While beginning a small business can be incredibly rewarding, it also necessitates a large amount…
Step 1 Find the business that interests you.
Entrepreneurship is a broad term, and you can be one in almost any area possible. You just have to choose a field that you find an interest and have competencies in. In so doing you will have the drive and passion to commit too and pursue your chosen endeavor.
Step 2 Check to see if you need to get educated or need to further your knowledge on your chosen field.
Having graduated with all the honors does ensure success. But this doesn’t mean you should ignore getting better educated on your chosen field. The only time that might be required to get an education is if the field you want to get into requires an education and a corresponding government license with which to operate on.
Step 3 Planning what to do for your business
Just like endeavor, a business needs to be thought of carefully. You a business plan to the user as a road map. A business plan is one where the owner/s set their objectives and goals together with matching action plans on how to achieve these. If you are thinking of inviting people to invest in your idea, the business plan is one item that most investors would need to evaluate the feasibility of your business.
Step 4 knowing your target market
Not all business appeals to the same set or group of people. You must take this into consideration in conjunction with your business plan. No matter how good your business plan is if you are hitting the wrong targets, you might never hit your objectives. The target market is the sole basis of your sales and marketing efforts. A target market (group) may still be subdivided by age, gender, income, race, and culture. It is always better to be more precise so all your campaigns and programs are better catered to your market.
Step 5 Network
Networking is establishing a group of people within your industry that you can use for your business. Within this network may lie a subset consisting of possible investors. This network of contacts may also support your business in terms of patronage and in referring potential customers your way.
Step 6 Sell your product or service
End-user nowadays are educated and wise but they still need to be educated about your product or service. Being an entrepreneur gives us a license to wear different hats of different job functions. One of these functions is that of a product or a brand manager. With this, you are tasked to communicate and convince your market that you have the best solution option for their needs. This should be in conjunction with your unique selling point or proposition.
Step 7 Market
Marketing to your targets is a continuous process of planning and implementation. Marketing is not a fixed science and a campaign or program might work but within the limits of time. Today’s market is ever-evolving with the advances of technologies and the availability of all types of medium readily available for the consumer to do their research before a purchase. Unfortunately, this research is mostly insufficient and is up to you to educate your market with the goal of getting them to purchase.