ENTREPRENEUR

THE ENTREPRENEUR Vol.1 Post 8

2010-09-24T17:18:00.001+01:00

Avoid These 5 Deadly Mistakes When Starting a Home Based Business.

I believe you will like to start that is if you have not started already an internet home based business. However, you may not know where to start from or how to even start.

Despite the fact that there are lots of business opportunities on the internet does not make internet home based business any easier. In short, starting a home based business can be crushing and puzzling for the amateur.

But I can assure you that you can easily succeed if you avoid some common mistakes which people make.

Let’s take a look at some of those common mistakes that people who are starting a home based business commonly make...

1. Preparing No Plans & Objectives.

Most people start their business without a plan, and this can really be an expensive mistake (I’m talking out of experience). I remember I was among the group of people who do not believe in writing business plan especially for small businesses. I never knew was wasting my time.

It is very essential to take the required time and effort to plan the business and clearly state the objectives you intend to accomplish. Do not just treat your home based business like a hobby if you really want to achieve much.

2. Thoughts of making money overnight.

This is a very common misapprehension which people especially start-ups and entrepreneurs have, which is also the reason why many of these upcoming entrepreneurs fail and give up easily. Your online home based business should be taken like any other business. You will need to apply the necessary effort and dedication to make it really work.

3. Believing that your online home based business doesn't need any capital.

There we have it again: another misconception. To be sincere with you, you are actually deceiving yourself if you think you can start and develop a business without spending a dime. Do you think all the resources you will need to start and grow your business will come to you for free? Then you better go and look for a job and get employed. Though it varies with the type of the home based business you want to set up, you would need some initial resources that you have to invest in the business.

4. No market study before creating a product or starting the business.

Still another very common mistake. For your home based business to be successful, you will need to have a market for whatever you will be offering. One of the most essential factor that determines the success of your home based business is demand for your product. Therefore a current market size and future potential of the product or service is very crucial.

5. No focus and commitment.

Your new business will need a lot of effort, focus and commitment for it to succeed, particularly the first two years. You must therefore be equipped and prepared to give your business the time and commitment it deserves.

If you avoid these 5 mistakes outline above, you will succeed with your home based business.

Watch out for my next post. Drop a comment.

THE ENTREPRENEUR Vol.1 Post 7

2010-04-17T13:46:00.000+01:00

WHY WRITE AN EBOOK pt1

It's not true that everything that has been said has
already been written. Since that unfortunate axiom
came into use, the whole universe has changed.
Technology has changed, ideas have changed, and the
mindsets of entire nations have changed.

The fact is that this is the perfect time to write an
ebook. What the publishing industry needs are people
who can tap into the world as it is today - innovative
thinkers who can make the leap into the new millennium
and figure out how to solve old problems in a new way.
Ebooks are a new and powerful tool for original
thinkers with fresh ideas to disseminate information
to the millions of people who are struggling to figure
out how to do a plethora of different things.

Let's say you already have a brilliant idea, and the
knowledge to back it up that will enable you to write
an exceptional ebook. You may be sitting at your
computer staring at a blank screen wondering, "Why?
Why should I go through all the trouble of writing my
ebook when it's so impossible to get anything
published these days?

Well, let me assure you that publishing an ebook is
entirely different than publishing a book in print.
Let's look at the specifics of how the print and cyber
publishing industry differ, and the many reasons why
you should take the plunge and get your fingers
tapping across those keyboards!

Submitting a print book to conventional publishing
houses or to agents is similar to wearing a hair shirt
24/7. No matter how good your book actually is, or how
many critique services and mentor writers have told
you that "you've got what it takes," your submitted
manuscript keeps coming back to you as if it is a
boomerang instead of a valuable mine of information.

Perhaps, in desperation, you've checked out
self-publishing and found out just how expensive a
venture it can be. Most "vanity presses" require
minimal print runs of at least 500 copies, and even
that amount will cost you thousands of dollars. Some
presses' minimal run starts at 1,000 to 2,000 copies.
And that's just for the printing and binding. Add in
distribution, shipping, and promotional costs and -
well, you do the math. Even if you wanted to go this
route, you may not have that kind of money to risk.

Let's say you already have an Internet business with a
quality website and a quality product. An ebook is one
of the most powerful ways to promote your business
while educating people with the knowledge you already
possess as a business owner of a specific product or
service.

For example, let's say that you've spent the last
twenty-five years growing and training bonsai trees,
and now you're ready to share your knowledge and
experience. An ebook is the perfect way to reach the
largest audience of bonsai enthusiasts.

