Even if you have carefully researched the market, there's always a chance that customers may reject your product or service. Therefore taking risk has become part and parcel of what I do because I've armed myself with the knowledge that in launching my business I will also need determination and energy to overcome any obstacles. Let me be the first one to tell you that all entrepreneurs have failures and successes. My ability to learn from mistakes and move on has become the key to the success of my future business.
As an entrepreneur, I solve problems.....Therefore my creative thinking allows me to come up with new ideas, or an innovative approach to a problem. With businesses, new ideas can result in a new product, or a process that cuts costs or improves quality, for example. Fresh ideas give businesses a competitive advantage, and help make goods and services stand out in the market. Once I’ve gone through the brainstorming process and come up with or refined my business idea, I also take time to check out the competition.
Throughout my career I only wrote single page business plans which outline the following: My key business objectives for the next three to five years, how I plan to achieve these objectives, when I plan to achieve these objectives, Lastly how I expect to run day-to-day operations, and make business decisions. When starting my new venture, I often don't enough money to set up the business and cover operational expenses until the business starts to generate a profit.
Therefore before I commit my life savings to launching a new business, I often ask myself some key questions. For instance: How much of my own money am I willing or able to invest? What is my business track record in terms of experience in the industry and will this help or hinder my chances of getting financial help? Lastly, Does my business idea have the X factor that would get funders excited about my venture?
Now is always the best time to start thinking about the life cycle of my business – even after I have only just set it up. Why? Because further down the track I may decide to sell my business, or close it down voluntarily. If things don’t go as planned, and I have financial difficulties, I may be forced to close my business. Therefore when turning-up those bright ideas, It’s useful to plan for all eventualities........
Draughtsman | Mamphake Designs
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