Keys to successful business start-up

Savvy entrepreneurs find ways to create profits and opportunities each day.

Your ultimate success will have a lot to do with how you help others find their own. FILE PHOTO | NMG

There are many ways of starting a successful. First, develop a clear mental idea of what success looks like to you. As you work out the technics of running your firm, keep this dream in mind and make values that will advance you along your chosen path. You will hear about ideals and decisions that we all wish we could aspire to but often fail to understand. Here are the common things you will find among those who achieved success in business.1. Passion: The starting process will be smoother if you enjoy what you are doing or expect to do. Determine if you want to start a business from scratch, buy an existing enterprise or buy into a franchise. Starting from scratch is the most labour-intensive route, but buying an existing business can mean buying a previous owner’s headache. Buying into a franchise provides a successful business model, but a lot of freedom to adopt your own personal touches is forfeited.2. Business plan: If you fail to plan you plan to fail. Although you do not need a plan to start a business, the absence of one is akin to setting sail around the world without a map. A business plan as the map for your business keeps it on task during the start-up phase and operation. It is also a requirement for any business that will seek outside financing from equity investors. Determining which structure is the best depends on the amount of asset and taxation protection needed, if you will be running the business alone or with partner(s), and how much flexibility you desire. Get all required licences and permits.

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3. Courage: Most of us have a lot of fear in almost everything due to the nature of upbringing. While there are obvious hurdles to face, one of the biggest challenges is in overcoming the fear of jumping into a business in the first place. Most employees dream all day about launching a successful business while watching the clock tick. The reason they never quit the security of a payslip is that they are too scared by the unknown that comes with start-ups. If you want to separate yourself from that crowd learn how to manage your own fears.4. Finance: For businesses to grow, money is needed. However, it does not necessarily mean you need to have a lot of it when you are just getting started. However, more importantly, understand how finance works and how to use your money to grow in the smartest way. Keep proper books of accounts. To be a successful entrepreneur you need to know how to take the money and make it work for you.5. Advertise: No one will buy your products or services if they do not know you exist. Create a website and advertise in different media, such as social media, newspapers and radio. Ask customers for referrals. Network with other business owners to help with recognition and gain referrals for new business.READ: 10 start-up pitfalls that young entrepreneurs ought to avoid6. Lead: Once you take the leap of faith to start a business, you have already begun the journey of becoming a leader. Your ultimate success will have a lot to do with how you help others find their own.Many of us hold successful entrepreneurs on a pedestal much like football fans hold a star quarterback or wide receiver in high regard.However, there is always a team that these individuals lead that ultimately leads to their success.You must learn how to be a leader on some kind of level in order to motivate others to join you in your venture, believe in what you preach, or give you money for a product or service that you offer.7. Leverage: The greatest challenges that will stand in your way as an entrepreneur from getting what you want is understand what “to do” with the opportunities that fall into your laps along the way.This is where leverage becomes such an important concept that when going into business you need to understand, and it takes a certain kind of mind to think “outside the box” in situations to find the value in a new circumstance.As a successful entrepreneur, you will constantly find ways to create profits and new opportunities each and every day.

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