Ebooks will not only promote your business - they will
help you make a name for yourself and your company,
and establish you as an expert in your field. You may
even find that you have enough to say to warrant a
series of ebooks. Specific businesses are complicated
and often require the different aspects to be divided
in order for the reader to get the full story.

Perhaps your goals are more finely tuned in terms of
the ebook scene. You may want to build a whole
business around writing and publishing ebooks.
Essentially, you want to start an e-business. You are
thinking of setting up a website to promote and market
your ebooks. Maybe you're even thinking of producing
an ezine.

Thanks.

Watch out for my next post.

Feel free to post a comment or a question… your comments and questions will help me serve you better.

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THE ENTREPRENEUR Vol.1 Post 6

2010-02-20T11:30:00.000+01:00

Thinking of what an entrepreneur does can really be a puzzling event or situation to a lot of people. Some have a little idea that they are just business people. Based on my own knowledge I think this is just half truth. Saying an entrepreneur are deal makers and people full of ideas is better than saying they are just business people.

An entrepreneur uncovers existing circumstances which he joins together into a deal. They typically focus in certain areas of expertise, however they are more interested in the manufacture of money than having any sort of loyalty to any particular business area. A true entrepreneur has the ability to develop his or her ideas.

You know starting a business can make you feel like you are on top of the world but doing your homework will reduce your risk and may even soothe some of your anxiety.

So what do I mean by the word "homework"?

Your homework means doing things that will keep adding value or that will keep developing you and your business. For example, reading books that are in line with your vision, taking business courses, participating in business forums, mingling with other business minded people e.t.c.

You see, when you do your homework very well you can be sure of success in your business.

Thanks.

Watch out for my next post.

Feel free to post a comment or a question… your comments and questions will help me serve you better.

If you have not joined the group of entrepreneurs on Facebook then I ‘m sorry to say you are really missing out on a lot of things.

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THE ENTREPRENEUR Vol.1 Post 5

2010-02-08T10:30:00.000+01:00

BE READY TO HANDLE THE CHALLENGES OF RUNNING YOUR OWN BUSINESS

One basic truth is that running your own business is not as easy as you think. Running a business involves concentrated effort when it comes to dealing with customers, clients contacting you at any time of the day, products to produce and maintain, staff to manage if any, funds to manage and other things you have to do.

Being an entrepreneur and running a business is not for everyone. You may have good industrial techniques or be technically minded, but running a profitable business is a different thing entirely.

Another challenge you will definitely face as an entrepreneur running your own business is TIME! Running a business is more often than not a full time job and at some point, you have to let some things go. With school, family, friends and personal issues you could soon find yourself trying to get through 30 hours of work every day.

But if you know you have an idea, and you really want to go into business with it, don’t give up now. You just might make it big.

Watch out for my next post.

Feel free to post a comment or a question… your comments and questions will help me serve you better.

If you have not joined the group of entrepreneurs on facebook then I ‘m sorry to say you are really missing out on a lot of things.

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THE ENTREPRENEUR Vol.1 Post 4

2009-12-28T02:39:00.000+01:00

For your small business to succeed, you need to know almost as much about your competitors as you do about your own company and customers. Unfortunately, many small business owners make the mistake of waiting until a competitor has opened up shop across the street and is cutting into profits to find out who and what they're up against.

A competitive analysis allows you to identify your competitors and evaluate their respective strengths and weaknesses. By knowing the actions of your competitors, you will have a better understanding of what products or services you should offer; how you can market them effectively; and how you can position your business.

Let’s quickly answer the last 4 question out of the 14 top questions asked by small business startups.

14 Questions Asked By Small Business startups (Contd.)

Q11. Can I operate a business from my home?

Yes. In fact, experts estimate that as many as 20 percent of new small business enterprises are operated out of the owner's home.

Q12. How do I set up the right record-keeping system?

The kind of records and how many you need depend on your particular operation. When deciding what is and is not necessary, keep in mind the following questions:

1. How will this record be used? 2. How important is this information likely to be?

3. Is the information available elsewhere in an equally accessible form?

Q13. What business should I choose?

Usually, the best business for you is the one in which you are most skilled and interested. As you review your options, you may wish to consult local experts and businesspersons about the growth potential of various businesses in your area. Matching your background with the local market will increase your chance of success.

It’s also an option to start a business you are not familiar with. But in this case you must be ready to spend a lot of time learning about it before you begin. Remember that it’s a lot harder to make a success of a business you don’t like and it’s just as unlikely you’ll like something you are not good at. So make sure you know almost everything about the business especially when you are not familiar with it. You tend to enjoy the business when as you know more about it.

