Business Insider Edition
A successful business is not an innate talent or a matter of chance. It is a set of skills, flexibility of thinking and constant concentration. In this article, we will look at specific steps that will help novice businessmen.
The people we associate with influence our thoughts and goals. When the environment considers it lucky to earn $1,000, we think in the same categories. If you want to build a successful business, communicate with entrepreneurs: this will bring confidence, useful knowledge and contacts.
Plans are useful, if not confused with actual actions. It’s easy to get caught up in thinking about the perfect product, but never get it done. Perfectionism takes a long time and delays profits.
If automakers had waited for the invention of the automatic transmission instead of selling the first cars, they would not have gone far. Place an ad on Avito or Vkontakte, even if there is nothing to sell yet – this is how you determine the demand.
You need to do what works best. Remember what kind of help you turn to? Translate the letter into French? Choose a phone within $1,000? Find cheap flights and book a hotel?
Consider different options. If you know about phones, you do not need to open a phone store, perhaps your niche is a YouTube blog with a review of new products, a repair shop, or custom design of gadgets.
A lot of parasitic things revolve around the important: they create the illusion of work and divert the focus to themselves.
Don’t start with printing business cards, renting an office, and promoting your site – do what makes a profit. Put a post on social networks, place an ad in the newspaper, offer to buy to friends.
Risk is directly related to profit, but entrepreneurs take risks wisely. Business is not a casino. Don’t try something that others have failed a thousand times. For a competent risk, you need to see the barriers and competencies of the team in order to overcome them.
If 10 anti-cafes were opened in your city, but all were closed within a year, it is unlikely that all of them are losers, but you will succeed. If there is no clear advantage of the business idea, the chance of becoming a successful entrepreneur is close to zero.
Before launching, a series of numbers should appear in the business plan. How much to sell to break even? How much to sell to recoup investments in 1, 2, 3 years?
Calculate the profit per sale, taking into account employee salaries, rent, advertising, taxes, and depreciation. It may turn out that with a rent in the city center, selling quality coffee to go for $10 is suicide. You need to raise the price to $ 20, look for cheaper rent or make coffee a class lower.
Business with friends is great only at the planning stage: people should get into the team because of professionalism, not friendship. Don’t be afraid to hire smarter people than yourself. Your task is to manage the business, not to be the best specialist.
Mentor is an experienced businessman with an impartial view from the outside. He will see weaknesses, help prevent mistakes, and point out opportunities for growth that aspiring entrepreneurs are missing. Look for a mentor-practitioner with experience in your field. It seems that growing a competitor is stupid, but it’s not. Businessmen are happy to share their knowledge with colleagues. This practice is developed in Europe.
Point of additional motivation for the desperate. Post on your social media pages with a goal to open a business by a certain date. The fear of public failure and the interest of acquaintances will help move forward.
Starting your own business is not an easy step. Not all entrepreneurs have a cash reserve for initial investments. However, if you need to make money fast, you can try betting at 22Bet.
What do you need to start your business? Desire, idea and, of course, initial investment. No matter what they say about “business without investments from scratch”, you will have to spend money anyway. It can be your personal resources – time, effort, – money for self-education, the minimum start-up capital for a launch. There is no business that would start without a single ruble spent. The most difficult thing is often to collect the start-up capital. Here you can go in two ways – choose a project with minimal investment or find business partners. If the idea is attractive and unique enough, you can try to attract an investor. Investors can be searched among acquaintances, on Internet sites or crowdfunding platforms. The latter type of fundraising has become very popular in recent years. It was thanks to crowdfunding that the world became aware of the Star Citizen game, the BauBax Travel Jacket, and Ubuntu smartphones.
Starting a business from scratch is impossible without creating at least a minimal internal structure – a business plan. The initial data are the business idea, the amount of start-up capital, the results of the analysis of competitiveness and distribution sources, suppliers and partners. Now you need to calculate the profitability and draw up a plan for the formation of your own business. Business plans for various fields of activity differ significantly from each other, but they must include five main sections:
When starting a new business from scratch, an entrepreneur faces multiple risks. Therefore, it is necessary to think about minimizing them at the initial stage; it is not without reason that a whole section with financial calculations and a list of crisis measures is devoted to them in the business plan.
In order to minimize business risks, you should: Take into account their likelihood and soberly calculate your strengths and the capabilities of the team. Do not choose areas in traditionally unfavorable industries for new business. Preliminarily analyze the market capacity and do not focus on oversaturated or dying ones. Competently calculate strategic moves and avoid risky ones, for example, setting excessively high or low prices for goods. Try to avoid projects where the return on investment is low.
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