Origination of a business or a company is not one event, it is full of events and task, but mainly it has three important stages or phases, they can define as permission, planning, and practice
Most people dreaming of being an entrepreneur. They are searching for it. Talk about it all the time. Think about it all the time, watch videos about it and even go to seminars about entrepreneurship or start a business. They will stay long on this subject and while doing it they gather reasons to holding off starting their own business until they are no longer able to.
I have found the problem isn’t about business planning or founding funds. The people who want to be an entrepreneur are known too much about what the get themselves into but the wouldn’t start. I see that the problem start. They wouldn’t give permission to try. That is the problem.
The key point of starting your own business is firstly you need to give yourself to try. It where they all began. Give yourself to premonition to start small, to start moderately. Take your time to firmly establish. And yes it takes time no matter how hard it is.
As a starter entrepreneur, you may already feel like you have spent half of your life working for someone else. even if you are young. you find yourself exhausting and barely hang in your job. And you feel a sense of self-empowerment. And if you feel like this, you will think it is easier to work like a boss and do things your own. Let me tell you “it is not easy as it looks but sure it is worthy”. Matured entrepreneurs have these points firm in mind: we have tried various things. And collect a treasure list that says people who can be trusted to share, or who shouldn’t trust to share our vision and also a what shouldn’t next time. And don’t trust instant cash flow. But why would they do that?
You are not alone. You don’t have to be an island. When you start thinking about your new enterprise, before give yourself to fly instantly, discuss with your family/ or your close ones first. Give them an intimation. You have to assure them of the time and amount of money you willing to spend. Most entrepreneurs have this struggle, they cannot convince themselves who trusted most. and your expected customs and your family need to know a clear purpose and what you offer and how I will benefit them. You can overcome this hardship by having a proper conversation and then act.
But remember no one can give you permission to be an entrepreneur. It is only up to you. Once you give yourself permission that is where your journey and the harder ship began. Nothing is easy and you will face situations that you’d never imagine in your entrepreneurship dream. I’m not trying to scare off you but it is the reality.
After all the permissions, convincing and promising, you will come to the next phase “planning”. But don’t try to plan the whole thing out yet. Summaries and note down briefly lays out your goals and expectations. The benefit of preparing for older entrepreneurs is that you don't have to create a fantastic growth scenario to draw buyers to take your business public. If you are a young and new entrepreneur you have to take that summary that you note down before, try to imaging your conceptual idea in the reality. And you have to expand your research considerably.
And first, you should plan an enterprise that meets your own needs and expectations that you list down before. Think planning a trip. At first, you decide on your road map so you wouldn’t get lost on your trip. Business is the same that you have to set a road or a path that you should follow. Plan the best route for your product or service.
And make sure to create an own schedule to meet your interests and abilities. About 50% of entrepreneurs spend less than 20hours a week managing their own business but my suggestion is you should spend effectively 40hours for a week manage your business.
You’ll have to reasonably consider which amount of income that you have to earn or produce. At first, if you can create a plan for initial income that generates less, you’ll be setting realistic goals for yourself. Doesn’t make sense right. Well, think about it this way. if you are an employee you will earn more than that. But its revenue, not a profit. The revenue doesn’t grow much but profit is.
There are a lot of differences between entrepreneurs and employees, but when it comes to money employees do not see the biggest gap between revenue and profit. Employees think if they got a promotion or a bounce that is the profit and it worthy to spend time for it.
I also encourage my friends to do what they love to do instead of doing the society tells them they should do. It isn’t fun to do what someone tells you to do. Don’t you agree?
Make sure to plan to charge a little bit higher than you spend. Only you can decide How far you take your enterprise, and how will you hold it, how to determine are you, and how you will grow your enterprise income.
Things to consider when planning:
- Executive Summary
- Company Description
- Market Research
- Description of Products and/or Services
- Management & Operational Structure
- Marketing Plan
- Financial Plan
When you going on the entrepreneur journey there are no shortcuts or fast answers sometimes you will have to learn with mistakes and failures. Do not discourage by them and make sure to understand your mistakes and take the right path.
Business practice? Is it like medical, law, and accounting practices? They are not entrepreneurs. They are professional how can they relate? They are all share something common. All use unique skill sets and knowledge to improve and grow day by day. No matter what kin enterprise you have, always holding yourself in the new economy
Professionals continually practice and are updated about their industry and always add new value to their business. Otherwise, they will fail.
This gave a piece of great advice to entrepreneurs. That you must plan strategies and business processes which make you a pro in your business. Every day you have to learn new things from your customers.
Wish you all the best for your new journey!