Q14. Why is self motivation important?

I believe self motivation is more important than your business plan or funding or even business skills because motivation can drive you to get all these things. Motivation is something you either have or haven’t got. Successful business people have it, without exception. Frustrated business people don’t have it.

Regular short breaks are advisable to maintain motivation and in keeping ideas fresh. The funny thing is that we are entrepreneurs and innovators. So even while on breaks and lounging in a deckchair we may well be thinking about work.

I want to believe that the answers to these 14 questions must have given an answer to at least one question that has being on your mind.

I will be starting something fresh on my next post and I know you don’t want to miss it.

Watch out for my next post.

Feel free to post a comment or a question… your comments and questions will help me serve you better.

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THE ENTREPRENEUR VOL.1 POST 3

2009-12-21T14:35:00.002+01:00

From my previous post I told you that entrepreneurs are some of the most powerful individuals in the society, not just because of their wealth, but because the kind of habits and characters they possess ensures that they are successful in whatever they set their mind to do.

Most people overvalue ideas and being first. I'm glad to let you know that you don’t have to be first to have a good business, and you don’t necessarily have to be unique. The simple foundation of giving your customers a good value is far more important than being first or unique. Give good value for every amount spent, and that will build your business and word-of-mouth advertising.

Let us go back to our 14 top questions asked by small business startups in the last post. So let’s continue…

(To read the previous posts please click on the post you want to read on the blog archive menu on the top right corner of this blog... Thanks )

14 Questions Asked By Small Business startups (Contd.)

Q6. What makes a successful marketing strategy?

First thing you need to know is that a strategy is a carefully devised plan of action to achieve a goal, or the art of developing or carrying out such a plan.

So when creating a marketing strategy, keep in mind what is popularly called the “four P‘s” of marketing:

PRODUCT: What product or service will your business offer? How is your product better than those offered by your competitors? Why will people buy your product?

PRICE: How much can you charge? How do you find the balance between ,sales volume and price to maximize income.

PROMOTION: How will your product or service be positioned in the marketplace? Will your product carry a premium image with a price to match? What kind of advertising and packaging will you use?

PLACE: Which sales channel will you use? Will you sell online or will your product be carried in retail outlet? Which channel will economically reach your market?

The marketing strategy should summarize your findings about the key target buyer description, the market segment the company will compete in, the unique positioning of the company and it’s product compared to the competition, and so many others that you can think of.

Q7. Is location an important aspect of my business?

Well if you are not operating a home based business then location is one of the most important aspects of your business.

Q8. Why is there competition?

The truth is that there is no business operating without competition.

It will either be a direct or an indirect competition. Direct and indirect competitors try to convince consumers to buy their products or services instead of yours.

I’ll advice you to know the strengths and weaknesses of your competitors. Then adopt some of their strategies you admire and avoid their mistakes.

Q9. How can I improve customer service in my business?

I want you to know that no matter the kind or type of business you are into, quality customer service is very important. So try to develop a strategy that puts your customers first. Let them receive the best possible service. I do not agree to the fact that you have to be lenient with your policies to have a good customer service. But make sure you make room for flexibility. Just remember, a lost customer could spread the word of his discontent, resulting in more lost customers.

Q10. If I am not applying for a loan from a bank, why do I need a business plan?

The truth is this, the fact that banks and other lending institutes require a well-executed business plan is a secondary consideration when writing a business plan. The primary purpose of writing a business plan is to guide the owner or manager in successfully operating the business. Preparing the plan forces the owner to consider all aspects of the business and to confront any problems the plan highlights.

In my next post I’ll be answering the last four questions.

Thanks for reading this blog.

To be continued…

Keep winning even in tough times.

Watch out for my next post.

Feel free to post a comment…

If you have not joined the group of entrepreneurs on facebook then I ‘m sorry to say you may be missing out on a lot of things.

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THE ENTREPRENEUR Vol 1. Post 2.

2009-12-14T18:43:00.001+01:00

Believe me or not entrepreneurs are some of the most powerful individuals in the society, not just because of their wealth, but because the kind of habits and characters they possess ensures that they are successful in whatever they set their mind to do. That is why as an entrepreneur, you must strive to be above average and be the best in whatever you are doing. I believe everyone has the ability to be the best in whatever he or she is doing.

Remember we started answering 14 top questions asked by small business startups in the last post. So let’s continue…

14 Questions Asked By Small Business startups (Contd.)

(Note: Please if you did not see my first post kindly click on the archive "THE ENTREPRENEUR Vol 1. Post 1." by the right side)

Q3. Why is business plan important and who should write it?

