Being an Entrepreneur
The idea of starting your own business can be very appealing, attractive, and rewarding. What sets you apart as an entrepreneur is your ambition and determination to see your endeavors become successful. You have brilliant ideas which you want to make into a profitable enterprise, Or, maybe you already have taken that first big step of starting on your own.
Your business idea maybe a new technological platform, a new video game, a unique culinary restaurant, a new retail business for a unique niche, or any other idea which fulfills a particular need in the market. You want to meet your customer’s needs in a uniquely better way which is not being provided by anybody else. Your strength as an entrepreneur is that you have excellent technical skills and knowledge in your respective field of work.
However you should also know
Statistically, majority of new businesses will fail within their first 5 years of starting and it is highly probable that your start-up may end up adding to the statistics. The fear of failing is a legitimate fear which every entrepreneur should have. That fear arises from the uncertainty of not knowing the unknown. What will set you apart from the rest of the herd is your determination to know the unknown rather than to retreat from it. What will decide your long term success is your ability to recognize the factors of business success and avoid the pitfalls of business failures.
Which brings us to the million dollar question….
What makes a few businesses successful while the majority fail?
The methods and faces of businesses evolve over time but the principles of business never change. No matter what the product or service provided, a successful business is always defined as an enterprise which generates consistent, sustainable, and optimal profits for the long term.
A successful business stands on the strength of the following three pillars –
- Your passion, your understanding, and your ability to meet your customer’s needs in the best way possible;
- The size, the stability, and the sustainability of your market share; And
- The cost effectiveness and cost efficiency of your operations.
On the contrary, a business eventually fails when it runs out of cash, i.e., it cannot pay for its expenses anymore. The reasons for a business to reach such a point of failure boils down to all or one of the following:
- The business cannot compete in the market any more, i.e., somebody else is meeting the customer’s needs in a better way.
- It fails to generate enough sales to cover its expenses, i.e., the business does not have enough or looses its market share.
- The business overruns costs and bleeds cash, i.e., the business is no more operationally effective nor efficient.
What do you need to make your start-up into a profitable enterprise?
As an entrepreneur, you need excellent technical skills and profound business knowledge to create and run a profitable business. It takes meticulous business planning to arrange and implement a sound business structure for sustainable profitability.
- You need to have profound understanding of your product/service and your target customers in order to meet their needs in the best and most unique way possible.
- You need to have a thorough understanding of the competitors and the market in order to plan on how you will compete.
- You need a robust strategy plan to reach your business goals without being distracted.
- Your strategy plan will help you create an effective business plan in order to acquire financing and to plan your near future.
- Your strategy plan will also help you in creating a clear marketing strategy to best attract your target customers.
- Your strategy plan will be a foundation to your operational planning in order to create an efficient and an effective business structure.
- Your strategy plan will help you in acquiring the right combination of human resources, the partnerships, and the physical resources required to reach long term profitability.
How can we help you succeed?
We will help you create and operate a profitable business. We will empower your technical knowledge with our business knowledge to help you take the right decisions, successfully guiding you through the difficult stages of turning your idea into a profitable enterprise. Contact us today for a free consultation session. For more information, you can also join us in our upcoming workshops.