…
STRATEGIC DIRECTION
1. Mission — What is the purpose of your business? Why does it exist? To serve whom?
2. Strengths — What strengths does your business have that set your business apart from its competitors?
3. Values — What do you want your customers (and others) to think of your business?
4. Vision — What will indicate that your business is successful? What will the world look like when your business is successful?
BUSINESS PROCESS MODEL
1. Develop Products and Services — You need a process by which your business develops new products and/or services for its customers. For example, performing a market analysis to determine what your customers want and value.
2. Generate Demand — You need a process by which your business shows your prospective clients that they need the products and/or services that your business provides. How will you market? How will you advertise and reach your customers? How will you sell to them?
3. Fulfill Demand — You need a process by which your business actually delivers the products and/or services that your customers demand from your business. Will you deal with customers in person? Will you sell to them over the phone? Over the Internet?
4. Manage the Enterprise — You need processes by which you run the internal workings of the operation (such as hiring, firing, accounting, taxes, ensuring you have proper insurance coverage, ensuring that you are complying to applicable laws, etc.).
ORGANIZATION MODEL
Job Descriptions, Roles and Responsibilities should be defined for each person. The organization must support the business processes.
TECHNOLOGY MODEL
Think through what software you’ll need, what data you’ll need, what hardware and other equipment you’ll need (fax machines, copy machines, etc.).
PHYSICAL CONFIGURATION
Are there any physical considerations for your business? For example, will you need to rent retail space? Can you work from home? If you have an office, will people need cubicles, etc.?
After you figure out the answers to all of these questions, you will need to put together a plan that brings your operation into being and then launches it.
MARKET/CUSTOMER ANALYSIS
When you are considering what opportunity to pursue, MAKE SURE that you have done a very thorough MARKET ANALYSIS. Make sure you know who your customers are and what they value. Would they be willing to compromise on quality in order to get a better price? Do they value customer service more than price? You can have the best product or service in the world (as far as your opinion goes), but it means nothing if no one buys it!
Think ahead! Plan ahead!
Good luck.