A business plan is important because it’s a kind of summary for both your vision for your company and your blueprint for the company’s operating success.

Who should write the plan? I believe you, the entrepreneur because no one else knows your business idea and goals better. But if you still can’t write it yourself there are services that can do that for you.

Q4. How do I determine my start-up costs and other expenses?

It is wise to find out what start-up costs you will incur before starting the business. Many promising entrepreneurs takes his or her life savings, or will borrow on the equity on their home before figuring out these financial factors, only to find that they don’t have enough money. There are many websites and other resources that provide guidelines and worksheets to help determine costs for your business. Each item on your proposed budget sheet should be researched. Closely estimated cost can be obtained from utility companies, trade associations, shopping and networking with other business people who may have already gone through his experience. Do not start buying until the investigation shows this venture is viable and you have all the information needed.

Q5. How can I better market my business?

To market your idea or business, you must first define your customer but to maintain consistent sales growth, you must become knowledgeable about your market.

Develop an outline of your typical consumer:

· Where do the consumers come from?

· What are your consumers buying patterns?

· Why should they buy from you? (Trust, price, quality e.t.c.)

· How much are your targeted consumers earning right now and how much are they willing to spend?

· Are they in a hurry?

· Do they have time to read your lengthy sales letter?

You can keep the questions going…

Try to take note of how your competitors market to their consumers perhaps you can find what to adopt or what not to do.

To be continued…

Keep winning even in tough times.

Watch out for my next post.

Feel free to post a comment…

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THE ENTREPRENEUR Vol. 1 Post 1

2009-12-02T16:58:00.001+01:00

THE ENTREPRENEUR

Who is truly an entrepreneur?

I believe that you have heard the word “ENTREPRENEUR” so many times and that is if you are not calling yourself an entrepreneur already… but have you for once asked yourself who an entrepreneur truly is? I discover that so many people make use of words that they don’t really understand and I don’t want you to be among those set of people especially when it’s the word “ENTREPRENEUR”. So this blog is basically for that entrepreneur who wishes to a high flier in his time.

So let’s get started…

An Entrepreneur is one who assumes the responsibility and the risk for a business operation with the expectation of making a profit. The entrepreneur generally decides on the product, acquires the facilities, and brings together the labor force, capital, and production materials. If the business succeeds, the entrepreneur reaps the reward of profits; if it fails, he or she takes the loss. (According to Microsoft ® Encarta ® 2009. © 1993-2008 Microsoft Corporation. All rights reserved.)

We can also say an entrepreneur is a risk-taking businessperson: somebody who initiates or finances new commercial enterprises.

I still have a lot of definitions for you but I don’t want to just pour all down once so you won’t get confused.

I’ll want you to just know this two for now till my next post on this blog.

WAIT… before you go I want to quickly answer 14 questions asked by Small Business Startups

14 Questions Asked By Small Business startups

Q1. What kind of person makes up a successful entrepreneur?

I want to believe you’ve asked yourself this question before. Well Research of successful entrepreneurs has documented that successful small business people have certain common characteristics. This checklist cannot predict success, but it can give you an idea of whether you will have a headstart or a handicap with which to work. So, how do you measure up?

Ask yourself these questions:

I. Can I persevere through tough times?

II. Do I have a strong desire to be my own boss?

III. Do I have the ability to conceptualize the whole of a business?

IV. Do I possess the high level of energy, sustainable over long hours, to make a business successful?

V. Do I have significant specialized business experience?

VI. Do the judgments I make in life regularly turns out well?

Don’t feel bad if your answer to some of the questions are “no” because you can make up your mind today to turn those “NOs” to a “YES” by developing yourself in those directions.

Q2. How do I determine whether I am capable of starting a business?

Successful small business owners have many things in common. Below are some of the qualities you will need to be successful.

I. Proactive: Business leaders do not wait for opportunities to slip into their hands. They instinctively partake in continuous research (or pay someone else to) to always make sure they have some new directions to be exploring. Successful business owners are never happy or even comfortable staying in one place, but are always looking for the next new idea.

II. Optimism: An average person may say, “There are pro’s and con’s here… let’s weigh things up before we act”. However, the successful business owner says, “The pros are significant enough to pursue this; we will resolve the con’s as we move on.” Being optimistic is a crucial habit for entrepreneurs, because it is the only way to deal with the amount of risk involve in starting a business.

III. Leadership ability: You will be the one everyone turns to for answers. Are you ready to give them solutions? Leadership is all about influence.

To be continued…

Keep winning even in tough times.

Watch out for my next post.

Feel free to post a comment…

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